Italian oil and gas giant Eni went from a profit in the second quarter of 2019 to a loss in the same period this year hit by the combined effects of the coronavirus pandemic and the oil price crisis. Eni has also cut its capex guidance for 2020 by 35 per cent. Eni booked a... Continue Reading →
Exclusive: Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp (XOM.N) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year’s budget by 30% in April,... Continue Reading →
Transocean Posts $487M Loss on Impairments. Revenues Rise on Dispute Settlement
Deepwater drilling company Transocean reported a second-quarter net loss of $487 million, mostly on impairment of assets. The adjusted net loss was $1 million, an improvement from an adjusted loss of $187 million in the previous quarter. Total contract drilling revenues were $930 million, compared with $759 million in the first quarter of 2020. Continue... Continue Reading →
Rig-building Impairments Drag Keppel to 1H Loss
Singaporean conglomerate Keppel Corp reported a loss in the first half of 2020 due to impairments in its offshore and marine business that has been battered by low global oil prices. Keppel posted a net loss of S$537 million ($390 million) for the six months to June, compared with a net profit of S$356 million... Continue Reading →
TechnipFMC quarterly earnings dip
TechnipFMC has reported second-quarter 2020 profit of $12 million or 3 cents per diluted share against $97 million profit same time last year. Adjusted diluted earnings per share, excluding charges and credits, was 9 cents. Revenues for the quarter were down 8 per cent at $3.16 billion, form $3.43 billion in the prior-year comparable period.... Continue Reading →
Total logs profit despite COVID-19 effects
Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects. The company reported an adjusted net income of $126 million, down from $2.9 billion reported in the corresponding quarter last year. Total noted it will take an $8.1 billion impairment on its... Continue Reading →
Shell books $18 billion loss on huge impairment charges
Oil major Shell booked a loss of $18.1 billion in the second quarter of 2020 due to huge impairments as it cut its price outlook in response to the coronavirus pandemic and the oil price crisis. Shell said on Thursday that it had booked a loss of $18.1 billion for the second quarter of 2020... Continue Reading →
Siemens Gamesa Slashes 2020 Revenue Forecast on COVID-19 Impact
Wind turbine maker Siemens Gamesa expects the fallout of the COVID-19 pandemic will cut 1 billion euros ($1.2 billion) from its sales revenue in the full year, the German-Spanish manufacturer said on Thursday. The company said the impact will be harsher than previously expected, with fewer sales of turbines in several markets and slower execution... Continue Reading →
Massive service company writedowns may mark downturn’s bottom, says Morgan Stanley
The world’s three biggest oilfield service companies wrote down the value of their assets to the tune of about $45 billion during the past year as customers engaged in severe spending cutbacks, according to Morgan Stanley. The combined write offs, half of which stem from what were supposed to be blockbuster M&A deals, almost equal... Continue Reading →
G.E. To Sell Remaining Stake In Baker Hughes Over Three Years
Today General Electric announced its plans to completely divest from oil services giant Baker Hughes BHI -0.4% by selling its remaining 377 million shares over three years. At current prices, the 37% stake is worth $5.5 billion — down significantly in the past year as shares in both companies have slumped nearly 40% ytd. With the oil industry... Continue Reading →
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