Exploration and Production (E&P)

Source: Reuters

Pandemic pushes Exxon to historic annual loss, $20 billion cut in shale value

Reuters


HOUSTON -Exxon Mobil Corp on Tuesday posted a historic annual loss after the COVID-19 pandemic hammered energy prices and the company reduced the value of shale gas properties by more than $20 billion.

loss, $20 billion cut in shale …

Source: Reuters

Oil prices near 1-year highs after stocks drawdown, supply deficit forecast

Reuters


LONDON – Both benchmark oil contracts hovered near their highest levels in about a year on Wednesday, boosted by a drawdown in U.S. crude and gasoline stocks that added to demand recovery hopes fueled by OPEC+’s forecast of a …

Source: Reuters

ConocoPhillips reports fourth-quarter and full-year 2020 results; announces quarterly dividend

Oil and Gas 360


The 2020 results discussed herein reflect the performance of ConocoPhillips prior to the acquisition of Concho, which closed in January 2021.

ConocoPhillips (NYSE: COP) today reported a fourth-quarter 2020 loss of $0.8 billion, or ($0.72) per …

Source: Reuters

Oil prices reach highest in nearly a year as producers restrain output

Reuters


LONDON  – Oil prices rose more than 2% on Tuesday, reaching its highest in nearly 12 months after major producers showed they were reining in output roughly in line with their commitments.

Brent crude was up $1.31, or 2.3%, …

Source: Reuters

Oil prices gain as inventories fall and demand picks up

Reuters


LONDON – Oil prices rose on Monday buoyed by falling inventories and hopes of a swifter global economic recovery, although halting vaccine rollouts and renewed travel restrictions capped gains.

Brent crude was up 57 cents, or 1%, at $55.61 …

Source: Reuters

Chevron announces fourth quarter 2020 results

Oil and Gas 360


 

  • Fourth quarter loss of $665 million; adjusted loss of $11 million
  • Annual capital spending down 35 percent
  • Increased 2020 dividend per share for 33rd consecutive year

Chevron Corporation (NYSE: CVX) today reported a loss of …

Source: Reuters

Big Oil hits brakes on search for new fossil fuels

Reuters


LONDON – Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts.

Acquisitions of new onshore and offshore exploration …

Source: Reuters

BP’s oil exploration team swept aside in climate revolution

Reuters


LONDON – Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.

Its geologists, engineers and scientists have

U.S. crude output to decline less than previously forecast in 2021: EIA

U.S. crude output to decline less than previously forecast in 2021: EIA

Reuters


NEW YORK – U.S. crude oil production is expected to fall by 190,000 barrels per day (bpd) in 2021 to 11.1 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its previous forecast …

Touchstone Announces Extension of Lease Operatorship Agreements

Touchstone Announces Extension of Lease Operatorship Agreements

Touchstone Announces Extension of Lease Operatorship Agreements Canada NewsWire…

December 30, 2020 - 8:24 am Exploration and Production (E&P), Press Releases
Ring Energy, Inc. Announces Results of Fall 2020 Redetermination of Its Senior Credit Facility

Ring Energy, Inc. Announces Results of Fall 2020 Redetermination of Its Senior Credit Facility

Company Also Pays Down Revolver and Adds Additional Oil Hedges

MIDLAND, Texas–(BUSINESS WIRE)– Ring Energy, Inc. (NYSEAM: REI) (“Ring” or the “Company”) announced today the results of its fall 2020 redetermination of its $1 billion senior revolving credit facility (“Credit …

December 23, 2020 - 10:52 am Exploration and Production (E&P), Press Releases
ConocoPhillips Makes Large Oil Discovery Offshore Norway

ConocoPhillips Makes Large Oil Discovery Offshore Norway

OilPrice

ConocoPhillips has made a large oil discovery in the Norwegian Sea close to a producing oilfield, the U.S. oil and gas company said on Tuesday.

Preliminary estimates point to the field containing between 75 million barrels and 200 million …

FG, Shell, Agip lose bid to stop Abacha’s suit to reclaim Malabu’s OPL 245

FG, Shell, Agip lose bid to stop Abacha’s suit to reclaim Malabu’s OPL 245

Shell 

A Federal High Court in Abuja has rejected moves by the Federal Government, Shell Nigeria Exploration, Nigeria Agip Exploration Company and others to prevent the hearing of a suit seeking to reclaim the Oil Prospecting License (OPL) 245 originally …

December 22, 2020 - 1:42 pm Exploration and Production (E&P)
Source: Reuters

Oil’s rally, fueled by vaccine progress, is running out of steam

Reuters


NEW YORK -The oil market has rallied almost 40% in the last two months, pushing benchmarks to nine-month highs, in a euphoric response to progress on COVID-19 vaccines that has investors thinking the end of the coronavirus pandemic is …

Contango Oil & Gas Company and Mid-Con Energy Partners, LP Announce Unitholder Consent Deadline and Anticipated Closing Date of Merger

Contango Oil & Gas Company and Mid-Con Energy Partners, LP Announce Unitholder Consent Deadline and Anticipated Closing Date of Merger

FORT WORTH, Texas and TULSA, Okla., Dec. 21, 2020 (GLOBE NEWSWIRE) — Contango Oil & Ga…

Source: Reuters

Oil drops as new coronavirus strain revives demand fears

Reuters


LONDON -Oil dropped towards $50 a barrel on Tuesday, adding to losses from the previous session, as a mutant variant of the coronavirus in Britain revived concerns over demand recovery.

