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Finance

Finance
2016, February, 2, 19:25:00

U.S. OIL & GAS SHOCK

The oil and gas shock has been big enough to affect negatively the performance of the whole economy in the short run, even if it promises to have a positive impact in the long term.

Finance
2016, February, 2, 19:15:00

CHEVRON NET LOSS $588 MLN

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.

Finance
2016, February, 2, 19:10:00

BP LOSS $6.5 BLN

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.

Finance
2016, February, 2, 19:05:00

ANADARKO LOSS $6.7 BLN

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.

Finance
2016, January, 31, 11:50:00

2016: M&A WILL UP

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.

Finance
2016, January, 31, 11:30:00

UK'S OIL & GAS SUPPORT

In addition to a £250m UK City Deal signed earlier in the day, the PM has set out an action plan of further measures to help build a bridge to the future for the industry, which is vital for our energy security and has been at the heart of the UK economy for decades, generating jobs, skills and growth.

Finance
2016, January, 31, 11:20:00

BAKER HUGHES: NET LOSS $1.97 BLN

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

Finance
2016, January, 28, 19:20:00

U.S. LOSERS: $14 BLN

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.

Finance
2016, January, 28, 19:15:00

2015: OIL GAS M&A DOWN

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.

Finance
2016, January, 28, 19:10:00

EUROPEAN STOCKS ROUT

European stocks deepened a monthly rout as disappointing earnings reports reignited investor concern about global growth prospects and oil prices resumed their downward trend.

Finance
2016, January, 28, 18:40:00

THE GREATEST INVESTING OPPORTUNITIES

Last month, David Rubenstein, a founder of private-equity firm Carlyle Group, said he anticipates “maybe the greatest energy investing opportunities we’ve ever seen.” Marc Lasry, founder of hedge fund Avenue Capital, has described energy as a “once-in-a-lifetime opportunity.”

Finance
2016, January, 28, 18:35:00

ENI PROPOSES $4 BLN

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.

Finance
2016, January, 15, 20:15:00

OIL MAJORS CUT JOBS

Companies like BP, which said Tuesday it is cutting 4,000 jobs, are slimming down to cope with the slump in oil, whose price has plummeted to its lowest level in 12 years and is not expected to recover significantly for months, possibly years. California-based Chevron said last fall that it would eliminate 7,000 jobs, while rival Shell announced 6,500 layoffs.

Finance
2016, January, 15, 20:05:00

OIL COMPANIES ROUT

“Companies have to be prudent in the face of what’s happening,” says Daniel Yergin, vice-chairman of consultancy IHS. “It’s a wrenching period for the industry.”

Finance
2016, January, 15, 19:55:00

IRAN NEEDS $20 BLN

Iran needs $20bn to develop the remaining phases of the South Pars gas field, energy minister Bijan Namdar Zanganeh said

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