China’s falling oil output and sliding U.S. production may help rebalance a market struggling to recover from the worst price crash in a generation

Russian state-owned oil and gas giant Gazprom is currently working to create a liquefied natural gas (LNG) distribution hub in Bahrain. The hub will be meant to intake LNG from various sources, including Russia.

Gazprom reported the average production cost of natural gas in 2015 at ₽1643 per 1000 cubic meters (mcm) or $27.09/mcm or $0.84/MMBtu. The corresponding numbers for 2014 are ₽1470/mcm, $38.73/mcm and $1.21/MMBtu. The cost in US dollars is affected by the devaluation of Russian ruble. The average US dollar rate in 2015 was ₽60.66 compared with ₽37.97 in 2014.

Royal Dutch Shell’s first quarter 2016 CCS earnings attributable to shareholders (see Note 3) were $0.8 billion compared with $4.8 billion for the same quarter a year ago.

Adjusted net income was 572 million euros, compared with 928 million in the same quarter of the previous year, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF, subsequently used for the acquisition of Talisman.

ZUG, SWITZERLAND-May 4, 2016-Transocean Ltd. (NYSE: RIG) today reported net income attributable to controlling interest of $249 million, $0.68 per diluted share, for the three months ended March 31, 2016. First quarter 2016 results included net unfavorable items of $5 million, $0.01 per diluted share, as follows: $4 million, $0.01 per diluted share, in restructuring costs associated with employee severance; and $2 million related to the loss on impairment of the midwater floater Transocean John Shaw, which the company has identified for recycling.

Petrobras said that it sold a 67% stake in its Petrobras Argentina subsidiary to Pampa Energía, an Argentinean energy firm, for $892 million. Petrobras had previously disclosed that it was in negotiations with Pampa Energia.

David L. Stover, Noble Energy's Chairman, President and CEO, commented, "We are off to a solid start this year and have made substantial progress on our goals for 2016. Our high-quality and diverse portfolio is delivering strong results, giving us the confidence to lower our full year capital and cost outlook while raising volumes substantially. We have aligned our business within cash flows and are continuing to protect our investment-grade balance sheet. Significant capital efficiency gains and outstanding operating performance, combined with robust liquidity, position us well in any price scenario."

Revenue for the first quarter of 2016 was $1.59 billion compared with $2.01 billion in the fourth quarter of 2015 and $2.79 billion in the first quarter of 2015. First quarter revenues declined 21% sequentially and 43% from the prior year. The sequential decline was 22% in North America and 21% for International operations. Product sales declined 30% sequentially, while service and rental revenue decreased by 16%. The product sales decline was as much seasonal as cyclical and most impacted the Eastern Hemisphere.

HOUSTON, May 2, 2016 -- Anadarko Petroleum Corporation (NYSE: APC) announced its financial and operating results for the first quarter of 2016, including a net loss attributable to common stockholders of $1.034 billion, or $2.03 per share (diluted). The net loss includes certain items typically excluded by the investment community in published estimates, which in the aggregate decreased net income by $465 million or $0.91 per share (diluted) on an after-tax basis.(1) Net cash used in operating activities in the first quarter of 2016 was $137 million. Discretionary cash flow from operations totaled $486 million

Halliburton’s chief executive has blamed an increasingly difficult US regulatory climate for the collapse of his company’s $28bn bid for rival Baker Hughes, which was abandoned on Sunday.

HOUSTON – May 3, 2016 - Halliburton Company (NYSE:HAL) announced that income from continuing operations for the first quarter of 2016 was $64 million, or $0.07 per diluted share, excluding special items. This compares to income from continuing operations for the fourth quarter of 2015 of $270 million, or $0.31 per diluted share, excluding special items. Adjusted operating income was $225 million in the first quarter of 2016, compared to adjusted operating income of $473 million in the fourth quarter of 2015. Halliburton's total revenue in the first quarter of 2016 was $4.2 billion, compared to $5.1 billion in the fourth quarter of 2015.

“While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals and general industry conditions that severely damaged deal economics led to the conclusion that termination is the best course of action,”

Profit attributable to owners of PJSC Gazprom for the year ended December 31, 2015 totaled RUB 787,056 million which is RUB 628,052 million, or 5 times more than for the year ended December 31, 2014.

BP’s own forecast shows global energy demand rising one-third higher by 2035 than it is today, which would be like adding the total combined energy demand of the US, the European Union, and Japan. And it’s BP’s expectation that more than half of this demand will be met by oil and gas by 2035.