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.
Canada's Encana reported a net loss of $612million - its fourth straight quarterly loss - as it said it would cut jobs by 20%, reduce its annual spending forecast and lowered shareholders' dividend as it absorbed the impact of plummeting oil and gas prices.
Exxon Mobil has announced estimated 2015 earnings of $16.2billion compared with $32.5billion a year earlier.
Total said it expects a drop in results for 2015 but does not plan to reduce its headcount as it looks to weather the low oil price. Chief Executive Patrick Pouyanne said the group had “financial capacity” to protect itself during the current decline.
Aggreko said today its gains from petrochemical and refining customers since July 1 had nearly cancelled out an adverse impact from weakness in oil and gas. The Scottish temporary power firm added its “resilience” against a challenging market backdrop allowed it to maintain guidance for 2015 profits of £250-£270million, down from £289million on revenue of £1.58billion last year. Chief executive Chris Weston said: “Whilst we are at an early stage in delivering the specific actions identified at our business review in August, I am encouraged with the progress we are making.”
Oil & Natural Gas Corp.’s second-quarter profit fell 11 percent as slumping crude prices eroded revenue at India’s biggest energy explorer. Net income fell to 48.4 billion rupees ($736 million) in the three months ended Sept. 30 from 54.4 billion rupees a year earlier, the state-owned company said in a statement Friday. The average of 25 analyst estimates in a Bloomberg survey was 46.6 billion rupees. Sales gained 1 percent to 205.6 billion rupees.
Marathon Oil said it plans to make a spending cut of around 29% after losses of $749million in the third quarter. The company said low commodity prices had prompted its move to write down the value of assets. Marathon, with operations in Texas and Equatorial Guinea, said the company expects total output to grow 7%.
More than $19 billion in oil and gas writedowns have been reported in a single week as producers acknowledge what investors already knew. Royal Dutch Shell Plc leads the pack in recognizing that drilling prospects are worth a lot less than they used to. The producer announced its worst loss in 16 years on Thursday, including $8.2 billion in impairments. Southwestern Energy Co., Whiting Petroleum Corp. and Anadarko Petroleum Corp. have likewise written off acreage value. For investors, those charges aren’t much of a surprise after oil tumbled 44 percent in the past year, dragging stock prices along with it. Shell has declined 15 percent in the past 12 months, Whiting is down 73 percent and Anadarko fell 26 percent.