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.

U.S. Rig Count is down 18 rigs from last week to 619, with oil rigs down 12 to 498, and gas rigs down 6 to 121.

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.

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

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.

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.”

Natural gas demand is expected to rise to 199 billion cubic meters in 2016, Zhu Fang, head of market information department at the China Petroleum and Chemical Industry Association told Reuters after a media briefing by the association on Tuesday in Beijing.

The IPO proposal is consistent with the broader direction of economic reform in the kingdom, including state asset sales and market deregulation, Aramco said. Bringing in investors would also strengthen the company’s focus on long-term growth and the prudent management of its reserves, according to the statement.

U.S. Rig Count is down 34 rigs from last week to 664, with oil rigs down 20 to 516, and gas rigs down 14 to 148.

While tens of thousands of jobs have already been cut in 2015, more redundancies are expected this year as companies narrow their focus.