veraponpo:
Jonathan destroyed this country.

Most of the reports of 2014 up to first quarter of 2015 were bad.

The worst part was the fact that states were owing staff and federal government borrowing to pay salaries forthe first time in the history of this country.

When there was civil 1967 to 1970, Awolowo did not borrow and still gave the Igbos 20 pounds each after the war.

Shame on Jonathan who failed in plenty.

You are an 1diot and a compound fool for dragging your genocidal criminal suicidal leader into this, and tagging the igbos along with him. You igbo obsessed piece of human waste.

veraponpo:
Jonathan destroyed this country.

Most of the reports of 2014 up to first quarter of 2015 were bad.

The worst part was the fact that states were owing staff and federal government borrowing to pay salaries forthe first time in the history of this country.

When there was civil 1967 to 1970, Awolowo did not borrow and still gave the Igbos 20 pounds each after the war.

Shame on Jonathan who failed in plenty.

Thesame £20 their children are using to buy all your parents ancentral land in the great Waste zone.

SeverusSnape:

You're just a slavish fool. Zombie be gone.

Honestly you are so daft and bereft of analytical knowledge. You are simply a noise making fart machine that is not worthy of any serious attention whatsoever. The post says Q4 2014 and Q1 2015 that ends on March 31. What has this got to do with PMB?. You be real oponu afofungbemu. Am sure you can't secure 5 credits in NECO unless you do expo. Rubbish.

wiseoneking:
Thesame £20 their children are using to buy all your parents ancentral land in the great Waste zone.

And these will be acquired back by the original owners from the Biafra immigrants as abandoned property in the fullness of time. ; D

/
No more subsidy freebies.

They can't even survive normal business operation.

Take away government patronage/scam, most of the industries in Nigeria will pack up. Every change of tenure in Nigeria usually leads to demise of some corporations. Go figure.
/

davide470:


http://nairametrics.com/record-loss-oando-beats-estimates-posts-record-n183-billion-loss-in-fy-2014/

If only they waited a bit to acquire Conoco Phillips, the loss would not have been massive as this. All the hedging done by OER, the disposal of most of the downstream assets still could not increase the bottom line..

Oando Share Price closed at 9.96 (-4.23%) as at 23/10/15

I expected it, no thanks to both their latest acquisition as well as the spiralling oil price.
But they've also added some new and profitable arms recently, take the CNG business for instance.
Capital expenditure on such ventures will also further dip their profit but things should start improving by Q3- Q4 plus oil seems to have started climbing lately too (albeit slowly)m
Patience is the word right now

SeverusSnape:
Loses every where since this Daura magician came on board. This must be a curse.

...change my foot.

You are very stupeed. Do you know anything about abnormal profit these companies made when the Otuoke Dullard increased the price of PMS for no reason? I repeat, you are very stupeed! Re-read the article and employ your medulla. Idiot!

PiperAlpha:

You guys should learn to reason well and put on your thinking cap. This had nothing to do with all those people you mentioned, except you want to tell me that they're responsible for the global fall in oil prices - From $110/bbl to $49/bbl.
Or are you just being Sarcastic?

Do they really know the meaning of sarcastic? These are set of idiots that collected 2 cups of rice to vote the President Jonathan, they are apparently stupid bro.

Oando performed better in 2015, and has never performed this badly before. This just goes to show that all the problems caused by low oil prices, non-subsidy payments and the NNPC’s misappropriation of funds has had a negative impact on them. In the end of the day, all this people relating it back to others, how does that make sense when they did not ask prices to fall; what's their own? This is just timing, it could have been anyone.

macaranta:
seriously....more job cuts expected .

You are forgetting that the poor results are last year’s result and there has been no announcement of salary cuts, so what will be the point now th in 2015 when they have performed much better?

InvertedHammer:
/
No more subsidy freebies.

They can't even survive normal business operation.

Take away government patronage/scam, most of the industries in Nigeria will pack up. Every change of tenure in Nigeria usually leads to demise of some corporations. Go figure.
/

Err really? subsidy freebies? Sorry are you living in this same country where oil marketers are not being paid their subsidy money? Do you know what that means for them now that oil prices have fallen? They borrowed money to buy crude at $100 per barrel and the government has promised that at least 70% of that will be handled by them, then they bring in the oil, not only do they not get paid, for companies like Oando in the upstream, they keep making losses that should ideally be pumped back into the business.

