Search results for: 1Q

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  • 24 May 2017
    Business & Finance, Exploration & Production

    Offshore driller Seadrill has said it has made progress with its restructuring plans which may involve Chapter 11 solution. In April, the company reached an agreement with its bank group to extend the comprehensive restructuring plan negotiating period until July 31, 2017, reflecting significant progress on the terms of such restructuring made with the bank group, […]

  • 5 May 2016

    Spanish oil company Repsol saw its net income for the quarter drop by 43 percent when compared to the prior-year quarter.  The company’s net income dropped to 434 million euros in the first quarter 2016, from 761 million euros in the same period last year. Repsol posted an adjusted net income of 572 million euros in […]

  • 28 April 2017
    Business & Finance

    Oil giant Chevron returned to profit in the first quarter of 2017 due to cost cuts and increase in crude prices, versus a loss posted in the corresponding period of 2016.  The company on Friday reported earnings of $2.7 billion for first quarter 2017, compared with a loss of $725 million in the 2016 first quarter. […]

  • 28 April 2017
    Business & Finance

    U.S. oil major ExxonMobil saw a 122 percent increase in its first quarter 2017 earnings, compared to those recorded in the prior-year quarter, boosted by higher oil prices.  The oil major on Friday posted earnings of $4 billion for 1Q 2017, compared with $1.8 billion a year earlier, resulting from improvements in commodity prices, cost management and […]

  • 4 May 2016
    Exploration & Production

    Offshore drilling contractor Rowan Companies saw a marginal decrease in net income and a 9% drop in revenues in the first quarter of 2016 when compared to the same period last year.  Namely, the company on Wednesday reported net income of $122.8 million, compared to $123.7 million in the first quarter of 2015. Rowan’s revenues […]

  • 3 May 2016

    Norwegian marine geophysical company Petroleum Geo-Services (PGS) saw its net loss deepen in the first quarter of 2016 while its revenues dropped compared to the same period last year.  The geophysical company posted a net loss of $57.1 million in the first quarter 2016, compared to $19.5 million in the corresponding period last year. PGS’ […]

  • 29 April 2016

    Oilfield services company Archer has nearly doubled its net loss in the first quarter of 2016, and reported a 42.1% drop in revenues as low oil prices caused its clients to further cut costs.  During the quarter, the company axed around 600 jobs, with more to come in the following period. Archer’s revenue for the first […]

  • 10 May 2017
    Business & Finance

    Italian oil company Eni returned to profit during the first quarter of 2017, versus a loss in the year-before quarter, owing to the upward trend in crude oil prices.  The oil company on Wednesday posted a net profit of €965 million, versus a loss of €383 million. According to Eni, this performance was driven by a recovery […]

  • 28 April 2016

    Italian oil and gas industry contractor Saipem has reported a lower profit for the first quarter of 2016, but kept its full-year guidance.  Saipem posted a net profit of 61 million euros, versus 77 million euros in the first quarter of 2015. Furthermore, the company reported revenues of €2.84 billion for the first quarter of 2016, […]

  • 27 April 2016

    Polarcus, a marine geophysical company, on Wednesday posted a profit for the first quarter of the year, compared to a loss in the same period last year owing to financial restructuring.  Polarcus’ net profit for the first quarter of the year totaled $145.9 million, compared to a net loss of $26.4 million in the same period last year, mainly due […]

  • 26 May 2016
    Exploration & Production

    Deepwater drilling contractor Seadrill is eyeing further cash savings after posting a lower profit and revenues for the first quarter of 2016 due to lower dayrates for several of its drilling rigs.  During the quarter, Seadrill’s reported net income fell to $88 million, compared to $448 million in the first quarter 2015. Excluding non-recurring items and non-cash […]

  • 12 May 2017
    Business & Finance

    French geophysical services company CGG is seeking stakeholder support for its financial restructuring proposal as it continues to negotiate the terms.  On March 3, 2017, CGG entered into a financial restructuring process involving the full conversion of its unsecured debt into equity and the extension of the maturities of its secured debt with the aim of […]

  • 2 May 2017
    Business & Finance

    By Ron Bousso and Karolin Schaps LONDON (Reuters) – BP’s profit nearly tripled in the first quarter of 2017 from a year earlier thanks to higher oil prices and production, and as its sharp cost cutting drive bears fruit. BP joined oil major rivals including Exxon Mobil, Chevron and Total in posting stronger-than-expected quarterly earnings, mostly […]

  • 24 April 2017
    Business & Finance

    Houston-based oil and gas services company Helix Energy Solutions managed to narrow its net loss in the first quarter of 2017 and boost revenues compared to the same period in 2016. The oil services company on Sunday reported a net loss of $16.4 million for the first quarter of 2017 compared to a net loss […]

  • 5 May 2016
    Exploration & Production

    One of the world’s largest offshore drilling contractors, Transocean, returned to profit in the first quarter of the year as opposed to a loss in the corresponding period last year. The company’s revenues dropped due to reduced rig activity.  Transocean reported net income attributable to controlling interest of $249 million for the three months ended March […]

  • 4 May 2017

    Royal Dutch Shell has reported a sharp rise in its first quarter profit, boosted by chemicals and upstream segment of its business. Current Cost of Supplies (CCS) Income excluding identified items was $3,86 billion, up from $1,6 billion a year ago. The $2.2 billion increase from the first quarter of 2016 was mainly driven by […]

  • 15 May 2017
    Business & Finance

    Eidesvik Offshore, a Norwegian owner of offshore support and construction vessels, sees no improvement in the supply vessel market in the short term as the challenging market environment lingers on. In its quarterly financial report on Monday, Eidesvik said it does not see any material change for supply vessels in the short term. However, the company does see […]

  • 27 April 2017
    Business & Finance, Exploration & Production

    UK drilling contractor Ensco went from black to red during the first quarter of 2017 as its revenues dropped by 42 percent due to decline in rig utilization and dayrates.  The driller on Wednesday posted a net loss of $25.7 million, compared to $175.3 million profit in the year-before period. Revenues were $471 million in first […]

  • 11 May 2017
    Business & Finance

    Further scrapping and industry restructuring, in addition to activity increase, will be needed for the offshore accommodation market to recover, Prosafe, a provider of offshore accommodation rigs, has said. In its quarterly report on Thursday, Prosafe said that the market remains generally soft and current accommodation activity is predominantly related to hook-up and commissioning work. […]

  • 8 May 2017
    Business & Finance

    Following a prolonged slump in oil prices, Kvaerner, a Norwegian provider of engineering, procurement and construction services, expects for the market decline to start leveling out despite recording a decrease in quarterly profit and revenues.  Kvaerner said on Monday that, in spite of the challenging market, its order intake in the first quarter 2017 amounted to […]

  • 27 April 2017
    Business & Finance

    Newly-formed oil and gas services firm TechnipFMC reported Thursday a $190.8 million net profit in its first quarter following the merger between the French oilfield services provider Technip and the U.S. company FMC Technologies. Announced last year, the merger between two giants was completed in January. The company reported first quarter 2017 revenues of $3.4 billion, versus $2.4 billion […]

  • 26 April 2017
    Business & Finance

    Independent oil and gas company Hess Corporation narrowed its loss and increased revenues during the first quarter of 2017 helped by higher oil prices.  The oil company on Wednesday reported a net loss of $324 million in the first quarter of 2017 compared with a net loss of $509 million in the first quarter of […]