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Petronet LNG registers lower profits for 4Q2019
May 17, 2019
Source: The Hindu

Petronet LNG registers lower profits for 4Q2019

The Indian energy firm, Petronet LNG has reported a 15.87% fall in profits for 4Q2019, from the corresponding quarter in the previous year. Petronet LNG registered a ₹440-crore in profits in the last quarter of the financial year 2018-2019. The company has attributed lower profits to the inventory loss of ₹119 crore. The company will distribute a 45% dividend to shareholders.

Kosmos Energy to divest stakes in Mauritania-Senegal basin
May 7, 2019
Source: Reuters

Kosmos Energy to divest stakes in Mauritania-Senegal basin

Texas-based Kosmos Energy has initiated a formal process to farm out its interest in the Mauritania-Senegal basin to around 10%. The firm is expecting bids by the end of the summer. Kosmos registered $296.8 million in revenue for 1Q2019, which is more than double, climbing on higher production in Ghana. The energy firm produced 5.1 million barrels of oil equivalent in the first quarter.

Equinor posts $1.54 billion in profits
May 4, 2019

Equinor posts $1.54 billion in profits

Energy major, Equinor yesterday released Q1 earnings, reporting $1.54 billion in profits. The Norwegian firm saw a 4% rise in profits from Q12018, as total equity production in the quarter rose to 2,178 million barrels of oil per day (Mboe/day). Conferring to the results, Equinor said that the results were impacted by lower prices, even though the level of production remained consistently high.

TransCanada reports first quarter earnings
May 4, 2019
Source: Seeking Alpha

TransCanada reports first quarter earnings

TransCanada reported Q12019 earnings yesterday, registering a 2% rise in revenue, but remained short of the estimates. Earnings for the firm through its natural gas pipelines in the US climbed 22% to C$792M Y/Y and increased 6% from its Canadian gas pipelines. CEO, TransCanada said that the quarter's profits "reflect the strong performance of our legacy assets along with contributions from ~C$5.3B of growth projects that were placed into service."

ExxonMobil posts lower-than-expected first quarter earnings
April 27, 2019
Source: CNBC

ExxonMobil posts lower-than-expected first quarter earnings

ExxonMobil released first quarter earnings yesterday, reporting a 50% drop in the profits. Exxon suffered a quarterly loss in the downstream division, attributing bristling stocks of gasoline, leading to weaker fuel margins in the quarter. Exxon pocketed $2.35 billion in the first quarter, in comparison with $4.65 billion it made last year. The firm’s revenues fell short of analysts’ estimates, dropping to $63.63 billion, a dip of 6.7% from 2018.

Chevron reports 27% drop in profits for first quarter
April 27, 2019
Source: Reuters

Chevron reports 27% drop in profits for first quarter

Oil supermajor, Chevron yesterday released quarterly earnings, reporting a 27% drop in the profits for the first quarter. The US-based firm saw a fall of nearly 7% in the revenue, from $37.64 billion in 2018 to $35.2 billion this year. The plunge in the profits has been attributed to sink in crude oil prices and thinner margins in Chevron’s refining and chemicals businesses.

ConocoPhillips farms out UK assets
April 24, 2019
Source: World Oil

ConocoPhillips farms out UK assets

US-based oil major, ConocoPhillips has farmed out its UK oil and gas business to Chrysaor Holdings. In a $2.675 billion-deal, Chrysaor will gain ownership to three material assets including two new operated hubs in the UK Central North Sea, an interest in the Clair Field area in the West of Shetland, and Britannia and J‐Block. ConocoPhillips’ owned assets produced approx. 72,000 boepd last year.

Superior Energy suffers $47.7 million in loss
April 24, 2019
Source: Global Newswire

Superior Energy suffers $47.7 million in loss

Superior Energy Services yesterday released first quarter earnings results yesterday. The Houston-based energy firm has suffered a net loss of $47.7 million on a revenue of $467.2 million in the quarter that ended March 31st. Superior Energy has improved from a net loss of $750.2 million in the fourth quarter of 2018.

Hyundai Heavy sells minority stake to Saudi Aramco
April 16, 2019

Hyundai Heavy sells minority stake to Saudi Aramco

In a regulatory filing yesterday, South Korean conglomerate, Hyundai Heavy informed about signing a $1.2 billion-agreement with oil giant, Saudi Aramco to sell a minority stake of Hyundai Oilbank. If sources were to be believed, Hyundai will use proceeds from the sale to fund its $2 billion acquisition of rival Daewoo Shipbuilding & Marine Engineering.

