The company reported a 58% drop in earnings for fourth-quarter 2015 over the same quarter last year, down to $2.8 billion.
Through a radical shift in thinking, the company finds that success is repeatable with its ‘army of problem solvers.’
Simplification, standardization and collaboration are the new call to arms for the oil and gas industry.
The company is progressing with major upstream projects and becoming more efficient as it looks to grow production, sell assets and further reduce spending.
Despite many companies being in survival mode and others paralyzed by fear of the unknown, exploration and M&A opportunities await, energy consultants say.
According to WoodMac, its analysis of 2,222 oil fields suggests that if Brent crude falls to US $40/barrel, which is entirely possible, 1.6% of global oil supply could turn cash negative on an operating cost basis.
At PETEX 2014, Richard Herbert, COO, Exploration at BP, highlighted a number of global trends in exploration that he believes will be factors as energy demand continues on its ongoing growth curve.
The saved time could translate into improved efficiency amid the continuing downturn, according to an oilfield services company.
Automation has finally come to land seismic acquisition.
Chad, Kazakhstan, Oman and the United Arab Emirates are believed to have vast shale resources capable of boosting production and adding revenue. However, economics could stand in the way.
Statoil said Dec. 11 it will now become sole operator of its Eagle Ford joint venture with Repsol.
Pertamina's director of upstream operations, Syamsu Alam, said a team from the Indonesian company was holding discussions on the matter with Algerian state-owned oil company Sonatrach.
Russian Energy Minister Alexander Novak said on Jan. 28 that Saudi Arabia had proposed that oil-producing countries cut oil production by up to 5 percent each in order to support weak oil prices.
Iraqi Oil Minister Adel Abdel Mahdi said on Jan. 26 he saw "some flexibility" for a deal. Such an idea has been repeatedly mooted and dismissed for over a year.
Altogether, oil, natural gas and coal are expected to meet almost 80% of the world’s energy needs.
A return of Iranian crude to the market after sanctions were lifted may now plunge prices to new lows after a 19-month drop of 76%.
The IEA, which issues regular reviews of the health of the energy market, said more price weakness could lie ahead as a result.
With more than 30 years of experience in the oil and gas service sector, David Gallagher has served with Schlumberger, CARBO Ceramics and Baker Hughes in engineering, operations, product development and executive management roles.
Shell said 2015 income fell 87% to $1.94 billion, in line with analysts' estimates, as its oil and gas production unit took a big hit from slumping oil prices.
BP slumped to its biggest annual loss last year and announced thousands more job cuts on Feb. 2.
So far, only Algeria and Venezuela have clearly expressed support for a production cut. Iraq depends on crude sales for about 95% of its public revenue, Reuters said.
As many as 83% of shareholders voted in favour and 17% against the deal, one of the largest in the energy sector in the past decade.