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HPCL reports a decline in profit
Aug. 8, 2019

HPCL reports a decline in profit

The third-largest fuel retailer of India, HPCL has reported a substantial drop in the first quarter's profit. The company has informed 53% slump in net profit, at Rs 811 crore due to lower refining margins. "During April- June 2018, loss of Rs 537.73 crores on account of foreign currency transactions and translations was Included in Other Expenses," said HPCL. The crude throughput of the company reduced to 3.92 Million Tonne.

Diamond reveals losses in the first half of 2019
Aug. 6, 2019
Source: Energy Voice

Diamond reveals losses in the first half of 2019

Diamond Offshore has reported losses in the first half of 2019. The losses have more than doubled and pre-tax losses were registered to be £179 million. The total revenue of the company dropped down to £370m. Also, a backlog of £1.6bn was reported by the firm. However, Diamond has recently secured a new contract for Ocean GreatWhite.

IOCL's profit falls by 50%
Aug. 1, 2019

IOCL's profit falls by 50%

India's downstream giant, IOCL has reported a 50% decline in profit for the first quarter which ended in June. The consolidated net profit of the company went down to Rs 3,624 crore due to lower refinery margins and product sales. Revenue from operations went up a little to 0.44% and were at Rs 1,52,496 crore. Also, the expenses of the company increased in this quarter to Rs 1,47,953 crore.

Enacana reports profit in its Q2 report
Aug. 1, 2019

Enacana reports profit in its Q2 report

Canadian oil and gas producer Encana Corp has reported profit in its quarterly report. The net income of the company rose to $336 million in the second quarter compared to the loss of $151 million in the corresponding quarter last year. Encana's profit increased with the boost in production this year. Total rise in production was about 11% to 591,800 barrels of oil equivalent per day (boe/d) in the quarter.

BP reports drop in profit in Q2
July 31, 2019

BP reports drop in profit in Q2

BP sustains falling profits in the second quarter this year. Slumping crude prices led to a 35% profit decline for the company. "Reliable performance and disciplined growth across our businesses are delivering strong earnings, cash flow and returns to shareholders", said the CEO. Revenue of BP slipped by 4% and was at $73.747 billion in the second quarter.

Aramco reports a $111.1 billion net income in 2018
June 13, 2019
Source: Reuters

Aramco reports a $111.1 billion net income in 2018

Energy supermajor Saudi Aramco has revealed its net income of 2018. The company has reported net income attributable to shareholders of $111.1 billion in 2018. This is a substantial increase from $75.9 billion the year before. The total revenue jumped to $355.9 billion in 2018 according to the company statement. Further, Aramco's total assets were of $358.9 billion in the same period.

Petronas announces its Q1 2019 Profit
June 3, 2019

Petronas announces its Q1 2019 Profit

Petronas, the leading Malaysian oil and gas company, has announced its results for the first quarter (Q1) of 2019. The company reports a profit after tax (PAT) of about $3.4bn which represents a 9% increase on Q1 2018. Petronas ascribes this rise to higher volumes of sales for petroleum products along with the weakening effect of Malaysian Ringgit against the US dollar.

Gazprom’s quarterly net profits upturn by 44%
May 31, 2019

Gazprom’s quarterly net profits upturn by 44%

Despite a decrease in export volumes, the Russian gas producer Gazprom, has reported an increased net income in the January-March quarter. A 44% hike in the quarterly net profits has been observed whereby, the quarterly revenue rose to 2.29 trillion roubles from 2.14 trillion in the previous year. Higher sales and prices of gas are instrumental for this upturn.

ONGC reports 32% drop in profit
May 31, 2019

ONGC reports 32% drop in profit

India's largest oil and gas producer, ONGC has reported a drop in profit. In the fourth quarter, the firm's standalone net profit went down by 32% and was at Rs 4,045 crore. The company's revenue from operations rose by 12% to Rs 26,759 crore. ONGC informed, “ONGC Board has recommended final dividend of 15%. The Company had earlier declared interim dividends of 125% during the year."

