Finance News


China's CNOOC Reports Record 2022 Profits

Mar 30, 2023

China's CNOOC more than doubled its net profit in 2022, benefiting from a year of elevated international oil and gas prices following Russia's invasion of Ukraine. The company, one of China's three largest state-controlled oil and gas companies…

Norway's Petoro Reports Record $51B Profit

Mar 14, 2023

Norwegian state energy firm Petoro reported on Tuesday more than a doubling of its annual earnings thanks to soaring gas prices and said it expected the world to need petroleum supplies 'for a long time to come.'The oil and gas company's net profit rose to a record 539 billion Norwegian crowns ($50…

Malaysia's Petronas Posts Higher Q4 Profit, Sees Lower Oil Prices in 2023

Mar 13, 2023

Malaysia's state oil firm Petroliam Nasional Berhad on Monday posted a 55% jump in quarterly profit on higher energy prices and bigger sales volume, but warned of moderating prices for this year due to an expected slowdown in the global economy…

Harbour Energy Plans Share Buyback after Cashflow Triples, Windfall Tax Weighs

Mar 10, 2023

Harbour Energy, Britain's largest oil and gas producer, said on Thursday it will conduct a $200 million share buyback, after higher oil prices helped free cashflow triple to $2.1 billion but windfall taxes weighed on its profit. After Britain…

Saipem Aims to Raise €750 Million from Asset Sales

Feb 28, 2023

Italian energy services group Saipem aims to raise about 750 million euros ($796 million) from the partial sale of assets in its drilling business, CEO Alessandro Puliti said on Tuesday, citing shallow water vessels in particular.Saipem, in…

Woodside Hikes Dividend after Record Profit, Shares up

Feb 27, 2023

Woodside Energy lifted its final dividend on Monday after reporting a more than tripling of profit on a beefed-up oil and gas portfolio following its merger with BHP's petroleum arm and surging oil and gas prices, sending its shares over 2% higher…

APA Corp to Drop a North Sea Rig as Tax Rate Bites

Feb 23, 2023

U.S. oil and gas producer APA Corp on Thursday said it planned to drop a drilling rig in the North Sea as recent increases to tax rates have made its operations there less competitive.Britain last year announced plans to boost windfall taxes…

Eni to Return More to Shareholders, Confirms Decarbonisation Goals

Feb 23, 2023

The Italian energy group Eni said on Thursday it would simplify and improve returns to investors in its 2023-2026 strategy plan.The group said it would raise its dividend by 7% and buy back shares worth 2.2 billion euros ($2.3 billion) in 2023…

Repsol Flags Big Spending Increase as Profit Beats Forecasts

Feb 16, 2023

Spain's Repsol said on Thursday its fourth-quarter adjusted net profit more than doubled, helped by high oil and gas prices, and flagged a big increase in capital spending for this year. Its fourth-quarter profit surged to 2.01 billion euros ($2…

Portugal's Galp Posts Record Profit in 2022

Feb 13, 2023

Portuguese oil and gas company Galp Energia on Monday reported a record adjusted net profit for 2022, due to soaring oil prices and wider refining margins in the fourth quarter. Galp said its adjusted profit almost doubled to 881 million euros ($940…

Investors Urge European Banks to Stop Funding New Oil and Gas Fields

Feb 10, 2023

European banks risk jeopardizing the path to net-zero carbon emissions and the growth of renewable energy unless they stop directly financing new oil and gas fields this year, investors managing assets worth more than $1.5 trillion said on Friday…

Big Oil Doubles Profits in Blockbuster 2022

Feb 08, 2023

Big Oil more than doubled its profits in 2022 to $219 billion, smashing previous records in a year of volatile energy prices where Russia's invasion of Ukraine reshaped global energy markets and, in some cases, the industry's climate ambitions…

HLP Brings "Fresh Approach" to Offshore Wind Farm Logistics. Funding Secured for Engineering Work

Feb 08, 2023

Heavy Lift Projects Ltd (HLP), a provider of offshore wind farm logistics, said Tuesday it had completed a funding round with private investors and opened its first office in Edinburgh.The company said that Capercaillie (Investments) Ltd and…

BP Profit Soars to Record $28B, Dividend Increased

Feb 07, 2023

BP on Tuesday reported a record profit of $28 billion for 2022, lifted by the surge in energy prices since Russia's invasion of Ukraine, while boosting its dividend in a sign of confidence as it scaled back plans to reduce oil and gas output by 2030…

Shell Posts Record $40 Billion Annual Profit

Feb 02, 2023

Shell delivered a record $40 billion profit in 2022, the energy giant said on Thursday, capping a tumultuous year in which a surge in energy prices after Russia's invasion of Ukraine allowed it to hand shareholders unprecedented returns. The British company's record earnings…

Current News

Baker Hughes Grabs Petrobras’ Well Construction Job at Búzios Field

Baker Hughes Grabs Petrobras’

Canada Secures Surrender of All Offshore Pacific Coast Oil and Gas Permits

Canada Secures Surrender of Al

Maine Selects Sears Island as Preferred Site for Floating Wind Port Facility

Maine Selects Sears Island as

Equinor Granted Permission to Drill Wildcat Well in Barents Sea

Equinor Granted Permission to

Subscribe for OE Digital E‑News

Offshore Engineer Magazine