India's U.S. Coal Imports Soar
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.
Petrobras Q3 Net Profit Falls, Misses Estimates for Large Rise
Petróleo Brasileiro SA's third-quarter profit fell compared with the second quarter, the Brazilian state-controlled oil giant said on Monday, missing analysts' forecasts for a big rise. Petrobras posted net profit of 266 million reais ($81.1 million) in the quarter, compared with a profit of 316 million reais in the prior three months, and far below the average consensus estimate of 3.21 billion reais compiled by Thomson Reuters.
Hedge Fund bet on Glencore Backfires
Lansdowne Partners loses $100 million from short in 2017. London hedge fund giant Lansdowne Partners lost $100 million from a long-term bet against Glencore this year after the spectacular recovery of the miner took some by surprise. For Lansdowne, that bet had generated returns in 2014 and 2015, when Glencore more than other major miners was dragged down by falling commodity prices and concerns about its level of debt.
Chesapeake Energy Beats Street
Oil and gas producer Chesapeake Energy Corp reported on Thursday a quarterly adjusted profit that beat analysts' estimates on tight cost controls and higher oil prices. Oklahoma-based Chesapeake had warned last month that average daily production would fall 15 percent in the third quarter ended Sept. 30, partly due to Hurricane Harvey that hit the U.S. Gulf Coast late August. The company's adjusted average sales price rose nearly 16 percent to $52.33 per oil barrel in the quarter.
TransCanada Revenue Tops Estimates
TransCanada Corp reported better-than-expected quarterly revenue on Thursday, helped by performance in the company's U.S. natural gas pipelines. Revenue from the company's U.S. natural gas pipelines unit rose to C$337 million ($265.40 million) in the third quarter ended Sept. 30, from C$332 million a year earlier. However, revenue in its Canadian natural gas pipelines fell 4 percent to C$316 million. TransCanada is trying to build its 830…
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.
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…
New Contracts Drive Diamond Offshore's Profit
Diamond Offshore on Monday reported a better-than-expected quarterly profit after securing more contracts for its deep-water drilling rigs at a higher rate, sending its shares up 13 percent in pre-market trading. The company was able to secure additional work for its fleet, with new contracts for its deep-water drillers Ocean Apex and Ocean Patriot at rates well above cash flow breakeven, Chief Executive Mark Edwards said in a statement.
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…
India's LNG Play Risks Eventual Shortages
India is planning to join the Asian rush to boost the use of natural gas over coal, a further sign that the liquefied natural gas (LNG) market will tighten faster than previously expected. India's state oil refiners Indian Oil, Bharat Petroleum and Hindustan Petroleum aim to raise the contribution of natural gas to between 5 percent and 15 percent of their incomes over the coming years, up from virtually zero currently.
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…