MEG Energy announced strategic hedging program By Julie Gordon CALGARY, Alberta, April 28 (Reuters) – MEG Energy Corp , which operates in Canada’s oilsands, reported a first-quarter profit, compared with a loss a year earlier, as it managed to keep production costs at record lows to help cushion the impact of a slump in oil prices. […]
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Pemex hit hard by falling prices, output By David Alire Garcia MEXICO CITY, April 28 (Reuters) – Mexican national oil company Pemex on Thursday reported a 62 billion peso ($3.6 billion) loss in the first quarter, less than last year as a lower tax burden helped offset a slump in crude prices. It marked the
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National Oilwell Varco received no new rig orders for Q2 April 28 (Reuters) – National Oilwell Varco Inc, the largest U.S. provider of oil drilling equipment, said on Thursday it slashed 6,000 jobs in the first quarter as weak oil prices forced its customers to cut production and exploration. “Oil prices and oilfield activity continued to
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Baker Hughes Q1 loss widens By Amrutha Gayathri April 27 (Reuters) – Oilfield services provider Baker Hughes Inc said on Wednesday it expects US rig count will begin to stabilize in the second half of 2016, while the rig count globally will drop steadily through the end of the year due to fewer new projects. However,
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Strong performance in Total refining and chemicals helped oil slump impact By Bate Felix PARIS, April 27 (Reuters) – French energy company Total reported a better-than-expected net profit for the first quarter as high output and strong performance in refining and chemicals helped limit the impact of a prolonged fall in oil prices. Net adjusted
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Statoil CEO sees rebalancing of oil market By Stine Jacobsen and Ole Petter Skonnord OSLO, April 27 (Reuters) – Norway’s Statoil beat first-quarter earnings expectations on Wednesday and said the global oil market was approaching a balance between supply and demand, offering a glimpse of optimism on the crisis-stricken industry. Cost-cutting helped the company beat analysts’
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Saudi Aramco prepares to become “global industrial conglomerate” By Reem Shamseddine KHOBAR, Saudi Arabia, April 27 (Reuters) – The world’s biggest energy company Saudi Aramco outlined financing plans on Wednesday that will support its expansion into new areas under a sweeping economic reform plan released by Riyadh this week. The reforms envisage Aramco transforming itself from
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BP profit beat driven by refining, trading By Karolin Schaps LONDON, April 27 (Reuters) – First-quarter results from major oil companies including BP, Total and Statoil have so far not been as bad as feared but volatile trading operations and a likely fall in production mean any respite could be short lived. Europe’s big oil
BP, Total, Statoil Q1 results better than feared, but respite likely short lived Read More »
Revenue of $2.7 billion for the quarter, down 21% sequentially and 42% year-over-year HOUSTON- Baker Hughes says Q1 2016 was worse than expected, leading to more losses ahead of the proposed takeover by Halliburton. “During the quarter, the industry faced another precipitous decline in activity, exceeding even the most pessimistic predictions, as E&P companies further cut
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BP says it can balance books at $50-55/barrel By Ron Bousso and Karolin Schaps LONDON, April 26 (Reuters) – BP said on Tuesday it could cut capital spending further after reporting an 80 percent drop in profits in the first quarter of the year, when oil prices touched a near 13-year low. The British oil
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