EnergyWatch

Trimmed Maersk Oil plans to cut costs by 30 percent

Contrary to projections from former CEO Jakob Thomasen, Maersk Oil succeeded in lowering the break-even price of oil to USD 40. The slimming down of the company can potentially go even further, says Maersk Group CEO Søren Skou.

Photo: PR-foto: Kontraframe / Thorbjørn Hansen

A 21 percent reduction in cost levels compared to the same period last year gave Maersk Oil a surprisingly low break-even oil price at below USD 40 per barrel. And the trimming of the company's costs is not over yet.

"We can still improve our cost situation at Maersk Oil," says Maersk Group CEO Søren Skou during the presentation of the third quarter results.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from EnergyWatch

Vestas awaits clarity on major US green energy funding

After a second quarter that, to put it mildly, was disappointing on order intake, the Danish wind turbine manufacturer intends to maintain its price strategy. Major green energy funding from the US spells promise, but Vestas is waiting for final clarity.

Media: Russia blocks Western utilities' asset sales

According to Russian media Kommersant, the country’s authorities have frozen divestments of, among others, Enel and Fortum’s power plants and wind farms. The Finnish utility is analyzing the situation, however without confirming implication.

Further reading

Related articles

Latest News

See all jobs