Exploration and Production (E&P)

Source: CNBC

Oil heads for another weekly gain on demand hopes and shut-ins

CNBC


Oil prices rose on Friday and were on course for a second consecutive week of gains as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as …

U.S. drillers expected to slash oil & gas rigs to lowest ever

U.S. drillers expected to slash oil & gas rigs to lowest ever

Reuters


The number of oil and gas rigs operating in the United States is expected to hit an all-time low this week – reflecting data going back 80 years – as the energy industry slashes output and spending to deal …

Source: CNBC

Oil prices rise, on pace for more than 30% gain this week

CNBC


Oil jumped more on Thursday and was on track for its second best week in history as a number of bullish factors supported prices, including U.S. companies cutting production, Saudi Arabia raising its official oil selling price and gasoline …

Source: Reuters

Occidental looks to raise cash, swap debt as oil prices pressure finances

Reuters


HOUSTON – Occidental Petroleum Corp (OXY.N) said on Wednesday it was looking to raise new cash or swap debt for stock, a day after it posted a large first-quarter loss, sending its stock down 7%.

 

Shares …

Centennial Resource Development, Inc. announces extension of early tender date of the Exchange Offers and Consent Solicitations

Centennial Resource Development, Inc. announces extension of early tender date of the Exchange Offers and Consent Solicitations

Oil and Gas 360


DENVER, May 06, 2020 (GLOBE NEWSWIRE) — Centennial Resource Development, Inc. (“Centennial” or the “Company”) (NASDAQ: CDEV) today announced that its operating subsidiary, Centennial Resource Production, LLC (“CRP”), has extended the date by which early tenders …

ResFrac Corporation Closes Equity Financing with Altira Group  and Launches New User Interface

ResFrac Corporation Closes Equity Financing with Altira Group and Launches New User Interface

ResFrac Corporation


PALO ALTO – May 5, 2020 – ResFrac Corporation (“ResFrac”) an innovative simulation software provider, announced today that the company has closed a preferred share financing with its financial sponsor Altira Group. The funds will be used …

Occidental Petroleum Posts $2.2 Billion Loss in First Quarter, Cuts Budget Again

Occidental Petroleum Posts $2.2 Billion Loss in First Quarter, Cuts Budget Again

HOUSTON (Reuters) – Occidental Petroleum Corp on Tuesday swung to a first quarter loss on writedowns and charges, and the troubled U.S. oil producer cut its budget for the third time since March in response to a historic oil-price crash.…

Notice to Oil and Gas Operators: Temporary Exceptions to Certain Administrative Rules

Notice to Oil and Gas Operators: Temporary Exceptions to Certain Administrative Rules

360 Feed Wire


In its open meeting today the Railroad Commission of Texas (Commission), in recognition of the unprecedented national and global economic conditions currently impacting the oil and gas industry, took action to provide relief in the form of …

Source: Reuters

Funds buy WTI in bet worst is over for oil: Kemp

Reuters


LONDON – Hedge funds and other money managers bought petroleum derivatives last week in the cautious hope the industry may have passed the worst point of the coronavirus-induced lockdowns.

Money managers purchased the equivalent of 41 million barrels in …

Source: Reuters

Brazil’s Petrobras says oil exports hit new record 1 million barrels a day in April

Reuters


BRASILIA – Brazilian state-owned oil giant Petrobras said on Monday it exported a record 1 million barrels of oil a day in April, beating the previous record of 771,000 barrels a day in December last year.

In a securities …

Exxon reports a historic loss while Chevron deepens capex cuts

Exxon reports a historic loss while Chevron deepens capex cuts

World Oil


HOUSTON (Bloomberg) –Exxon Mobil posted its first loss in at least 32 years while Chevron Corp. deepened spending cuts amid the economic and industrial devastation wrought by the Covid-19 contagion. The worst may be yet to come.

Exxon …

Source: CNBC

Oil and gas companies set to lose $1 trillion in revenues this year

CNBC


Oil and gas exploration and production companies, or E&Ps, are slated to lose a staggering $1 trillion in revenues in 2020, according to analysis by research firm Rystad Energy.

The E&P industry, which includes oil majors, made $2.47 …

Parsley Energy Partners with RigUp to Roll Out Comprehensive COVID-19 Mitigation Program

Parsley Energy Partners with RigUp to Roll Out Comprehensive COVID-19 Mitigation Program

AUSTIN, TexasApril 30, 2020 /PRNewswire/ — RigUp is excited to announce a new partnership with Parsley Energy, rolling out a comprehensive COVID-19 screening and mitigation program to oil and gas workers at Parsley’s job sites in the Permian …

Shell CEO Ben van Beurden

Updated: Shell cuts dividend for first time since 1940s in ‘prudent’ move to bolster finances

Energy Voice


Shell has opted to cut its dividend by two-thirds in response to the recent slump in oil prices and “significant” mid and long-term market uncertainty. The Anglo-Dutch giant will pay out 12.8p (16c) in the first quarter, down …

Source: CNBC

Six US oil firms are expected to shut 300,000 barrels per day of production in May and June

CNBC


U.S. energy companies are taking an axe to their rig numbers, deepening production cuts for the industry that in the last few years made America the world’s number one oil producer.

