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Oil & Gas

Australia’s Santos reports $2.5bn profit surge from higher oil and gas prices

Santos (ASX:STO) today announced its full-year results for 2022, reporting record free cash flow of US$3.6 billion and underlying profit jumping 160% to US$2.5 billion. The results reflect significantly higher oil and LNG prices compared to 2021, due to stronger global energy demand, combined with a higher interest in PNG LNG following its merger with Oil Search.


Turner & Townsend unveils 11% rise in profits despite oil price

Consultancy firm Turner & Townsend (T&T) has unveiled an 11 % rise in profits after its infrastructure and property practices helped its natural resources division to shrug off plummeting oil prices. The group, which has 4,100 staff in 90 offices throughout the world, grew its pre-tax profits to an all-time high of £36.7million in the year to 30 April on the back of a 9% rise in revenues to £380million, also a record figure. Work undertaken in the past year by T&T’s Aberdeen office included project management and cost and construction design management on phase one of the Aberdeen International Business Park (AIBP) on behalf of developer Abstract Securities.


Halliburton profits drop by 93%

Halliburton has seen a 93% drop in its quarterly profits following the decline in oil prices since last year. The oilfield services provider said it had incurred about $400million in charges as companies have reduced drilling activity. The company’s net profit fell to $53million – six cents a share – in the second quarter of 2015.


Subsea 7 sees profit lift

Subsea 7 has increased its earnings and margins despite the decline in oil price. The company has also secured more new orders than had previously been forecasted. Subsea 7, which specialises in underwater constrcution, said its operating profit had rised to $176million from $160million a year previously.


British Gas sees profits rise

Profits at British Gas are set to rise after the energy supplier revealed a boost in consumption following a colder than normal start to the year. Owner Centrica added that British Gas had stemmed the flow of customers leaving the business, with the number of accounts on its books staying at 14.8 million following a 5% cut in gas tariffs from the end of February. The FTSE 100 company reported improved profitability in its supply business in the first quarter of the year but said this was more than offset by lower commodity prices in its upstream production arm. It also announced that it had set aside an additional £50 million over the next three years to improve customer service.


Lukoil profits fall by 39%

Lukoil said profit fell 39% last year as crude prices slumped and Russia’s second-largest oil producer reported asset impairments from Kazakhstan to West Africa. Net income dropped to $4.75 billion from $7.83 billion in 2013, the Moscow-based company said in an e-mailed statement on Tuesday. Impairments of $2.34 billion were partly countered by a $1.89 billion hedging gain from oil trading. The results come after OAO Gazprom Neft posted a 31% decline in profit on Monday as oil prices plunged and a weaker ruble led to foreign-exchange losses, while OAO Novatek last week said earnings dropped 66 percent. Lukoil has cut total spending, while maintaining development deadlines for Caspian and Siberian projects.


Repsol profit triples as refining counterbalances oil drop

Repsol SA, which offered $13 billion to buy rival oil producer Talisman Energy Inc., said fourth-quarter profit tripled on higher refining margins and production in Brazil. Adjusted net income rose to 370 million euros ($421 million) from 123 million euros a year earlier, Spain’s largest oil company said Thursday in a statement. That beat the 356.2 million-euro average of 11 analyst estimates compiled. Repsol, whose bid for Calgary-based Talisman was approved by the Canadian producer’s shareholders last week, increased output 16% to 371,000 barrels of oil equivalent per day after pumping more crude in Brazil’s offshore pre-salt region as well as in Venezuela and the US Refining margins improved by one-third to $5.5 a barrel in the fourth quarter, partly offsetting a 39% decline in Brent crude prices in the period.


Helicopter firm’s profits take off

New contracts for the oil and gas industry and also search and rescue (SAR) operations helped spur on Bristow Helicopters to a massive increase in profits. Pre-tax profits of £91million in the 12 months to March 31, 2014, were up from £6.35million a year earlier. Turnover rocketed by 26% to £318.19million in the latest period, from £252.52million previously. A spokeswoman for the firm said a number of factors drove the rise in profits.


Saltire Energy profits rise by 10%

Investing in new plant has paid off for Saltire Energy after the oil drilling equipment rental firm posted a 10% rise in revenues. Accounts filed at Companies House showed that the Portlethen-based company turned over £36.3million in the year to 30 June, up from just under £33million in the previous 12 months. Pre-tax profits edged up by 3% to £17.7million after a rise in the costs of distribution and sales, including the investment in new rental gear. Writing in the directors’ report, chief executive Mike Loggie said: “The group’s rentals have continued to show considerable growth.


Enermech on course to hit £260million mark

Turnover at Enermech broke through the £200-million barrier for the first time last year and is on course to hit £260million this year after the mechanical engineering group unveiled a further six crane contracts together worth more than £34million. Figures published yesterday showed that revenues grew by 40% during 2013 to reach £202.5m. International expansion reined in earnings before interest, tax, depreciation and amortisation (Ebitda), which climbed by a more-modest 21% to hit £14.2m.


Can Group see boost in turnover and pre-tax profits

Oil and gas services firm Can Group has recorded a boost in turnover and pre-tax profits for the year ending December 2013. The Aberdeen-headquartered firm, which provides engineering, inspection and trade services to the oil and gas sector, posted a 20% increase in pre-tax profits to £18.5million, from £15.4million previously.