Higher oil and gas prices, tax refunds and “tight cost control” helped Neptune Energy overcome a drop in production to lift its profits by two-thirds in the first quarter.
Eni has swung back to profits in Q1 as commodity prices improved, and announced plans for an IPO or stake sale in a new renewables unit.
Seadrill today said it achieved "record operational uptime" in the first quarter of the year.
Nostrum Oil & Gas today said it had made a “steady” start to the year.
Aker Solutions saw its revenue decline by NOK2billion in the first quarter of the year compared with 2015 amid the continued oil price decline.
Amec posted a strong first quarter as its interim chief executive credited its "asset-light" strategy for its success.
Statoil ASA, Norway’s biggest oil company, said profits slumped by 86 percent as crude prices fell to their lowest level in almost 12 years in the first quarter.
Total SA’s first-quarter profit fell 37 percent, beating analysts’ forecasts as cost cuts, rising production and resilient refining profits helped the French company offset the slump in crude prices.
BP Plc reported first-quarter profit that was more than double analysts’ estimates as earnings from refining and trading offset lower crude prices. The first results this year from the world’s largest oil companies demonstrate the protection against lower prices gained from processing and selling fuel. France’s Total SA also reported better-than-expected earnings today. BP Chief Executive Officer Bob Dudley is setting the company up for a longer period of low oil prices by slashing spending, reviewing new projects and selling assets. Today’s results will help ensure he can maintain dividend payments until prices recover. “We are resetting and re-balancing BP to meet the challenges of a possible period of sustained lower prices,” Dudley said in the statement. “The dividend is the first priority within our financial framework.”