TOTAL SEEKS FOR RUSSIA
Total SA is seeking the equivalent of up to $15 billion in Chinese financing to fund its expansion in Russia, its chief executive said, as U.S. sanctions complicate the French oil giant's big bet there.
Total Chief Executive Patrick Pouyanné also told The Wall Street Journal that it expects oil-price volatility to continue through 2015 as oil supplies, driven partly by a rising tide of new production in the U.S., outstrip demand. "I think the price will not stabilize," he said. "The idea that you will stabilize something is wrong. Volatility is in the commodity business."
Mr. Pouyanné said Total is focusing on costs amid oil's price slump, though he sees little prospect for big oil-sector deals for the time being.
"Our anticipation is that the increase of supply will remain above the increase of demand in 2015," he said. "For me, I see this period as an opportunity to clean up the cost base of our company."
Low oil prices and U.S. sanctions on Russia are among many challenges facing Mr. Pouyanné. The 51-year-old former refining chief took over as CEO in October following the death of Christophe de Margerie in a Moscow plane crash.
Like Mr. de Margerie, Mr. Pouyanné is embracing investments in politically risky areas.
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Libya’s oil production increased steeply to the current level of 850,000 b/d from a low point in August 2016 of below 300,000 b/d. Production surpassed 1 million b/d in July.
- Revenue of $7.9 billion increased 6% sequentially - Pretax operating income of $1.1 billion increased 11% sequentially - GAAP EPS, including Cameron integration-related charges of $0.03 per share, was $0.39 - EPS, excluding Cameron integration-related charges, was $0.42 - Cash flow from operations was $1.9 billion; free cash flow was $1.1 billion
“The combination of GE Oil & Gas and Baker Hughes closed on July 3, and we are pleased with our progress during our first operating quarter. Despite the continuing challenging environment, we delivered solid orders growth and secured important wins from customers, advanced existing projects and enhanced our technology offerings in the quarter. We also achieved key integration milestones and made significant progress working as a combined company. I am now more convinced than ever that we combined the right companies at the right time,” said Lorenzo Simonelli, BHGE chairman and chief executive officer.
U.S. Rig Count is up 360 rigs from last year's count of 553, with oil rigs up 293, gas rigs up 69, and miscellaneous rigs down 2 to 2. Canada Rig Count is up 59 rigs from last year's count of 143, with oil rigs up 38 and gas rigs up 21.