GLOBAL PROFITS & CASH FLOW DOWN

According to EIA:

• Brent crude oil prices averaged at the lowest level since 2004, significantly reducing profits and cash flow for energy companies.
• Production increased from year-ago levels, but growth is decelerating as companies reduced capital expenditure.
• Many companies were able to balance their capital expenditure with cash from operations.

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Earlier: 

SHELL PROFIT DOWN 72% 

BAKER HUGHES NET LOSS $911 MLN 

NOV VARCO NET LOSS $336 MLN 

SCHLUMBERGER NET LOSS $2.16 BLN 

2017: OIL MARKET BALANCE