Sembcorp Marine expects big loss as supply chain squeezed, costs overrun
Singapore yard Sembcorp Marine expects to make “significant losses” in the second-half 2021 as a supply chain crunch and project delays bite.
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Surging gas prices squeeze PetroChina with $3bn loss looming
While most gas suppliers look set to benefit from a global spike in gas prices, PetroChina (HK:857) is one of the few exceptions, as regulated prices and rising gas import losses are set to squeeze China’s largest gas producer.
Santos eyes growth projects, readies Barossa LNG
Australia’s Santos today confirmed its Barossa liquefied natural gas (LNG) export project is on track for final investment approval during first half 2021 after reporting a net loss of $357 million for 2020.
Woodside readies giant Scarborough project despite $4bn loss
Woodside Petroleum reported a net loss of almost $4.03 billion for 2020 despite delivering a record full-year production of 100.3 million barrels of oil equivalent (boe). Still, its proposed $12 billion Scarborough liquefied natural gas (LNG) export project in Australia remains on track for final investment approval later this year.
Exxon signals historic fourth consecutive loss on demand hit
Exxon Mobil Corp., which is struggling to maintain a $15 billion-a-year dividend program, indicated it incurred a fourth straight quarterly loss.
Shell posts $18bn loss in second quarter
Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices remain depressed.
Impairments sink Valaris to a £2.5billion loss
Rig operator Valaris fell to a £2.5billion pre-tax loss for the first quarter of 2020 due to write-downs on its oil and gas assets.
Schlumberger’s $7.4bn loss sets stage for ‘most uncertain’ future
Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.
Petrobras swings to profit on rising crude output, exports
A recovery in oil output and exports helped Petrobras reverse three quarters of straight losses as the Brazilian producer emerges from two years of graft investigations and falling crude prices.
Husky Energy posts loss as production falls
Husky Energy reported a second quarter loss compared with a profit a year previously.
Rovop makes loss after after Ceona collapse
An Aberdeen-based remote operated vehicle (ROV) specialist has booked a £3.8million hit to its bottom line after its major customer Ceona went into administration last year.
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.
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.
Weir Group to reduce headcount with 140 job losses in its oil and gas division
Weir Group will reduce its headcount by a further 400 jobs overseas as it looks to reduce costs. The company said it expects trading conditions remain challenging through the fourth quarter of the year with further declines in oil and gas exploration and production. The valve and pump maker said it was also feeling pressure as a result of lower mineral prices.
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.