OCTOBER 30, 2015
Paris London - New York - news agencies: falling oil prices led to a deterioration of the results of major oil companies in the third quarter, so that became applied the same recipe for shock absorption. This recipe summed up work on reducing costs and investments while maintaining profits at any cost.
He said Christopher Dembk, an economist at Bank «Saxo» investment «with prices, which have fallen and are expected to only rise slightly in 2016, there were not surprises in this regard» .
No surprises, but the numbers speak for themselves. P »Total» French giant saw its net profit fall by 69 percent to $ 1.08 billion between July and September due to the deterioration of the value of the assets, although the adjusted net income, which excludes volatile and Alasttntaiah material, is better off.
In the last few days It announced a drop in net income «BP / BP» British to nothing. «Eni» Italian and »Statoil» Norwegian also ended up recording losses. But the biggest loss was for the «Shell» Anglo-Dutch experiencing quarterly loss enormous size of $ 7.4 billion.
In this context, it is useful to remember that between the end of June 2014 and the end of September 2015 the price per barrel fell from $ 90 to less than 50 After that amounted to more than $ 110 last June of the year.
Alexander said Andlaor, an analyst at «Alpha Value» Italian «There's more of a disappointment because of the size of the degradation caused by changes in oil prices over the long term or transactions».
Fsharkp «Shell »For example, the value of its assets fell $ 3.7 billion, including 2.3 billion, including shale gas abroad only. The group also stopped the controversial off Alaska drilling in the oil sands in Canada.
Ironically, the refining business, which was to weigh on the results of the oil companies in recent years, are now check some of the money to them.
In the absence of a real improvement in demand due to dumping Composting barrels of oil , all companies apply the same recipe, because they all have the same restrictions, no pleasing shareholders two requirements in the short term in particular.
The companies decided to reduce their investments significantly totaling tens of billions of dollars. In addition to this, the cancellation of tens of thousands of jobs.
He said the financial expert Gaspar Lawler that «the major oil companies significantly reduce their investments in order to enhance the effectiveness of its operations with the price of $ 60 a barrel».
He said «with expected in the United States reduced production idea is that oil prices It will amount to $ 60 a barrel in the medium term. This allows these companies to continue to distribute dividends by increasing the size of the debt in the short term because of low interest rates ».
With the arrival of the barrel price to this level,« Total »decided to use cash reserves to provide dividends to shareholders as of the year 2017.
He said Andlaor that« speech companies stipulates that it will do its utmost to avoid reducing the dividend, they prefer to cut capital spending (investments) 2 or 3 billion instead of Touch profits ».
He added that the big companies want to meet the expectations of financial markets, and especially investment funds. If profits were cut, it will end the flow of these actors ».
In Europe alone, the company «Eni» passed this step.
But this approach has a downside, it punishes the future profits of the oil companies by reducing their production. Said Dmbek in this context «It's the stage where we're trying rationing and the provision of certain things, and especially pleasing shareholders, but no longer have a strategic development plan».
He said «rather than reducing profits, stop the investment, and thus we get the financial results and profitability in 2020. From the point industrial look, what happens is is defective. »
«Chevron»: Alasttmr cut the budget and lay off thousands of workers
It reduced the company «Chevron» - the second largest oil producer in the United States-capital budget for 2016 by 25 percent, she would lay off about ten percent of the employees in one of the biggest repercussions of the fall in oil prices so far.
and the payment of falling oil prices «Chevron» and dozens of her counterparts to make difficult decisions on the identification of projects that Samulunha which will not be funded in order to offset the natural decline in the production of existing fields.
She said «» Chevron »» yesterday that it plans to spend between 25 and 28 billion dollars next year and expects to cut spending further in the years 2017 and 2018 n which represents a recognition that it is not expected that oil prices will rise in the near future.
She said the company, which is based in San Ramon, California-based, they lay off between six thousand and seven thousand employees as part of cost-cutting.
recorded «Chevron» a sharp decline in quarterly earnings, although it is still better than Wall Street expectations because of lower costs and stronger refining margins.
The company posted a net profit of $ 2.04 billion, equivalent to $ 1.09 per share, compared to 5.59 billion dollars, equivalent to $ 2.95 per share a year ago.
Analysts Reuters survey net profit 76 cents a share.
fell one percent of production to 2.5 million barrels of oil equivalent in yesterday.
reduced «Chevron» Operating and administration expenses increased by seven percent during the quarter, but this reduction was not enough to offset the decline in prices as a whole.
For its part, the company «Exxon Mobil» revealed yesterday that its revenue in the third quarter of the year dropped significantly due to the impact of lower oil and gas prices on the exploration and production operations.
Revenue fell 47.5 percent to $ 4.2 billion, with the decline in the profits of the exploration and production to 1.4 billion compared with $ 5.1 billion in the same period last year. As revenue shrank by 37.1 percent to reach $ 67.3 billion.
The company said its losses in the exploration and production sector offset by gains in the petroleum products sector, which buys oil to turn it into gasoline and other. And doubled revenue from refining and processing of oil for up to two billion dollars. And petrochemical products revenue remained at $ 1.2 billio
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