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second quarter

Markets

EMGS profits dip as it reduces headcount and vessel fleet

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.

Markets

Dana plunges into the red in “year of considerable change”

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.

Markets

Dragon Oil profits drop by more than half

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.

Markets

Petrobras posts sharp decline in profits

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.

Markets

Lundin Petroleum cuts production expectations in second quarter earnings

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.

Americas

Noble Energy posts losses despite rise in oil and gas sales

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.