Ecuador reaches compensation deal with Petrobras over assets

Ecuador agreed to pay Petrobras $217-million as compensation for seizing assets from the Brazilian state-run oil company in 2010, at least 30 percent more than a previous proposal. Ecuador took control of the oil assets owned by Petrobras in the...

Sherritt's Q1 profit halves as sales shrink and costs rise

Sherritt International, the Toronto-based diversified miner, on Wednesday unveiled a 50% plunge in first-quarter earnings to $32.3-million on lower sales and higher costs, while fears over the global economy refuse to abate. Revenues dipped to...

Glencore commodity trading earnings slump in 2011

Glencore lost money on agricultural commodities in 2011 by trading volatile cotton markets and saw the profitability of trading metals and oil remaining weak or declining, the commodities giant said on Tuesday. Glencore, which rivals Vitol for...

Suncor reports higher earnings, raises dividend

Canada’s biggest oil-sands producer Suncor on Tuesday announced a 31% jump in first quarter earnings to C$1-billion, allowing the company to lift its dividend by 10%. While production at its oil sands operations grew, the March closure of the...

Woodside profit jumps 40% on stronger prices, sales gain

Oil and gas producer Woodside has reported a 40% increase in its profits for the first half of the 2010 financial year. Net profit after tax increased to A$901-million, mainly owing to stronger commodity prices and the sales gain from the Otway...

Energy companies urged to refocus on Africa as oil reserves diminish

With the oils reserves in the world diminishing, energy companies from around the world will need to focus attention on areas that can unlock hidden value.