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billions

Markets

Apache hit with $5.7billion quarterly loss

Apache has reported a quarterly loss of $5.7billion as it took a writedown due to the decline in oil prices. Despite the losses, the company has increased its production forecast for the year. Increased efficiencies, a drop in service costs and low break-even levels in core US shale fields have helped companies increase production even as they scale back spending.

Oil & Gas

Saudi Arabia withdrew billions from markets, estimates show

Saudi Arabia has withdrawn as much as $70 billion from global asset managers as OPEC’s largest oil producer seeks to plug its budget deficit, according to financial services market intelligence company Insight Discovery. "Fund managers we’ve spoken to estimate SAMA has pulled out between $50 billion to $70 billion from global asset managers over the past six months," Nigel Sillitoe, chief executive officer of the Dubai-based firm, said by telephone Monday. "Saudi Arabia is withdrawing funds because it’s trying to cut its widening deficit and it’s financing the war in Yemen," he said, declining to name the fund managers. Saudi Arabia is seeking to halt the erosion of its finances after oil prices halved in the past year. The Saudi Arabian Monetary Authority’s reserves held in foreign securities have fallen about 10 percent from a peak of $737 billion in August 2014, to $661 billion in July, according to central bank data. The government is accelerating bond sales to help sustain spending.