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Exxon Mobil Corp (XOM.N) on Friday joined a parade of oil companies posting downbeat results on plunging oil demand and collapsing prices, reporting a $610 million first-quarter loss after a nearly $3 billion inventory writedown. Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns. Oil giants largely have reported losses... Continue Reading →
Apr 30, 2020 Karoon announced on Thursday that it will eliminate discretionary and capex costs, except for those involving the acquisition of the Baúna field, in the Santos Basin. Regulatory approvals and contracting of the project's FPSO in the Santos Basin have been hampered by the pandemic. The company will also cut costs, including shrinking... Continue Reading →
Subsea 7 has seen red in Q1 2020 on activity drop in the SURF and Conventional business units as well as COVID-19 pandemic. The Oslo-listed firm posted quarterly loss of $38 million, or $13 cents per diluted share, on revenue of $751 million. Continue reading
Offshore drilling company Transocean reported a net loss for the first quarter of $392 million, or $0.34 per diluted share. The company expects delays with new contracts due to COVID-19 but says it expects to continue to deliver offshore drilling "industry’s best margins." Continue reading
Royal Dutch Shell RDSa. cut its dividend for the first time since World War Two on Thursday in a drastic step to preserve cash as it prepares for a protracted slump in demand for oil because of the coronavirus pandemic. The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and... Continue Reading →
Malaysia's largest oil and gas services company Sapura Energy said on Thursday it expects a delay in projects due to the historic rout in oil prices and as widespread coronavirus shutdowns hit demand. "Delays are inevitable," Chief Executive Shahril Shamsuddin said in an earnings conference call, adding that it could take 18-24 months for the... Continue Reading →
Aker Solutions expects its revenue to fall by 30% this year, driven down by the impact from the COVID-19 pandemic and the crash in oil prices, and plans to respond with further cost-cutting, the Norwegian oil services company said. "The depth and scale of the decline is still unclear, but the second quarter is likely... Continue Reading →
Offshore drilling contractor Valaris booked $3 billion loss in the first quarter of the year affected by impairments and fleet utilization decline. Valaris on Wednesday posted a net loss of $3.01 billion for the first quarter of 2020 compared to a net loss of $216 million in the fourth quarter of 2019. Continue reading
China Petroleum & Chemical Corp (Sinopec) (600028.SS) (0386.HK) recorded a 19.15 billion yuan ($2.71 billion) net loss in first-quarter earnings, as the coronavirus pandemic walloped fuel consumption and led to collapsing oil prices. It was the first quarterly loss posted by the listed branch of Asia’s largest refiner since at least the fourth quarter in... Continue Reading →
Chinese oil and gas company CNOOC saw an increase in its quarterly output driven by new project startups in China and the contribution from new international projects. However, CNOOC’s quarterly revenues decreased due to lower oil and gas prices. According to its report on Wednesday, CNOOC achieved a total net production of 131.5 million barrels... Continue Reading →
Brazil Energy Insight 