Category: Finance/Earnings

Phillips 66 earnings up 39 percent

The company’s profits in its marketing and specialties division soared, rising from $105 million in the fourth quarter of 2013 to $367 million a year later.  More »

Cameron profits rise as orders, backlog decline

Oil equipment maker Cameron International saw profits rise 15 percent in the fourth quarter on higher sales from its drilling and surface businesses, it reported Thursday.  More »

Shell cuts $15 billion of spending as profit misses expectations

Shell shares dropped as much as 4.4 percent in London and traded at 2,067 pence at 10:17 a.m.  More »

Occidental loses $3.4 billion on asset impairments

The company has cut its 2015 annual capital budget to $5.8 billion, down 33 percent from last year, as oil prices have been cut in half since June.  More »

Hess cuts capital spending by 16 percent

Hess Corp. will cut its capital spending 16 percent to $4.7 billion, becoming the latest exploration and production company to announce big cuts to its 2015 budget.  More »

Apache taps new CFO as exiting CEO gets hefty retirement package

Apache abruptly announced longtime CEO G. Steven Farris’ retirement this week.  More »

Halliburton leaders suggest layoffs to hit North America

Halliburton acknowledged challenges ahead for the company as it faces pressure from exploration and production companies who are reeling from a more than 50 percent drop in the price of oil.  More »

Baker Hughes to lay off 7,000 after record-breaking quarter

The oil services company reported that net income in its final quarter rose to a record high of $629 million.  More »

Ratings agencies warn of U.S. oil company, Venezuelan defaults

Fitch Ratings said it expects the default rate for U.S. energy junk bonds to rise from 0.7 percent over the next few years, though it didn’t forecast a specific rate.  More »

Swift Energy cuts annual budget 75 percent

Swift shares have fallen 79 percent since June 20, when oil prices peaked in 2014.  More »

Transocean’s $9.1 billion debt may be cut to junk status

Junk status would increase costs if the company orders more rigs in the future.  More »

Oil driller laying off 700 in California

Ensign Energy Services told state authorities the layoffs, expected to start Dec. 15, 2014, come because of circumstances beyond its control.  More »

Linn Energy to cut spending in half this year

The cut also comes after it jettisoned assets last year in the Granite Wash, which is in North Texas and Oklahoma, and most of its property in the Midland Basin in West Texas.  More »

Activist investor sells off oil field “man camp” stake

Jana Partners sold 12 million shares in Civeo Corp. on Tuesday after the Houston-based firm said it would have to dramatically cut 2015 spending, shutter some sites and slash its North American workforce. It said it sees far fewer oil workers returning to well sites in 2015 amid sunken crude prices.  More »

BP unit says big spill fines could cut deep

BP’s U.S. oil unit says high penalties for the Deepwater Horizon disaster would drain its available funds next year and dramatically weaken its finances amid plunging crude prices.  More »