Twelve Seas to acquire Brooge Petroleum in $1 billion
April 16, 2019
Source: World Oil

Twelve Seas to acquire Brooge Petroleum in $1 billion

The London-based investment firm, Twelve Seas Investment Co. has entered into a $1 billion agreement to acquire UAE-based oil storage and services business, Brooge Petroleum & Gas Investment Co. (BGPIC). The acquisition is expected to conclude by the end of the second quarter or early in the third quarter. BGPIC will still be led by its current management team with headquarters in Fujairah.

Centurion acquires Tango Delta
April 11, 2019
Source: World Oil

Centurion acquires Tango Delta

In a major acquisition move, US-based Centurion Group has acquired Canadian communications and specialty equipment rentals business, Tango Delta. With this acquisition, Centurion Group, which provides critical rental, infrastructure and support services, has now expanded to drilling, completions and production (DCP) segment. Tango Delta operates within the Western Canadian Sedimentary Basin and delivers an extensive range of remote communication offerings.

Carlyle Group acquires $12-billion worth of stakes in Cepsa
April 9, 2019
Source: World Oil

Carlyle Group acquires $12-billion worth of stakes in Cepsa

Investment firm, the Carlyle Group has announced the acquisition of a substantial minority interest in Spanish firm, Compañía Española de Petróleos, S.A.U (Cepsa) from Abu Dhabi-based Mubadala Investment Company. The transaction which is slated to conclude by 2019-end will make Carlyle a shareholder in Europe’s largest privately-owned integrated oil & gas firm. The agreement is in line with Mubadala’s strategy to draw in new partners.

Quantum Energy to sell assets of Oryx for $3.6 billion
April 3, 2019
Source: World Oil

Quantum Energy to sell assets of Oryx for $3.6 billion

The private equity firm of Houston, Quantum Energy Partners and its affiliates Post Oak Energy Capital, Concho Resources, WPX Energy and others have informed that they want to sell all of the assets of Oryx Southern Delaware Holdings LLC and Oryx Delaware Holdings LLC. The company and its affiliates have entered into an agreement to sell all the assets of Oryx to Stonepeak Infrastructure Partners for $3.6 billion.

Saudi Aramco crowned world’s most profitable company
April 2, 2019

Saudi Aramco crowned world’s most profitable company

Monday was a day of revelation as Saudi Aramco opened its books for the first time. To everyone’s surprise, the Saudi Arabian oil supermajor generated $111.1 billion in net income last year. Saudi Aramco was possibly the world’s most profitable company in 2018. The release of the financial data has come as Saudi Aramco is looking to borrow $15 billion through a bond sale

GPFG’s green shift to affect Indian oil firms
March 13, 2019
Source: Livemint

GPFG’s green shift to affect Indian oil firms

Norway’s Government Pension Fund Global (GPFG) recent decision to pull off investment in global oil and gas exploration firms is expected to affect India’s oil and gas sector as well. The world’s largest sovereign wealth fund has so far made $7.39 billion-investment in Indian firms, out of which RIL ($485.19 million), ONGC ($108.74 million), Indian Oil ($61.6 million) and Oil India ($2.03 million) are some of the big names.

TechnipFMC includes the Deep Discoverer to its fleet
March 12, 2019
Source: World Oil

TechnipFMC includes the Deep Discoverer to its fleet

EPC giant TechnipFMC has included a new-build diving support vessel - the Deep Discoverer to its international fleet of subsea pipelay, diving and construction ships. Deep Discoverer will come attached with DP3 capabilities, apart from an 18-person twin bell saturation diving system, in-built air diving spread and a 250 Te NOV Hydralift subsea crane. Deep Discoverer will begin operations in the first half of 2019.

Petronas registers 22% hike in net profit
March 9, 2019
Source: NST

Petronas registers 22% hike in net profit

Malaysian state-run Petronas yesterday released earnings report for the 2018 financial year. The oil major registered 22% hike in profits, to RM55.3 billion in the financial year ended Dec 31, 2018 (FY18) from RM45.5 billion in 2017. President and group chief executive officer of Petronas said that the strong financial performance of the company in 2018 came from its current initiative to enhance operational efficiency and commercial excellence.

Premier Oil registers $133.4m full-year 2018 profits
March 8, 2019

Premier Oil registers $133.4m full-year 2018 profits

UK-based Premier Oil, which suffered a loss of $253.8m in 2017, yesterday reported a post-tax profit hike to $133.4m for 2018. Revenue for the British oil and gas firm climbed on the back of record production last year. Premier Oil’s earnings before interest, tax, depreciation, amortisation and exploration (EBITDAX) boosted by 50% to $882.3m. Cash flow from operations saw an increase of 64% to $777.2m.

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