GE's Chairman Jeff Immelt Retires
U.S. industrial conglomerate General Electric Co's chairman Jeff Immelt retired earlier-than-expected on Monday, with the company naming Chief Executive John Flannery as his replacement. Immelt, who was expected to retire by the end of this year, had resigned as GE's CEO in June amid amounting pressure from activist-investor Nelson Peltz's Trian Fund Management for operation changes. GE said Immelt also retired as director and chairman of the board of directors of Baker Hughes, a GE company.
Asia Buyers Turn to U.S. for Cheap Crude
Traders send more U.S. crude to Asia on wide WTI-Brent spread; but China accounts for bulk of region's crude imports from U.S. Asia is set to ramp up crude oil imports from the United States in late 2017 and early next year, with buyers searching out cheap supplies after hurricanes hit U.S. demand for the commodity at a time of rising production in the country. As many as 11 tankers, partly or fully laden with U.S.
Oil, Commodities Worst 2015 Performers
Oil and commodities were the world's worst-performing asset class for the second year running in 2015, pressured by China's economic slowdown and excess supply. Brent crude looked set for a loss of around 36 percent for the year as sustained selling pushed prices near 11-year lows, and the outlook for oil prices looks bleak for 2016. The Thomson Reuters CRB commodities index fell 24 percent to six-year lows. Among currencies, the U.S.
Greenhouse Gas Emissions Rise, Despite Call for Cuts
Greenhouse gas emissions by the world's top 500 companies rose 3.1 percent from 2010 to 2013, far off the cuts urged by the United Nations to limit global warming, a study showed on Monday. The top 500 firms by capitalisation accounted for 13.8 percent of world greenhouse gas emissions and 28 percent of gross domestic product in 2013, according to the report, drawn up by the information provider Thomson Reuters and BSD Consulting, a global sustainability consultancy.
Coal Rally at Risk as China Imports sag
If you believe that thermal coal's rally this year has been largely on the back of rising Chinese imports, it follows that any sign of moderation in demand in the world's biggest buyer would raise a red flag of caution. That banner may be in the process of being hoisted, with shipping data suggesting August imports of the fuel used mainly for power generation may be the lowest for six months. Ship-tracking…
Asian Refiners Look to China as 'Harvey' Profit-Bump Wanes
The boost to Asian refiners' profits from the loss of refining capacity in the United States from August's Hurricane Harvey has proved temporary, but the outlook for the rest of the year is still positive. Asian refiners were among those that scrambled to take advantage of the closure of about a quarter of U.S. processing capacity after Harvey devastated the Gulf of Mexico coast, with profit margins jumping.
Oil Drop a Mixed Blessing for US Corporate Results
The sharp decline in oil prices has taken a toll on earnings estimates for the U.S. energy sector, but investors expecting a benefit to other sectors of the market may be disappointed, Thomson Reuters research shows. Certain retailers have shown improvement in results as fuel costs have declined, while industrials and materials companies tend to show their results decline even as energy prices fall. Airlines…
SunPower Forecasts Lower-than-Estimated 2015 Profit
SunPower Corp, the second-largest maker of solar panels in the United States, forecast a much lower-than-estimated 2015 profit, sending its shares down 11 percent. The company expects to earn between $1.10 and $1.50 per share, excluding items, for the next year. Analysts on average were expecting an adjusted profit of $1.69 per share, according to Thomson Reuters I/B/E/S. The company's shares were down 8 percent at $26.83 in early trading on the Nasdaq.
National Oilwell Beats Profit Estimates
National Oilwell Varco Inc's first-quarter profit beat analyst estimates, helped by strong demand for its services that prepare oil and gas wells for production. Net income attributable to the company rose to $589 million, or $1.37 per share, in the quarter ended March 31, from $502 million, or $1.17 per share, a year earlier. Excluding $19 million in pretax transaction charges, the largest U.S. oilfield equipment provider earned $1.40 per share…
Chevron Expects Second-quarter Profit to Rise
Chevron Corp, the second-largest oil company in the United States, said on Thursday it expects its second-quarter profit to rise, helped in part by asset sales and fewer one-time charges. The company said its quarterly profit should "be higher" in the second quarter compared to the first quarter, when it posted net income of $4.51 billion, or $2.36 per share. Analysts expect, on average, Chevron to post second-quarter earnings of $2.76 per share, according to Thomson Reuters I/B/E/S.
