In the Friday report, the company posted revenues for the second quarter 2017 of $350 million, up 21% year-on-year and revenues of $290.2 million and up 40% sequentially. The company’s multi-client sales were boosted by Mexican and Brazilian licensing rounds. On the other hand, the company’s net loss for the 2Q 2017 deepened to $170... Continue Reading →

U.S. oilfield equipment provider National Oilwell Varco (NOV) narrowed its net loss for the second quarter 2017 as revenues grew by 2 percent year-over-year.  The company on Thursday reported a second quarter 2017 net loss of $75 million compared to $217 million net loss in 2Q 2016. Excluding other items, net loss for the quarter... Continue Reading →

Oilfield services provider Baker Hughes reduced its loss for the 2Q 2017 while recording a small decrease in revenues.  Baker Hughes, which is now a GE company, noted that these results did not include GE Oil and Gas’ operations as the merger between the two was closed in early July, creating the world’s only fullstream company. Baker... Continue Reading →

Houston-based oil and gas services company Weatherford tightened its net loss for the year’s 2Q while expecting medium-for-longer oil price level to remain for some time.  The company on Friday reported a net loss of $171 million, compared to $565 million loss in the second quarter of the prior year. On a non-GAAP basis, net loss was... Continue Reading →

Chevron Corp. swung to a second-quarter profit as the second-largest U.S. oil explorer lifted production from oil and gas wells by the most in more than 7 years. The shares rose. The San Ramon, California-based driller earned 77 cents a share in the quarter, a dime less than the average of 21 estimates relying on... Continue Reading →

Ensco, one of the world’s largest drilling contractors, posted a $45.6 million net loss for the second quarter 2017, a steep drop compared to the $590.6 million profit in the same quarter a year ago. Revenues in the second quarter of 2017 were $458 million, compared to $910 million a year ago. Excluding $205 million of... Continue Reading →

Brookfield Business Partners, together with its institutional partners, has entered into an agreement to acquire 60 percent of Teekay Offshore Partners, a provider of marine services and solutions to the offshore oil industry. Brookfield Business Partners describes itself as a business services and industrial company focused on owning and operating high-quality businesses within Brookfield’s private... Continue Reading →

Norwegian oil company Statoil has managed to return to profit in the second quarter of 2017, helped by higher oil prices and cost cuts. The company’s net income for the second quarter 2017 was $1,43 billion, compared to a loss of $302 million a year ago. Read more