LONDON – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel …
Oil prices dropped on Wednesday, snapping a five-session winning streak, as oversupply concerns outweighed optimism over economies reopening.
West Texas Intermediate, the U.S. benchmark, shed 2.3%, or 57 cents, to settle at $23.99 per barrel. In a volatile …
MOSCOW – Exxon Neftegaz Ltd (ENL) is adjusting the schedule and scope of some of its activities at the Sakhalin-1 oil and gas project in far eastern Russia as it moves to cut spending in response to the coronavirus …
BAGHDAD/LONDON – Iraq has yet to inform its regular oil buyers of cuts to its exports, suggesting it is struggling to fully implement an OPEC deal with Russia and other producers on a record supply cut, traders and industry …
How bad is the situation for the oil and gas industry in the U.S. right now? Let’s take a look at some compelling recent data points:
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 …
HOUSTON – Exxon Mobil Corp is using the coronavirus to increase its leverage in labor and real estate negotiations by alternately doomsaying and dismissing the pandemic’s consequences, labor sources and lawyers dealing with the company said.
The largest U.S. …
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 …
NEW YORK – Exxon Mobil Corp on Monday raised $9.5 billion in new debt, with the largest U.S. oil producer seeking to bolster its finances while debt markets remain open to new deals.
Exxon paid a lower price to …
LONDON- The world’s biggest oil and gas companies are cutting spending this year following a collapse in oil prices driven by a slump in demand because of the coronavirus crisis and a price war between top exporters Saudi Arabia …
GEORGETOWN, Guyana — They are the odd couple of the global oil patch: Guyana is a poor former British sugar colony. Exxon Mobil is America’s largest oil company.
They came to depend on each other after a series …
U.S. producers Hess Corp, Concho Resources Inc and Callon Petroleum Co on Tuesday followed oil major Exxon Mobil Corp in cutting their spending for the year, as oil prices continued to trade below $30 a barrel.
Oil producers are …
NEW YORK/LONDON – Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened – at least in words – between top American oil and gas companies and their European rivals …
Oil majors including Exxon Mobil Corp. and Royal Dutch Shell Plc are facing uphill battles to convince U.S. courts to enforce multi-billion dollar arbitration awards they secured against Nigeria’s state oil company.
The companies accused the Nigerian National …
Exxon Mobil Corp. is slowing the pace of its flagship shale project in the Permian Basin, one of the first signs that the oil majors are throttling back on production in response to the recent slump in prices.…
GEORGETOWN, Guyana (AP) — Guyana voted for a new government on Monday in a bruising fight for control of a tiny South American country whose oil revenues in the next decade could make it one of the wealthiest …
BP Plc’s pledge to zero out all its carbon emissions by 2050 deepens the divide between major European and American oil producers on climate change, increasing the pressure for Exxon Mobil Corp. and Chevron Corp. to do more.…
Everyone from environmentalists to investors is beating up on fossil fuels, and American energy giants Exxon Mobil Corp. and Chevron Corp. are taking increasingly diverging approaches as they try to weather the storm.
The problem is, neither strategy …
Houston Chronicle
Exploration and production spending on North American shale is expected to plunge by 12 percent next year because of modest oil prices, weaker cash flows and increased restraint desired by shareholders, according to a new report from the …
The New York attorney general’s office dropped its claim that Exxon Mobil Corp. intentionally misled investors about how it accounts for the financial risks of climate change, significantly diminishing the state’s case in the last minutes of a …
Last month, millions of people around the globe gathered to protest what they consider a dangerous lack of vision among nations and industries when it comes to combating global warming, and the burning of fossil fuels …
U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia’s ESPO Blend oil sent buyers back to U.S. grades, according to market …
From Bloomberg
Texas oilman Jeffery Hildebrand became a billionaire by shunning the shale revolution taking place in his home state. Now, …
With a massive shift in the marine fuel market just months away from implementation, a Galveston fuel storage operator says it plans to operate a 50,000 barrel a day crude processing facility to meet new stricter …
From Reuters
An inexorable decline in spot market prices for liquefied natural gas (LNG) is pushing utilities in Japan to be more aggressive in price reviews built into traditional long-term contracts linked to oil prices, lawyers and analysts said.
The …
From Reuters
Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday.
Exxon’s topped analysts’ reduced estimates for the quarter but net …
