Shell's $6 billion profit beats expectations as LNG offsets a weak refining sector
Shell announced on Thursday that it had exceeded the forecasted profits for the third quarter by 12%. This was due to higher LNG sales, which offset lower oil refining results and weaker trading results. Oil prices dropped by 17% during the third quarter, despite the fact that global refining margins fell sharply due to a weaker economy and the opening of new refineries across Asia and Africa.
Neptune Energy Terminates Deal to Buy Edison's North Sea Business
Oil and gas company Neptune Energy has terminated the agreement to acquire Edison E&P’s UK and Norwegian subsidiaries from Energean Oil and Gas. Neptune will pay a $5 million termination fee to Energean.The two companies had last year agreed for Neptune to buy Edison E&P North Sea assets for up to $280 million, after Energean had previously agreed to buy the oil and gas division of Italian…
India's Reliance Cuts Pay of Oil & Gas Division's Execs
India's Reliance Industries has cut the pay of some top oil-and-gas division employees by up to 50%, according to six sources and a letter seen by Reuters, as it battles lower profitability because of the coronavirus epidemic.Reliance, headed by India's richest man, Mukesh Ambani, has decided that employees earning more than 1.5 million rupees ($20,000) a year will face a 10% salary cut, while the cuts will be 30% to 50% for senior executives…
Wison Begins Arctic LNG 2 Project
Wison Offshore & Marine (WOM), the upstream oil and gas division of Chinese conglomerate Wison Group Holding, announced the fabrication of Arctic LNG 2 Project (ALNG2 Project) commenced in Zhoushan Yard.The module fabrication contract was awarded by Technip France S.A., a wholly-owned subsidiary of TechnipFMC.Novatek, client of ALNG2 project, is the largest independent natural gas producer in Russia. ALNG2 project comprises three LNG trains at 6.6 million tons per annum each.
Oil and Gas Execs Expect to Boost Spending
The majority of senior energy industry executives expect to maintain or increase spending this year to meet demand for oil and gas after years of austerity, a survey by DNV GL shows.DNV, a technical adviser to the energy industry, surveyed 791 senior professionals from firms with annual revenue ranging from $500 million or less to those earning $5 billion and more.BP, Shell and many other companies…
Total in Talks to Sell North Sea Assets
French energy giant Total is in advanced talks with privately owned firms Albion Energy and First Alpha Energy Capital on the sale of some of its British North Sea assets, two industry sources said.In July, four banking sources told Reuters Total was set to sell a third of its stake in the Laggan Tormore gas field along with other oil and gas assets North Sea that could fetch a total of $1.5 billion.Total and First Alpha had no comment.
Alaskan Lease Sale Draws Tepid Response
An oil-and-gas lease sale that raised concerns with environmentalists due to the vast amount of acres offered in Arctic Alaska drew few bids on Wednesday, government officials said. Seven bids were received, covering about 80,000 acres - or less than 1 percent of the 10.3 million acres offered in the National Petroleum Reserve in Alaska by the Trump administration. It was, by far, more territory than ever offered in any of the previous 12 NPR-A lease sales held since 1999.
US Silica Shares Tumble on Smaller Sand Volumes
Shares of U.S. Silica Holdings Inc fell as much as 11 percent on Tuesday after the sand producer reported smaller than expected volume in quarterly sand sales. The company sold roughly 2.7 million tons of sand in its oil and gas division during the second quarter, an increase of 8 percent sequentially versus expectations of 15 to 20 percent growth. The company cited limited railcar availability and "inconsistent demand for core sand" as limiting its sales early in the quarter. U.S.
