Crude Oil News

Murphy Oil Corporation Announces Temporary Medical Leave of the Chief Executive Officer

Murphy Oil Corporation Announces Temporary Medical Leave of the Chief Executive Officer


EL DORADO, Ark.–(BUSINESS WIRE)–Mar. 25, 2020– Murphy Oil Corporation (NYSE: MUR) today announced that Roger W. Jenkins, President and Chief Executive Officer has, pending test results, a presumptive diagnosis of COVID-19, and has taken a temporary medical
March 26, 2020 - 7:00 am Closing Bell Story‎, Crude Oil News, Energy News, People
Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

Africa Oil’s Annual General and Special Meeting of Shareholders to Be Held on April 21, 2020

VANCOUVERMarch 25, 2020 /CNW/ – (AOI–TSX, AOI–Nasdaq-Stockholm) – Africa Oil Corp. (“Africa Oil”, “AOC” or the “Company”) is pleased to announce that its Annual General and Special Meeting of Shareholders will be held on Tuesday, April 21, 2020

Source: Reuters

Oil prices rise on stimulus package, fuel demand sinks

Reuters


NEW YORK  – U.S. crude prices rose slightly on Wednesday, bolstered by progress on a massive pending U.S. economic stimulus package, but government data shows the coronavirus pandemic started to hurt U.S. fuel demand last week.

Demand for oil …

Source: Houston Chronicle

U.S. intervenes in Saudi-Russia oil war with call for restraint

Houston Chronicle


The U.S. made its most direct intervention yet in the oil price war between Saudi Arabia and Russia, urging Riyadh to “rise to the occasion and reassure” energy markets at a time of economic uncertainty.

Secretary of State …

Source: dallasfed.org

U.S. energy sector cutting spending, jobs amid pandemic: Dallas Fed survey

Reuters


The U.S. energy sector is slashing capital spending and jobs as business activity plunged and the outlook has turned “extremely pessimistic” amid the coronavirus pandemic, a survey by the Dallas Federal Reserve Bank of oil and gas companies showed …

Source: Houston Chronicle

Stocks jump, heading for first back-to-back gain in 6 weeks

Houston Chronicle


NEW YORK (AP) — Stocks are adding to their gains Wednesday as Congress moves closer to passing a $2 trillion package to help the economy deal with damage caused by the coronavirus.

The S&P 500 was up 4.7% …

Source: Reuters

‘Astonishing’: Trump EPA backs down on biofuel waivers in blow to U.S. refiners

Reuters


The Trump administration has decided not to appeal a court ruling that would sharply reduce its use of waivers exempting refineries from the nation’s biofuels regulation, cheering the corn lobby but drawing anger from oil refiners.

The administration had …

March 25, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, Regulatory
Source: Houston Chronicle

Fracking giants warn shale crash will be faster this time

Houston Chronicle


Two of the world’s biggest oilfield service companies are warning of a bigger shale crash than the one that hit the U.S. and Canada just five years ago.

While the decline in North American drilling rigs could approach …

Source: Reuters

Oil prices fall as demand woes eclipse U.S. stimulus

Reuters


LONDON  – Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package.

Brent crude LCOc1 was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 …

Source: Reuters

U.S. crude oil inventories increase by 1.6 million barrels

Weekly Crude Oil Storage as of March 20, 2020

PUBLISHER’S NOTE: To date, since coronavirus hit the headlines, seasonally-adjusted inventories, that is inventories relative to the five year average have failed to build as we’ve seen relative draws for crude,

Source: Reuters

Occidental Provides Update on Capital Spending and Cost Reductions

HOUSTONMarch 25, 2020 /PRNewswire/ — Occidental Petroleum Corporation (NYSE: OXY) announced today a further reduction in 2020 capital spending to between $2.7 billion and $2.9 billion from its original 2020 guidance of $5.2 billion to $5.4 billion, …

Exclusive 360 Energy Expert Video Interview: Enverus is a real asset to the energy sector in regular times, let alone in a pandemic.

Exclusive 360 Energy Expert Video Interview: Enverus is a real asset to the energy sector in regular times, let alone in a pandemic.

Enverus three main business units include data, business automation, and trading and risk. They have over 1,700 employees, 6,000 customers across 50 countries. They are the oil and gas industry's leading data, and insights company. They built their base on

Source: Reuters

Refiner Phillips 66 cuts spending forecast by 18%, commits to dividend

Reuters


Refiner Phillips 66 (PSX.N) on Tuesday cut its 2020 spending forecast by about 18% and assured investors their dividend was secure even as the coronavirus outbreak and a price war between Saudi Arabia and Russia threaten the …

Source: CNBC

Chevron CEO says the dividend is the company’s No. 1 priority and is ‘very secure’

CNBC


Chevron shares surged Tuesday after the company announced cost-cutting measures, but promised not to slash its dividend despite mounting pressure from falling crude prices.

“Our dividend is our number one priority and it’s very secure,” Chevron CEO Michael Wirth …

Source: nasdaq.com

Halliburton to ‘significantly’ cut 2020 capex below $1.2 billion budget

Reuters


Oilfield services firm Halliburton (HAL.N) is accelerating its cost-cutting and will significantly reduce spending this year below its original $1.2 billion budget, its finance chief said on Tuesday.

