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Category Archives: Outlook

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Subsea 7 Lifts Profit

May 1, 2015

Oslo-listed, Subsea 7, has seen its profits rise for the first quarter (Q1) which ended on March 31, 2015 on improved operating income and foreign currency gains.  The UK-based offshore engineering company, recorded net income of $151 million in the quarter, compared to $131 million in Q1 2014. Diluted earnings per share was $0.44 in the quarter compared to… Continue Reading »

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Bourbon Revenue Up on Forex Gains

April 30, 2015

French vessel owner and provider of marine and subsea services, Bourbon, has booked a rise in revenues for the first quarter of the year backed by favorable foreign exchange rate environment. Bourbon generated $422 million (€383.6 million) over the three months to March 31, up 15% compared to the $366.4 million (€333 million) in revenue booked… Continue Reading »

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Traders Seen Mispricing Oil as Spending Slump Signals Crunch

April 30, 2015

Oil traders are mispricing crude futures for later this decade because they’re underestimating how a collapse in spending will affect supplies, according to consultants who advise energy producers and analysts. Prices could rise to about $100 a barrel by 2019, about 34 percent above where Brent crude oil futures for that year are trading, says… Continue Reading »

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PetroChina First-Quarter Profit Dives 82%

April 29, 2015

PetroChina, China’s biggest oil and gas producer, reported a sharper-than-expected 82 percent fall in first-quarter profit, due to lower international crude prices and inventory writedowns at its refining division. Net profit declined to 6.15 billion yuan ($989 million) in the first three months from 34.2 billion a year ago, the state-run company said on Monday…. Continue Reading »

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European Majors See Mixed 1Q Results from Upstream

April 29, 2015

Two European oil and gas majors released results for the first quarter Tuesday that show contrasting performances in their respective upstream operations. While France’s Total reported a “resilient” performance, the UK’s BP said that its upstream segment was “significantly affected” by lower oil and gas prices. Total reported that its first-quarter adjusted net income was… Continue Reading »

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Oil Leak Stops Production from Four Petrobras’ Platforms

April 28, 2015

An oil leak of about 7,000 liters was detected offshore Brazil, from the pipeline linking four Petrobras’ platforms. As Reuters reports, the leak occurred in the Camorim field, off the coast of the city of Aracajú. According to reports the Brazilian state-run oil company Petrobras has contained and dispersed the spill. Due to the oil… Continue Reading »

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Orbis Ups Subsea 7 Stake

April 26, 2015

UK-based offshore engineering company, Subsea 7, has today in its Oslo Stock Exchange filing informed that Orbis Investment Management’s aggregate holdings in the company exceeded 5 percent. Orbis Investment Management, with its general office in Hamilton, Bermuda, has hereby become Subsea 7’s third-largest shareholder. Siem Industries Inc. is the biggest shareholder in Subsea 7 with over… Continue Reading »

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IHS CERAWeek: US Fracking Costs Falling Fast, May Keep Fields In Play

April 26, 2015

U.S. oil and natural gas companies have pushed down costs of fracking a shale well faster than expected, and if the trend holds up it could allow producers to keep working in oilfields that just months ago looked uncompetitive after the oil price crash. A more than 50 percent fall in the price of crude… Continue Reading »

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Subsea Boosts Technip’s Profit

April 26, 2015

French oil services provider, Technip, posted higher first-quarter (1Q 2015) net income backed by an increase in subsea activity. In the first quarter 2015, Technip generated adjusted revenue of €2.9 billion, an increase of 17% compared to €2,5 billion in 1Q 2014. Subsea revenues were 27% higher for the quarter, at €1.3 billion. The company’s adjusted… Continue Reading »

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Kinder Morgan CEO: Effective Communication Still Needed in Industry

April 25, 2015

Oil and gas leaders haven’t done a good enough job of explaining how important the energy industry is, energy tycoon Richard Kinder, CEO of Kinder Morgan, told attendees of IHS CERAWeek Wednesday afternoon. Kinder, who heads up North America’s largest energy infrastructure company which controls 84,000 miles of pipeline, cited opposition from those against pipeline… Continue Reading »

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