Investment & finance

venezuela

The U.S. sanctioned a second subsidiary of Russia’s biggest oil producer, Rosneft PJSC, for allegedly supporting Venezuelan leader Nicolas Maduro. TNK Trading International SA, a Geneva-based Rosneft subsidiary, was sanctioned for helping transport Venezuelan crude oil, the Treasury Department said Thursday in a statement. In February, Bloomberg News reported that TNK was ramping up planned …

saudi arabia

A flood of discounted Saudi crude is heading for Europe, but Russia might just have the only producers in the world equipped to compete with it. With some of the world’s lowest production costs, a flexible tax system and a free-floating ruble, Russian companies can keep pumping, even in an extremely bearish price scenario, analysts …

oil loss

Occidental Petroleum Corp. reported a quarterly loss on Feb. 27, as the oil and gas producer took more than $1.7 billion in impairment and other charges. The company has been aggressively cutting costs by laying off staff and selling assets to pay down its $38.54 billion debt pile following its $38 billion acquisition of Anadarko …

Saudi

Schlumberger announced today the opening of a world-class manufacturing center in King Salman Energy Park (SPARK) that supports Saudi Aramco’s In-Kingdom Total Value Add (IKTVA) program to promote economic growth. The center will manufacture well completions technologies including liner hangers and packers and isolation valve technologies, such as GROVE* valves and ORBIT* rising stem ball …

revenue

Offshore drilling contractor Noble Corporation has managed to keep its net loss flat in the last quarter of 2019 while its revenues increased during the period. Noble Corp. CEO is getting ready to transition to the role of an executive chairman. Noble Corporation today reported a net loss attributable to the company for the three …

booking loss

Offshore drilling contractor Transocean has booked a loss for the last quarter of 2019 as its revenues increased. However, the company has reduced the loss sequentially and year-over-year helped by gain on termination of construction contract, tax items, and disposal of assets, but partially offset by impairments and restructuring costs. Transocean’s contract drilling revenues were …