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Oil&Gas

Oil&Gas
2016, April, 28, 19:40:00
BAKER HUGHES NET LOSS $981 MLN
"During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut spending in an effort to protect cash flows," said Martin Craighead, Baker Hughes Chairman and Chief Executive Officer. "As a result of this steep decrease in customer spending, our revenue for the first quarter was down 21% sequentially. Compared to the prior year, revenue declined 42%, driven by lower activity as evident by the 41% global rig count drop, reduced pricing across most markets, and the strategic decision to continue limiting our exposure to unprofitable onshore pressure pumping business in North America.
Oil&Gas
2016, April, 28, 19:35:00
VARCO NET LOSS $119 MLN
National Oilwell Varco, Inc. (NYSE:NOV) reported a first quarter 2016 net loss of $21 million, or $0.06 per share, excluding other items. Other items included $147 million in pre-tax charges primarily associated with severance and facility closure costs. GAAP net loss for the quarter was $119 million, or $0.32 per share.
Oil&Gas
2016, April, 28, 19:30:00
STATOIL PROFIT DOWN 71%
Adjusted earnings were USD 857 million in the first quarter compared to USD 2,945 million in the same period in 2015. The reduction was primarily a consequence of significantly lower liquids and gas prices, partially offset by good operational performance and reduced underlying operating costs. Adjusted earnings after tax were USD 122 million in the first quarter, down from USD 902 million in the same period last year.
Oil&Gas
2016, April, 27, 20:35:00
CANADA'S GAS PRODUCTION WILL UP
Canada's National Energy Board (NEB) projects that both Canada's natural gas production and its domestic natural gas consumption will increase through the next decade. Exports of natural gas by pipeline to the United States are expected to continue to decline. The planned construction of liquefied natural gas (LNG) export terminals on Canada's western coast, which would send LNG exports to Asian markets by 2019, plays a key role in maintaining Canada's overall natural gas exports.
Oil&Gas
2016, April, 27, 20:30:00
TOTAL DOWN 40%
The French oil company said on Wednesday it had made $1.6bn in adjusted net income in the first three months of the year. This marks a turnround from the previous quarter, when it made a loss of $1.8bn, but remains some way below the $2.6bn it made in the first quarter of last year.
Oil&Gas
2016, April, 26, 20:10:00
SAUDI VISION 2030
The project, which includes plans to float a stake in the world's largest oil company and set up one of the world's largest government investment funds, is meant to provide a blueprint for sweeping reforms to steer the OPEC kingpin sharply away from its decades-long reliance on cheap-to-produce oil. King Salman said in a short televised announcement that the Cabinet approved the "Vision 2030" plan on Monday, and he called on Saudis to work together ensure its success.
Oil&Gas
2016, April, 26, 20:05:00
GREATLY WORRIED WORLD
China and Japan dispute sovereignty over a group of uninhabited East China Sea islets, while in the South China Sea, Beijing is building islands on reefs to bolster its claims.
Oil&Gas
2016, April, 26, 19:50:00
SCHLUMBERGER DOWN 63%
During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. Budgeted E&P spend fell again and substantially affected our operating results. This environment is expected to continue deteriorating over the coming quarter given the magnitude and erratic nature of the disruptions in activity.
Oil&Gas
2016, April, 26, 19:45:00
NABORS NET LOSS $398.3 MLN
Net income (loss) from continuing operations for the quarter was a loss of $396.6 million, or ($1.41) per diluted share, compared to a loss of $161.1 million, or ($0.57) per diluted share, last quarter.
Oil&Gas
2016, April, 26, 19:40:00
BP LOSS $583 MLN
BP’s first-quarter replacement cost (RC) loss was $485 million, compared with a profit of $2,103 million a year ago. After adjusting for a net charge for non-operating items of $778 million and net unfavourable fair value accounting effects of $239 million (both on a post-tax basis), underlying RC profit for the first quarter was $532 million, compared with $2,577 million for the same period in 2015. Cumulative restructuring charges from the beginning of the fourth quarter 2014 totalled $1.9 billion by the end of the first quarter 2016.
Oil&Gas
2016, April, 26, 19:35:00
ROSNEFT CUT STAFF: 20%
Within unstable market conditions Rosneft proceeds looking for new sources of increase of the Company’s capitalization, boosting the efficiency of the investment program and its operations. This will inevitably relate to the operations of the central administrative office – we have set a goal to cut its staff size by 20% relative to the level of 01.01.2016.
Oil&Gas
2016, April, 24, 13:00:00
СОТРУДНИЧЕСТВО КИТАЯ И РОССИИ
Китай в 2015 году стал первым импортером нефти, обогнав по этому показателю США. Также заметен тренд по увеличению доли газа в энергобалансе. Существуют 4 аспекта российского интереса: Китай – рынок сбыта, Китай – акционер, Китай – кредитор, Китай – технологический партнер.
Oil&Gas
2016, April, 24, 12:55:00
RUSSIA CUTS PRICE
“With this rule, the Russian government is trying to break the vicious dependence of the economy on oil via the ruble. What’s changing is that the Russian government is signaling to the market participants that the ruble will be more predictable to spur investments into the economy.”
Oil&Gas
2016, April, 24, 12:40:00
OIL MAJORS: THE WORST
The impact of weaker prices is being compounded by lower profits from refining, a business that has been bailing out oil majors over the past couple of years. Global refining margins dropped to $10.50 a barrel in the first quarter, 31 percent lower than a year earlier and 20 percent lower than the preceding quarter.
Oil&Gas
2016, April, 24, 12:35:00
KASHAGAN WILL RELAUNCH
Kazakhstan's KazMunaiGaz, which owns the largest stake in the project, has said previously that the field would relaunch by the end of 2016.