Tuesday, August 22, 2017

Thomson Reuters News

Drilling Ship Leaves Vietnam Block after China Row

The drilling ship at the centre of a row between Vietnam and China over oil prospecting in disputed waters in the South China Sea has arrived in waters off the Malaysian port of Labuan, shipping data in Thomson Reuters Eikon showed on Monday. Drilling by the Deepsea Metro I ship was suspended in Vietnam's Block 136/3 last month after pressure from China, which says the concession operated by Spain's Repsol overlaps the vast majority of the waterway that it claims as its own.

China's Appetite for Crude Could Wane

File Image (CREDIT: AdobeStock / (c) mikesjc)

The sharp slowdown in China's refinery processing in July may be another warning sign that the robust growth in crude oil demand this year in the world's top importer is poised to moderate. Refinery throughput was 45.5 million tonnes of crude in July, or about 10.71 million barrels per day (bpd), the lowest operating rate since September last year, and a drop of 500,000 bpd from June. For the first seven months of the year…

Venezuela Ships More Oil to US in July vs June

Venezuela's PDVSA and its joint ventures last month shipped 638,325 barrels per day (bpd) of crude to the United States, a 30 percent increase over June due to larger sales of upgraded oil, according to Thomson Reuters trade flows data. Venezuelan crude output has declined this year to its lowest point in 27 years due to a lack of investment and payment delays to oil service firms, affecting exports to customers in key markets including the United States.

HollyFrontier's Profit Tops Estimates

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. oil refiner HollyFrontier Corp on Wednesday reported a quarterly profit that handily beat analysts' estimates, helped by higher production and refinery margins. HollyFrontier said its refinery gross margin jumped 29.2 percent to $11.47 per produced barrel in the second quarter ended June 30. The company produced 483,210 barrels per day (bpd) of refined products, compared with 442,660 bpd, a year earlier.

Concho Profit Beats Expectation, Boosts Production Forecast

U.S. shale oil producer Concho Resources Inc posted a better-than-expected quarterly profit on Wednesday, helped by higher crude prices that led it to boost its output forecast for the year. The company posted net income of $152 million, or $1.02 per share in the second quarter, compared with a net loss of $266 million, or $2.04, in the year-ago quarter. Excluding one-time items, such as hedging gains, the company earned 52 cents per share.

Phillips 66 Q2 Profit Beats Street

File Image (CREDIT: AdobeStock / (c) Sharrif Che'Lah)

U.S. independent oil refiner Phillips 66 reported a bigger-than-expected rise in quarterly profit helped by strength in its chemicals and refining units. The company said earnings from its refining business, its biggest income generator, rose more than 50 percent to $224 million in the second quarter due to higher volumes and lower costs. Phillips 66, which also stores and transports fuels, said earnings…

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.

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.

BHP Profit Surges, but Looks to Exit U.S. Shale

File Image (CREDIT: AdobeStock / (c) Shamtor)

Underlying net profit jumps to $6.7 bln from $1.2 bln. BHP Billiton, the world's largest miner, reported a surge in underlying full-year profits on Tuesday and said it would exit its underperforming U.S. shale oil and gas business, pleasing disgruntled shareholders who had called for a sale. The Anglo-Australian mining giant, which is under pressure from U.S. hedge fund Elliott Management to rethink its investment in oil and boost shareholder returns…

Coal Rally at Risk as China Imports sag

A typical oceangoing bulk carrier (file image: BSM)

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…

TransCanada Beats Street on U.S. Pipeline Performance

File Image (CREDIT: AdobeStock / (c) pisotckii)

TransCanada Corp , Canada's No.2 pipeline operator, reported a better-than-expected profit on Friday, helped by strength in its U.S. natural gas pipelines and liquids pipelines units. Revenue from the company's U.S. natural gas pipelines unit more than doubled to C$879 million. The Calgary-based company's net income attributable to shareholders rose to C$881 million, or C$1.01 per share, in the second quarter ended June 30, compared with C$365 million, or 52 Canadian cents per share, a year earlier.

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…

Petrofac JV Wins $2 Bln Refinery Contract in Oman

Petrofac Ltd said Oman's Duqm Refinery and Petrochemical Industries awarded a $2 billion contract to the British oilfield services company's 50:50 joint venture with Samsung Engineering, sending its shares up as much as 9.5 percent. The 47-month project includes engineering, procurement, construction, training and start-up operations for all utilities at Duqm, the Middle East-focused company said on Friday.

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)

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.

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…

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.

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)  

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)

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