Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President Jair Bolsonaro on Friday decided to fire the oil company’s CEO following a spat over hikes in fuel prices and moved to appoint Joaquim Silva e Luna, a former army general, as...Continue Reading
The Senate ultimately is still expected to confirm Haaland, but the slim control Democrats have means Haaland needs every vote she can get. Joe Manchin, the West Virginia Democrat who is chairman of the committee considering her nomination, threw into doubt the fate of another Biden nominee last week. SourceContinue Reading
Activist investor Engine No. 1 released a letter on Feb. 22 reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality. SourceContinue Reading
The announcement comes as nations in the eastern Mediterranean ramp up investments in offshore gas fields. Egypt is seeking to become a major hub for exporting LNG to Europe, where demand is growing as governments transition from dirtier fossil fuels such as coal and oil. SourceContinue Reading
Prepayment deals are rare in the oil world and this was meant to improve Iraq’s financial situation. While the government is still struggling, its position has improved on soaring oil prices, largely thanks to the rollout of coronavirus vaccines. SourceContinue Reading
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale. SourceContinue Reading
YPF is aiming for capital expenditures this year of $2.7 billion, as it tries to halt four years of production declines. After the coronavirus pandemic decimated revenue and the debt swap yielded limited results, getting there will require increasing fuel prices, cutting drilling costs, selling local debt, and maybe divesting assets. SourceContinue Reading
A Nigerian court restricted Royal Dutch Shell Plc’s access to its bank accounts in the West African country amid a legal dispute with a local oil producer over a pipeline deal six years ago. SourceContinue Reading
Angolan lawmakers revoked a ban on exploration for crude and natural gas in protected natural reserves, including the Kassanje Basin and the wildlife-rich Okavango River Basin. SourceContinue Reading
Ten months after slashing crude production when Covid-19 crushed global demand, OPEC and its allies are still withholding 7 million barrels a day from the market. It’s been a sacrifice, and now the group must chart a path forward that won’t erase hard-fought oil price gains. SourceContinue Reading