Enbridge's Profit Beats Expectations
Enbridge Inc, Canada's largest pipeline company, reported a better-than-expected profit in the second quarter, driven mainly by higher shipment volumes on the Canadian Mainline system. The company's adjusted earnings rose to C$328 million ($299.95 million), or 40 Canadian cents per share, in the quarter ended June 30 from C$306 million, or 38 Canadian cents, a year earlier. Analysts on average were expecting a profit of 39 Canadian cents per share, according to Thomson Reuters I/B/E/S.
Schlumberger:Russia Sanctions Hurt Earnings
Schlumberger Ltd, the world's largest oilfield services company, said it expected U.S. and EU sanctions on Russia to hurt earnings by 3 cents per share in the third quarter. Analysts on average expect the company to earn $1.51 per share in the quarter ending September, according to Thomson Reuters I/B/E/S. The company, which drills with Rosneft on the Russian island of Sakhalin, said sanctions were restricting the engagement of people and equipment. Reporting by Ashutosh Pandey
Sunoco Logistics to Buy Energy Transfer Partners
Sunoco Logistics Partners LP said on Monday it would buy Energy Transfer Partners LP in a deal valued at $19.93 billion. Sunoco Logistics said ETP shareholders would get 1.5 Sunoco units for each ETP share they own, which works out to about $39.30 per share, a slight discount to the stock's Friday close of $39.37. ETP owns about 21 pct of Sunoco Logistics, according to Thomson Reuters data. Sunoco Logistics' general partner is a unit of ETP. (Reporting by Vishaka George in Bengaluru)
ADM Profit Disappoints on Weak Ethanol Margins
U.S. agribusiness Archer Daniels Midland on Tuesday reported a lower quarterly profit on weak ethanol margins and as a strong dollar and ample South American crop supplies limited grain exports from the United States. Chicago-based ADM reported a net third-quarter profit of $252 million, or 41 cents per share, down from $747 million, or $1.14 per share, a year earlier. Excluding one-time items, earnings fell to 60 cents per share from 86 cents a year ago…
Upstream O&G Companies Face Interest Payments Friday
At least 10 upstream oil and gas companies, cramped for cash in the oil downturn, must make coupon payments Friday, April 15, according to Thomson Reuters data. Among them are oil and gas giant Chesapeake Energy Corp , which completed a debt swap last year, and Linn Energy LLC. Linn skipped interest payments due last month. (Reporting by Jessica DiNapoli; Editing by Phil Berlowitz)
Saipem Sticks to Guidance as Q1 Beats Forecasts
Italian oil services group Saipem stuck to its guidance for the year on Wednesday as first-quarter operating profits beat forecasts thanks to growth in its construction business. Saipem, controlled by oil major Eni and state lender fund FSI, said its earnings before interest and taxes (EBIT) came in at 179 million euros ($203 million) compared to a Thomson Reuters SmartEstimate of 154 million euros. Saipem…
Shell's Philippines Unit Preparing for Stock Market Listing
Oil major Royal Dutch Shell said on Wednesday its subsidiary in the Philippines, Pilipinas Shell Petroleum Corporation (PSPC), is in the process of preparing an initial public offering (IPO) of its shares. PSPC has hired BPI Capital Corp and JP Morgan for the process, IFR, a Thomson Reuters publication, reported earlier this month. (Reporting by Ron Bousso; Editing by Elaine Hardcastle)
Asian Spot LNG at Highest Level Since January
Spot LNG prices hit $8.5/mmBtu as market tightens, but market outlook remains weak due to rising output. Asian spot prices for liquefied natural gas (LNG) edged to their highest level since January this week, as the market gradually tightened ahead of the peak-demand winter heating season and as consumption in China soars amid its huge gasification programme. Spot prices Asian LNG <LNG-AS> rose 10 cents to $8.50 per million British thermal units (mmBtu), their highest since January this year.
Asia LNG Prices Lower on Piecemeal Demand
Asian spot liquefied natural gas prices slipped on Friday as disappointing demand weighed on the market, traders said. The price of spot LNG for May delivery eased to $7.50 per million British thermal units (mmBtu) from $7.70 last week. Thomson Reuters Point Carbon analysts forecast the LNG Asia spot price at between $7 and $9 per mmBtu for this summer. "Disappointing demand growth from main LNG importers…
W. Europe Could See Record Russian Gas Imports
Russian gas imports into Western Europe could rise to a record this summer as utilities increase purchases from Russia, taking advantage of lower prices for oil-indexed gas contracts, analysts said. Europe's biggest utilities have deferred taking delivery of Russian gas in the winter until the second quarter, when weaker oil prices worked through into gas contracts, making the supply cheaper. They reduced purchases of Russian oil-linked gas by around one quarter from Jan.