2024-11-05 22:49
SAO PAULO, Nov 5 (Reuters) - Brazil's Telefonica (VIVT3.SA) , opens new tab reported on Tuesday a 13% increase in net profit for the third quarter compared to the same period last year. Telefonica Brasil reported a net profit of 1.67 billion reais ($290.4 million), versus analysts' expectations of a 1.57 billion real profit. WHY IT'S IMPORTANT The firm, which is controlled by Spain's Telefonica (TEF.MC) , opens new tab, is the largest mobile-phone service provider in Brazil by total phone lines, according to data from local telecom regulator Anatel. BY THE NUMBERS Net operational revenue increased some 7% in the quarter to 14 billion reais, with revenues from its primary mobile unit rising nearly 9% on growth in postpaid services. Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at 5.95 billion reais, up 7.4% year-on-year. KEY QUOTES The "strong performance" of Telefonica's postpaid business comes from an increase in clients - both due to new customers and migrating existing customers over from prepaid services - as well as annual price hikes, Telefonica Brasil said in the earnings report. ($1 = 5.7514 reais) Sign up here. https://www.reuters.com/business/media-telecom/brazils-telefonica-posts-13-increase-third-quarter-net-profit-2024-11-05/
2024-11-05 22:14
HOUSTON, Nov 5 (Reuters) - The port of Freeport in south Texas reopened on Tuesday after briefly closing to inbound vessel traffic due to offshore conditions ahead of Tropical Storm Rafael, according to a notice from a shipping agency. Rafael , opens new tab is expected to become a hurricane over the next few hours as it passes near the Cayman Islands with further strengthening before it makes landfall in Cuba. Tropical storm conditions are expected in the lower and middle Florida Keys from Wednesday and Rafael is expected to move into the southeastern Gulf of Mexico by Wednesday night. The port of Freeport reopened at around 3 p.m. CT (4 p.m. ET). Port condition 'Whiskey' - indicating gale force winds are expected to arrive at the port within 72 hours - continued to be in effect at some ports in Florida including Tampa and St Petersburg, meaning vessels must indicate location ahead of the storm and make preparations to dock or leave within 12 hours. Major energy companies said on Tuesday they are evacuating some oil production workers and securing offshore platforms as they prepared for the approach of tropical storm Rafael toward the Gulf of Mexico. (This story has been refiled to remove a picture) Sign up here. https://www.reuters.com/world/us/texas-port-freeport-closes-inbound-vessel-traffic-ahead-tropical-storm-2024-11-05/
2024-11-05 21:52
BRASILIA, Nov 5 (Reuters) - The European Union expects to close the trade agreement with South American bloc Mercosur by the end of the year, the EU commissioner for crisis management told Reuters late last week, although noting there were still differences to be solved. Janez Lenarcic, who is not directly participating in the talks with Mercosur, acknowledged that a new EU law banning the import of products linked to the destruction of the world's forests has been a sticking point, but said the law will not change - though its implementation is on the verge of being put off for another year. Mercosur joins Brazil, Argentina, Uruguay, Paraguay and most recently Bolivia in a market that is a sought-after destination for EU manufacturing exporters, though European farmers, especially in France, fear the competition it will bring. "First of all, the European Union wants this agreement, let me be very clear about that," Lenarcic said in an interview on Friday in Brazil, where he joined a G20 summit focused on climate disasters. "There are some open questions," he said, adding the EU "hopes to be able to find solutions to the remaining issues soon, by the end of this year." Lenarcic said he believes the EU's new deforestation law has affected the negotiations, especially when it comes to Brazil. The European Commission proposed, and the bloc's ambassadors agreed last month, to delay implementation of the law by a year until the end of December 2025 after pressure from some member states and major agricultural product exporters such as Brazil. Lenarcic said the EU has listened to the requests to postpone the law's implementation, but noted that, in the end, the regulation will not change. A deal between the EU and Mercosur has been in the works for some 25 years. The parties had announced an agreement in 2019, but it was never formally ratified due to EU demands for commitments on Amazonian deforestation and climate change. A new online meeting between negotiators of both blocs should happen in the next few days, while a fresh round of face-to-face talks is expected for late November, with hopes of reaching a deal before Mercosur's meeting in Uruguay in December, according to Brazil's foreign ministry. Sign up here. https://www.reuters.com/sustainability/boards-policy-regulation/eu-official-expects-mercosur-trade-deal-this-year-dismisses-changes-2024-11-05/
