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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 →
Singapore’s offshore rig and vessel builder Keppel Offshore & Marine saw its quarterly profit halved despite a significant increase in revenues. Keppel Corporation said on Wednesday that its Offshore & Marine (O&M) Division registered a net profit of S$3 million ($2.1 million) for 1Q 2020, compared to a net profit of S$6 million ($4.2 million)... Continue Reading →
April 28, 2020 Petróleo Brasileiro S.A. - Petrobras reports that its Board of Directors has approved the revision of the top debt metrics included in the 2020-2024 Strategic Plan, replacing the net debt/EBITDA indicator to the gross debt indicator. The review of the metric considered the high volatility of the net debt/EBITDA indicator, extremely sensitive... Continue Reading →
BP's first-quarter profits tumbled by two-thirds as the coronavirus crisis hammered oil demand and the energy major's debt rose sharply as it warned of exceptional uncertainty ahead. London-based BP said it expected significantly lower refining margins in the second quarter when global restrictions on movement to halt the spread of the virus reached their peak,... Continue Reading →
Angolan state oil company Sonangol said on Friday it has opened a public tender to sell its stakes in some private firms as part of a government bid to privatize key state assets including parts of Sonangol itself by 2022. Describing Sonangol as an "octopus," the country's minister of Mineral Resources and Petroleum, Diamantino Azevedo,... Continue Reading →
-Diamond Offshore Drilling Inc., the rig contractor controlled by Loews Corp., filed for bankruptcy amid an unprecedented crash in crude prices that’s wrecking demand for oil exploration at sea. The company listed $5.8 billion of assets and $2.6 billion of debt in a Chapter 11 petition filed in Houston, citing year-end 2019 data. It has... Continue Reading →
Italian oilfield contractor Saipem sank into the red in the first quarter of the year dragged down by impairments in the Offshore Drilling division. According to its report on Thursday, Saipem’s revenues in the first quarter of 2020 totalled €2.17 billion ($2.34Bn), a 0.7 per cent increase compared to €2.16 billion ($2.22Bn) in the first... Continue Reading →
