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2016-08-19 18:40:00

AUSTRALIA'S OIL PROFIT DOWN

AUSTRALIA'S OIL PROFIT DOWN

 

AUSTRALIA OIL PRODUCTION CONSUMPTION IMPORTS 1965 - 2015

 

AUSTRALIA PETROL IMPORTS 2004 - 2016

 

 

FT wrote, The slumping oil price has carved a chunk out of Australian oil and gas majors, with Woodside Petroleum reporting that profits halved in the first six months of the year while Santos swung to a loss of more than $1bn.

Woodside said on Friday that net profit after tax halved from a year ago to $340m in the six months to June 30. Sales revenue slid 22 per cent from a year earlier to $1.807bn as oil prices dropped 46 per cent in the same period.

Slumping oil prices fell into a bear market earlier this year, weighed down by a two-year supply glut, though they rose above $50 a barrel overnight for the first time since June amid persisting hopes an informal Opec meeting next month will yield a production cap.

Peter Coleman, chief executive officer, talked up Woodside's operational performance, saying: "Combined with the low cost of our operations and a continued focus on cost reduction we are in a robust position as oil price forecasts improve in 2017."

He said Woodside would add "significant volumes" from its Wheatstone liquefied natural gas project to the company's portfolio in mid-2017, and further low-cost production from its Greater Enfield project in 2019.

But the company faces major challenges in finding growth opportunities. Earlier this year it indefinitely halted development of the $40bn Browse LNG project, located off the coast of Western Australia, in which it is the major partner alongside Royal Dutch Shell, BP, a joint venture between Japan's Mitsubishi and Mitsui, and a subsidiary of PetroChina.

That was the second major blow for Woodside in a little more than three months, after it dropped an A$11.6bn bid for smaller rival Oil Search, an ASX-listed and Papua New Guinea-focused producer.

Oil and gas explorer Santos, meanwhile, on Friday reported a net loss of $1.1bn for the first half, hit by a $1.05bn impairment charge against its new Gladstone liquefied natural gas export project. A year ago, the company reported a $30m net profit.

Excluding impairments, the company posted a loss of $5m in the first half, versus a $25m underlying profit a year ago.

Much like Woodside, Santos's averaged realised oil prices was down 29 per cent from a year ago, leading to a 6 per cent drop in sales revenue — in spite of production volume rising 10 per cent and sales volume increasing 32 per cent.

Kevin Gallagher, chief executive, acknowledged the company has much work still to do in embedding a new operating model, driving down costs and using available cash flow to reduce debt.

But he said Santos has "made good progress" towards being cash flow break-even at between $35 and $40 a barrel on a portfolio basis, and is "forecasting a free cash flow break-even price of US$43.50 per barrel for 2016, down from US$47 per barrel".

Following a difficult 2015 in which the company's share price almost halved as it raised capital and sold assets to bolster its balance sheet, Santos in February scrapped its pledge to maintain or increase its dividend every year.

This week, Australian electricity and gas provider Origin Energy similarly cancelled its final dividend, as it reported a 41 per cent slump in first-half profit.

Shares in Woodside were up 2.2 per cent on Friday morning in Sydney while Santos rose 0.4 per cent, in a broader market that was up 0.1 per cent.

-----

Earlier: 

AUSTRALIAN LNG UP TO 2% 

INVERTED LNG MARKET 

LNG: BIG AUSTRALIA 

AUSTRALIAN LNG UP 

GLOBAL LNG UP 2.5% 

LNG PROJECTS DOWN

 

 

Tags: AUSTRALIA, OIL, GAS,

Chronicle:

AUSTRALIA'S OIL PROFIT DOWN
2018, January, 19, 12:15:00

S.KOREA'S DIVERSIFICATION

PLATTS - For full-year 2017, South Korea's crude imports from its biggest supplier Saudi Arabia fell 1.7% to 319.02 million barrels, compared with 324.45 million barrels in the previous year, customs data showed. On the contrary, South Korea has imported 1.77 million mt, or around 13 million barrels, of crude from the US in 2017, about four times higher than in 2016. Shipments from Russia grew to 140,000 b/d last year from 112,000 b/d in 2016.

AUSTRALIA'S OIL PROFIT DOWN
2018, January, 19, 12:10:00

ADNOC'S 2030 STRATEGY

AOG - ADNOC’s 2030 strategy, he said, aims to capitalise on predicted global economic growth and demand for oil and petrochemical products, particularly in non-OECD countries. As its business responds to changing market dynamics, the company will continue to broaden its partnership base, strengthen its profitability, adapt to new realities and expand market access.

AUSTRALIA'S OIL PROFIT DOWN
2018, January, 19, 12:05:00

TOSHIBA SELLS WESTINGHOUSE

WNN - Under the terms of the assignment and purchase agreement it has signed with Nucleus and Brookfield, Toshiba will sell its rights to assert claims against Westinghouse related to the parent guarantees in the amount of $5.788 billion, and on account of other claims Toshiba holds against Westinghouse in the amount of $2.284 billion to Nucleus, for the sale price of $2.160 billion.

AUSTRALIA'S OIL PROFIT DOWN
2018, January, 17, 23:50:00

OIL PRICES: NOT ABOVE $70 YET

REUTERS - Brent crude futures LCOc1 were at $69.23 a barrel at 0808 GMT, up 8 cents from their last close, but down from a high of $69.37 earlier in the day. Brent on Monday rose to $70.37 a barrel, its highest since December 2014, the start of a three-year oil price slump. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $63.84 a barrel, down from a high of $63.89 earlier, but up 11 cents from their last settlement. WTI hit $64.89 on Tuesday, also the highest since December 2014.

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