Halliburton and Baker Hughes: Terminate Merger Agreement – BH to Receive $3.5bn
Halliburton Company and Baker Hughes Incorporated today announced that the companies have terminated the merger agreement they entered into in November 2014, effective April 30, 2016. “While both companies expected the proposed merger to result in compelling benefits to shareholders, customers and other stakeholders, challenges in obtaining remaining regulatory approvals …
Baker Hughes: The Path Forwards – Buy Back $1.5bn in Shares and $1bn in Debt
Following the termination of its merger agreement, Baker Hughes Incorporated today outlined a series of actions to reduce costs and simplify its business, enhance its commercial strategy, and optimize its capital structure. – To reduce costs by simplifying its organization and rationalizing its operational footprint – Commercial strategy focused on …
Gazprom: 2015 Results – Sales Up 15%
Today PJSC Gazprom issued its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards for the year ended December 31, 2015. The table below presents the consolidated statement of comprehensive income prepared in accordance with IFRS for the years ended December 31, 2015 and December 31, 2014. …
Tethys Petroelum: Enters into Binding C$9,787,003 Private Placement with Olisol
Tethys Petroleum Limited announces that is has entered into a binding investment agreement (the “Investment Agreement”) with Olisol Investments Limited (“Olisol”) setting out the terms and conditions upon which Olisol Petroleum Limited, a wholly-owned subsidiary of Olisol (“OPL”), has agreed to purchase 181,240,793 new ordinary shares in Tethys (“Shares”) at …
ConocoPhillips: Q1 Results – Net Loss of $1.5 billion
ConocoPhillips today reported a first-quarter 2016 net loss of $1.5 billion, or ($1.18) per share, compared with first-quarter 2015 earnings of $272 million, or $0.22 per share. Excluding special items, first-quarter 2016 adjusted earnings were a net loss of $1.2 billion, or ($0.95) per share, compared with a first-quarter 2015 …
KazMunaiGas Exploration Production: Q1 Financial Results – Revenues Up 4%
JSC KazMunaiGas Exploration Production (“KMG EP” or “the Company”) announces its consolidated interim financial results for the three months ended 31 March 2016. · KMG EP’s first quarter revenue was 121bn Tenge (US$341m)[1], up 4% year on year. The decline in the average Brent price from US$54 per barrel in …
Gazprom and PetroVietnam Enhance Bilateral Cooperation
A Gazprom delegation headed by Alexey Miller, Chairman of the Company’s Management Committee, paid a visit to the Socialist Republic of Vietnam (SRV) today. Hanoi hosted a working meeting between Alexey Miller and Tran Dai Quang, President of Vietnam. The parties discussed the Russian-Vietnamese collaboration in the energy sector. It was emphasized that the bilateral cooperation had great potential for further development. …
KMG EP: Q1 2016 Results – 2P Reservers Up 15%
JSC KazMunaiGas Exploration Production announces its operating results for the first quarter of 2016. KMG EP produced a total of 3,043 thousand tonnes of crude oil (247 kbopd), which includes the Company’s stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), almost at the level of the same period of 2015. Ozenmunaigas …
BP: Q1 Results – Strong Operation Performance, Cost Reductions on Course
BP today reported its results for the first quarter of 2016. Underlying replacement cost profit1 for the quarter was $532 million, compared with $196 million for the previous quarter and $2.6 billion for the first quarter of 2015. Compared with the previous quarter, lower costs throughout the Group more than …
Rosneft: To Pay Dividends of 11.75 Rub a Share
On April 22, 2016 a scheduled meeting of the Rosneft Board of Directors was held in Moscow to consider issues related to the annual general shareholders meeting of the Company for the year 2015. The Board of Directors resolved to call a Rosneft AGM and hold it in St. Petersburg …