Company news in brief
Alrosa says sales down in January
Sales by Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, are lower than a year ago so far in January, its chief executive was quoted as saying by Interfax news agency on Wednesday.
Alrosa competes with Anglo American's De Beers, the biggest seller of rough diamonds by value.
Alrosa's sales of rough and polished diamonds totalled US$504.5 million in January 2018 due to good retail sales and high polished diamond prices.
An annual period of weaker demand in the rough diamond
sector seems to be shifting from the summer months, which showed
abnormally high demand in 2018, as demand in January had been
rather low, Sergey Ivanov said.
The company currently plans to produce and sell 38 million carats of rough diamonds in 2019. In 2018, it produced 36.6 million carats and sold over 38 million carats. Its sales were larger than production as Alrosa used part of its stockpile. – Nampa/Reuters
China boosts energy spending target to 5-yr high
China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.
The company plans to spend 70 billion to 80 billion yuan (US$10.3 billion to US$11.8 billion) on exploration and production, CNOOC said Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.
Beijing has called on the state oil giants to increase domestic exploration to help meet strong crude demand and counter falling output from maturing fields. This came after president Xi Jinping urged oil companies in August to improve national security by boosting domestic production and reserves.
CNOOC expect to bring six new projects, including the Egina oilfield in Nigeria and the Huizhou 32-5 oilfield in the South China Sea, on stream in 2019, the company said. It also expects to drill 173 exploration wells this year.
The company said its total oil and gas production will reach 480 million to 490 million barrels of oil equivalent in 2019, up from 475 million barrels in 2018. – Nampa/Reuters
Lukoil opposes prolonged global oil output cuts
The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil, said on Wednesday, Interfax news agency reported.
Lukoil would have to cut its output by 30 000 barrels per day by April under the OPEC and non-OPEC oil deal, but it could still maintain full-year oil output in 2019 at the same level as in 2018, Vagit Alekperov told reporters on the sidelines of the World Economic Forum in Davos, according to Interfax.
Alekperov also said that the current oil price of around US$60 per barrel was satisfactory for Russia's budget and for Russian oil companies. – Nampa/Reuters
Ford Q4 results weighed down by losses overseas
Ford Motor Co on Wednesday posted a lower operating fourth-quarter profit as losses in every global region except North America weighed on results.
The No. 2 U.S. automaker, which has announced an alliance with Germany's Volkswagen AG, is restructuring operations globally. It is making cuts in Europe, looking to reorganise its South American operations and turn around China - all unprofitable regions.
Ford posted a fourth-quarter net loss of US$116 million, or 3 US cents a share, down from a net profit of US$2.5 billion, or 63 US cents a share, in the same quarter in 2017, largely because of one-time pension costs and other charges.
In North America, Ford posted a pre-tax profit of US$2 billion. It saw losses in every other region, with Asia reporting the largest loss of US$381 million, driven by plummeting sales in China.
Ford, which ended 2018 with $23.1 billion in cash, previously said it remained committed to its operations in Europe and South America, and its losses in China would narrow this year. CEO Jim Hackett said on Wednesday that
analysts "don't have to wait long" for Ford's South American reorganisation plan. – Nampa/Reuters
Tesla to cut production hours for Model S and X
Tesla Inc said on Wednesday it is reducing production hours for higher-priced Model S and Model X cars, just days after saying it would cut jobs as the electric carmaker looks to make more affordable versions of the Model 3 sedan.
Tesla also faces the unenviable choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle as the electric vehicle tax break started to phase out from earlier this month.
CEO Elon Musk had said earlier this month that Tesla will no longer be taking orders for the 75 kWh version of the Model S and X to streamline production.
A reduction in tax credit added US$3 750 to the price of Tesla's electric cars starting Jan. 1. Musk had said the need for lower-priced versions of Model 3 will become even greater from July, when the US tax credit again drops in half.
This would add US$1 875 to the car's price tag. The tax credit is set to go away entirely at the end of 2019. – Nampa/Reuters
Sales by Russia's Alrosa, the world's largest producer of rough diamonds in carat terms, are lower than a year ago so far in January, its chief executive was quoted as saying by Interfax news agency on Wednesday.
