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third quarter


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.

Oil & Gas

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.

Oil & Gas

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.