Brazilian state-run energy company Petroleo Brasileiro SA, or Petrobras, said late Friday that it plans to invest $236.7 billion over the next five years, maintaining spending and production targets at the same levels as last year plan. The 2013-2017 investment plan remains one of the world’s largest corporate spending plans, but is up only marginally from the $236.5 billion Petrobras earmarked for investments in the 2012-2016 period. Petrobras has been criticized by analysts and investors because its hefty investment spending has not resulted in increased crude oil production, despite finding some of the world’s largest oil discoveries in 20 years.
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Hess Corp. (HES) said it is exploring options for its entire downstream business and pruning its Asian portfolio, while also unveiling a share buyback program of up to $4 billion and more than doubling its quarterly dividend.
Sempra Energy reported a slightly higher fourth-quarter profit Tuesday and said its proposed Louisiana gas-export terminal would boost future growth and profits. Sempra predicted a 2013 adjusted profit of between $4.30 and $4.80 a share, compared with $4.35 a share in 2012 and analysts’ estimates of $4.41 a share. The company’s 2012 profit using generally accepted accounting principles was $3.48 a share. Read more: http://www.foxbusiness.com/news/2013/02/26/sempra-energy-posts-higher-4th-quarter-profit-plans-gas-export-plant/#ixzz2MCVvVZ7i
The United States is reportedly under attack by the Chinese government. America’s business secrets, critical infrastructure and wealth are the targets. But many businesses are taking a lackadaisical approach to cybersecurity. Multiple industry studies have shown that the vast majority of companies don’t begin following cybersecurity best practices until after they’ve been hit. The latest and most telling example came Tuesday. According to a new report from information security company Mandiant, the Chinese military is linked to one of the most prolific hacking groups in the world. That group, known as the “Comment Crew,” has attacked Coca-Cola (KO, Fortune 500), EMC (EMC, Fortune 500) security division RSA, military contractor Lockheed Martin (LMT, Fortune 500), and hundreds of others. It reportedly holds the blueprints to America’s energy systems, and has funneled trade secrets out of some of the country’s largest corporations. The implications of China’s presence in Corporate America’s networks are vast, from matters of economic competitiveness to international diplomacy.
Natural-gas futures fell Thursday after the Energy Information Administration reported a decline in U.S. inventories that was smaller than expected.
It’s happening again.
It’s not even close to the summer driving season — in fact, it’s not even springtime — but as surely as February gives way to March, gas prices have begun their annual ascent. Keep reading →
If Congress and President Obama are ever going to get serious about tax reform, they will have to rethink some of the biggest and most popular tax breaks. It won’t be easy. Those tax breaks mostly benefit powerful voting blocs: the middle-class and the wealthy. The federal government gives up $1 trillion in revenue every year because of the hundreds of tax credits, deductions, exemptions and exclusions in the tax code. And the top 10 account for most of that $1 trillion. (Table of Top 10 below.)
Energy prices have been rising fast. But not enough to derail the economic recovery. Not yet anyway.
Over the last month, crude oil prices have risen over 4% and are approaching $100 a barrel. Analysts think they’ll soon trade in the triple digits. Gasoline futures are up even more, rising 8% over the last 30 days. At the pump, drivers are now paying 14 cents more a gallon than they were in mid December. Keep reading →
Elliott Management Corp. confirmed it is seeking five seats on Hess Corp.’s (HES) board in order to push the company to separate its assets in the oil-rich Bakken Shale region from less prolific international assets.
The sluggish economy has many workers anxious about job security. Yet despite the nation’s high 7.8 percent unemployment rate, there are careers out there with jobless rates so low as to nearly guarantee a job to anyone qualified to work in those fields.
