Chesapeake Q2 profit falls
NEW YORK: Chesapeake Energy reported a lower-than-expected quarterly profit on higher costs, but the second-largest US producer of natural gas said it expected increased year-end output as more wells are connected to pipelines.
The Oklahoma City company reported a second-quarter profit of $145 million, or 22 cents per share, compared with $467 million, or 66 cents a share, a year earlier.
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PTT Global Q2 net profit up 46pc
BANGKOK: PTT Global Chemical (PTTGC), Thailand’s largest petrochemical company, reported a 46 per cent rise in second quarter net profit due mainly to gains on inventory, oil hedging and foreign exchange.
PTTGC, 49 per cent owned by energy group PTT, posted a net profit of 6.09 billion baht ($188.66 million) in April-June quarter, up from 4.17 billion baht a year earlier, but down from 6.3 billion baht in the previous quarter.
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US firm to build solar plant in Jordan
RIYADH: US-based First Solar, a manufacturer of thin film photovoltaic (PV) modules and PV power plants, has signed a contract to provide engineering, procurement and construction (EPC) services for a PV power plant in Jordan, a report said. The company has also sealed a long-term operations and maintenance (O&M) deal for the 52.5 megawatt (MW) Shams Ma’an project, added the report in The Saudi Gazette.
Athabasca Oil loss widens
NEW YORK: Canada’s Athabasca Oil reported a bigger quarterly loss as it set aside funds for future costs, but shares climbed on indications it had set a date for a delayed takeover of its Dover oil sands project in Alberta. Athabasca chief executive and president Sveinung Svarte said a C$1.23 billion deal with PetroChina Co to complete its takeover of the Dover project would close within a “reasonable time frame.”
PDVSA to sell Citgo if offer appeals
MENE GRANDE: Venezuelan state oil company PDVSA will sell North American unit Citgo Petroleum if it receives a good offer, Petroleum Minister Rafael Ramirez told reporters in what would be its biggest pullback ever from the US refining market.
