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earnings

Americas

Earnings down 22% in 2019 for Texas-based Valero Energy

Valero Energy Corp. said Thursday it finished 2019 with earnings of $2.4 billion, down more than 22 percent from the prior year, which the company attributed to higher prices it paid for sour crude and high gasoline inventories.

Markets

Chevron posts first losses since 2002

Chevron Corp. lost money for the first time in more than 13 years as a collapse in prices for the global oil explorer’s main product forced it to write down the value of crude and natural gas fields. Shares fell. The fourth-quarter net loss was $588 million, or 31 cents a share, compared with profit of $3.5 billion, or $1.85, a year earlier, the San Ramon, California-based company said in a statement on Friday. The per-share result was worse than any of the 22 analysts in a Bloomberg survey whose estimates ranged from gains of 29 cents to 63 cents.

Markets

BW Offshore earnings hit by FPSO explosion

BW Offshore said its earnings before tax had been negatively impacted by an accident earlier this year offshore Brazil. The company said the recovery project for the FPSO (Floating Production Storage and Offloading) vessel was still ongoing. In March an explosion on the Cidade de Sao Mateus killed nine of the 74 people on board.

Markets

Apache hit by losses, despite production rise

Apache has reported a loss of $5.6billion in its second quarter results. The company said the figure includes an after-tax ceiling test write down of $3.7billion resulting from low commodity-price levels and $1.9billion of other items. Apache said despite the losses it expects to increase its production guidance for 2015.

Markets

ConocoPhillips reports loss in second quarter earnings

Energy producer ConocoPhillips has reported a loss to its income during the second quarter of 2015. The company said its income was $179million in comparison with a profit of $2.08billion a year earlier. ConocoPhillips was the first major oil producer to announce spending cuts after prices began to fall last year.