Italy’s Eni is cutting investments and selling down stakes in oil and gas fields to help it prop up dividends and become a leaner exploration-driven player focusing on gas. The state-controlled company said in its 2016-2019 business plan on Friday it would cut overall group capital spending by 21 percent and exploration budgets by 18… Continue Reading »
Royal Dutch Shell Plc won shareholder approval to buy BG Group Plc, sealing its biggest acquisition amid the worst oil-industry slump since the global financial crisis. More than 83 percent of Shell shareholders voted in favor of the transaction, the company said in a statement. Most votes were cast by proxy while other investors met… Continue Reading »
Royal Dutch Shell Plc is “puling out all the stops to safeguard” its dividend in a world where oil prices remain “lower for longer,” Chief Executive Officer Ben Van Beurden said. Europe’s biggest oil company is also protecting its plan to buy back shares, Van Beurden said in e-mailed comments before a speech at an… Continue Reading »
Transocean Ltd. (NYSE: RIG) may halt the dividend for the third and fourth quarters of this year, a move analysts at Evercore ISI say would be a smart move given the deeply challenged offshore drilling environment. The offshore Swiss titan made the announcement after market closing that its board of directors would consider the suspension,… Continue Reading »
ConocoPhillips said on Thursday it will reduce future spending on deepwater drilling due to low crude oil prices, and also raise its dividend 1 cent. Conoco, which has already twice cut capital spending for 2015 in response to crude price declines of more than 50 percent, has long maintained that its payouts to shareholders are… Continue Reading »
Chevron Corp boosted its asset sales plans by 50 percent to $15 billion by 2017 and trimmed spending to generate more cash as the second-largest U.S. oil company reaffirmed plans to raise production 20 percent despite a plunge in crude prices. The company also stressed its dividend will continue to grow, executives said as part… Continue Reading »
French oil services provider, Technip, has recorded net income drop of 40% in the fourth quarter after adjusted non-current items, despite revenue growth. The Company’s adjusted net income fell to 80.1 million euros from 134.5 million euros for the same period in 2013. However, underlying net income rose to 172.1 million euros from 134.5 million euros same… Continue Reading »
Subsea engineering specialist, Oceaneering, has reported increased earnings for the fourth quarter of 2014, driven by Remotely Operated Vehicles (ROV), Subsea Projects, and Advanced Technologies. The company earned net income of $102.5 million, or $0.99 per share, compared to $93.4 million, or $0.86 per share, for the corresponding period in 2013 Revenue for the fourth quarter 2014 was… Continue Reading »
Kvaerner, an engineering, procurement and construction (EPC) contractor, has reported operating revenues in fourth quarter 2014 amounted to NOK 3591 million, compared with NOK 3 939 million for the fourth quarter 2013. The decrease from last year is mainly due to reduced activity with in the jackets business. Kvaerner reported operating revenues of NOK 13… Continue Reading »
Norwegian offshore drilling firm Fred Olsen Energy reported Wednesday almost flat revenues for 2014 as its fleet of rigs continued to find work on the Norwegian Continental Shelf (NCS) as well as offshore Africa, UK and Colombia. However, the firm warned that it would be suspending its dividend payments to investors due to the “challenging… Continue Reading »
