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.
Shares in Aberdeen-headquartered energy services firm Wood climbed this morning as at predicted a surge in its annual earnings.
Oil major Shell said its earnings dropped by 72% compared with the same quarter last year.
Total SA said profit fell 30 percent in the second quarter, beating analysts’ estimates as deeper cost cuts and rising production helped the French company offset the slump in crude prices and strikes at its domestic refineries.
Seadrill Ltd., the offshore driller with the biggest debtload, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs.
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.
Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price. The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.
Repsol SA, Spain’s largest oil company, reported a 62 percent decline in third-quarter earnings as lower crude prices countered improved refining performance.
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.
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.
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.
The Cosco Corporation has warned its earnings for 2014 will be significantly lower than the year before due to the steep fall in crude oil prices over recent months. The company has been hit bu a $90million one-off charge for the firm’s discontinued Octabuoy and hill and topside module project.