GAIL's profit increases by 10%
May 28, 2019

GAIL's profit increases by 10%

India's GAIL has reported a profit in the fourth quarter. The company's standalone net profit increased by 10% to Rs 1,122 crore. Its revenue from operations witnessed a 22% hike and were Rs 18,764 crore. “The board of directors, in its meeting held on 27th May 2019, has recommended a final dividend of Rs 1.77 per equity share of Rs 10 each amounting to Rs 399.15 crore”, GAIL informed.

Pemex's production down by 11% in April
May 25, 2019

Pemex's production down by 11% in April

Mexican state oil firm Pemex has reported a decline in its oil exports in April. Its oil exports dropped by 11% compared to the statistics of the previous month. The production of the company also went down by 0.9%. The company is also struggling because of the debts of almost $106 billion. President of Pemex has assured the recovery of the company by increasing the production at least by 50%.

Seadrill suffers substantial loss in Q1
May 24, 2019
Source: Energy Voice

Seadrill suffers substantial loss in Q1

London-based Seadrill has reported an increase in losses for the start of 2019. Its pre-tax losses for the first quarter have settled at £220.4million. The company is witnessing such loss because almost half of its 51 offshore rigs were idle during the quarter. Revenue of the company has fallen to £239.4million from £288.6m in Q1 last year.

Vedanta reports 46% decline in profit
May 8, 2019

Vedanta reports 46% decline in profit

India's natural resources major, Vedanta Ltd. witnessed major drop in profit in the recent quarter which ended in March. The company has reported a 46% drop in net profit to Rs 2,615 crore which was Rs 4,802 crore in the corresponding quarter last year. 32% of the drop in the firm's total income in this quarter made the income roll down to Rs 7,065 crore.

Suncor reports profit in Q1
May 2, 2019
Source: Reuters

Suncor reports profit in Q1

Canada-based Suncor Energy has reported a profit in its first quarter of this fiscal year. The company has been benefitted by the improved Canadian heavy crude pricing because of production cutback by Alberta. Suncor's net earnings increased to $899.62 million. Suncor has been largely profited from the crude oil and refined product inventory valuation. The earnings of the company have beaten the estimates of the analysts.

BHGE reports £106million profit in first quarter
May 1, 2019
Source: Energy Voice

BHGE reports £106million profit in first quarter

Baker Hughes has posted pre-tax profits of £106million in the first quarter. The performance of the oilfield service business of the company was a bit disappointing but oilfield equipment 'delivered another strong orders quarter'. “The next wave of LNG projects will be positive for us, and we continue to see encouraging signs in the offshore market”, said BHGE's CEO.

ConocoPhillips' profit doubles in the first quarter
May 1, 2019
Source: Energy Voice

ConocoPhillips' profit doubles in the first quarter

The energy major, ConocoPhillips has reported an increase in profits with net income surging to more than $1.8 billion. Its revenue increased to more than $10 billion in the first quarter of this fiscal year. Chief Executive Ryan Lance commented, "We continue to execute and deliver on a plan that’s resilient to lower prices while offering investors upside to higher prices.”

Anadarko's quarterly profits leave the analysts perplexed
April 26, 2019
Source: Reuters

Anadarko's quarterly profits leave the analysts perplexed

Anadarko Petroleum's quaterly profit has gone far above the estimates of the analysts buoyed by higher sales volumes and lower costs. Currently, Anadarko has been caught amidst the bidding war between Occidental Petroleum Corp and Chevron Corp. The company's average sales volume of oil, natural gas and natural gas liquids jumped 11.2% to 715,000 boepd in the first quarter.

US denies sanctions waiver renewal
April 23, 2019

US denies sanctions waiver renewal

Trump administration has firmly denied the renewal of sanction waivers for importing Iranian crude. On Monday the US declared the five nations including allies Japan, South Korea and Turkey will not be exempted from the sanctions. According to the sources, this decision was finalised by President Trump on Friday. It is aimed at increasing the pressure on Iran by jeopardising the revenue they get from oil exports.

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