Category: Finance/Earnings

Petrobras signs $3.5 billion accord with China Development Bank

Petrobras is slashing investments, selling assets and seeking alternative financing options as it grapples with ways to book corruption losses in its financial statements.  More »

Reckoning arrives for cash-strapped oil firms amid bank squeeze

April is a crucial month for the industry because it’s when lenders are due to recalculate the value of properties that energy companies staked as loan collateral.  More »

Construction company embroiled in Petrobras scandal files for bankruptcy

Brazil’s biggest builders have been struggling to make payments to creditors as they defend themselves from allegations that they bribed the oil company for contracts.  More »

Sabine Oil & Gas working to avoid defaulting on its debt

All told, Sabine had $2.82 billion in debt as of March 15, with $326.8 million in cash on hand.  More »

Warburg is pumping $500 million into a start-up oil producer

The transaction is only the latest foray of buyout firms into the oil industry, as firms raise billions to take advantage of bargains in the oil patch.  More »

Report: Cheap crude prices could boost the U.S. economy for another two years

Just three months ago, the group forecast that oil would spike to $85 per barrel by December 2015; now it expects prices below $70 until 2016.  More »

Saudi Aramco signs $10 billion loan as oil companies raise funds

Saudi Aramco, the world’s biggest oil exporter, is the latest oil company in the region to take advantage of low borrowing costs to raise funds.  More »

Blackstone CEO sees ‘remarkable’ opportunities in slumping oil

Most of Blackstone’s energy investments aren’t in oil, meaning its exposure to lower oil prices is limited, CEO Stephen Schwarzman said.  More »

Cash-strapped oil firms top Moody’s watch list

In the first quarter, a dozen oil companies including Energy XXI’s operating unit, Midstates Petroleum Co. and Halcón Resources Corp. tumbled into credit-rating territory reserved for the most financially unfit firms, according to Moody’s Investors Service.  More »

Norway on bubble watch as anxiety over oil plunge recedes

Threats from Norway’s hot housing market have trumped anxiety that forced Governor Oeystein Olsen, 63, to deliver a surprise rate cut in December, when oil sank to about $63.  More »

Commentary: Amid a crude oil crash, producers are hoarding cash to survive

With dozens of firms offering new opportunities to invest, understanding what signifies a healthy oil company is more important than ever as stock and bond prices are attractive now.  More »

Saratoga Resources extends forbearance agreements to restructure debt

The Houston firm is extending the terms of its forbearance agreement with holders of $54.6 million in senior debt and 75 percent of holders of $125.2 million in second lien notes until April 30.  More »

Transocean to scrap four rigs, stack four others

The firm, which has its main U.S. offices in Houston, said Wednesday that scrapping the four rigs “in an environmentally responsible manner” will cost it $300 million to $325 million in non-cash charges during the first quarter.  More »

Willbros Group may come under financial pressure in oil slump

Willbros Group, an engineering firm that builds oil-industry projects, says it may not be able to pay off its debt if it can’t persuade lenders to alter its credit agreements.  More »

ConocoPhillips to lay off 200 Canadian workers

The Houston-based independent said the layoffs will affect 7 percent of the company’s Canadian workforce.  More »
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