Diamond Offshore's profit beats estimates on lower costs
[BENGALURU] Diamond Offshore Drilling Inc reported a higher-than-expected quarterly profit, helped by lower costs.
Total operating expenses in the quarter fell 10 per cent to US$323.36 million.
Contract drilling revenue fell 18 per cent to US$363.56 million from the first quarter.
Offshore projects, which take years to develop and are capital intensive, were the hardest hit by the slump in crude prices, as oil and gas producers slashed spending. Diamond Offshore, majority owned by Loews Corp, said net income fell to US$23.5 million, or 17 cents per share, for the first quarter ended March 31, from US$87.4 million, or 64 cents per share, a year earlier.
Excluding items, the rig contractor earned 17 cents per share, higher than average analysts' estimate of 12 cents per share, according to Thomson Reuters I/B/E/S.
Total revenue fell 20.5 per cent to US$374.2 million, but beat analysts' estimate of US$363.49 million.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
BHP’s biggest rivals sit on the sidelines of Anglo M&A drama
ExxonMobil to take 18 to 24 months to hit full stride with Pioneer purchase
Oil settles down on US jobs data, steepest weekly loss in three months
Glencore Group nears deal for Shell’s Singapore oil refinery
Opec+ may need to tackle oil capacity conundrum next month
Gold flat ahead of US payrolls data, set for second weekly drop