Maersk Oil Q2 2013 Profits Down

SeaDiscovery.com
Sunday, August 18, 2013

Maersk Oil made a profit of USD 249m in the second quarter of 2013,  as against USD 468-million in the same period last year.

The company, a member company of the A.P. Møller - Mærsk A/S Group, explains in its quarterly financial report that the  result was negatively affected by lower average oil price of USD 102 per barrel (USD 108 per barrel) and lower entitlement production of 226,000 boepd (287,000 boepd), which was partly offset by insur- ance income regarding Gryphon of USD 133m after tax. The Gryphon FPSO, UK, re-started production in late May and the ramp up of El Merk, Algeria, continued.

Exploration costs amounted to USD 380m (USD 199m) with the completion of five (five) exploration/appraisal wells; including a successful appraisal well on Johan Sverdrup in Norway while the completed exploration wells were not assessed to be commercially viable. The ongoing Cubal exploration well in Angola encountered hydrocarbons, and further evaluation is ongoing.

Cash flow from operating activities was USD 713m (USD 1.0bn) and cash flow used for capital expenditure was USD 455m (USD 530m).
 

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

WSC CEO Koch to Retire in 2015

Chris Koch, current president and CEO of the World Shipping Council (WSC), will retire from his position on July 31, 2015, and WSC Senior Vice-President and General Counsel,

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

HII Board of Directors Elects Two VPs

Huntington Ingalls Industries’ (HII) board of directors has elected Kellye Walker to serve as corporate vice president and general counsel and Charles R. “Chuck” Monroe Jr.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

Offshore Energy

Abigail Ross Hopper Named BOEM Director

Secretary of the Interior Sally Jewell today named Abigail Ross Hopper as the Director of the Bureau of Ocean Energy Management (BOEM), which manages the development

QGEP to Acquire FPSO from Teekay

Teekay Offshore Partners L.P. has entered into an agreement with a consortium led by Queiroz Galvão Exploração e Produção SA (QGEP) to provide a floating production,

Jackup Rig Delivered to Abu Dhabi’s NDC

Lamprell delivers its 11th Super 116E jackup drilling unit Lamprell has completed the construction of jackup drilling rig, the Shuwehat, and has delivered the

 
 
Maritime Contracts Maritime Security Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1954 sec (5 req/sec)