McDermott, an engineering, procurement, construction and installation company, boosted its profit and revenues during the third quarter 2017 helped by increased activity in the Middle East region.  According to McDermott’s report on Wednesday, the company’s net income increased by $78.6 million in the third quarter 2017 totaling $94.7 million, as opposed to $16.1 million in the... Continue Reading →

Offshore driller Rowan reported a net loss of $20.9 million in the third quarter of 2017, compared to net income of $5.5 million. Revenues for the quarter were $291.61 million, down from $379.4 million a year ago. According to Associated Press, despite the loss, the results still exceeded analysts’ expectations. They expected a loss of 42... Continue Reading →

U.S.-based oil company Murphy Oil saw its net loss grow during the third quarter of the year while its revenues increased. The oil company is boosting its capex guidance for the year by $50 million.  Murphy on Wednesday posted a net loss from continuing operations of $66 million for the third quarter 2017, compared to $16.2 million... Continue Reading →

Royal Dutch Shell Plc has taken Exxon Mobil Corp.’s cash-flow crown, a year after completing the biggest deal in its history. Shell generated $28.38 billion of cash flow from operations in the first nine months of the year, compared with $23.52 billion from Exxon. Chief Executive Officer Ben Van Beurden already spelled out that his main long-term... Continue Reading →

Brazil has some of the world’s top oil engineering talent, but it needs capital. The government plans several auctions of drilling rights by 2019. Read more

  November 01, 2017, 10:23 AM Pre-salt production in September totaled approximately 1.677 million barrels of oil equivalent per day, an increase of 6.6% over the previous month. The production, from 82 wells, was 1.351 million barrels of oil per day and 52 million cubic meters of natural gas per day and corresponded to 49.8%... Continue Reading →

U.S.-based oil and gas company Anadarko Petroleum Corporation narrowed its net loss for the third quarter of this year. Anadarko on Tuesday reported a net loss attributable to common stockholders of $699 million for the third quarter of 2017. This compares to a $830 million net loss in the third quarter of 2016. Read more

Singapore’s Sembcorp Marine returned to profit in the third quarter 2017, posting a net profit of $2.7 million, versus a net loss of $21.8 million a year ago.  The offshore rig builder’s turnover was $316.9 million, down from $888 million a year ago. The lower revenue was due to lower rig building revenue, fewer floater and... Continue Reading →