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Brazil Petrobras 1st-qtr profit falls 30pc, meets outlook RIO DE JANEIRO: Profit at Brazil's state-run oil company Petroleo Brasileiro SA fell 30 percent in the first quarter, the company said on Friday, meeting analysts' expectations as refining and fuels losses rose and output fell.Petrobras, as the company is known, reported net income of 5.39 billion reais ($2.43 billion) in the quarter, compared with 7.69 billion reais a year earlier. The result was in line with the 5.24-billion-reais average estimate of 11 analysts surveyed by Reuters News.Profit fell 14 percent from the fourth quarter.Petrobras is struggling to implement a $221 billion five-year investment plan as government fuel-price controls and soaring costs starve the company of cash. Rio de Janeiro-based Petrobras has the highest debt levels and lowest profitability of any major oil company.Petrobras' annual profit could soar if the company is more efficiently managed and freed by the government to raise domestic gasoline and diesel prices in line with ...

Brazil court freezes $55mn of tycoon Batista's assets SAO PAULO: A Brazilian court froze some $55 million in assets of troubled Brazilian tycoon Eike Batista, as part of an investigation into insider trading, his lawyers said Friday.Once Brazil's richest man, Batista made a huge fortune in oil and gas exploration, but has lost much of it as his EBX Group companies' shares plunged in 2013 and 2014.The investigation began with a report from the securities commission that "pointed the finger at the practice ...
Oil prices ease ahead of weekend NEW YORK: Oil prices eased ahead of the weekend as the dollar pushed higher against the euro for a second day, but were little-changed for the week amid continued worries over Ukraine.The US benchmark, West Texas Intermediate for delivery in June, fell 27 cents to close at $99.99 a barrel.Brent North Sea crude for June slipped 15 cents to trade at $107.89 a barrel in London trade.Carl Larry of Oil Outlooks and Opinion said the ...
NZ's Z Energy year profit falls WELLINGTON: New Zealand petrol retailer Z Energy Ltd reported a 31 percent fall in its annual profit on Thursday, on the back of lower revenue and higher costs.The company reported a profit of NZ$95 million ($82.4 million) for the 12 months to March 31 compared with NZ$137 million the year before.It is the company's first reported profit as a listed entity after an IPO last year.Z Energy said earnings before interest, tax, depreciation, amortisation, and ...
Oil market rallies on surprise drop in US crude stocks NEW YORK: World oil prices surged higher Wednesday after crude inventories unexpectedly fell from a record high in the United States, suggesting better demand in the world's largest crude consumer.The US benchmark, West Texas Intermediate for delivery in June, jumped $1.27 from Tuesday to close at $100.77 a barrel. Brent North Sea crude for June gained $1.07 at $108.13 a barrel in London.The US Department of Energy (DoE) announced that American crude reserves sank by ...
US oil steady ahead of stockpiles data, Brent falls NEW YORK: US oil futures barely moved Tuesday ahead of the weekly US inventories report, while traders watched rising Ukraine-Russia tensions and digested the OECD's lowered global economic growth forecast. The US benchmark, West Texas Intermediate for delivery in June, added a mere two cents from Monday to settle at $99.50 a barrel on the New York Mercantile Exchange. Brent North Sea crude for June fell 66 cents to close at $107.06 a barrel in ...
BP restarting FCC at Indiana refinery: sources HOUSTON: BP Plc on Tuesday was restarting a gasoline-making fluid catalytic cracking unit at its 405,000 barrels-per-day (bpd) refinery in Whiting, Indiana, according to sources familiar with operations at the plant. The Whiting refinery is the largest in the US Midwest.The unit had been shut for planned work. Last week sources told Reuters that mechanical work during the overhaul had been finished and steps were under way to prepare it for restart.Copyright Reuters, 2014 ...


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