NRG, which is in the midst of a “reset” to cut costs and spin off its financially struggling solar and wind businesses, announced $67 million in net income for the quarter, down from $182 million during the same time last year.
In a release after the markets closed, the Houston-based oil logistics company maintained its position that the next few months would be challenging and also reiterated that it expects to be well positioned when prices recover.
The strategy could give a big boost to crude exports — a top priority for oil producers and Republican allies on Capitol Hill — by tethering the issue to a federal highway bill and a reauthorization of the Export-Import Bank that is popular with Democrats.
Brazil’s daily oil production has fallen by about 500,000 barrels as oil workers strike for the third day to protest austerity measures by state-controlled Petroleo Brasileiro SA that are resulting in job losses.
FuelFix.com is your daily must-read source for news and analysis on the energy business. Anchored by business reporters at the Houston Chronicle and other Hearst Newspapers, Fuel Fix incorporates blogs by energy experts, market updates, useful data and a real-time summary of the top ideas, hottest stories and latest news in the oil, gas and energy industries.
Browse previous blog posts by month and year of entry. You'll see all the posts for that time period.