Finance News


BNP Paribas Will No Longer Finance Development of New Oil and Gas Fields

May 11, 2023

BNP Paribas, France's largest bank, will no longer provide any financing dedicated to the development of new oil and gas fields, and it reiterated it targets an 80% cut of its oil exploration financing by 2030. 'BNP Paribas no longer provides…

Japan's Inpex Posts 61% Jump in Q1 Net Profit

May 10, 2023

Japan's Inpex posted a 61% surge in first-quarter net profit to 151.5 billion yen ($1.12 billion) as higher oil and gas sales coupled with a weaker yen boosted financials, it said on Wednesday, falling slightly short of the market expectations…

Aramco Q1 Profit Falls 19% to $31.9B

May 09, 2023

Saudi oil giant Aramco posted a first-quarter net profit of 119.54 billion riyals ($31.88 billion) on Tuesday, a fall of about 19% from the previous year.It said the drop was mainly driven by lower crude prices, although partially offset by…

BP's Profit Rises to $5B as Share Buyback Slows

May 02, 2023

BP BP.L made a profit of $5 billion in the first quarter of 2023, up from the previous three months on the back of strong oil and gas trading, but the company's shares fell as it slowed a share buyback program.BP's results, which beat forecasts…

Exxon, Chevron Split Over How to Manage Rising Cash Piles

May 01, 2023

The two largest U.S. oil companies - Exxon Mobil Corp and Chevron Corp - are minting cash from booming oil and gas operations, but are splitting over what to do next.The pair on Friday posted first-quarter results that topped Wall Street forecasts as earnings soared…

Chevron Tops Estimates with Q1 Profit Gain Despite Slide in Oil Prices

Apr 28, 2023

Oil major Chevron Corp beat market expectations on Friday as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production.Net profit climbed 5% to $6.57 billion or $3…

Exxon Delivers a Record First-quarter Profit on Higher Output

Apr 28, 2023

Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double from a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.Oil companies are…

Eni Q1 Net Profit Beats Expectations on Strong Gas Business

Apr 28, 2023

Italian energy group Eni said on Friday its first-quarter net profit fell 11% year on year on lower oil and gas prices compared with the first three months of 2022, when Russia's invasion of Ukraine sent energy prices soaring. Adjusted net profit for the period came in at 2…

Keppel's Profit Boosted by Sale of Offshore & Marine Business

Apr 20, 2023

Singaporean conglomerate Keppel Corp Ltd on Thursday posted a higher net profit for the first quarter, boosted by a significant one-off gain recognized from the sale of its offshore & marine unit.In February, Sembcorp Marine completed a S$4…

Cordiant Supports ROVOP's Offshore Service Expansion with $25M Credit Facility

Apr 12, 2023

UK-based remotely operated vehicle (ROV) solutions provider, ROVOP, said Thursday it had agreed a $25 million senior secured credit facility with Cordiant Capital (Cordiant), the specialist global infrastructure & real assets manager.Backed by Bluewater…

Modus Subsea Services Secures Loan from Gordon Brothers

Apr 06, 2023

Advisory and investment firm Gordon Brothers said this week it had provided a £5 million (currently around $6,2 million) term loan to Modus Subsea Services (Modus).Modus, specializing in using Underwater Intervention Drones to automate and decarbonize subsea inspection…

China's CNOOC Reports Record 2022 Profits

Mar 30, 2023

China's CNOOC more than doubled its net profit in 2022, benefiting from a year of elevated international oil and gas prices following Russia's invasion of Ukraine. The company, one of China's three largest state-controlled oil and gas companies…

Norway's Petoro Reports Record $51B Profit

Mar 14, 2023

Norwegian state energy firm Petoro reported on Tuesday more than a doubling of its annual earnings thanks to soaring gas prices and said it expected the world to need petroleum supplies 'for a long time to come.'The oil and gas company's net profit rose to a record 539 billion Norwegian crowns ($50…

Malaysia's Petronas Posts Higher Q4 Profit, Sees Lower Oil Prices in 2023

Mar 13, 2023

Malaysia's state oil firm Petroliam Nasional Berhad on Monday posted a 55% jump in quarterly profit on higher energy prices and bigger sales volume, but warned of moderating prices for this year due to an expected slowdown in the global economy…

Harbour Energy Plans Share Buyback after Cashflow Triples, Windfall Tax Weighs

Mar 10, 2023

Harbour Energy, Britain's largest oil and gas producer, said on Thursday it will conduct a $200 million share buyback, after higher oil prices helped free cashflow triple to $2.1 billion but windfall taxes weighed on its profit. After Britain…

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