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(Bloomberg) -- After chopping spending by almost one-third to cope with a crash in oil prices and billions in writedowns that sent profits to the weakest since last decade, China’s energy giants are cutting even deeper.
On the news front, Chinese regulators cleared Schlumberger Ltd.’s (SLB - Analyst Report) $14.8 billion takeover of Cameron International Corp. (CAM - Analyst Report).
China Petroleum & Chemical Corp.’s move to close some high-cost fields has caused it to slip to number three in oil and gas production as rival Cnooc Ltd. got a boost from new domestic offshore projects.
HONG KONG (March 29): China Petroleum & Chemical Corp earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than US$1 billion in writedowns by Asia’s biggest refiner.
Woodside Petroleum Ltd. has abandoned the US$40 billion Browse liquefied natural gas (LNG) project due to slumping prices in the global oil and gas markets. The project, which includes Royal Dutch Shell Plc and BP Plc as partners, sought to construct a floating liquefied natural gas (FLNG) plant at James Price Point to extract and process gas from the Browse Basin off the coast of Western Australia.
(Bloomberg) -- Shaanxi Yanchang Petroleum Group, China’s fourth-biggest oil producer, is cutting investments and salaries because of the oil price crash, according to people with knowledge of the matter.
[BEIJING] Shaanxi Yanchang Petroleum Group, China's fourth-biggest oil producer, is cutting investments and salaries because of the oil price crash, according to people with knowledge of the matter.
Since 2010, Ren Jianxin, chairman of state-owned ChemChina, has splashed out an eye-popping $63.9 bn on foreign assets, some 60% more than the No. 2 Chinese buyer
BEIJING (AP) " The tycoon who is offering $43 billion for Swiss agrochemicals giant Syngenta keeps a low profile, but is China's most aggressive dealmaker.
A resurgent dollar sent oil and commodities lower, pushing equity gauges in Russia and the Middle East down by at least 0.7 per cent. ― AFP picLONDON, March 25 ― Emerging-market stocks and currencies slumped for a second day as a rising chorus of US Federal Reserve officials calling for quicker interest-rate increases drove investors away from riskier assets.
AS oil's collapse leaves some fields with no chance to turn a profit, China's biggest producer is ready to cut its losses.
Chinese energy giant PetroChina Co. Ltd. (PTR - Analyst Report) announced 2015 earnings of RMB 35,653 million or RMB 0.19 per diluted share, compared with RMB 107,173 million or RMB 0.59 per diluted share a year earlier. Earnings per ADR came in at $2.97 (exchange rate: US$1.00 = RMB 6.4, 1 ADR = 100 shares), lower than the Zacks Consensus Estimate of $3.15. The negative comparisons can be primarily attributable to the sharp drop in oil prices, partly offset by higher output.
Challenging market: The Woodside Petroleum Otway Gas Plant in Victoria. Woodside Petroleum Ltd is not going ahead with the Browse floating LNG project due to an ‘extremely challenging’ market. – Reuters
BEIJING, March 23 (Reuters) - PetroChina Co. Ltd. on Wednesday said profit fell 70 percent last year as low prices brought down upstream earnings, eclipsing the impact of a jump in natural gas income brought about in part by pipeline consolidation.