Commenting on a statement by Gazprom on February 2 that Austria had imported 76.2% more gas this January than it had in January 2015, the country's dominant supplier OMV said that was because deliveries last year had been low for unspecified "technical reasons." "We are however back to normal levels this year," a spokesperson said. Gazprom said exports to Austria in 2015 were up by 11.5% in 2015 on the year but gave no volumes for either period.

The number of people employed in oil and gas extraction and support activities across the United States has fallen by around 100,000 since October 2014.

The global oil market will rebalance later this year, paving the way for a recovery in crude prices from their lowest level in more than a decade, according to Royal Dutch Shell’s chief executive.

Such a strategy may be economically rational for Gazprom: already-low prices in the European gas market mean it could relatively easily push prices to a level at which it would be unprofitable to ship LNG from the US — and in doing so defend its market share in a region which accounts for the bulk of its profits.

Oil companies are cutting investment, slashing jobs and selling off pipelines and other assets as crude prices plunge. “It’s going to be a very turbulent year for our industry,” says BP CEO Bob Dudley.

Efficient joint efforts in the assets’ management enabled to reach remarkable increase of hydrocarbon production volumes both at brownfields and greenfields. Well-elaborated investment strategy provides favorable financial outcome from joint projects despite the challenging macroeconomic environment.

Full Year 2015 Highlights: • Earnings of $16.2 billion decreased 50 percent from $32.5 billion in 2014. • Earnings per share, assuming dilution, decreased 49 percent to $3.85. • Capital and exploration expenditures were $31.1 billion, down 19 percent from 2014. The company anticipates further reductions in 2016, with capital and exploration expenditures of $23.2 billion, a decrease of 25 percent from 2015. • Oil-equivalent production increased 3.2 percent from 2014, with liquids up 11 percent and natural gas down 5.7 percent. • Cash flow from operations and asset sales was $32.7 billion, including proceeds associated with asset sales of $2.4 billion. • The corporation distributed $15.1 billion to shareholders in 2015 through dividends and share purchases to reduce shares outstanding.

Feb. 3, 2016-- National Oilwell Varco, Inc. (NYSE:NOV) today reported fourth quarter 2015 net income of $85 million, or $0.23 per fully diluted share, excluding other items, down from $0.61 in the third quarter of 2015 on a comparable basis. Other items included pre-tax charges of $1,634 million for goodwill and other intangible asset write-downs, $139 million for restructuring and other charges (which included inventory write-downs, severance and facility closure costs, and other costs), and $7 million in FX losses due to a currency devaluation in Argentina. GAAP net loss for the quarter was $1,523 million, or $4.06 per fully diluted share.

Weatherford International plc (NYSE: WFT) reported a net loss before charges of $102 million ($0.13 net loss per share before charges) on revenues of $2.01 billion for the fourth quarter of 2015. GAAP net loss for the fourth quarter of 2015 was $1.21 billion, or a net loss of $1.54 per share. Full year revenue was down $5.5 billion and operating income declined $1.5 billion primarily due to lower activity, pricing weakness and customer budget reductions in oil and gas markets across the world.

Spanish gas utility company Gas Natural Fenosa has recorded a net profit of €1.502bn for 2015, an increase of 2.7%, the company said in a press release on February 3. Total earnings before tax, interest, depreciation and amortisation (Ebitda) for 2015 is recorded at €5.376bn, exceeding a target of €5bn set out in Gas Natural Fenosa's 2013-2015 strategic plan.

Chevron Corporation (NYSE: CVX) reported a loss of $588 million ($0.31 per share – diluted) for fourth quarter 2015, compared with earnings of $3.5 billion ($1.85 per share – diluted) in the 2014 fourth quarter. Foreign currency effects increased earnings in the 2015 quarter by $46 million, compared with an increase of $432 million a year earlier.

BP has taken around $1.5 billion in restructuring charges over the past five quarters; this total is expected to approach $2.5 billion by the end of 2016. BP expects to reduce the number of staff and contractor roles in the Upstream segment by around 4,000 during 2016 and by up to 3,000 from the Downstream by the end of 2017.

Anadarko Petroleum Corporation (NYSE: APC) today announced 2015 fourth-quarter results, reporting a net loss attributable to common stockholders of $1.250 billion, or $2.45 per share (diluted). These results include certain items typically excluded by the investment community in published estimates. In total, these items increased the net loss by $954 million, or $1.88 per share (diluted), on an after-tax basis. Cash flow from operating activities in the fourth quarter of 2015 was $257 million, and discretionary cash flow totaled $810 million.

Rosneft and General Electric signed a long-term cooperation program.

A desire to capitalise on distressed situations, grow international market share and acquire new technology will drive a surge in M&A activity in the global oilfield services sector during 2016.