Babcock bosses have continued to hit out at its oil and gas helicopter business, saying “weakness” persisted through the 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.
Heavyweight Shell has topped the third quarter estimates. Watch the video to get the breakdown on what this means and what next.
Rosneft PJSC said third-quarter profit dropped 77 percent as a decline in export duties lagged behind slumping prices.
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 said it will reduce its capital budget by 4% to $5billion next year as it looks to cut costs.
Dong Energy said earnings increased by 7% in its third quarter results driven by a 19% increase in wind power.
Oil major Shell has revealed it has made 1,000 job losses from its North Sea operation since the global decline in oil price.
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.
Oil major BP is expected to report its profits have more than halved when it published its third quarter results this week.
Eni has stuck to its targets despite revealing a worse-than-expected loss in the third quarter of this year.
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.
China Petroleum & Chemical Corp.’s third-quarter profit rose sixfold as refining gains helped overcome deepening losses from oil and gas production.
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.
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 has posted a bigger quarterly loss caused by impairment charges.
Gazprom swung to a small net loss in the third quarter of last year as a loss on foreign exchange weakened the ruble.
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 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 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 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 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.
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.
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.