China Petroleum & Chemical Corp., the refining giant known as Sinopec, outshined its domestic state-run rivals in the first half of the year as its fuel-making business helped it weather the worst crude crash in a generation.
A.P. Moeller Maersk A/S, Denmark’s biggest company, reported an 88 percent drop in second-quarter profit as its oil and container divisions both suffered from falling prices.
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.
Noble Group Ltd. lost money in the second quarter and net debt increased as the embattled commodities trader withdraws from some markets in an attempt to conserve cash and reverse a two-year collapse in its shares.
For oil companies, the second quarter might be as good as it gets.
Husky Energy reported a second quarter loss compared with a profit a year previously.
Canadian oil and gas producer Encana Corp reported an unexpected quarterly operating profit, helped by a cost-cutting drive, and said it would raise its 2016 capital expenditure program.
Seadrill Ltd., the offshore driller with the biggest debtload, reached a deal with its banks to extend its three nearest credit lines and amend covenants as it seeks to ease its burden amid a drop in the demand for offshore rigs.
The Scottish firm behind Europe’s largest consented tidal-energy project, the MeyGen development in the Pentland Firth, said yesterday it had raised £6.5million from a share placement.
Abu Dhabi National Energy Co., the government-controlled utility pumping crude and natural gas from Canada to the UK, said it’s cutting capital expenditure and planning to sell assets after low oil prices slashed oil and gas revenue by almost half.
China Petroleum & Chemical Corp.earnings beat analyst estimates as profit from turning crude oil into fuels offset the plunge in energy prices and more than $1 billion in writedowns by Asia’s biggest refiner.
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.
Noreco (Norwegian Energy Company) said the sale of a number of licences has allowed the firm to repay some of its debt and interest. The company has been making moves to strengthen its finances with a restructuring proposal approved earlier this year. In its second quarter results for the year the firm, which has gone through a number of challenges in the past year, said it has made a partial repayment of NOK250million of debt and interest in the NOR10 bond this month.
Gazprom PJSC, the world’s biggest natural gas producer, said first-quarter profit rose 71 percent as a weaker ruble countered lower prices for the fuel and falling sales volumes. Net income climbed to 382 billion rubles ($5.9 billion) from 223 billion rubles a year earlier, the Moscow-based company said Monday in a statement. That exceeded analysts’ average 353 billion-ruble estimate, according to data compiled by Bloomberg. Revenue rose 5.7 percent to 1.65 trillion rubles.
Apache has reported a loss of $5.6billion in its second quarter results. The company said the figure includes an after-tax ceiling test write down of $3.7billion resulting from low commodity-price levels and $1.9billion of other items. Apache said despite the losses it expects to increase its production guidance for 2015.
Energy producer ConocoPhillips has reported a loss to its income during the second quarter of 2015. The company said its income was $179million in comparison with a profit of $2.08billion a year earlier. ConocoPhillips was the first major oil producer to announce spending cuts after prices began to fall last year.
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.
Foster Wheeler's profits have slumped with the company’s income down by half in its third quarter results. The company announced its income from operations was $25.4million, compared with $48.9million the same time last year. Shares are currently sitting at an individual price of $0.25, compared to a cost of $0.50 during the third quarter of 2013.