Australia's largest oil and gas company, Woodside Petroleum, on Aug. 15 posted a smaller half-year profit and cut its interim dividend, mainly due to extended maintenance period at its Pluto LNG facility, which led to production delays.
Saudi Aramco reported a 12% fall in half-year net profit on Aug. 12, yet remained the world's most profitable company, while India's Reliance Industries said Aramco is looking to buy into its refining and petrochemicals business.
U.S. production at the company jumped 11.4% to 332,000 barrels of oil equivalent per day (boe/d) in the second quarter, while total production rose 3.8% to 435,000 boe/d.
The company reported falling well costs in the Permian Basin as production increased.
Natural gas makes up for a majority of Chesapeake Energy's production. But the company has been shifting its focus to oil production as gas prices have been pressured.
U.S. oil producer Continental Resources Inc reported a 19.7% fall in quarterly adjusted profit on Aug. 5 as weaker crude and natural gas prices more than offset a rise in overall production.
Net income attributable to the company rose to $4.31 billion, or $2.27 per share, in the second quarter ended June 30, from $3.41 billion, or $1.78 per share.
The largest U.S. oil producer’s net income fell to $3.13 billion, or 73 cents per share, in the second quarter, from $3.95 billion, or 92 cents per share, last year.
One of the company’s Permian Basin fields risks losing some capital if pricing doesn’t improve.