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.
Iran's deputy oil minister for commerce and international affairs, Hossein Zamaninia, said Tehran had identified nearly 50 oil and gas projects worth $185 billion that it hoped to sign by 2020.
U.S. Rig Count is down 2 rigs from last week to 698, with oil rigs down 2 to 536, and gas rigs are unchanged from last week, at 162.
West Texas Intermediate (WTI) and Brent, two of the major crude oil benchmarks, account for about 69% of the weighting in the S&P GSCI Energy index. As a result, the energy index tends to follow major price movements in the crude oil market. With sustained, high crude oil production from countries like Saudi Arabia, Iraq, the United States, and Russia, global liquid fuel inventories rose significantly in 2015, resulting in crude oil prices falling to 11-year lows in December.
Russia announced state aid for a major energy project on Wednesday under a drive to shore up strategic firms as well as public faith in its banking system during an economic crisis deepened by Western sanctions.
BBC - Heirs to the Rockefeller family, which made its vast fortune from oil, are to sell investments in fossil fuels and reinvest in clean energy, reports say.
PRNEWSWIRE - Charles and David Koch of Kansas are the wealthiest individuals in America's oil and gas sector, with a combined net worth of US$83 billion, according to a Wealth-X Top 10 list that includes billionaires from Texas, New York and Oklahoma.
FORBES - Человек, который, по оценке Forbes, входит в число 50 самых влиятельных людей в мире, топ-20 самых богатых и, пожалуй, в дюжину самых ненавидимых людей на планете, постоянно рефлексирует. Однако, учитывая, что Чарльзу Коху исполнилось 77 лет, это простительно. Простительно потому, что недавно он назвал президентские выборы «виной всех войн», и потому, что Koch Industries является второй крупнейшей частной компанией в Америке (после Cargill) с выручкой $115 млрд.