RichieM:
Oando performed better in 2015, and has never performed this badly before. This just goes to show that all the problems caused by low oil prices, non-subsidy payments and the NNPC’s misappropriation of funds has had a negative impact on them. In the end of the day, all this people relating it back to others, how does that make sense when they did not ask prices to fall; what's their own? This is just timing, it could have been anyone.

I concur with your position. Infact, if you watch international media, you would realize a lot of the big economies and oil coys are focusing on energy reforms and investing in alternative (shale gas). All this is due to the global fall in oil prices.
However, it's left for management/regulatory agencies to cushion the effect of this meltdown which unfortunately, they have failed to do.

Foolish saTANoids, who has bewitched u??

RichieM:


Err really? subsidy freebies? Sorry are you living in this same country where oil marketers are not being paid their subsidy money? Do you know what that means for them now that oil prices have fallen? They borrowed money to buy crude at $100 per barrel and the government has promised that at least 70% of that will be handled by them, then they bring in the oil, not only do they not get paid, for companies like Oando in the upstream, they keep making losses that should ideally be pumped back into the business.

/
I don't live in the country.

But it was on record that a lot of the companies got allocations, got paid and did not import even a gallon of PMS.

Or in the less extreme way, they round-tripped and double-dipped.

If that's not freebie, what is?

They are being owed because it is unfair to be paid for nothing.

\

veraponpo:
Jonathan destroyed this country.

Most of the reports of 2014 up to first quarter of 2015 were bad.

The worst part was the fact that states were owing staff and federal government borrowing to pay salaries forthe first time in the history of this country.

When there was civil 1967 to 1970, Awolowo did not borrow and still gave the Igbos 20 pounds each after the war.

Shame on Jonathan who failed in plenty.

See how u just sounded foolish right now. Incase u don't know, Nigeria borrows every year to completes it's budget for the year; it was even okonjo iweala that reduce the way we borrow, and FYI FG did not owe salaries for one month and still left money the 3 major accounts of Nigeria b4 bowing out, states didn't pay salaries to make the FG look incompetent while they were been given their allocations. They are showing u losses of companies fpr the Q1 of 2015. The companies year starts in July. That's July, August and September. And they are experiencing losses. So why was there no job loss dduring GEJ administration? Rather some employments he made, like immagration, customs and NSDC are been terminated or suspended by Buhari's led administration. Private companies are retrenching staffs and folding up. U still want to blame GEJ that allowed a smooth transition for Buhari. U don't want to take the bitter truth that BUHARI HAS FAILED and HE IS STILL FAILING! Wiv the ECONOMY and SECURITY challenges we are facing. And it has never been dis bad for a long time.

veraponpo:
Jonathan destroyed this country.

Most of the reports of 2014 up to first quarter of 2015 were bad.

The worst part was the fact that states were owing staff and federal government borrowing to pay salaries forthe first time in the history of this country.

When there was civil 1967 to 1970, Awolowo did not borrow and still gave the Igbos 20 pounds each after the war.

Shame on Jonathan who failed in plenty.

I gave you a like and same time insist a big thunder should clear your generation

veraponpo:
Jonathan destroyed this country.

Most of the reports of 2014 up to first quarter of 2015 were bad.

The worst part was the fact that states were owing staff and federal government borrowing to pay salaries forthe first time in the history of this country.

When there was civil 1967 to 1970, Awolowo did not borrow and still gave the Igbos 20 pounds each after the war.

Shame on Jonathan who failed in plenty.

Stop turning history on its head. Igbos were never given free 20pound but given 20pound irrespective of their bank balances.

please get your facts right.

On Jonathan, time will tell.

ManTiger:

You are very stupeed. Do you know anything about abnormal profit these companies made when the Otuoke Dullard increased the price of PMS for no reason? I repeat, you are very stupeed! Re-read the article and employ your medulla. Idiot!

Please, read your comment again and see if it offers anything tangible or rather if it made any sense. You are in a public space, decorum is expected not insulting others and throwing tantrums. It only reveals your emptiness and shallowness.

Get it right, every company in the oil sector all over the world is facing a similar challenge of significant drop in oil price and Nigeria is not left out. Making super profit on oil subsidy can never be Jonathan's fault; he saw the rot and took the bold step to remove it but Nigerians took to the streets for it to be re-instated. No matter how it adds up, subsidy doesn't just make any sense. You subsidy production and not consumption which in turn create jobs and wealth for the nation and its people.

