Monday, February 15, 2016

Oil traded earn 78% less than in 2015 – elsoldemargarita.com.ve

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With a loss of 6.482 million dollars, BP scored the worst result in the last 20 years and ended the profits recorded in 2014. / Photo: COURTESY

February 14, 2016 | big oil won last year listed 16,940 million, 78% less than in the previous year, in an environment affected by the drop in oil prices that forced them to adopt harsh austerity measures.

with oil around $ 30 a barrel, far from the more than $ 100 it accounted mid 2014, the downturn affected companies such as ExxonMobil, Total, Chevron, Shell, Statoil and BP.

with a loss of 6.482 million dollars, BP scored the worst result in the last 20 years and ended the profits recorded in 2014.

in this context, the company announced the same day the elimination of 3,000 jobs in the areas of refining and sale, which the planned redundancies earlier this year amount to 11,000 .

Norway’s Statoil also entered into loss last year, registering a loss of 37,300 million crowns (about 4.365 million dollars) harmed by oil prices and asset impairments.

Already in the benefits section, Royal Dutch Shell won 1.939 million dollars, 87% less, with a fall in turnover of 37%.

in this situation, the company undertook “significant changes” to reorganize its exploration and production area to accommodate the new price environment, which will mean a reduction of about 10,000 jobs.

Chevron earnings fell 76%, to 4.587 million dollars, impacted, in addition to oil prices, the strong dollar, weakening its results in other countries.

oil responded to this environment with a strong adjustment costs and a commitment to the petrochemical division.

also ExxonMobil was depleted their accounts with a profit of 16,150 million, 50% less, and a decrease in revenue of 35%.

the company vice president, Jeff Woodbury, defended during the presentation of results had “built this business to ensure that it is sustainable in an environment that includes low prices”.

France’s Total was the one of listed large oil companies increased their profits by 20% to 5.087 million dollars- driven by extraordinary effects such as divestments and cost containment program.

the CEO of the company, Patrick Pouyanné, said during the presentation of the accounts was confident that prices to return later this year.

the Spanish Repsol, who will present their accounts at the end of the month, moved in late January a loss of 1,200 million euros (1,300 million dollars), derived from the accounting effect of provisioning 2,900 million euros to adjust their results to the fall in oil prices.

the company also announced a series of additional austerity measures, including a cut in investment of 20%, a deepening of divestments or increased synergies and efficiencies.

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