Oil Industry Reports Sharp Earnings Decline Amid Sustained Crude Price Drop
Oil industry giants worldwide posted Thursday sharp income declines in the third quarter of 2015, as some give up unnecessary or unprofitable ventures because crude prices currently stand at around $50 a barrel.
In the past year, oil companies have been struggling to adjust to lower crude prices, triggered by increasing supplies of US, Russian and Middle Eastern oil, outstripping global demand. In late September, Russian Finance Minister Anton Siluanov asserted that global oil prices may never again top $100 per barrel.
The Royal Dutch Shell PLC said in a statement Thursday it lost $6.1 billion in the third quarter, compared with a $5.3 billion profit last year, after a decision to abandon exploration of the Arctic for oil and exploiting Canada’s oil sands.
Total SA, the French oil giant, said its net profit fell 69 percent compared with last year’s third quarter, partly the result of a $650 million write-down in Canada oil-sands ventures.
Petro China Co., the biggest oil-and-gas producer in China, said its third-quarter net profit fell by over 80 percent.
Eni, Italy’s largest energy producer, experienced a loss of 952 million euros ($1 billion) in the third quarter and sold 12.5 percent of its oil-field services company Saipem, after Eni’s gas and power unit reported that the losses and higher taxes hurt exploration and production.
US-based ConocoPhillips on Thursday reported a loss of $1.1 billion and announced new spending cuts.
On Wednesday, Canada’s Suncor Energy Inc. posted a third-quarter net loss of $376 million, a sharp reversal from a $919-million profit from the same period in 2014.
Earlier in the week, British Petroleum (BP) said in a statement that it cut capital spending for the third quarter to $4.3 billion from $5.3 billion in the same period last year, while Statoil cut $1 billion from its investment plans.
Ministry Of Commerce Of China
aState Administration of Taxation
Supply Chain Council
API
Key Equip Office, China Machinery Industry Federation
China General Machinery Industry Association
China Petroleum & Petrochemical Equipment Industry Association
Jiangsu Association of Petrochemical Equipment
Research Ins. of Economics and Tech, Sinopec
Research Ins. of Economics and Tech, CNPC
CNPC
Sinopec
CNOOC
BP
Shell
Statoil
Chevron
Aramco
Roral
BARIVEN
ANADARKOA
Roc Oil
YPF
BASF
BASF-YPC
Dow
Bayer
Exxon Mobil
Changqing Oilfield
Schlumberger
Weatherford
HALLIBURTON
COSL
Saipem
Fluor
Amec
Petrofec
Kvaerner
Technip
HQC
CPECC
Cameron
BGP
Beijing Petroleum Machinery Factory
Baoji Oilfield Machinery
Honghua Group
Lilin Petroleum Machinery
Forenergy Inspection
SHK
China Sufa
WUZHOU VALVE
Fangzheng Valve
Neway Valve
Morimatsu
Suzhou Douson Pressure Control
China First Heavy Machinery Group
China Second Heavy Machinery Group
LTI Steel Wire Rope
Beijing HTN Pipeline Equipment
Jiangsu Jinshi Machinery
Shandong Kerui Group
Freet
CPTDC
TFI
Accenture
IBM
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CSCS
UPS
DHL
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SINOTRANS
Agility
Huayou Logistics
BDP
CEVA
IBM
Jinneng Law Firm
Wikborg Rein & Co. Law Firm
BV
Import & Export Bank of China
Chaoda Valve
China Petroleum Pipeline Bureau
Shanghai Lankelec
NOV Tuboscope
Henan Tianfon Energy-saving Panel Co.,ltd
VETZ Valve
Sinopec Oilfield Service Corporation
Dialog Group
AMEC China
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