Dong Energy Projects 2017 Positive Cash Flow
Denmark's Dong Energy, which confirmed plans to press ahead with an initial public offering, expects positive cash flows from its struggling oil and gas division in 2017, its chief executive said on Thursday. "We expect to have a positive cash flow from oil and gas in 2017," Dong's Chief Executive Henrik Poulsen said during a conference call, adding that earnings before interest, taxes, depreciation…
Cyberhawk Ends 2015 Flying High
Press release - Cyberhawk Innovations has reported record growth within its oil and gas division during 2015 due to impressive demand from domestic and global markets. An aerial inspection and survey using Remotely Operated Aerial Vehicles (ROAVs), also known as UAVs or drones, announced an increase of more than 100% in revenue from 2014. As well as continued work in Europe, the Middle East…
Consol Energy Slashes oil & gas CapEx
Oil and gas producer Consol Energy Inc cut its 2016 capital expenditure plans for its oil and gas division by 41 percent due to weak commodity prices. The company cut its oil and gas capital expenditure to $205-$325 million from $400-$500 million. Reporting by Anet Josline Pinto
Two Named to NSRI Board
Melfort Campbell and Martin Jones have been appointed to strengthen the board of the National Subsea Research Initiative (NSRI). With impressive pedigrees in innovation and technology in the subsea industry, these new board members will help NSRI deliver its aim of bringing new technology to market that will reduce costs and deliver efficiencies and help the UK subsea sector maintain its world-leading position.
UK's Hunting Warns of Profit Slump
Oilfield services company Hunting Plc warned operating profit may slide by up to 75 percent this year as weak oil prices lead to ongoing cuts in oil drilling, although there were some signs that demand is stabilising. Hunting shares fell more than 7 percent in early trading on the London Stock Exchange, making the stock the biggest loser on the FTSE-250 midcap index. Brent crude fell about…
UK's Oil Services Firms to Cut Jobs to Ride Out Price Slump
Amec Foster Wheeler Plc and Petrofac Ltd on Tuesday joined a growing list of London-listed oil and gas support services companies planning to cut jobs in response to the tumble in oil prices. Benchmark Brent crude oil prices have nearly halved in the first quarter, prompting large production and exploration firms to slash their spending budgets by an average 10-15 percent and renegotiate contracts with the service providers.
Sætre Appointed President & CEO of Statoil
Statoil’s board of directors has appointed Eldar Sætre as the company’s new president and CEO. Sætre, who has 35 years’ experience from Statoil and the oil and gas industry, has been acting as president and CEO since October, and assumes the role with immediate effect. "Eldar Sætre was our first choice. The industry and company are facing demanding challenges. Eldar stands out with his long experience and ability to create change. Those are qualities we need in times like these.
GE Profit Rises Despite Flagging Oil Unit Sales
General Electric Co reported a 9 percent rise in quarterly industrial profit on Friday as its businesses that sell power-generating turbines and jet engines helped offset weak sales in its oil and gas unit. Investors have been concerned that plunging oil prices will hurt GE's sales of oil equipment if customers slash spending. Orders in the unit also fell. "It's going to be an albatross ...
GE Profit Beats Street Despite Weak Oil & Gas Unit
General Electric Co's quarterly earnings topped Wall Street's estimate on Friday as its business of selling power-generating turbines drove a 9 percent increase in industrial profit despite weak sales in its oil and gas unit. The U.S. conglomerate said its fourth-quarter net income rose 61 percent to $5.15 billion, or 51 cents per share, from a year earlier. Excluding pension-related costs…
J+S Installs HV Splice for CNR Lyell MPBP
In what is reported to be a first in the North Sea, J+S Ltd, part of the Cohort Group, from its Aberdeen-based oil and gas division, has created an engineering solution to terminate HV connectors complete with pigtails onto an existing umbilical. The solution required replacement of a single three-phase connector with separate phase connections to each core. As most HV connectors are not field-installable and need to be pre-terminated to an umbilical…
Unique Wellube Plans Expansion
Unique Wellube, a division of Unique Maritime Group (UMG), shared its expansion, investment and strategic plans at ADIPEC 2014 being held at Abu Dhabi National Exhibition Center (ADNEC), from November 10-13, 2014. Unique Wellube offers engineering services and associated products to a range of industries. The services are focused on ensuring plant and pipeline operability and avoiding unplanned…
Low Oil Prices Spark Caution for Diverse US Manufacturers
The shaky global economy already has pressured shares of diversified U.S. manufacturers, and many of these industrial companies face another worry: the drop in oil prices. The concern for these manufacturers is that oil and gas customers will reduce their capital spending because of fears of a lack of return with energy prices low. Two manufacturers with significant exposure to oil markets…
