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French energy major Total promised to pay a steady cash dividend and said it can break even with low oil prices after the impact of the coronavirus outbreak and a collapse in fuel demand led to a 35% first-quarter profit fall. It also raised its climate ambitions, saying it aims to reach net-zero emissions from... Continue Reading →
Offshore engineering services company Oceaneering has said its board has approved voluntary base salary reductions of the executive management team and other members of senior management, effective as of May 1, 2020. Oceaneering explained the move was consistent with its commitment to cost reductions during the ongoing public health and energy market crises. Continue reading
Mexican state oil company Pemex, hammered by a collapse in crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier. Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company’s biggest ever quarterly... Continue Reading →
Chevron Corp (CVX.N) on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits. Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies have largely... Continue Reading →
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 →
