MOSCOW (Reuters) - Russian state oil company Rosneft said first quarter net profit fell less than expected, to 112 billion roubles ($3.81 billion), beating analyst expectations of 88.6 billion roubles.
Shrinking British oil company BP Plc announced quarterly profit down a fifth from a year ago, after it sold assets in preparation for what could be its biggest oil spill payout when the case comes to trial later this month.
BP, the last of the big four western world oil companies to report fourth quarter figures, still beat expectations because of one-off taxes related to its divestments and liability payments, and its shares rose nearly 2%.
Exxon Mobil Corp. posted higher-than- expected profit as international sanctions against Russian interests clouded the U.S. oil explorer’s efforts to tap some of the world’s biggest crude reserves.
First-quarter net income was US$9.1-billion, or US$2.10 a share, compared with US$9.5-billion, or US$2.12, a year earlier, the Irving, Texas-based company said in a statement Thursday. Per-share profit exceeded all 20 estimates from analysts in a Bloomberg survey and surpassed the average by 22 cents.
BP Plc kicked off the results season for top global oil firms on Tuesday with forecast-beating profits and a dose of what the industry’s investors want – a dividend hike, plans for asset sales, and a promise to keep a lid on spending.
The world No. 5 among investor-controlled oil and gas groups worldwide scaled back its guidance on capital spending next year to $24-$25-billion compared with previous guidance of $24-$27-billion for the years up to 2020.
MOSCOW (Reuters) - Russian modem developer Yota Devices has launched its first smartphone on Wednesday, hoping its novel double-sided screen will allow it to break into markets in Europe and the Middle East and gain share from rivals.
By Soham Chatterjee(Reuters) - Garmin Ltd handily beat quarterly profit estimates and forecast a strong 2014 as sales of GPS-based fitness, aviation and outdoor products more than made up for shrinking sales of personal navigation devices, a market it once dominated.Garmin shares jumped as much as 12 percent to $52.72 - their highest in six years. The stock, however, is still a far cry from the high of $124 it hit in 2007, when personal navigation devices were high in demand and featured on most year-end gifting lists.
MOSCOW — Russia’s top crude oil producer Rosneft wants to break the monopoly of another state-owned energy champion, Gazprom, to export gas via pipelines, sources said on Friday, signalling a flare-up between powerful clans.
Igor Sechin, a long-standing ally of Russian President Vladimir Putin, transformed Rosneft into the world’s top publicly traded oil producer through the US$50-billion purchase of Anglo-Russian firm TNK-BP last year.
Last week, after western sanctions against Russia expanded to include not only the first financial institution, Bank Rosiya, but also SMP bank whose main shareholders were on the sanctions list, unexpectedly both Visa and MasterCard halted providing transaction services to the two banks, without providing an explanation. Over the weekend, one of the banks got its full credit card functionality back after Visa Inc and MasterCard both resumed services for payment transactions for clients at Russia's SMP bank.
Rosneft is seeking to borrow up to US$30-billion from China in exchange for possibly doubling oil supplies, making Beijing the largest consumer of Russian oil and further diverting supplies away from Europe.
Four industry sources familiar with the situation told Reuters Rosneft was in talks with China’s state firm CNPC about the borrowing, which would echo a $25 billion deal the two companies clinched last decade.