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Encana posts unexpected quarterly profit

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.


Taqa hit by losses, 900 job cuts since 2014

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.


Chevron posts first losses since 2002

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.

Oil & Gas

Noreco pays debt from sale of licences as it restructures finances

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 profit rises 71% on weaker ruble even as gas prices drop

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 hit by losses, despite production rise

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.


ConocoPhillips reports loss in second quarter earnings

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 hit by drop in revenue

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 profits drop in Q3

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.