 

Six major U.S. shale producers are expected …

Valero Energy Reports First Quarter 2020 Results

Valero Energy Reports First Quarter 2020 Results

AN ANTONIO, April 29, 2020 (GLOBE NEWSWIRE) — Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $1.9 billion, or $4.54 per share, for the first quarter of 2020 compared to net income …

Source: Razor Energy

Razor Energy Corp. Announces Fourth Quarter and 2019 Year End Results

CALGARY, Alberta, April 29, 2020 (GLOBE NEWSWIRE) — Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) (www.razor-energy.com) is pleased to announce its fourth quarter and year end 2019 financial and operating results. Selected financial, operational and reserves information is …

April 29, 2020 - 6:00 am Canada, Exploration and Production (E&P), Press Releases
Banks rush to rein in financing for oil firms

Banks rush to rein in financing for oil firms

Energy World


NEW YORK: The twice-a-year evaluation of energy borrowers’ reserve-based loans has taken on more significance than ever as banks seek to cut their exposure to oil and gas companies amid the global Covid-19 pandemic that has caused demand …

ExxonMobil to produce medical-grade sanitizer for COVID-19 response

ExxonMobil to produce medical-grade sanitizer for COVID-19 response

BIC


ExxonMobil said today it has reconfigured manufacturing operations in Louisiana to produce medical-grade hand sanitizer for donation to COVID-19 response efforts in Louisiana, New Jersey, New Mexico, New York, Pennsylvania and Texas.

Initial production of 160,000 gallons of medical …

Shell to provide an additional opportunity for shareholder engagement ahead of its Annual General Meeting

Shell to provide an additional opportunity for shareholder engagement ahead of its Annual General Meeting

The Board of Royal Dutch Shell plc (“Shell”) will host a live audio webcast for shareholders on Wednesday May 13, 2020 at 12:00 BST / 13:00 CEST. This event is scheduled ahead of the deadline of May 15, 2020 for …

Source: Reuters

Patterson-UTI sees 60% decline in activity as oil prices crater

Reuters


Oilfield service firm Patterson-UTI Energy Inc (PTEN.O) on Thursday warned investors it would see a 60% decline in activity this year as shale companies slash spending and halt activity amid an unprecedented decline in oil prices.

The …

Bellatrix Announces Sale Transaction in Connection with its Strategic Process

Bellatrix Announces Sale Transaction in Connection with its Strategic Process

360 News Wire


CALGARY, Alberta, April 23, 2020 (GLOBE NEWSWIRE) — Bellatrix Exploration Ltd. (“Bellatrix” or the “Company”) announces a sale transaction (the “Transaction”) pursuant to which Return Energy Inc. (to be renamed Spartan

Source: Reuters

Oklahoma will let struggling oil producers halt output without breaking contracts

Reuters


Oklahoma’s energy regulator on Wednesday ruled in favor of an oil company’s emergency application to classify unprofitable production as economic waste, enabling producers to maintain leases when output is halted due to low prices.

The decision represents the first …

Source: CNBC

US oil production plunges as the industry retrenches, and more cuts are expected after a price crash

CNBC


The U.S. oil industry reacted to cratering oil prices by cutting production by 900,000 barrels a day in just a month in what appears to be the biggest one-month decline since the financial crisis.

U.S. government data shows that

Jadestone Energy Inc – Australia Infill Wells Deferred

Jadestone Energy Inc – Australia Infill Wells Deferred

SINGAPORE / ACCESSWIRE / April 22, 2020 / Jadestone Energy Inc. (AIM:JSE) (“Jadestone” or the “Company”), an independent oil and gas production company focused on the Asia Pacific region, notes the collapse of global crude oil benchmarks, with oil demand …

(left) Schlumberger's drilling operator Adrian Gabriel (cq) is directly in charge of drilling operation on the Genesis Drilling Test Facility where other employees train with a real life size drilling simulator which was commissioned in 1986 at company's U.S. headquarters in Sugar Land and continues to train on Wednesday, September 27, 2006. Schlumberger is the world's largest oilfield services company and has had a local presence since the 1930s; it recently consolidated its New York offices in Houston. Schlumberger is coming off a record quarter and anticipates solid financial growth as profit-rich oil companies invest more in exploration. Photo by Mayra Beltran / Houston Chronicle

Schlumberger’s $7.4B loss sets stage for ‘most uncertain’ future

Chron


Schlumberger, the largest oil field service company, said Friday it lost $7.4 billion in the first quarter. Then its CEO said the second quarter will be worse.

The company attributed the loss to writing down the value of assets …

Source: Reuters

Half of announced North American oil cuts come from just three companies

Reuters


Numerous U.S. and Canadian oil companies have said they are reducing output in 2020, but a Reuters analysis of the announcements so far show that just three companies – Chevron, ConocoPhillips and Occidental Petroleum – account for more than …

Source: CNBC

Parsley Energy CEO says Texas must cut oil production, which hasn’t happened since the 1970s

CNBC


Parsley Energy CEO Matt Gallagher on Wednesday told CNBC’s Jim Cramer that the state of Texas must issue an oil production cut, or risk putting almost 1 million jobs across the country in jeopardy.

“My stance is if we …

Yuma Energy, Inc. Files for Chapter 11 Protection

Yuma Energy, Inc. Files for Chapter 11 Protection

HOUSTONApril 15, 2020 /PRNewswire/ — Yuma Energy, Inc. (NYSE American: YUMA) (“Yuma”, “Company”, “we” or “our”), together with its subsidiaries Yuma Exploration and Production Company, Inc., Davis Petroleum Corp., and The Yuma Companies, Inc. (collectively, the Company and …

Surge Energy Inc. Announces COVID-19 Pandemic Response; Corporate Update; Annual General Meeting; Dividend Suspension

Surge Energy Inc. Announces COVID-19 Pandemic Response; Corporate Update; Annual General Meeting; Dividend Suspension

Surge Energy Inc. Announces COVID-19 Pandemic Response; Corporate Update; Annual General Meeting; Dividend Suspension