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Norwegian geophysical services company EMGS has returned to profit as revenues hiked close to 180 percent for the period ended December 31, 2019. The Oslo-listed company reported profit for Q4 2019 of $18 million or 14 cents per share, versus loss of $7 million in Q4 2018. Revenues for the quarter rose at $37.2 million... Continue Reading →
Oilfield services company John Wood Group, recently rebranded to Wood, has sold its industrial services business to Kaefer. London-listed Wood said the sale of the part of the business which provides integrity and fabric maintenance for assets in the marine and offshore oil and gas sectors in the North Sea region was sold for $104 million.... Continue Reading →
Norway's Equinor reported a smaller-than-expected drop in fourth-quarter core operating profits on Thursday as the startup of a major new oilfield partly mitigated the impact from weak European gas markets. The Oslo-listed company's adjusted earnings before interest and tax (EBIT) fell to $3.55 billion in the fourth quarter from $4.39 billion in the same period... Continue Reading →
Total beat forecasts on Thursday by keeping net adjusted profit for the fourth quarter steady at $3.2 billion despite low oil prices and fulfilled a pledge to boost dividends, lifting the French energy major's shares. Analysts had forecast net profit of about $2.7 billion. Total's shares rose about 3% before easing off their highs. Continue... Continue Reading →
Danish offshore driller Maersk Drilling recorded a net loss in 2019 and a decrease in revenues due to lower dayrates and higher financial expenses compared to the previous year. For the full year 2019, Maersk Drilling posted revenues of $1.2 billion, a decrease from revenues of $1.4 billion in 2018. The revenues were 14% lower... Continue Reading →
Guyana’s total annual oil revenues could hit $30 billion over the next 10 years with production estimated to reach 1.2 million barrels per day by 2030, according to Rystad Energy. Rystad said on Tuesday that Guyana was poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil... Continue Reading →
BP (BP.L) raised its dividend and said it had completed a $1.5 billion share buyback program in a sign of confidence in its growing oil and gas business on the last day in office for Chief Executive Bob Dudley. BP shares were trading 4.5% higher at 1115 GMT on Tuesday, on course for their biggest... Continue Reading →
A report by a nonprofit watchdog group critical of Exxon Mobil Corp's oil contract with Guyana has rekindled a debate over whether the deal is too generous to the company, just a month before a crucial presidential election. In a report published Monday, London-based anti-corruption group Global Witness said the U.S. oil major's 40-year deal... Continue Reading →
Exxon Mobil Corp reported a 5.2% drop in fourth-quarter profit on Friday, as assets sales propped up flat year-over-year oil and gas output and weakness in its refining and chemicals businesses. Oil companies last quarter suffered from weaker prices for their products, and in Exxon's case, it has been spending heavily to boost its oil... Continue Reading →
U.S. oil major Chevron slumped to a $6.6 billion quarterly loss compared to 4Q 2019 $3.7 billion profit, citing previously announced impairments on several projects. "Included in the [4Q 2019] were previously announced upstream impairments and write-offs totaling $10.4 billion associated with Appalachia shale, Kitimat LNG, Big Foot, and other projects,” Chevron said. Continue reading
