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.

The shareholders of both Royal Dutch Shell PLC and BG Group PLC have approved the proposed merger of the two companies, and the deal is set to close on Feb. 15, some 10 months after it was first reported

Baker Hughes Fourth Quarter and Annual Results: - Revenue of $3.4 billion for the quarter and $15.7 billion for the year - Sequential and year-over-year decremental operating margins for the quarter were 33% and 32%, respectively - GAAP net loss per share of $2.35 for the quarter, includes $2.14 per share of impairment and restructuring charges and merger-related costs - Free cash flow up 25% sequentially to $436 million for the quarter, and $1.2 billion for the year

Three leading US shale oil producers have announced steep cuts in their planned capital spending, as they set their budgets to respond to the collapse in crude prices.

During the next eight days, independent U.S. oil explorers are expected to report 2015 losses totaling almost $14 billion, the result of the steepest price collapse in a generation.

The upstream, oil field services, midstream, and downstream businesses during the year collectively saw just 379 M&A deals take place, down from the 709 that occurred in 2014, and 409 and 389 that respectively took place in 2008 and 2009 amid the Great Recession. Total value in 2015 was $286.23 billion, down from $353.97 billion in 2014.

The Chuandongbei Project covers over 800 square kilometers in Sichuan Province and the Chongqing Municipality. Unocal East China Sea, Ltd. holds a 49 percent participating interest as the operator andChina National Petroleum Corporation holds a 51 participating percent interest.

Eni has already developed phases 4 and 5 of the South Pars gas field as well as two phases of Darkhovin oilfield. It has shown interest in developing Iran’s North Pars gas field and also the third phase of Darkhovin oilfield.

From 2014 to 2040, we see global demand for energy rising by 25 percent. This increase is equivalent to the total energy used in North America and Latin America today.

"Demand will grow, as it has already started in 2015, and there will be a period not far into the future (when) demand will catch up with supply,"

“Our strategy remains unchanged. We are focused on maintaining a strong customer portfolio, investing in more efficient technology, and delivering reliable, best-in-class service quality for our customers. We are looking through this cycle, drawing upon our management’s deep experience and preparing the business for growth when the industry recovers,” said Miller.