Lower oil prices offset an otherwise good performance for BP in the first half of the year, while major projects such as Culzean in the North Sea came online.
TGS has seen its revenues increase in the second quarter of the year up 79% compared to earlier in 2016.
Oil major Chevron has posted its largest second quarter loss since 2001.
Oil major BP has seen an increase in its profits compared with the previous quarter but is still down on the same time last year.
Electromagnetic Geoservices (EMGS) said it has reduced its headcount by 20% as well as reducing its fleet down to three vessels as it looks to make cost savings. The company said its revenues were down to $12.1million from $42.5million the same time a year earlier. Contract sales ended at $4.8million while sales from the multi-client library ended at $7.3million.
Dana Petroleum suffered hefty losses during 2014, it emerged yesterday. The firm, which has oil and gas exploration and production operations in the UK, Egypt, Norway, the Netherlands and Africa, has posted pre-tax losses of £462.5million on revenue of £682.4million. Dana’s plunge into the red came amid a flurry of top management departures and followed profits of £145million the year before, when revenue topped £1billion.
Daewoo Shipbuilding & Marine Engineering in South Korea is set to sell non-core assets and will shut down or exit its non-essential units as part of restructuring after a being hit with losses in the second quarter.
Dragon Oil’s revenue fell by 18% in the second quarter of the year compared with the same time in 2014 as the company felt the knock-on effect of a lower oil price . The company said the figures changed from $547million to $449million in 2015. Meanwhile profits also dropped by 52% from $289million to $139million.
Petrobas said its net income has fallen by 89% after the company was hit with a one-time charge for underperforming assets. The Brazilian firm’s quarterly profit fell to $150.4million which was affected by a charge to resolve a tax issue with the country’s federal government as well as fines related to its gas and energy, refining and supply and exploration and production units.
Lundin Petroleum has reported second quarter earnings and production below expectations in the second quarter of 2015. The company lowered its 2015 production guidance but has kept its year-end production target. Earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 38% on the year to $106.5million.
Noble Energy posted a $109million loss in the second quarter of the year despite increased sales of oil and natural gas. The company said it expects it will be increasing production throughout the rest of the year but it is likely to be at an increasingly cheaper cost. Noble has posted second quarter profits of $101million down 68% from the $323million the company had earned the same time last year.
Profits slipped at BG Group in the second quarter despite oil and gas production reaching record levels.
Technip SA swung to a loss in the second quarter after Europe’s biggest oil-services provider took a writedown amid an industry downturn it expects to last for longer than anticipated.
BP’s profits took a significant hit in the wake of its $18.7billion Deepwater Horizon settlement.
Statoil’s second quarter net income fell 27% amid a dipped oil price.