PetroChina’s third-quarter earnings rose on stronger oil prices even as China’s strict Covid Zero policy continues to constrain fuel demand.
Malaysia’s Petronas reported on Tuesday that first-half net profits more than doubled on the back of higher oil and gas prices, but the state-backed energy company sees higher prices reversing next year as global supplies stabilise.
Stronger oil and gas prices brought North Sea operator Neptune Energy back to profits in the first half of 2021.
Santos reported solid number for the second quarter 2021 and remains in line to hit full year targets. Shareholders will now be watching whether Santos will up its offer for Oil Search, which if successful would make the merged group Australia’s biggest oil and gas producer.
Eni has swung back to profits in Q1 as commodity prices improved, and announced plans for an IPO or stake sale in a new renewables unit.
Schlumberger first-quarter profits fell 15 percent from a year ago, in large part because it sold several North American businesses during the pandemic.
Woodside Petroleum reported a net loss of almost $4.03 billion for 2020 despite delivering a record full-year production of 100.3 million barrels of oil equivalent (boe). Still, its proposed $12 billion Scarborough liquefied natural gas (LNG) export project in Australia remains on track for final investment approval later this year.
Energy firm SSE has reported a drop in profit due to a significant reduction in electricity demand brought about by the Covid-19 pandemic.
Energy services firm TechnipFMC has reported a £1.7 billion pre-tax loss in the fourth quarter of 2019.
BP chief executive Bob Dudley said the recovery of the global oil and gas market depends on OPEC behaviour.
Noble Group Ltd., the commodity trader backed by China’s sovereign wealth fund, reported another loss in the third quarter as the Hong Kong-based company pressed on with efforts to pay down debt, boost liquidity and focus on its most profitable businesses.
Total said it has increased its cash flow by 13% in the third quarter despite an almost 30% reduction in European refining margins and flat Brent prices.
Husky Energy said it has reported a bigger-than-expected quarterly loss as crude oil prices continue to eat into profits.
Technip raised its full-year objectives for the year for its subsea division as the firm reported both revenue and profit for the third quarter.
Petrofac chief financial officer (CFO) Tim Weller said yesterday he was leaving the company with “a powerful franchise at its heart” as it recovers from the slump in oil 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.
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.
Petroneft Resources has posted a pre-tax loss for 2015 of $7.7million after its work programme delivered only a small rise in production.
Chevron reported a loss that was double analysts’ estimates amid an oil-market collapse that’s sparked currency crises, corporate bankruptcies, credit downgrades and hundreds of thousands of layoffs across the industry.
New World Oil and Gas has more than halved its 2015 pretax loss to $4.2m, from a loss of $11.7m in 2014.
Plexus Holdings, the Aberdeen-based engineering firm, has suspended its dividend to shareholders as it reported a £3.5million loss in the second half of 2015 and reduced its headcount by 50.
Scottish oil company Bowleven said it remains in a strong position despite recording a $132million loss in the second half of 2015.
Nostrum Oil and Gas saw pre-tax profit fall by more than two thirds last year as it was hit by lower production and falling oil prices.
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.
Mosman loss was wider in the first half of the current financial year thanks to one-off costs related to impairments and the termination of a deal to acquire a producing project in New Zealand.