On Tuesday, Shares of Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR), gained 0.22% to $9.05.
Brazilian state-run oil company Petroleo Brasileiro SA’s long history of failed spending and output plans may be the biggest obstacle to its efforts to convince investors it will reduce its massive debt, according to Reuters.
The company’s $90 billion cut on Monday from planned investment over five years and 30 percent reduction to its 2020 oil and natural gas output forecast mark the first major retrenchment by Petrobras, as it is known, since the discovery of giant offshore oil reserves south of Rio de Janeiro was declared in late 2007. Reuters Reports.
Petrobras, though, has not met an annual production target since 2003 when the Workers’ Party government of Brazilian President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva took power. Nor has it met five- or 10-year projections. Some doubt its “more realistic” 2015-2019 plan will do better. Reuters added.
Petróleo Brasileiro S.A. Petrobras operates as an integrated energy company in Brazil and internationally. Its Exploration and Production segment engages in the exploration, development, and production of crude oil, natural gas liquids, and natural gas; and sale of crude oil and oil products produced at natural gas processing plants in domestic and foreign markets.
Shares of Hertz Global Holdings, Inc. (NYSE:HTZ), declined -2.37% to $18.12, during its last trading session, hitting its lowest level.
Hertz Global Holdings, has declared that it has reached exclusive negotiations with the LOXAM Group (Loxam) for the potential acquisition of the France and Spain businesses of Hertz Equipment Rental Corporation (HERC) through the transfer of the entire share capital of Hertz Equipement France SAS and Hertz Alquiler de Maquinaria, SLU. The projected transaction comprises 60 locations in France and two in Spain. As part of the process, HERC and Loxam are each consulting with their respective Works Councils in France.
The projected transaction remains subject to receipt of the requisite works council opinions, the signing of the sale agreements and obtaining required corporate and regulatory approvals. Terms of the potential share purchase have not been revealed.
Hertz Global Holdings, Inc., through its auxiliaries, is engaged in the car and equipment rental businesses worldwide. It operates through four segments: U.S. Car Rental, International Car Rental, Worldwide Equipment Rental, and All Other Operations.
Finally, McDermott International Inc. (NYSE:MDR), ended its last trade with 0.95% gain, and closed at $5.34.
McDermott International, has been awarded a sizeable lump sum contract by LLOG Exploration Offshore, LLC (LLOG) in support of LLOG’s Otis development located in the Gulf of Mexico. The lump sum contract will be comprised of in McDermott’s second quarter 2015 backlog.
The Otis field, located in Block Mississippi Canyon 79, will be developed as a subsea tieback to the Delta House floating production system (FPS) and lies in about 3,800 feet of water. The contract scope comprises:
- Project administration;
- Engineering, fabrication and installation of a 75,000-foot insulated rigid flowline and insulated steel catenary riser (SCR) with associated pipeline end termination (PLET) and jumper; and,
- Pre-commissioning.
McDermott’s Houston office will perform the overall project administration and engineering. The flowline and SCR are planned to be assembled and fabricated at McDermott’s new spoolbase facility in Gulfport, Mississippi.
McDermott International, Inc. operates as an engineering, procurement, construction, and installation company worldwide. The company operates through three segments: Asia Pacific, Americas, and the Middle East. It focuses on designing and executing offshore oil and gas projects.
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