The Houston, Texas-based company did not disclose a new …

Source: Reuters

Occidental names former CEO Stephen Chazen as non-executive chair

Reuters


Occidental Petroleum Corp (OXY.N) on Tuesday named its former chief executive officer, Stephen Chazen, as non-executive chairman of its board in a bid to end a long and bitter fight with activist investor Carl Icahn.

WSJ had …

Source: Houston Chronicle

Layoffs, pay cuts loom as Schlumberger plans to cut up to 30 percent from budget

Houston Chronicle


Layoffs and pay cuts loom as Schlumberger, the largest oilfield service company in the world, plans to cut up to 30 percent from its budget amid crumbling oil prices and the economic effects of the coronavirus pandemic.

Schlumberger …

Source: Reuters

U.S. kicks off new drilling lease sales despite oil market slump

Reuters


The Trump administration moved ahead with oil and gas lease sales in four Western states on Tuesday, bucking criticism from taxpayer advocates who say the auctions should be postponed because of a meltdown in energy prices.

The Bureau of …

March 24, 2020 - 11:30 am Closing Bell Story‎, Crude Oil News, Energy News
Source: Houston Chronicle

FTS International furloughs hydraulic fracturing crews, cuts executive pay

Houston Chronicle


Fort Worth oilfield service company FTS International had a full calendar for its hydraulic fracturing crews two weeks ago but is now furloughing employees as crude oil prices continue to fall and exploration and production companies continue to …

March 24, 2020 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, Fracing, Jobs
Source: Reuters

Oil jumps 3% towards $28 on Fed steps to support economy

Reuters


LONDON – Oil jumped 3% on Tuesday towards $28 a barrel, supported by steps by the U.S. Federal Reserve to bolster the economy and hopes the United States will soon reach a deal on a $2 trillion coronavirus aid …

March 24, 2020 - 9:30 am Closing Bell Story‎, Crude Oil News, Economy, Energy News
Source: Reuters

Suncor Energy provides a corporate update including revised 2020 capital program, operating costs and production outlook

CALGARY, Alberta, March 23, 2020 (GLOBE NEWSWIRE) — Suncor released a corporate update today, including revised 2020 corporate guidance for capital, operating costs and production outlook, reflecting the significant decline in the crude oil price and uncertainty surrounding the economic …

March 23, 2020 - 11:18 pm Crude Oil News, Press Releases
Source: Houston Chronicle

Six pipeline companies cut $1.9 billion from their 2020 budgets

Houston Chronicle

 


Six pipeline operators have cut a combined $1.9 billion from their 2020 budgets as record low oil prices and weakened demand from the coronavirus dampens plans for new projects, a new research note from Houston energy investment …

Source: Houston Chronicle

Occidental, Icahn may be near deal to end boardroom battle

Houston Chronicle


Activist investor Carl Icahn is nearing a truce with Occidental Petroleum Corp. that will see three new directors appointed to the oil company’s board, according to people familiar with the matter.

The deal would also see the billionaire …

Source: Houston Chronicle

Oil drifts lower as hopes for OPEC-Texas production truce fade

Houston Chronicle


Oil dropped toward the lowest level since 2003 as prospects for a deal between OPEC and Texas to limit production appeared to fade, while a U.S. coronavirus rescue package ran into political delays.

Futures in London fell around …

March 23, 2020 - 12:00 pm Closing Bell Story‎, Crude Oil News, Economy, Energy News
Source: Reuters

U.S. diesel cash prices latest to slump from coronavirus fallout

Reuters


NEW YORK  – U.S. ultra-low sulfur diesel was the latest product refined from crude oil to take a hit in its cash market last week, after refiners boosted production in a bid to flee poorer margins for other products …

March 23, 2020 - 11:00 am Closing Bell Story‎, Crude Oil News, Downstream, Energy News
Diamondback Energy cuts budget again as oil prices continue to sink

Diamondback Energy cuts budget again as oil prices continue to sink

Houston Chronicle


Midland exploration and production company Diamondback Energy is cutting its 2020 drilling budget for a second time this month as crude oil continue to fall to nearly 20-year lows.

In a statement issued late last week, Diamondback has …

Source: Reuters

Shell cuts 2020 spending by $5 billion, suspends share buyback

Reuters


LONDON – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday.

The …

The 360 Digital Closing Bell Week Ahead – 3/23/2020

The 360 Digital Closing Bell Week Ahead – 3/23/2020

The 360 Digital Bell Week Ahead Report. Michael Tanner, the Host of the closing bell, goes over what to expect this week. We cover how the oil and gas market got to this point and what is just on the

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Is Depression-Era Production Regulation What OPEC Really Wants To See?

Journal of Petroleum Technology


Oil & Gas Publishers Note: Excellent piece by Steve Rassenfoss. Our host, Michael Tanner, on the 360 Digital Closing Bell reported on the Texas Railroad Commission has been invited to the next OPEC meeting. This is

Permian operators slash 2020 plans as oil market craters

Permian operators slash 2020 plans as oil market craters

Enverus

Oil & Gas 360 Publishers Note: This blog from Erin Faulkner at Enverus is an excellent summary of the  top operators in the Permian and their financial updates. Enverus has over 1,700 employees and has customers in over 50