Operating losses were $500 million ($0.33 per common share), driven by low commodity prices, wider bitumen differentials to Western Canadian Select (WCS), weak benchmark refining margins and a Refining and Marketing first-in, first-out (FIFO) loss of $192 million. Net earnings were $257 million ($0.17 per common share).

The parties focused, inter alia, on the exploration activities in blocks 112 and 129–132 and the joint development of the Moc Tinh and Hai Thach fields. It was noted that the construction of 12 production wells, three production platforms, a floating hydrocarbon storage terminal, and a submarine pipeline system had been completed at these fields. The total accumulated production from the Moc Tinh and Hai Thach fields since its launch in 2013 has now reached 4.5 billion cubic meters of gas and 1.1 million tons of gas condensate.

Rosneft appreciates the prospects of cooperation with Pertamina, which will provide an additional channel for Rosneft to supply its high-margin products to one of the fastest growing economies in the region (4.79% GDP growth in 2015). The Republic of Indonesia, with a population of 254 million people, is the largest Asian-Pacific net importer of motor fuels and petrochemicals. Petroleum products, produced from Russian crude, are supplied to Indonesia primarily from South Korea and Singapore. It is crucial for Rosneft to arrange direct shipments of hydrocarbons, which will increase the economic efficiency of oil refining in Indonesia.

The Company’s Normalized EBITDA, including our respective share in the EBITDA of joint ventures, amounted to RR 62.1 billion, representing a 13.3% increase compared to the EBITDA for the first quarter 2015. Profit attributable to NOVATEK shareholders increased by 3.7 times to RR 115.9 billion, as compared to RR 31.1 billion in the first quarter 2015.

"During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut spending in an effort to protect cash flows," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "As a result of this steep decrease in customer spending, our revenue for the first quarter was down 21% sequentially. Compared to the prior year, revenue declined 42%, driven by lower activity as evident by the 41% global rig count drop, reduced pricing across most markets, and the strategic decision to continue limiting our exposure to unprofitable onshore pressure pumping business in North America.

National Oilwell Varco, Inc. (NYSE:NOV) reported a first quarter 2016 net loss of $21 million, or $0.06 per share, excluding other items. Other items included $147 million in pre-tax charges primarily associated with severance and facility closure costs. GAAP net loss for the quarter was $119 million, or $0.32 per share.

Adjusted earnings were USD 857 million in the first quarter compared to USD 2,945 million in the same period in 2015. The reduction was primarily a consequence of significantly lower liquids and gas prices, partially offset by good operational performance and reduced underlying operating costs. Adjusted earnings after tax were USD 122 million in the first quarter, down from USD 902 million in the same period last year.

The French oil company said on Wednesday it had made $1.6bn in adjusted net income in the first three months of the year. This marks a turnround from the previous quarter, when it made a loss of $1.8bn, but remains some way below the $2.6bn it made in the first quarter of last year.

During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. Budgeted E&P spend fell again and substantially affected our operating results. This environment is expected to continue deteriorating over the coming quarter given the magnitude and erratic nature of the disruptions in activity.

Net income (loss) from continuing operations for the quarter was a loss of $396.6 million, or ($1.41) per diluted share, compared to a loss of $161.1 million, or ($0.57) per diluted share, last quarter.

BP’s first-quarter replacement cost (RC) loss was $485 million, compared with a profit of $2,103 million a year ago. After adjusting for a net charge for non-operating items of $778 million and net unfavourable fair value accounting effects of $239 million (both on a post-tax basis), underlying RC profit for the first quarter was $532 million, compared with $2,577 million for the same period in 2015. Cumulative restructuring charges from the beginning of the fourth quarter 2014 totalled $1.9 billion by the end of the first quarter 2016.

Within unstable market conditions Rosneft proceeds looking for new sources of increase of the Company’s capitalization, boosting the efficiency of the investment program and its operations. This will inevitably relate to the operations of the central administrative office – we have set a goal to cut its staff size by 20% relative to the level of 01.01.2016.

Russia's largest independent gas producer Novatek plans to raise further $12bn in external financing for the Yamal LNG project, said Novatek CEO Leonid Mikhelson.

The impact of weaker prices is being compounded by lower profits from refining, a business that has been bailing out oil majors over the past couple of years. Global refining margins dropped to $10.50 a barrel in the first quarter, 31 percent lower than a year earlier and 20 percent lower than the preceding quarter.

Kazakhstan's KazMunaiGaz, which owns the largest stake in the project, has said previously that the field would relaunch by the end of 2016.