Oilfield services provider TechnipFMC Plc said Feb. 10 that it expects to take asset impairment charges of $2.4 billion in the fourth quarter as producers cut spending due to lower prices for oil and gas.
TechnipFMC also said it expects 2019 revenue to be near $13.5 billion, the midpoint of its previously estimated range, and forecast goodwill impairment charge in the subsea segment to account for $1.3 billion of the total charges.
Weakening North American shale activity due to lower oil prices has taken a toll on oilfield services provider, with Halliburton Co. disclosing a $2.2 billion charge last month, while Schlumberger Ltd. outlined an aggressive cost-cut plan.
TechnipFMC said its market capitalization had declined significantly, driven in part by geopolitical uncertainty and lower commodity prices.
2023-08-04 - A panel meeting of the top ministers of OPEC+ has kept oil output policy unchanged on Aug. 4, two OPEC+ sources said. The panel, called the Joint Ministerial Monitoring Committee, includes ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+. "Nothing new," one of the sources said.
2023-07-31 - Stratas Advisors is forecasting oil demand will outstrip supply by 1.24 MMbbl/d in third quarter 2023 and by 1.11 MMbbl/d in the fourth quarter.
2023-07-17 - Oil prices are being affected by production shutdowns in Libya, inflation falling in the U.S. and the sentiment of oil traders.
2023-09-18 - Concerns about the global economy will be a counterforce on oil prices, says Stratas Advisors' John Paisie.
2023-08-18 - John Paisie of Stratas Advisors suggests that oil demand will overtake supply during Q3 and Q4, but at the same time, the market will remain concerned about challenges facing the U.S., China and the EU.