On Wednesday, Shares of Petroleo Brasileiro SA - Petrobras (ADR) (NYSE:PBR), lost -1.46% to $4.04.
It’s unlikely that oil prices will ever return to $100 a barrel and Petroleo Brasileiro SA needs to work with suppliers to manage the price rout, an executive at the state-run oil producer said Tuesday, according to Bloomberg.
“We were all surfing the great wave of $100 a barrel,” Cristina Pinho, the company’s executive manager for exploration and production said at an event in Rio de Janeiro. “It won’t get to $100 again. If it gets to $70, we’ll be happy.”
The world’s largest producer in ultra-deep waters is working to optimize technology to cut costs and save in everything from buoys to riser pipes used at its offshore platforms, Pinho said. Chief Executive Officer Aldemir Bendine said Monday that the company seeks to reduce costs to withstand a combination of lower oil prices and a weaker currency, which has raised the cost of servicing the company’s debt. Bloomberg Reports
Petroleo Brasileiro SA - Petrobras is a Brazil-based integrated energy company. The Company operates in the Exploration and Production (E&P); Refining, Transportation and Marketing (RTM); Gas and Power; Biofuels; Distribution, and International segments. E&P comprises exploration, development and production of crude oil, natural gas liquid and natural gas in Brazil. RTM covers the refining, logistics, transport and trading of crude oil and oil products activities, export of ethanol, extraction and processing of shale, and interests in petrochemical companies in Brazil.
Shares of Exxon Mobil Corporation (NYSE:XOM), declined -0.62% to $72.29, during its last trading session.
Exxon Mobil Corporation declared recently that its partner, Esso Exploration and Production Nigeria Limited, has started oil production ahead of plan at the Erha North Phase 2 project offshore Nigeria.
The Erha North Phase 2 project is a deepwater subsea development located 60 miles offshore Nigeria in 3,300 feet of water and four miles north of the Erha field, which has been producing since 2006. The Erha North Phase 2 project comprises seven wells from three drill centers tied back to the existing Erha North floating production, storage and offloading vessel, reducing additional infrastructure requirements.
The project is estimated to develop an additional 165 million barrels from the presently producing Erha North field. Peak production from the expansion is presently estimated at 65,000 barrels of oil per day and will improvement total Erha North field production to about 90,000 barrels per day.
Exxon Mobil Corporation is an energy company. The Company is engaged in the exploration and production of crude oil and natural gas. The Company is involved in the manufacturing of petroleum products, and transportation and sale of crude oil, natural gas and petroleum products. The Company also manufactures and markets petrochemicals, counting olefins, aromatics, polyethylene and polypropylene plastics, and a variety of specialty products.
Shares of Visa Inc (NYSE:V), inclined 1.03% to $70.96, during its last trading session.
Visa gathered 25 Olympic and Paralympic hopefuls from around the world for a two-day Team Visa Summit and innovation showcase at the company’s headquarters in San Francisco. The Summit kicked-off Visa’s year-long program which supports Olympic and Paralympic global athletes as they train for the 2016 Games. To mark the occasion, San Francisco Mayor Ed Lee and representatives of the International Olympic Committee declared recently “Team Visa Day” in San Francisco.
Team Visa Rio comprises Olympic and Paralympic athletes counting Carli Lloyd (USA), Ashton Eaton (USA), Emanuel Rego (Brazil), Tiago Splitter (Brazil), Sally Pearson (Australia), Ryan Cochrane (Canada), Kim Jae-Bum (Korea), Daiya Seto (Japan), Ivan Garcia (Mexico), Yana Kudryavtseva (Russia) and more.
Visa Inc. is a payments technology company. The Company is engaged in operating a processing network, VisaNet, which facilitates authorization, clearing and settlement of payment transactions across the world. The Company provides its services to consumers, businesses, financial institutions and governments in more than 200 countries and territories for electronic payments.
Finally, Hilton Worldwide Holdings Inc (NYSE:HLT), ended its last trade with -1.35% loss, and closed at $23.36.
Canopy by Hilton, Hilton Worldwide’s newest hotel brand that redefines the lifestyle space through a fresh approach to hospitality, recently declared a new social media campaign, “Meet the Neighbors.” This series spotlights locals’ point of view through interviews with the brand that paint the landscape of each unique Canopy neighborhood.
The brand’s inaugural property Canopy Reykjavik | City Centre, which will welcome guests in early 2016, will be the first to showcase its dynamic and charming neighbors starting this September. After its September launch, the program will dedicate one week every month to sharing curated neighbor spotlights across select regions for “Meet the Neighbors.” All contributors will live or work within walking distance to a Canopy by Hilton hotel, ranging from shops and restaurant owners to students and fitness instructors. “Meet the Neighbors” for Canopy Reykjavik will showcase three distinct features – Into The Glacier, Laurgardalur, and Slippbarinn, all of which will comprise with tips and advice from locals.
Hilton Worldwide Holdings Inc. is a hospitality company. The Company comprises of about 4,322 hotels, resorts and timeshare properties comprising of 715,062 rooms in 94 countries and territories. The Company operates through three segments: administration and franchise, ownership and timeshare.
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