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Oil major Chevron booked a significant increase in its quarterly earnings and revenues driven by higher oil and gas prices. Chevron on Friday reported earnings of $6.3 billion for the first quarter of 2022, compared with $1.4 billion in the first quarter of 2021. Included in the current quarter were pension settlement costs of $66... Continue Reading →
(Reuters) - Russia's Gazprom on Thursday forecast a fall in gas output of about 4% this year, in another sign of the impact of Western sanctions against Moscow, after the oil and gas giant reported record earnings for last year. read more Gazprom (GAZP.MM) said in a statement that its net profit hit 2.09 trillion roubles ($29 billion)... Continue Reading →
Sustained high commodity prices and increasing oil and gas supply are set to push upstream sector payments to governments to an all-time high of $2.5 trillion this year, smashing the previous record of $2.1 trillion set in 2011, Rystad Energy research shows. As reported by Rystad earlier this week, Saudi Arabia is, unsurprisingly, set to... Continue Reading →
(Reuters) Finland's Wartsila, a top global marine and energy equipment maker, posted first-quarter earnings roughly in line with expectations on Thursday, citing increased uncertainty in demand and supply in its end markets. Wartsila said its comparable operating profit increased 61% to 65 million euros ($68.25 million) from 41 million in the year-ago quarter, against a... Continue Reading →
Subsea 7 has reported a revenue of $1.2 billion in the first quarter of 2022, an increase of $197 million or 20% compared to Q1 2021, said to reflect strong growth in the Subsea and Conventional business unit. According to the UK-based company, the increase in revenue is impacted by significant activity on the Sakarya project... Continue Reading →
Oil and gas company Afentra plc, led by former Tullow CEO Paul McDade, has signed an agreement with Angola's Sonangol to buy interests in Block 3/05 and Block 23, offshore Angola. Afentra will pay $80 million and could also pay contingent payments of up to $50 million in aggregate in the case of Block 3/05, with... Continue Reading →
(Reuters) China's top offshore oil and gas producer CNOOC Ltd saw its net income more than double during the first quarter of 2022 from a year ago, on the back of a surge of global oil prices and an increase in domestic oil and gas production. The listed arm of the state-backed CNOOC Group reported its revenue rose 74% year-on-year to... Continue Reading →
(Reuters) - German oil and gas producer Wintershall Dea (WINT.UL) said on Thursday it will look beyond Russia for growth in a "fundamental" change for the company, but will retain its assets there to avoid them falling to the Russian state. "There can be and will be no 'business as usual' with Russia now," Chief... Continue Reading →
(Reuters) - TotalEnergies (TTEF.PA) will expand plans to buy back its own shares, the French energy group said on Thursday after first-quarter core earnings rose sharply on soaring oil and gas prices. The oil and gas major, which is bolstering its renewables and electricity portfolios, is now planning $3 billion of share buybacks during the first half... Continue Reading →
TechnipFMC has reported $1.9 billion of inbound subsea orders in the first quarter of 2022, an increase of 83% when compared to the fourth quarter of 2021, resulting in a book-to-bill of 1.5. For the Subsea segment, TechnipFMC reported revenue of $1,289.1 million, a 4.3% increase from the fourth quarter of 2021, primarily said to... Continue Reading →
Brazil Energy Insight 