Detection of the new variant prompted several countries to …

Source: Houston Chronicle

Occidental Announces & Early Tender Results and Further Upsize in Cash Tender Offers and Consent Solicitations for Certain of its Senior Notes

HOUSTON, Dec. 21, 2020 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced the e…

December 22, 2020 - 9:32 am Exploration and Production (E&P), Finance, Press Releases
Source: Reuters

Analysis-U.S. shale oil just had its worst year and the pain could bleed into 2021

Reuters


HOUSTON/NEW YORK  – U.S. oil and gas shares and drilling activity are edging higher, but a disastrous year for the energy industry means the go-go days of the shale boom may be gone for good.

Deep spending cuts that …

Source: Reuters

ExxonMobil (XOM) Up 14% MTD: What’s Behind the Rally?

Nasdaq

Shares of Exxon Mobil Corporation XOM have jumped 14% month to date (MTD) compared with the industry’s 8.5% growth. The Zacks Rank #1 (Strong Buy) stock has witnessed upward revisions in the Zacks Consensus Estimate for 2021 earnings in …

FILE PHOTO: A general view of Tesoro's Los Angeles refinery in Los Angeles, California October 10, 2014. REUTERS/Lucy Nicholson

U.S. shale oil output to drop 136,000 bpd to 7.44 million bpd in Jan – EIA

Reuters

U.S. oil output from shale formations is expected to decline by about 136,000 barrels per day (bpd) in January to 7.44 million bpd, the lowest since June, the U.S. Energy Information Administration (EIA) said in a monthly forecast on …

Exclusive 360 Energy Expert Network Video Interview: Dr. Dean Forman, API – All things considered, the bulls are ready to run in 2021-2022

Exclusive 360 Energy Expert Network Video Interview: Dr. Dean Forman, API – All things considered, the bulls are ready to run in 2021-2022

The update from Dr. Dean Foreman, Chief Economist for the American Petroleum Institute, covers our world wide energy markets. Dean has worked at Saudi Aramco and ExxonMobil, and has seen just about everything. So when the world hits it's first

Source: Reuters

Ban on federal drilling leases would cost eight U.S. states billions, study finds

Reuters


A ban on new oil and gas drilling leases on federal lands would cost eight Western states $8.1 billion in tax revenue and $34.1 billion in investment in the next five years, according to a study released on Tuesday …

Source: Reuters

Vaccine impact on moribund oil demand is several months away – IEA

Reuters


LONDON – The roll-out of vaccines this month to combat the coronavirus pandemic will not quickly reverse the destruction wrought on global oil demand, International Energy Agency (IEA) warned on Tuesday.

“The understandable euphoria around the start of vaccination …

Source: Reuters

World faces long-term oil supply gap despite COVID demand destruction

Reuters


LONDON – Inadequate investment in exploration and new drilling may leave the world without enough oil in 20 to 30 years despite a shift towards renewable power sources, top energy analysts say.

The long-term outlook contrasts with today’s situation …

Source: Reuters

U.S. shale oil output to drop 136,000 bpd to 7.44 million bpd in Jan – EIA

Reuters


NEW YORK  – U.S. oil output from shale formations is expected to decline by about 136,000 barrels per day (bpd) in January to 7.44 million bpd, the lowest since June, the U.S. Energy Information Administration (EIA) said in a …

Exclusive 360 Energy Expert Network Video Interview: Jay Young – King Operating Corporation – An oil company changing the operating model for the stakeholders

Exclusive 360 Energy Expert Network Video Interview: Jay Young – King Operating Corporation – An oil company changing the operating model for the stakeholders

The Oil & Gas industry has had a major reset on almost every front in 2020. From investors, access to capital, lowering CapEx, low oil prices, high supply, and no demand. For energy sector investors, it has been a blood

Africa Energy Announces Luiperd-1X Test Results

Africa Energy Announces Luiperd-1X Test Results

Africa Energy Announces Luiperd-1X Test Results VANCOUVER, BC , Dec. 7, 2…

Source: Reuters

Column: OPEC+ to boost output as oil market tightens – John Kemp

Reuters


LONDON – OPEC and its partners have agreed to raise their collective production by 0.5 million barrels per day (bpd) in January, with output to be reviewed and adjusted at monthly intervals thereafter.

The increase is much smaller than …

Source: Reuters

Trump administration encourages offshore drilling in final energy push

Reuters


NEW YORK – The U.S. Bureau of Safety and Environment Enforcement, which overseas offshore oil and gas production, said it will consider lower royalty payments for producers that invest in projects to enable existing platforms to reach their full …

ExxonMobil in negotiations to acquire stake in India’s oil and gas fields – opportunistic on large markets

ExxonMobil in negotiations to acquire stake in India’s oil and gas fields – opportunistic on large markets

Offshore Technology

US oil major ExxonMobil is reportedly in talks to acquire a stake in India’s producing oil and gas fields.

US oil major ExxonMobil is reportedly in talks to acquire a stake in India’s producing oil and gas fields.…

December 3, 2020 - 12:54 pm Crude Oil News, Exploration and Production (E&P)