Finance News


US Energy Firm Payouts to Oil Investors Top Exploration Spending for First Time

Aug 22, 2023

Top U.S. energy companies last year paid out more of their earnings to shareholders than they invested in new oil and gas fields for the first time, according to a report released on Tuesday.The outlook for stronger energy prices has not changed the focus on investor returns from the U…

Offshore Wind Supply Chain Struggles Threaten Global Targets

Aug 17, 2023

The global offshore wind supply chain will require US$ 27 billion of secured investment by 2026 if it is to meet a fivefold growth in annual installations (excluding China) by 2030, according to energy intelligence group Wood Mackenzie.This…

Norway Oil Firms to Boost Investments, Survey Shows

Aug 17, 2023

Norwegian oil and gas companies plan to invest more in 2023 and 2024 than previously thought, driven mainly by rising activity as well as cost inflation from a weaker crown currency, a national statistics office (SSB) survey showed on Thursday…

Goldman Sachs' Jeff Currie, Who Predicted Commodities Supercycle, to Retire

Aug 07, 2023

Goldman Sachs' global head of commodities research Jeff Currie, a prominent analyst who accurately predicted a surge in commodity prices in the 2000s, is retiring, according to a memo seen by Reuters. Currie is leaving after 27 years. His departure…

BP Boosts Dividend Even as Profit Slumps 70% to $2.6B

Aug 01, 2023

BP's second-quarter profit slumped 70% from a year earlier to $2.6 billion, missing forecasts, as refining margins and oil trading income fell, but still allowing the energy giant to boost its dividend by 10%.Rivals Chevron, Exxon Mobil, Shell…

Keppel Profit Soars on One-off Gain from O&M Unit Sale

Jul 27, 2023

Singapore's Keppel Corp KPLM.SI on Thursday reported a more than seven-fold jump in its first-half profit boosted by a one-off gain from the sale of its offshore and marine (O&M) unit and strong performance from the infrastructure business.Keppel…

Shell, TotalEnergies Profits Slump as Oil, Gas Prices Cool after Bumper 2022

Jul 27, 2023

Shell and TotalEnergies reported sharp falls in second-quarter profit from bumper 2022 earnings as oil and gas prices, refining margins and trading results all weakenedOil and gas prices soared last year in the wake of Russia's invasion of Ukraine…

Equinor Q2 Profit Down 57% as Oil and Gas Prices Fall

Jul 26, 2023

Equinor posted on Wednesday a 57% year-on-year decline in second-quarter core profit, in line with expectations as oil and gas prices fell, while maintaining its dividend and share buyback levels.The Norwegian energy group's adjusted earnings before interest and tax for April-June fell to $7…

Chevron's $6B Q2 Profit Tops Analysts' Outlook

Jul 24, 2023

Chevron Corp's second-quarter earnings topped Wall Street estimates, the company said on Sunday, and Chief Executive Michael Wirth also signaled the number two U.S. oil company remains open to more acquisitions and to increasing shareholder distributions this year…

Exxon Signals Profit Drop

Jul 05, 2023

Exxon Mobil Corp on Wednesday signaled second-quarter operating profits fell sharply on lower natural gas prices and weaker oil refining margins, according to a regulatory filing.Operating earnings dropped to about $7.8 billion from $17.85 billion a year earlier…

Siemens Energy Scraps Profit Outlook as Wind Turbine Troubles Deepen

Jun 22, 2023

Siemens Energy, which supplies equipment and services to the power sector, scrapped its profit forecast for 2023, citing deeper than expected problems at its wind turbine division that could cost the group more than 1 billion euros ($1.1 billion)…

Norway Oil Firms Raise 2023 and 2024 Investment Forecasts Due to Cost Inflation

May 25, 2023

Cost inflation has led Norwegian oil and gas companies to increase their investment forecasts for 2023 and 2024, a national statistics office (SSB) survey showed on Thursday. The country's biggest business sector expects to invest 197.8 billion Norwegian crowns ($18…

Siemens Gamesa Executive Says Wind Turbine Makers Need Cash Support

May 23, 2023

Big Western wind turbine makers need direct financial support to make the investments needed to aid decarbonisation, Siemens Gamesa's operating chief said on Tuesday.The challenge for a turbine maker like Siemens Gamesa, a unit of Germany's Siemens Energy ENR1n…

Exxon Says Guyana Insurance Dispute Could Cut Revenue $350M/Month

May 22, 2023

Exxon Mobil Corp on Friday said an ongoing dispute over oil-spill insurance in Guyana could halt production at its first offshore platform there, cutting revenue by about $350 million per month.A Guyanese court this month found Exxon in breach…

Survey Firm Argeo Sees Q1 Revenue Jump. Order Book Nearly Fully Booked for 2023

May 11, 2023

Norway-based offshore survey firm Argeo said Thursday its order book was at record high levels, and that its revenue jumped significantly during the first quarter of 2023,'We have put a strong first quarter behind us with a 258% growth in revenues from NOK 6…

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