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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
Dutch geotechnical services provider Fugro expects to earn around $40 million from the sale of HC2 Holdings’ subsidiary Global Marine Group (GMG). Fugro said on Thursday that it would monetize the remainder of its non-core 23.6% interest in GMG, which was expected to result in proceeds for Fugro of close to $40 million. According to... Continue Reading →
Orsted, the world's largest offshore wind farm developer, exceeded its own full-year core profit expectations on Thursday on the back of strong generation from its wind farms but said it expected this year's result to be slightly lower. Its 2019 earnings before interest, taxation, depreciation, and amortization (EBITDA) excluding new partnerships increased by 17% to... Continue Reading →
MODEC, INC. announced today the revision of the consolidated forecast for the full-year ended December 31, 2019, which was announced on February 5, 2019 and revised on November 1, 2019. The revision is mainly due to the recording of extraordinary loss and the company’s recent business performance. Continue reading
Royal Dutch Shell is cutting the pace of its vast $25 billion share buyback program after lower oil and natural gas prices halved its profit in the last three months of 2019, sending its shares to their lowest since July 2017. While the Anglo-Dutch energy company warned again that a slowing global economy could affect... Continue Reading →