Alrosa competes with Anglo American's De Beers, the biggest seller of rough diamonds by value.
Alrosa's sales of rough and polished diamonds totalled US$504.5 million in January 2018 due to good retail sales and high polished diamond prices.
An annual period of weaker demand in the rough diamond
sector seems to be shifting from the summer months, which showed
abnormally high demand in 2018, as demand in January had been
rather low, Sergey Ivanov said.
The company currently plans to produce and sell 38 million carats of rough diamonds in 2019. In 2018, it produced 36.6 million carats and sold over 38 million carats. Its sales were larger than production as Alrosa used part of its stockpile. – Nampa/Reuters
China boosts energy spending target to 5-yr high
China's state-owned offshore oil and gas producer CNOOC Ltd said it is confident of achieving its spending target this year, the highest since 2014, as its responds to a call to build up the nation's petroleum output and reserves.
The company plans to spend 70 billion to 80 billion yuan (US$10.3 billion to US$11.8 billion) on exploration and production, CNOOC said Wednesday, compared with an expected 63 billion yuan in capital spending for 2018.
Beijing has called on the state oil giants to increase domestic exploration to help meet strong crude demand and counter falling output from maturing fields. This came after president Xi Jinping urged oil companies in August to improve national security by boosting domestic production and reserves.
CNOOC expect to bring six new projects, including the Egina oilfield in Nigeria and the Huizhou 32-5 oilfield in the South China Sea, on stream in 2019, the company said. It also expects to drill 173 exploration wells this year.
The company said its total oil and gas production will reach 480 million to 490 million barrels of oil equivalent in 2019, up from 475 million barrels in 2018. – Nampa/Reuters
Lukoil opposes prolonged global oil output cuts
The global oil output cut should not be prolonged, the head of Russia's second biggest oil producer, Lukoil, said on Wednesday, Interfax news agency reported.
Lukoil would have to cut its output by 30 000 barrels per day by April under the OPEC and non-OPEC oil deal, but it could still maintain full-year oil output in 2019 at the same level as in 2018, Vagit Alekperov told reporters on the sidelines of the World Economic Forum in Davos, according to Interfax.
Alekperov also said that the current oil price of around US$60 per barrel was satisfactory for Russia's budget and for Russian oil companies. – Nampa/Reuters
Ford Q4 results weighed down by losses overseas
Ford Motor Co on Wednesday posted a lower operating fourth-quarter profit as losses in every global region except North America weighed on results.
The No. 2 U.S. automaker, which has announced an alliance with Germany's Volkswagen AG, is restructuring operations globally. It is making cuts in Europe, looking to reorganise its South American operations and turn around China - all unprofitable regions.
Ford posted a fourth-quarter net loss of US$116 million, or 3 US cents a share, down from a net profit of US$2.5 billion, or 63 US cents a share, in the same quarter in 2017, largely because of one-time pension costs and other charges.
In North America, Ford posted a pre-tax profit of US$2 billion. It saw losses in every other region, with Asia reporting the largest loss of US$381 million, driven by plummeting sales in China.
Ford, which ended 2018 with $23.1 billion in cash, previously said it remained committed to its operations in Europe and South America, and its losses in China would narrow this year. CEO Jim Hackett said on Wednesday that
analysts "don't have to wait long" for Ford's South American reorganisation plan. – Nampa/Reuters
Tesla to cut production hours for Model S and X
Tesla Inc said on Wednesday it is reducing production hours for higher-priced Model S and Model X cars, just days after saying it would cut jobs as the electric carmaker looks to make more affordable versions of the Model 3 sedan.
Tesla also faces the unenviable choice of raising prices at the risk of losing customers or slashing costs by thousands of dollars per vehicle as the electric vehicle tax break started to phase out from earlier this month.
CEO Elon Musk had said earlier this month that Tesla will no longer be taking orders for the 75 kWh version of the Model S and X to streamline production.
A reduction in tax credit added US$3 750 to the price of Tesla's electric cars starting Jan. 1. Musk had said the need for lower-priced versions of Model 3 will become even greater from July, when the US tax credit again drops in half.
This would add US$1 875 to the car's price tag. The tax credit is set to go away entirely at the end of 2019. – Nampa/Reuters
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