Babcock continues to decry ‘weakness’ in oil and gas helicopter business
Babcock bosses have continued to hit out at its oil and gas helicopter business, saying “weakness” persisted through the third quarter.
third quarter
Aker Solutions boosted by spin-offs and software subsidiary sale in third quarter
Aker Solutions reported an upturn in earnings for a third quarter marked by its announcement of plans to merge with fellow Norwegian energy service firm Kvaerner.
Watch: Shell tops Q3 estimates
Heavyweight Shell has topped the third quarter estimates. Watch the video to get the breakdown on what this means and what next.
Rosneft third-quarter profit falls even as oil output grows
Rosneft PJSC said third-quarter profit dropped 77 percent as a decline in export duties lagged behind slumping prices.
Noble Group reports loss as debt pile shrinks $503mn
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.
ConocoPhillips to reduce capital budget by 4%
ConocoPhillips said it will reduce its capital budget by 4% to $5billion next year as it looks to cut costs.
Dong Energy earnings increase, surge in wind power demand
Dong Energy said earnings increased by 7% in its third quarter results driven by a 19% increase in wind power.
Shell says North Sea operations back on track, 1,000 job losses since 2014
Oil major Shell has revealed it has made 1,000 job losses from its North Sea operation since the global decline in oil price.
Shell’s record BG deal starts to pay off as production surges
Royal Dutch Shell Plc’s biggest takeover, the subject of intense investor scrutiny during crude’s collapse, is starting to pay off as Europe’s largest oil company chalks up its highest profit in five quarters.
BP, Shell expected to report revenues drop on continued low oil price
Oil major BP is expected to report its profits have more than halved when it published its third quarter results this week.
Eni sticks to targets despite worse-than-expected losses
Eni has stuck to its targets despite revealing a worse-than-expected loss in the third quarter of this year.
Total boosts cash flow, production up 4%
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.
Sinopec profit jumps sixfold as refining overpowers oil rout
China Petroleum & Chemical Corp.’s third-quarter profit rose sixfold as refining gains helped overcome deepening losses from oil and gas production.
Husky Energy reports bigger-than-expected loss
Husky Energy said it has reported a bigger-than-expected quarterly loss as crude oil prices continue to eat into profits.
Technip beats estimates, plans growth in North Sea investments
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.
Statoil sees rise in serious incident frequency
Statoil said its average serious incident frequency (SIF) rose for the 12 months ended September this year compared to the same period in 2015.
Baker Hughes post 37.8% revenue drop
Baker Hughes has posted a bigger quarterly loss caused by impairment charges.
Gazprom swings to small net loss
Gazprom swung to a small net loss in the third quarter of last year as a loss on foreign exchange weakened the ruble.
Chevron cuts 2016 spending by 24%, plans bulk of costs on international projects
Oil giant Chevron said it will cut its budget by 24% next year as it aims to control spending following the decline in oil price. The company said it would spend $26.6billion in 2016, with the bulk of spending planned on international oil and gas exploration and production projects.
Repsol posts 62% decline in third quarter earnings
Repsol SA, Spain’s largest oil company, reported a 62 percent decline in third-quarter earnings as lower crude prices countered improved refining performance.
Paragon Offshore posts $1.08billion loss
Paragon Offshore has reported a loss of $1.08billion in its third quarter. The company said day rates had “deteriorated” for all rig classes which had resulted in an impairment of “various rig values”. The offshore driller also posted $369million in revenue. Paragon expects its capital spending for the year to be close to $60million below last years levels.
MOL Group achieves best ever quarterly results led by downstream demand
MOL Group has achieved its best ever quarterly results led by the demand in its downstream sector. The Hungarian company said its net profit for the nine months of the year was $583million which was more than double the result from the same time last year. MOL said it was on track to reach its upgraded target for 2015 of $2.2billion. Despite the decline in oil price the company said its upstream segment decreased by a much smaller extent of 23%.
Apache hit with $5.7billion quarterly loss
Apache has reported a quarterly loss of $5.7billion as it took a writedown due to the decline in oil prices. Despite the losses, the company has increased its production forecast for the year. Increased efficiencies, a drop in service costs and low break-even levels in core US shale fields have helped companies increase production even as they scale back spending.
OMV Petrom turns to loss in third quarter on oil-price slump
A slump in crude oil prices pushed OMV Petrom SA into a third-quarter loss and risks damaging the largest Romanian oil company’s entire production for this year. The loss amounted to 43 million lei ($10 million), compared with a profit of 1.02 billion lei in the same quarter of last year, the company said in a statement on its website Thursday. The nine-month net income fell 59 percent to 999 million lei from 2.4 billion lei a year earlier, it said. “In the first nine months of 2015, the group’s financial performance was severely affected by the approximate 50 percent drop in oil prices,”’ Chief Executive Officer Mariana Gheorghe said in the statement.
Revenues down for Aker Solutions as demand for subsea services declines
Aker Solutions said revenue fell in the third quarter of the year to NOK 7.5billion compared to NOK 8.3billion in 2014. The company said the fall was amid a decline in demand for subsea services, particularly in the North Sea. Earnings before interest and taxes (EBIT) were NOK 329million compared with NOK 460million.