Latest news with #stateowned
Wall Street Journal
4 days ago
- Business
- Wall Street Journal
Mexico's Pemex to Trim Costs With Restructuring-Related Job Cuts
MEXICO CITY–Mexican state-owned oil company Petroleos Mexicanos said it expects to save around $185 million in administrative costs this year with layoffs of non-union staff as part of the company's restructuring into a vertically integrated company following changes in Mexican laws. The restructuring aims to eliminate duplicate functions and positions in areas such as marketing, planning, and contracting services, while channeling more resources to operating activities, Pemex said Wednesday.
Bloomberg
4 days ago
- Business
- Bloomberg
China's Debt Market Beckons Debut Borrower in Kazakh Oil Giant
Kazakhstan's state-owned oil producer KazMunayGas National Co. is exploring options including yuan-denominated bonds as a cheaper way to raise funds from abroad, according to its chief executive officer. 'Depending on the market conditions, we may borrow,' Askhat Khassenov said in an interview. 'We looked at all options. Currently there is a possibility to sell dim sum, panda bonds' or debt in Arab countries, he said.
Yahoo
6 days ago
- Business
- Yahoo
India's top miner tests local iron ore pricing; shift from global index, source says
By Neha Arora NEW DELHI (Reuters) -India's key iron ore producer NMDC is testing a new pricing formula for its output to shield its profits from the volatilities reflected in global benchmarks, a source with direct knowledge of the matter told Reuters. State-run NMDC, which sells its output locally, currently releases monthly iron ore prices linked to inventories, international prices and domestic market dynamics. The company plans to launch the new formula after initial trials, the source said, declining to be identified as the plan is not public yet. "We are taking baby steps," the source added. The new formula will not link prices to any international index or exchange, the source said. With the launch of the new mechanism, NMDC will gradually move to a more frequent disclosure of iron ore prices, the source said, adding the intervals had not been finalised yet. "Going forward, we will try to do it more frequently so that there is no lag in whatever is happening in the market and our prices," the source said. The miner will also collect pricing information from different stockyards across cities, compared to the existing mechanism of gathering information from mines, the source said. NMDC did not respond to a Reuters email seeking comments. India's JSW Steel, the country's biggest steelmaker by capacity, primarily sources its iron ore from NMDC. NMDC reported a fall in fourth-quarter profit, hurt by lower product prices. India is also in the process of overhauling the average sale price of iron ore to garner higher revenues for the government, as the mines ministry believes some miners try to depress prices artificially in order to pay lower royalties to the government.
Washington Post
19-05-2025
- Business
- Washington Post
Qatar Airways reports earning a $2.15 billion profit in its last fiscal year, a record for carrier
DUBAI, United Arab Emirates — The holding company that owns Qatar Airways reported Monday it earned a $2.15 billion profit in its last fiscal year, its highest-ever profit off the back of record passenger numbers as global aviation bounces back after the coronavirus pandemic. The state-owned carrier reported revenues of $23.4 billion overall in the results, up from $22.1 billion the year before. Its fiscal year profits in the prior reporting period were $1.6 billion.
Globe and Mail
14-05-2025
- Business
- Globe and Mail
Petrobras Q1 Earnings Slump on Flat Production, Price Drop
Petroleo Brasileiro S.A., or Petrobras PBR, announced first-quarter earnings per ADS of 62 cents, missing the Zacks Consensus Estimate of 92 cents and falling from the year-ago profit of 75 cents. The underperformance can be attributed to lower downstream production and a decline in realized oil prices. Consolidated net income, which strips out one-time items, came in at $4,029 million compared with $5,420 million a year earlier. Petrobras' adjusted EBITDA fell to $10,446 million from $12,127 million a year ago. Brazil's state-run energy giant reported revenues of $21,073 million, which fell 11.3% from the year-earlier sales of $23,768 million and missed the Zacks Consensus Estimate of $21,639 million. Along with the first-quarter earnings announcement, PBR added that it plans to shell out RMB 2.1 billion in dividends and equity interests. Coming back to earnings, let's take a deeper look at the recent performances of PBR's two main segments: Upstream (Exploration & Production) and Downstream (or Refining, Transportation and Marketing). Upstream The Rio de Janeiro-headquartered company's average oil and gas production during the first quarter reached 2,771 thousand barrels of oil equivalent per day (MBOE/d) — 80% liquids — compared to 2,776 MBOE/d in the same period of 2024. Brazilian oil and natural gas production — constituting approximately 99% of the total output — remained essentially flat at 2,740 MBOE/d. In the January to March period, the average sales price of oil (or the average Brent crude price) fell 9.1% year over year to $75.66 per barrel. The decrease in crude prices, together with stagnant production, had a negative effect on upstream unit sales. Overall, the segment's revenues declined to $15,067 million in the quarter under review from $16,077 million in the year-ago period. As far as the bottom line is concerned, it was further dented by an uptick in pre-salt lifting costs (which rose 12.7% from the year-ago period to $7.08 per barrel). Consequently, the upstream unit recorded a net income of $4,987 million, down 14.7% from first-quarter 2024 earnings of $5,846 million. Downstream (or Refining, Transportation and Marketing) Revenues from the segment totaled $19,989 million, 9.9% lower than the year-ago figure of $22,190 million, due to lower production volumes. Petrobras' downstream unit recorded a profit of $367 million, which fell sharply from earnings of $775 million in the first quarter of 2024. Apart from a decline in production volume, the unit's income was affected by lower utilization. Costs During the period, Petrobras' sales, general and administrative expenses were $1,534 million, 13.8% lower than the year-ago quarter. Selling expenses also fell from $1,333 million a year ago to $1,090 million. Moreover, a reduction in 'other expenses' and material-related costs led to a 4.9% decrease in total operating expenses. The decline in costs was more than offset by lower revenues, leading to a drop in PBR's operating income to $7,276 million in the first quarter of 2025 compared with $8,984 million a year ago. Financial Position During the three months ended March 31, 2025, Petrobras' capital investments and expenditures totaled $4,065 million compared with $3,043 million (excluding signature bonus) in the prior-year quarter. Importantly, the Zacks Rank #4 (Sell) company generated a positive free cash flow for the 40th consecutive quarter, with the metric coming in at $4,536 million. However, it fell from $6,547 million recorded in last year's corresponding period. You can see the complete list of today's Zacks #1 Rank stocks here. At the end of the first quarter, Petrobras had a net debt of $56,034 million, up from $43,646 million a year ago and $52,240 million as of Dec. 31 2024. The company ended the quarter with cash and cash equivalents of $4,695 million. Petrobras' net debt to trailing 12-month EBITDA ratio deteriorated to 1.45 from 0.86 in the previous year. It was 1.29 at the end of the previous quarter. Some Key Energy Earnings While we have discussed PBR's first-quarter results in detail, let's see how some other energy companies have fared this earnings season. Oil supermajor Chevron CVX reported earnings per share of $2.18, beating the Zacks Consensus Estimate of $2.15. The outperformance stemmed from higher-than-expected U.S. natural gas production in Chevron's key upstream segment. The unit's domestic output of 2,859 million cubic feet per day (MMcf/d) came in above the consensus mark of 2,666 MMcf/d. A healthy gain in the commodity's U.S. realizations also played its part. The company recorded $5.2 billion in cash flow from operations compared to $6.8 billion in the year-ago period due to a drop in earnings and tax payments associated with divestment in Canada. Chevron's free cash flow for the quarter was $1.3 billion. ConocoPhillips COP, one of the world's largest independent oil and gas producers, reported adjusted earnings per share of $2.09, which beat the Zacks Consensus Estimate of $2.06. The outperformance can be attributed to higher oil equivalent production volumes, partly offset by decreased realized oil prices. As of March 31, ConocoPhillips had $6.3 billion in cash and cash equivalents. The company had a total long-term debt of $23.2 billion and a short-term debt of $608 million as of the same date. ConocoPhillips' capital expenditure and investments totaled $3.4 billion. Net cash provided by operating activities was $6.1 billion. Finally, we have refiner Marathon Petroleum 's MPC first-quarter adjusted loss per share of 24 cents, narrower than the Zacks Consensus Estimate of a loss of 63 cents. This primarily reflects the stronger-than-expected performance of its Refining & Marketing segment. Marathon Petroleum's adjusted EBITDA of the segment totaled $489 million, surpassing the consensus mark of $286 million on the back of lower costs and higher throughput. Marathon Petroleum reported expenses of $31.2 billion in first-quarter 2025, down from $31.4 billion reported in the year-ago quarter. MPC repurchased $1.1 billion of shares during the period. It currently has a remaining authorization of $6.7 billion. Zacks' Research Chief Names "Stock Most Likely to Double" Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest. This top pick is among the most innovative financial firms. With a fast-growing customer base (already 50+ million) and a diverse set of cutting edge solutions, this stock is poised for big gains. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months. Free: See Our Top Stock And 4 Runners Up Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Chevron Corporation (CVX): Free Stock Analysis Report ConocoPhillips (COP): Free Stock Analysis Report Petroleo Brasileiro S.A.- Petrobras (PBR): Free Stock Analysis Report Marathon Petroleum Corporation (MPC): Free Stock Analysis Report
