Russia’s gas giant Gazprom is ready to launch gas supplies to China via the so-called eastern corridor within 4 years, Deputy Chairman of Management Committee Alexander Medvedev said Wednesday.

In the case of Gazprom, the commission has found that the Russian energy company charges different prices across the EU. Lithuania, for instance, at times pays a third more than Germany.

Russian natural gas accounts for roughly a third of all foreign supplied natural gas coming into Europe. Russia’s biggest partner is Germany. In that state, Russia’s presence is on the upswing.

Suncor Energy Inc., Canada’s largest crude-oil producer, on Wednesday reported a first-quarter net loss and a 90% decline in operating profit as a recent slump in global oil prices offset the company’s effort to cut costs and boost production.

Eni SPA reported a first-quarter consolidated adjusted operating profit of €1.57 billion, down 55% from first-quarter 2014. The company says the decline was driven by lower crude oil prices, and only partly offset by a better performance recorded in upstream activity and in all other business segments.

National Oilwell Varco, Inc. (NYSE: NOV) reported that for its first quarter ended March 31, 2015, it earned net income of $310 million, or $0.76 per fully diluted share, compared to fourth quarter ended December 31, 2014 net income of $595 million, or $1.39 per fully diluted share. Excluding other items of $122 million in pre-tax charges related to an early retirement program, $9 million of Venezuela asset write-down, and $69 million of nonrecurring foreign tax exposure, net income was $466million, or $1.14 per fully diluted share, down 33 percent from the fourth quarter of 2014, and down 12 percent from the first quarter of 2014, excluding other items from all periods.

BP suffered a sharp slide in first-quarter profits, hit by the plunge in crude prices that has battered revenues across the oil industry.

OAO Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2014.

Despite challenging oil and gas prices in the quarter, Statoil (OSE:STL, NYSE:STO) delivered Adjusted earnings of NOK 22.9 billion and NOK 7.0 billion after tax. Statoil reports a negative IFRS Net income of NOK 35.4 billion due to impairments.

Two of the world’s leading energy companies weathered plunging oil prices in the first quarter of this year by making increased profits from refining and trading, suggesting large groups are better placed than smaller rivals to cope with the slump.

China National Petroleum Corp and Sinopec, China’s top two state-owned oil companies, have denied they are considering merging to form a giant monopoly after rumours prompted both companies’ Hong Kong-listed shares to jump on Monday.

OAO Gazprom says antitrust allegations by the European Commission regarding territorial restrictions and an unfair pricing policy are “unsubstantiated.”

If there was one thing guaranteed to follow low oil prices (other than the loss of thousands of jobs) it was mergers and acquisitions. This has certainly rung true as companies consolidate their portfolios or use their war chests to snap up competitors while prices are down. The recent deal between Royal Dutch Shell and BG Group has many expecting a renewed wave of major business decisions. The buzz has fueled rumors that BP Plc will be susceptible to a takeover by fellow oil giant Exxon Mobil Corp.

Total said it may take advantage of the slump in crude to make acquisitions that build on the strengths of Europe’s third-biggest oil company in deepwater offshore fields and liquefied natural gas (LNG).

The European Commission gave Gazprom 12 weeks to answer its Statement of Objections (SO) for alleged abuse of dominant market position in Central and Eastern European gas markets. The widely-anticipated decision triggered the enthusiasm of Ukrainian officials, raised some doubts among Russian experts and encountered strong opposition from Gazprom.