Shell-Backed Raízen Seeks Fresh Funds as Shares Hit Record Low
Raízen SA, controlled by Brazil's Cosan SA and London-based Shell, is 'in active talks' for a capital injection, Chief Financial Officer Rafael Bergman told investors on an earnings call on Thursday. Shares slumped as much as 15% in Sao Paulo to just 1.02 reais (19 cents). The drop marks the biggest slump since the company went public in 2021.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
4 minutes ago
- Bloomberg
Marfrig's Home Beef Business Helps Cushion US Cattle Squeeze
Marfrig Global Foods SA's operating earnings shrunk less than expected as rising profits at its South American beef operation helped it weather the impact of a severe cattle shortage in the US and a bird flu outbreak in Brazil. Earnings before items such as interest and taxes fell 11% from a year earlier to 3 billion reais ($550 million) in the three months ended in June, the company said in a statement. That compares with a 2.12 billion-real average of analyst estimates compiled by Bloomberg.
Bloomberg
4 minutes ago
- Bloomberg
Peru Holds Interest Rate as Policymakers Gauge Tariff Damage
Peru kept interest rates unchanged as below-target inflation gives policymakers the flexibility to wait to see how election uncertainty and US tariffs affect growth and prices. The central bank held its key rate at 4.5% for a third straight month on Thursday, as forecast by 12 of 13 economists surveyed by Bloomberg. One analyst had expected a quarter-point rate reduction to 4.25%.
Yahoo
an hour ago
- Yahoo
Colombia's Ecopetrol sees significant profit drop in Q2 2025
Colombia's state oil company Ecopetrol, has reported a 46% decrease in net profit for the second quarter (Q2) due to declining global oil prices and slight production decreases. The company's net profit fell to approximately $450m (1.81trn pesos), down from the previous year's equivalent of $840m, with total sales also decreasing by 9% to around $7.4bn, reported Reuters. Ecopetrol's CEO, Ricardo Roa, used a a press conference to highlight several operational challenges. 'We have had blockades, attacks and thefts that have prevented us from operating, and we have also seen a significant drop in volumes carried by third parties through our transportation assets,' Roa was quoted as saying. These disruptions, along with new taxes and inflation, have compounded the impact of the oil price decline on the company's financial performance. The company's total production saw a marginal year-on-year decline of 0.5%, averaging 755,500 barrels of oil equivalent per day (boepd). Furthermore, earnings before interest, taxes, depreciation and amortisation (EBITDA) fell by 21% to around $2.78bn. Despite the downturn, Ecopetrol has maintained substantial investments, with around $2.58bn allocated to exploration and production projects within Colombia and in international ventures in Brazil and the US. As of the end of June, the company had completed drilling six out of the ten exploratory wells planned for the year. The oil sector globally has been navigating through price volatility, partly due to OPEC+ increasing production, which contributed to an 11% decrease in Brent crude prices over the quarter. Brent crude prices averaged $67 per barrel (bbl) in Q2, a drop from $75/bbl in the previous three months and $85/bbl in the same period last year. In contrast to Ecopetrol's performance, Mexico's Pemex and Brazil's Petrobras managed to post profits despite the challenging market conditions. Meanwhile, Ecopetrol has announced plans to continue with natural gas drilling in the Colombian Caribbean, aiming to cater to growing domestic demand and capitalise on its reserve potential, despite Shell's recent exit from three offshore blocks. "Colombia's Ecopetrol sees significant profit drop in Q2 2025" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
