1Q2015 WORLD OIL & GAS KEY POINTS
- Crude oil prices in first-quarter 2015 were the lowest in several years, which contributed to reduced profitability for these companies compared to previous quarters.
- Although companies reduced investment spending, declines in operating cash flow were greater, contributing to a decline in cash balances.
- Many companies raised funds from debt or equity markets—as a group, they raised the highest amount in any quarter since 2010.
- The global oil and natural gas companies were less profitable than the U.S. manufacturing sector.
- Second-quarter 2015 results could show continued declines in profits, cash flow, and capital expenditure.
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WNN - Rusatom International Network - a subsidiary of Russian state nuclear corporation Rosatom - has signed a memorandum of understanding and cooperation with the Eurasian Development Bank (EDB). The memorandum provides for establishing common principles of bilateral cooperation with Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries.
BLOOMBERG - The Norwegian government in June made its first deposit into its wealth fund since the end of 2015. Now that the economy is in full recovery and the labor market is tightening, winding down fiscal stimulus is a key priority in next year’s budget, the prime minister said in an interview in Arendal, on Norway’s southern coast.
PLATTS - A deal between Chinese companies and Alaska's state gas corporation to build the $43 billion Alaska LNG Project appears to be on scheduled despite the trade war brewing between the US and China.
REUTERS - Benchmark Brent crude oil LCOc1 was up 10 cents at $72.91 a barrel by 0930 GMT. U.S. light crude CLc1 was unchanged at $67.63 a barrel.