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HMRC launches new Profit Diversion Compliance Facility

On 10 January 2019, HMRC launched a new Profit Diversion Compliance Facility (PDCF) aimed at multinational enterprises who have used cross-border arrangements that HMRC considers may result in an artificial reduction in UK profits, including arrangements targeted by the Diverted Profits Tax (DPT) legislation.

Oil & Gas

Maersk Oil profit sank 86% last quarter as energy prices plunge

A.P. Moeller-Maersk A/S, Denmark’s biggest company, said profit at its oil unit dropped 86 percent in the third-quarter as energy prices fell. Maersk Oil’s net operating income after tax for the three months through September was $32 million, down from $222 million in the same period a year earlier, the Copenhagen-based company said in a statement on Friday.


Sinopec’s profit drops 92%

China Petroleum & Chemical Corp.’s third-quarter profit plummeted 92 percent as lower oil prices and production dwarfed an increase in refining revenue. Net income at Asia’s biggest refiner, known as Sinopec, was 1.64 billion yuan ($258 million), or 0.013 yuan a share, compared with 19.3 billion yuan, or 0.165 yuan, a year earlier, the Beijing-based company said in a statement to the Shanghai Stock Exchange on Thursday. That compares with the 4.27 billion yuan average of three analyst estimates compiled by Bloomberg. Higher refining revenue was swamped by a drop in oil prices. Brent, the benchmark for more than half of the world’s crude, averaged about $51 a barrel in the third quarter, compared with more than $103 a year ago.


Hunting profit and headcount hit by oil drop

Hunting has seen a drop in revenue from $664.1million to $463.6million in the first half of the year. The international energy services group said its operations had been impacted by the downturn in the oil and gas market. The decline has seen a reduction in headcount of 900 employees which has resulted in savings of $41million.


Santos first-half profit declines 82% amid oil price collapse

Santos Ltd., Australia’s third-largest oil and gas producer, posted an 82 percent slump in first-half profit after a fall in oil prices. Net income fell to A$37 million ($27 million) in the six months ending in June, from A$206 million a year earlier, the Adelaide-based company said Friday in a statement. That compared with an estimate of A$41 million from Macquarie Group Ltd.


DNO profits and production boosted in second quarter

DNO saw a profits boost in the second quarter of the year up from the previous three months. The Norwegian oil and gas operator said there had been an increase from $26million to $55million while its net loss was $40million for the second quarter. The company has also hit record production levels from the Tawke field in the Kurdistan Region of Iraq with output averaging 153,346 barrels of oil per day (bopd).


Baker Hughes posts loss compared with 2014 profit

Baker Hughes has posted a quarterly loss compared with its profit one year ago. A decline in oil prices has kept a lid on drilling activity for the company, which was bought over by Halliburton last year. Baker Hughes said net loss attributable was $188million - or 43 cents a share - in the second quarter of 2015.

Oil & Gas

Halliburton signs $500million joint venture deal with BlackRock

Halliburton has signed a joint venture with BlackRock for $500million to help fund drilling of existing shale wells in the US. The decision is the first such move by a major oilfield services provider at a time when oil producers have been shying away from drilling new wells. Halliburton has said it expects to see an “uptick” in activity – including refracking – later this year and a meaningful recovery in 2016.


GDF Suez posts 10% drop in profits

French gas and power group GDF Suez has posted a 10% drop in profits. The company, which posted its first-quarter results, said the fall had been in relation to lower gas prices and the outage of two Belgian nuclear plants. Quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) stood at $3.9billion - down from $4billion a year previously.


Cnooc surprises with 6.6% gain in profit as peers slump

Cnooc Ltd., China’s biggest offshore explorer, reported a 6.6% increase in full-year profit, beating the plunge in crude prices that has hit explorers across the world. Net income rose to 60.2 billion yuan ($9.7 billion), or 1.35 yuan a share, from 56.5 billion yuan, or 1.26 yuan, a year earlier, according to a statement to the Hong Kong stock exchange. The mean profit of 24 analyst estimates compiled was 52.3 billion yuan. Sales dropped 4% to 275 billion yuan.

Oil & Gas

Global spending more on facilities at Nigg

Global Energy Group said yesterday it was nearing the end of a further £20million investment in developing the Nigg Yard on the Cromarty Firth into a “world-class” port. The Inverness and Aberdeen-based energy service firm also revealed it was targeting the Mediterranean, Middle East and Asia for new business to offset an expected downturn in the UK due to the recent slump in crude oil prices. Global, which employs more than said a damaging impact on some of its operations was unavoidable but past experience of difficult market conditions showed new opportunities could flourish.