Vermilion Energy (VET) reported a Q1 loss Wednesday of 0.95 Canadian dollar ($0.70) per diluted share, swinging from earnings of CA$0.10 a year earlier.
A single analyst polled by FactSet expected earnings of CA$0.27.
Sales for the quarter ended March 31 were CA$513.3 million, up from CA$468.7 million a year earlier.
A single analyst surveyed by FactSet expected CA$512.8 million.
Shares of the company were down 6% in premarket activity.
DOF Group (DOFG.OL) secured $2 billion charter and services contracts with Brazilian state-owned oil company Petrobras concerning four support vessels for remotely operated vehicles.Under the 12-year contracts, the vessels will be used for subsea inspection, maintenance and repair to support Petrobras' deepwater operations in the country from 2030, according to a Tuesday release. The Norwegian offshore and subsea services company expects to seek the assistance of the Navship yard in Brazil for the construction of the vessels.Delivery of the first two vessels is targeted in four years, with local development debt funding anticipated to largely finance the vessels. The group will oversee the operation of and services on the vessels, but said it is exploring potential alternative structures for ownership as part of its financial strategy.
Saudi Arabian Oil Co. (SASE:2222), d/b/a Aramco, said Tuesday it will lower certain main crude oil prices in June, compared with May.According to a price list from the Saudi state-owned oil giant, North West Europe and Mediterranean price tags were cut by $2.Meanwhile, prices of its crude grades for buyers in Asia were reduced by $4, while those for North American buyers remained unchanged.
California's fuel watchdog has issued subpoenas to gas stations charging unusually high prices and failing to cooperate with inquiries, Bloomberg reported on Tuesday.The Division of Petroleum Market Oversight said it was targeting retailers whose "high prices may not be justified by increases in their input costs.""We were concerned that some retailers might use the conflict as a pretext to inflate their retail prices," DPMO Director Tai Milder said, adding, "we saw something similar happen after the Ukraine invasion," the report said.Milder said stations contacted by the agency cut prices by "50 cents-a-gallon or more," according to Bloomberg.