Market info

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.

Oil & Gas

Paragon Offshore posts $1.08billion loss


Paragon Offshore has reported a loss of $1.08billion in its third quarter. The company said day rates had “deteriorated” for all rig classes which had resulted in an impairment of “various rig values”. The offshore driller also posted $369million in revenue. Paragon expects its capital spending for the year to be close to $60million below last years levels.

Market info

FMC Technologies hit by drop in revenue


FMC Technologies has seen a drop in second quarter revenue which fell 15% from the year before. The company said the figure decreased from $1.99billion in 2014 to $1.70billion. This was mainly due to decline in North American land market and its impact on the subsea engineering specialist’s surface technologies revenue.