Sinopec swings into profit in Q1
Apr 29, 2021 6:25:am
Summary The Chinese state-owned producer had booked a net loss of 19.15bn yuan in the same period of last year.
by: Shardul Sharma
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Sinopec swings into profit in Q1
Chinese state-run Sinopec on April 28 reported a net profit of 18.54bn yuan ($2.9bn) in the three months ending March 31 (Q1) thanks to higher oil and gas prices. It had booked a net loss of 19.15bn yuan in the same period of last year.
In the three-month period, the company’s production of oil and gas reached 117.03mn barrels of oil equivalent, up by 4.2% year/year. Gas output was up 16.8% while oil extraction was down 3.2%. Sinopec s realised oil price in Q1 was up 11.7% yr/yr, while its gas price rose 10%.
Equinor achieves best quarterly results since 2014 : CEO
Apr 29, 2021 8:45:am
Summary The company attributed the strong result to higher oil and gas prices and a $1.4bn gain from farm-downs at its US wind assets.
by: Joseph Murphy
Norwegian energy group Equinor earned $4.5bn in pre-tax profit in the first quarter, the company reported on April 29, hailing it as its best quarterly result since 2014.
The state-owned company earned only $81mn in p.
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BP unloads stake in US pipeline unit: press
Apr 13, 2021 11:55:am
Summary
by: Daniel Graeber
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BP unloads stake in US pipeline unit: press
Investment firm Sixth Street paid $700mn to take a minority stake in the US division of BP’s pipeline business, Bloomberg news reported April 12.
Citing a person familiar with the deal commenting on condition of anonymity, Bloomberg reported that the 49% stake for Sixth Street forms the basis of a future midstream joint venture. With its headquarters in Chicago, BP’s pipeline division owns and operates just under 7,000 km of oil and gas infrastructure, including connections to BP’s refinery in Whiting, Indiana.