And calling Jonathan a dullard, I totally disagree with you. I don't know who is a dullard between a man that calls for bloodshed when he lost an election and one who without compulsion relinquish power for peace despite obvious irregularities and having the power to upturn the election. It takes great wisdom to sacrifice self for the good of others. Shallow mind think of self.

please learn proper manners.

As I read through the comments I shaked my head for this generation seeing brazen display of ignorance about the oil and gas industry thereby politicizing their response. Although, in a fora like this, you expect all sorts but notwithstanding there should be some sense of logic, reasonableness and respect for one another in our submission.its not a must you comment where you don't have knowledge about the subject matter just walk away.

Except for few brilliant comments, I can see majority have shallow knowledge about the issue..an evidence of lack of reading culture among we youths today.

Let me make a correction, its neither Jonathan nor Buhari responsible for oando's financial woes...Simply put, macroeconomic (falling crude oil price- outside any govt's control) and microeconomic (firm-specific e.g conoco philips acquisition, divestment of substantial interest in its downstream biz etc) factors are.

Whilst we await release of facts being figures to allow for proper understanding of the financials, on the surface, the poor performance would not be far from aggressive acquisition of overvalued Conoco Phillips, bogous cost structure of oando group, operational inefficiency amongst others...

Just a point of correction, America did not shift their oil purchase from nigeria to Iran, they became net exporters of oil due to shale and had no need to buy as much as they used to.

Iran has not even started exporting oil yet as the sanctions are still in process of being lifted.

The impact of extra oil from Iran has yet to hit and the likes of Nigeria, Venezuela etc will feel it the most because Saudi Arabia will continue to pump oil out at lower prices to maintain market share in anticipation of when oil prices will recover which I don't think it will, at least not to the heights of over $100 a barrel.

BTW the fall in oil prices is affecting all oil companies globally not just Nigeria. Many of the oil majors are either suspending or cancelling expansion projects due to falling demand.

Yksoul:
THIS ECONOMIC DOWN TURN AND LOSSES WITH OIL PRICE FALLING TO $52 STARTED LATE LAST YEAR,DURING GOODLUCK JONATHAN REGIME,WHEN AMERICA MASSIVELY SHIFTED THEIR OIL-BUYING MARKET FROM NIGERIA TO IRAN.IT WAS THEN OKONJO IWEALA SAID 2015 WOULD BE A CHALLENGING YEAR FOR NIGERIA.JONATHAN CAUSED IT WITH LACK OF FUTURE PLANS

ManTiger:

You are very stupeed. Do you know anything about abnormal profit these companies made when the Otuoke Dullard increased the price of PMS for no reason? I repeat, you are very stupeed! Re-read the article and employ your medulla. Idiot!

You're a buharistic fool. B00HARI is the cause of all these, simple!... Just the way Jonathan was the cause of all you zombies predicament. Goat!

Now that that dull'ard Presidiot is there, learn to stomach all the insults that comes his way, if you're pained by them, go kiss a viper.

Nellybii:


Honestly you are so daft and bereft of analytical knowledge. You are simply a noise making fart machine that is not worthy of any serious attention whatsoever. The post says Q4 2014 and Q1 2015 that ends on March 31. What has this got to do with PMB?. You be real oponu afofungbemu. Am sure you can't secure 5 credits in NECO unless you do expo. Rubbish.

You're so stupid_ and brainless. B00HARI IS THE REASON FOR ALL THE LOSES, YOU CAN GO KILL YOURSELF IF YOU'RE PAINED. Almajiric illiterate like you.

I'm not worthy of any serious attention, yet you give me the attention I want.
You're indeed a dull'ard like your president.

If you need more change call me on this number.08000000419.

247notire:
You and the mugus that liked ur comment are thoroughly uninformed or misinformed... Now let me educate all of u. Falling oil prices affected even the biggest players in the sector and revenues have been hit badly, many of them have had to review operating expenses and there has even been job cuts. Now about salaries, but many states never owed their civil servants, it was the governors who mismanaged and embezzled funds, even in the face of dwindling allocations, that were hit very hard. GEJ had nothing to do with these things. Ur comparing the days of Awo with now, that even makes ur folly more glaring... And dnt u talk about Igbos cos u knw nothing about it! It was 20 pounds each, even if u had a million naira. Talk more of loss of properties and investments in many parts of the country... Now tell me why an igbo man who knows his history will not be angry at this Zoo called Nigeria! We know u all hate us so we would rather be on our own... Shout out to Onwa, Ifesinachi, Dozzy Oil, Innoson, and the rest of the igbo billionaires making us proud. We shall overcome... Give us a referendum, how hard can this be!!!

