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PG&E Sees Up To $6.3 Billion in Costs From Fires, Bankruptcy

November 7, 2019 admin Comments Off on PG&E Sees Up To $6.3 Billion in Costs From Fires, Bankruptcy

(Bloomberg) — PG&E Corp., the California utility that went bankrupt in January after its equipment sparked deadly wildfires, expects as much as $6.3 billion in after-tax costs from the blazes, its Chapter 11 case and the recent blackouts.The troubled power giant reported a $1.6 billion loss for the third quarter. It was driven by $2.5 billion pre-tax charge for claims related to the 2017 Northern California wildfires and the 2018 Camp fire, the company said in a statement Thursday. PG&E is not providing 2019 earnings guidance.The shares fell 3.8% at 9 a.m., and are down 71% on the year. “Obviously …read more […]

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Big Oil gives Brazil the cold shoulder in second auction flop

November 7, 2019 admin Comments Off on Big Oil gives Brazil the cold shoulder in second auction flop

Brazil held a second underwhelming oil auction in as many days on Thursday, as major global oil firms passed again on offshore blocks billed as among the world’s most promising. The only block awarded in Thursday’s auction went to state-run Petroleo Brasileiro SA , or Petrobras, and Chinese state firm CNODC, a unit of China National Petroleum Corp, who offered the minimum bid. The flop, following a similar lack of foreign interest in an even bigger round on Wednesday, was a wake-up call to officials who expected this week to crown Brazil as uncontested champion of the Latin …read more […]