UK and Canada-focused independent i3 Energy has seen quarterly production double that of last year, as it looks to invest further capital in its Canadian drilling programme.
Q1 2022 results
Shell (LON: SHEL) reported its best ever quarterly results on Thursday despite suffering a hefty blow over its exit from activities in Russia.
Equinor is to increase its share buybacks after posting “strong financial results” for the first quarterof 2022.
Valaris (NYSE:VAL) has reported net losses of $40 million for the first quarter, as improved jack-up utilisation failed to tip the company back into profitability.
Japanese trading giant Mitsui & Co. nearly tripled its full-year profit to an all-time high on soaring energy and commodity prices, and said the company will keep its involvement in liquefied natural gas projects in Russia.
Next week will see supermajors BP and Shell publish results for one of the most turbulent quarters in recent memory, as they each look to reconcile continued bumper cash flows with the write-down of Russian investments.
Offshore contractor Subsea 7 reported a pre-tax loss of nearly $28 million for the first quarter of 2022 as Covid-related costs continued to bite, but looked to “several large awards” on the horizon later in the year.
Oilfield services giant Schlumberger reported pre-tax profits of $638 million for the first quarter of 2022, as it hailed “one of the strongest outlooks for the energy services industry in recent times.”
Halliburton reported pre-tax profits of $332 million for the first quarter of 2022, but took impairments on assets and receivables in the wake of the war in Ukraine.
Shell has begun to quantify the cost of its exit from Russia in an update ahead of its Q1 2022 results.
Exxon Mobil signaled its highest profit since 2008 as Russia’s war in Ukraine upended global commodity markets.