Petrobras reported a net profit of R$ 4 billion in the first quarter of 2019, an increase of 92% over the fourth quarter of 2018, mainly due to the lower occurrence of special items, with a total of R$ 600 million (negative). Adjusted EBITDA of R$ 27.5 billion was 6% lower than the fourth quarter of 2018, mainly driven by lower Brent prices, while free cash flow was positive for the 16th quarter in a row, with a total of R$ 12.1 billion.
Net income for 43 U.S. oil producers totaled $28 billion in 2018, a five-year high. Based on net income, 2018 was the most profitable year for these U.S. oil producers since 2013, despite crude oil prices that were lower in 2018 than in 2013 on an annual average basis.
With the global offshore rig market starting to show signs of picking up, there has been a great deal written about the offshore rig recovery, and while rig owners in a few regions are enjoying high utilization and the dayrate benefits that go along with that, the same cannot be said for the fleet as a whole.
Equinor has exercised its preferential rights to acquire an additional 22.45% interest in the Caesar Tonga oil field from Shell Offshore Inc for a total consideration of USD 965 million in cash. This will increase Equinor’s interest from 23.55% to 46.00%. Anadarko remains the operator with a 33.75% interest, and Chevron retains its 20.25% interest.
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