Shell has posted losses of $18.1billion (£14bn) for the second quarter of 2020 as oil, LNG and gas prices remain depressed.
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, 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.
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 reported a second quarter loss compared with a profit a year previously.
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 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 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 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 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.