Garuda Said to Require $1bn to Stay Afloat
Indonesian carrier Garuda Indonesia needs at least $1bn in additional funding to reduce debt and stay afloat with the government open to giving up its majority control. According to Kartika Wirjoatmodjo, a deputy minister at Indonesia’s State-Owned Enterprises...
Petrobras Posts Solid Q3 Results Amid Crude Price Gain
Brazilian oil major Petrobras reported a net profit of BRL 31.1bn ($5.5bn), vs. losses of BRL -1.6bn (-$284mn) in 3Q2020 whilst beating estimates of BRL 20bn ($3.6bn). Revenues were up 9.8% QoQ to BRL 121.6bn ($21.6) and 72% higher YoY mainly due to the appreciation...
Aramco Reports 2.6x Surge in Q3 Profits
Saudi Aramco reported a Q3 net income of $30.4bn, up 158% YoY and declared a dividend of $18.8bn to be paid in Q4. The sharp rise in net income was “primarily the result of higher crude oil prices and volumes sold and stronger refining and chemicals...
PEMEX Reports Quarterly Loss of $3bn
Mexico’s Petroleos Mexicanos (PEMEX) released its Q3 results where it reported a quarterly net loss of MXN 77.24bn ($3.8bn), compared to a profit of $706mn in Q2 and a profit of $69mn in the 3Q2020. The losses were mainly due to the transfer of large...