2024-11-05 21:43
Nov 5 (Reuters) - Oil and gas firm Devon Energy (DVN.N) , opens new tab on Tuesday reported third-quarter profit above estimates on strong production and forecast higher output for the current quarter on the back of its $5 billion Grayson Mill acquisition. Shares of the company were up 1.5% at $39.92 in after-market trading. Data from the U.S. Energy Information Administration showed that the country's total oil consumption rose in July to the highest seasonal level since 2019. Demand for gasoline was also at the highest seasonal levels since 2019, whereas jet fuel demand the highest for any month since August 2019, benefiting oil firms like Devon. Devon's quarterly net production was up 9.5% at 728,000 barrels of oil equivalent per day (boepd) from the previous year. Oklahoma City-based Devon also raised its fourth quarter production forecast to a range of 811,000 to 830,000 boepd, of which 110,000 boepd will be contributed from the Grayson Mill acquisition. In September, Devon completed its acquisition of Williston Basin business of Grayson Mill Energy, a company owned by private equity firm EnCap. Devon reported an adjusted profit of $1.10 per share for the quarter ended Sept. 30, compared with analysts' average estimate of $1.09 per share, according to data compiled by LSEG. Sign up here. https://www.reuters.com/business/energy/devon-energy-beats-third-quarter-profit-estimates-2024-11-05/
2024-11-05 20:46
Nov 5 (Reuters) - Oil and gas producers began shutting in U.S. Gulf of Mexico output and pulling workers off platforms on Tuesday ahead of a late hurricane season storm threatening offshore fields. The U.S. National Hurricane Center warned of steady to rapid intensification over the next 24 to 36 hours, with Tropical Storm Rafael forecast to became a Category 1 hurricane by early Wednesday. Producers could lose between 3.1 million and 4.9 million barrels of oil and 4.56 billion to 6.39 billion cubic feet of natural gas, researchers predicted. U.S. oil futures rose about 1% on Tuesday to $72.10 per barrel on storm concerns . Chevron (CVX.N) , opens new tab, which operates Gulf of Mexico production platforms Anchor, Blind Faith, Jack/St. Malo, Tahiti, Petronius, and Big Foot, said it was halting offshore production and evacuating personnel. Norway's Equinor (EQNR.OL) , opens new tab also said it has shut in production at its Titan oil platform and expected to complete a full evacuation by day's end. BP (BP.L) , opens new tab said it has secured offshore facilities and removed some offshore oil production workers from its Argos, Atlantis, Mad Dog, Na Kika, and Thunder Horse facilities. Shell (SHEL.L) , opens new tab on Monday said it has paused drilling operations and began withdrawing some staff from its Appomattox, Vito, Mars and other production facilities in preparation for the storm's potential impact. Occidental Petroleum (OXY.N) , opens new tab said it was monitoring the weather and had plans that it could implement as needed. The port of Freeport in south Texas closed to inbound vessel traffic due to offshore conditions ahead of Rafael, according to a notice from a shipping agency. Sign up here. https://www.reuters.com/world/us/us-gulf-coast-energy-facilities-brace-storm-rafael-2024-11-05/
2024-11-05 20:23
MADRID, Nov 5 (Reuters) - At least 89 people are missing from floods in eastern Spain, the regional judicial authorities in Valencia said on Tuesday. The number only includes reports from families who have provided data and biological samples for the identification of their relatives, the Superior Court of Justice of the Region of Valencia said in a statement. Sign up here. https://www.reuters.com/world/europe/least-89-people-missing-floods-eastern-spain-court-authorities-say-2024-11-05/