Astute. Don't worry about that buffoon. The disadvantages of awo's 20% was wiped off decades ago. There are many Ibetos' and Innosons' springing up all over Igbo land. But in reality I have this impression that oando is a very badly managed company. I know of pipeline projects they developed. Many of the pipelines are leaking. Their organization is nearly a replica of an FG outfit; contractors are never supervised.

247notire:
You and the mugus that liked ur comment are thoroughly uninformed or misinformed... Now let me educate all of u. Falling oil prices affected even the biggest players in the sector and revenues have been hit badly, many of them have had to review operating expenses and there has even been job cuts. Now about salaries, but many states never owed their civil servants, it was the governors who mismanaged and embezzled funds, even in the face of dwindling allocations, that were hit very hard. GEJ had nothing to do with these things. Ur comparing the days of Awo with now, that even makes ur folly more glaring... And dnt u talk about Igbos cos u knw nothing about it! It was 20 pounds each, even if u had a million naira. Talk more of loss of properties and investments in many parts of the country... Now tell me why an igbo man who knows his history will not be angry at this Zoo called Nigeria! We know u all hate us so we would rather be on our own... Shout out to Onwa, Ifesinachi, Dozzy Oil, Innoson, and the rest of the igbo billionaires making us proud. We shall overcome... Give us a referendum, how hard can this be!!!

I won't divinity you with any answer. Obviously you are a kind and the worst part unprofessional.

Sharap ur mouth there wat do u knw?anyway I dnt blame u zombi u talkin trash blaming jona shows u AR indeed a big fool after how many months dat ur super hero Mr change took over wat meaningful achievement has Nigeria recorded?bombing has increased dollar is dancing shoki corruption is getting more personified eg amechi n co...retrenchment everything stand still u AR there blaming past administration over d dis shameful apc

Buhari is a failure.

Wait... How can oando have an intangible asset of over 250 billion....
I guess Goodwill would be worth 200 billion...
Nigerian companies always have a way for tax evasion...

All is well... I pray God bless the poor, orphans and the sick of this country... It's not easy to be a Nigerian...

jomonic:


Astute. Don't worry about that buffoon. The disadvantages of awo's 20% was wiped off decades ago. There are many Ibetos' and Innosons' springing up all over Igbo land. But in reality I have this impression that oando is a very badly managed company. I know of pipeline projects they developed. Many of the pipelines are leaking. Their organization is nearly a replica of an FG outfit; contractors are never supervised.

I think so about Oando too. Plus, they made bad business decisions in more recent times too. That dickhead up there couldn't even say anything meaningful to evrytin I talked about, he's a real morön I think. Bozos evrywhr on NL...

Nellybii:


And these will be acquired back by the original owners from the Biafra immigrants as abandoned property in the fullness of time. ; D

Typical of some Yorubas though, Wat u just said... I'm sure ur parents were able to achieve absolute zilch! Ur plans and prayers are those of a genetically lazy animal. Ur pathetic really...

Guys We all know it has been a challenging year in the oil and gas industry due to the oil price volatility, Naira devaluation etc. This has negatively impacted the indigenous companies and IOC businesses. Most of them have made losses or reduced profits in their financial year statements. secondly Oando has already started to see and reap the benefits of the ConocoPhillips transaction with their production output increasing from 5,000 barrels a day to over 50,000 barrels a day. It can only get better!

cylne:
Guys We all know it has been a challenging year in the oil and gas industry due to the oil price volatility, Naira devaluation etc. This has negatively impacted the indigenous companies and IOC businesses. Most of them have made losses or reduced profits in their financial year statements. secondly Oando has already started to see and reap the benefits of the ConocoPhillips transaction with their production output increasing from 5,000 barrels a day to over 50,000 barrels a day. It can only get better!

Continue kidding yourself.

Is Oando the only company trading in the O&G sector? How come the same numbers aren't been churned out by Forte Oil, Mobil Nig. Plc, Total Nig. Plc, et.c?

You can only fool & deceive people for a time.

No wonder the desperate photo-ops with Mrs. Buhari in choppers!