Sunday, February 25, 2018

Thomson Reuters News

Sembcorp Marine Swings to Q4 Loss

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Singapore's Sembcorp Marine swung to a net loss in the fourth quarter, with revenue plunging 21 percent due to lower rig-building revenue, fewer floater and offshore platforms projects. The rig builder reported a net loss of S$33.8 million ($25.59 million) for the three months ended December, compared with profit of S$34.3 million a year ago. The company's full-year net profit slumped 82 percent to S$14.1 million.

TransCanada Q4 Profit Beats Street

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Keystone pipeline operator TransCanada Corp's fourth-quarter profit beat market expectations on Thursday, helped by lower costs and an expansion of its gas lines. On an adjusted basis, the Calgary-based company earned 82 Canadian cents, beating the average analyst estimate of 77 Canadian cents, according to Thomson Reuters I/B/E/S. Keystone's profitability was boosted, among others reasons, by the expansion of its NGTL gas pipeline, Chief Executive Officer Russ Girling said in a statement.

Enerplus Profit Beats as Oil Focus Pays Off

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Canadian oil and gas producer Enerplus Corp reported a quarterly profit that beat estimates on Friday as the company's strategy to focus on oil assets paid off. Shares of the company, which has historically produced more natural gas than oil, were up as much as 4.5 percent. Enerplus, which has significant operations in the United States, recently entered the Denver-Julesburg Basin in Colorado and has said it expects oil to account for 55 percent of its overall production this year.

Chesapeake Energy's Q4 Profit Beats Street

Chesapeake Energy Corp's fourth-quarter profit topped analysts estimates, helped by higher production and prices of oil and natural gas, sending the company's shares up about 6.5 percent premarket on Thursday. The company's net income available to shareholders was $309 million, or 33 cents per share, in the quarter to Dec. 31, compared with a loss of $740 million, or 83 cents per share, a year earlier.

TransCanada to Proceed with Gas Line Expansion

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TransCanada Corp, Canada's second largest pipeline operator, said on Thursday that it would go ahead with the C$2.4 billion ($1.9 billion) expansion of its NGTL natural gas system, boosting pipeline access for producers in Western Canada's gas-rich basins. The Calgary-based company also reported a strong fourth quarter profit, beating market expectations, sending its shares up 5.7 percent to C$56.71 on the Toronto Stock Exchange.

Noble Energy Profit Beats Estimates

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U.S. oil and gas producer Noble Energy Inc reported adjusted quarterly profit on Tuesday that easily beat analyst estimates due to cost cuts and higher crude prices, sending shares surging more than 7 percent in morning trading. The results came as Noble's U.S. shale oil production jumped in the fourth quarter through Dec. 31, reflecting the greater attention the industry is giving to improving profit and output.

Diamond Offshore Revenue Beats Estimates

(File photo: Diamond Offshore)

Diamond Offshore Drilling Inc's fourth-quarter revenue beat analysts' estimates on Monday, helped by higher demand for its ultra-deepwater rigs. The company's revenue from its ultra-deepwater rigs rose more than 24 percent to $288.28 million in the fourth quarter. Total revenue fell nearly 12 percent to $346.21 million, but beat analysts' estimate of $331.91 million, according to Thomson Reuters I/B/E/S.

India's U.S. Coal Imports Soar

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Coal imports seen rising further amid fears ban may expand. India's coal imports from North America quadrupled to 2.1 million tonnes in October from a year ago, the highest since at least January 2015, Thomson Reuters data showed, and buyers are looking to boost purchases amid a domestic shortage of the fuel. A ban on the use of petroleum coke, a dirtier but better-burning alternative to coal, is spurring expectations India will buy even more coal from the United States in coming months.

Valero Beats Street on Better Refining Margins

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U.S. refiner Valero Energy Corp's fourth-quarter profit beat Wall Street estimates on Thursday, as the company benefited from higher margins. San Antonio, Texas-based Valero said operating income from its refining business, its largest revenue generator, rose 52.2 percent to $982 million, helped by higher distillate and gasoline margins. Smaller rival Marathon Petroleum Corp earlier reported a better-than-expected quarterly profit as its refining and marketing margin rose 16 percent.

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.

India's Oil Imports Reach Record High in January

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India imported a record 4.93 million barrels of oil per day (bpd) in January to feed its expanded refining capacity and meet rising demand, ship tracking data obtained from sources and data compiled by Thomson Reuters Oil Research & Forecasts showed. The world's third-biggest oil importer shipped in 13.6 percent more oil in January than a year earlier and about 12.5 percent more than the previous month, the data showed.

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…

Patterson-UTI Energy Reports Bigger Loss than Expected

Oil and gas driller Patterson-UTI Energy Inc, dealing with the fallout of a drilling accident that killed five workers last month, reported a bigger-than-expected quarterly loss on Thursday as expenses more than doubled. The accident at an oil well in Oklahoma in January has turned the spotlight on the Houston-based company's safety record and on safety in the shale industry in general as President Donald Trump seeks to boost U.S. oil output.

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