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Colorado-based Whiting Petroleum Corp today initiated Chapter 11 bankruptcy proceedings, as crude oil prices crashed to 18-year lows. The E&P firm currently has more than $585 million in cash on its balance sheet and will maintain business operations in the normal course, without any material interruption to its vendors, partners or employees.
Norwegian oil major, Equinor has been aiming to cut around $3 billion in investments, exploration drilling and operating costs in order to navigate through coronavirus crisis and low oil prices. In a statement, Equinor affirmed that the new measures will allow its operations to be cash-flow neutral in 2020 at an average oil price of around $25 per barrel. Equinor has already terminated a $5 billion share buyback program.
As the coronavirus pandemic and low oil prices continue to strangle the market, Canadian oil and gas firms are looking to cut over C$2.4 billion to C$3.5 billion ($1.7 billion-$2.5 billion) from financial budgets for 2020. The latest in the line of producers releasing capital spending cuts include Crescent Point Energy Corp., NuVista Energy Ltd., Vermilion Energy Inc. and Enerplus Corp. Husky Energy is planning to cut C$1 billion in expenditure.
Oilfield services major, Weatherford International yesterday registered a profit for the 4Q19, a first one in over six years. The Houston-based firm, which recently recovered from Chapter 11 bankruptcy, recorded a $5.3 billion in profits on more than $1.2 billion of revenue during the last quarter. The numbers were mixed on the $2.1 billion loss on $1.4 billion of revenue during the fourth quarter of 2018.
State-run oil major, Oil and Natural Gas Corporation (ONGC) yesterday recorded a 44% dip in consolidated net profit for 3Q19, at Rs 5,384 crore. The upstream major's profit slipped over lower production and a decline in price realization. ONGC reported a 7.7% decline in the Cumulative natural gas production to 6.17 Billion Cubic Meter (BCM) during the quarter.
US E&P major, Marathon Oil Corp, yesterday, recorded a 54.5% dip in fourth quarter's adjusted profit, slipping over weak oil and gas prices. The firm's adjusted income dropped to $55 million from $121 million, a year earlier. Marathon's US production climbed to 328,000 barrels of oil equivalent per day (boe/d) from 306,000 boe/d for the same quarter last year.
Oil supermajor, BP has acquired majority stakes in fibre optic innovation company, Fotech through its business development branch, Launchpad. Founded in 2008, Fotech develops fibre optics products for transportation, smart cities, energy and the security sector. The UK-based firm deploys artificial intelligence and edge computing in its products, spanning areas like surveillance, transport management, cable monitoring and rail management.
State-run major, Oil India Ltd (OIL) yesterday registered a 50% dip in the consolidated net profit at Rs 709 crore for 3Q2020, slipping over the downfall in crude oil production and realization. OIL produced 0.74 Million Tonne (MT) of crude oil during the third quarter, declining from 0.83 MT produced in the same quarter a year ago. The state-run major has associated the production fall to environmental issues.
Oil supermajor, Royal Dutch Shell posted a 50% drop in profits to $2.9 billion for the fourth quarter of 2019, falling short on forecasts. Shell's profits dipped down to its lowest in over three years over weaker oil and gas prices. CEO Ben van Beurden said the company’s commitment to conclude its $25 billion share buyback programme in 2020 remained “unchanged”.
U.S. refiner, Valero Energy Corp registered a jump in fourth-quarter profits on Thursday, easily beating Wall Street estimates. The refinery giant majorly earned from refining low-cost Canadian heavy crude, with refining margins in the U.S. Gulf Coast operations rising 16% to $1.64 billion. Despite a 3% drop in the revenue, net income attributable to the shareholders rose to $1.1 billion in the fourth quarter, up from $952 million.
The Egyptian petroleum ministry yesterday informed about inking two deals with oil supermajor, Exxon Mobil Corp for oil and gas exploration in the Mediterranean. While the first agreement requires Exxon to make a minimum investment of $220 million towards the exploration in the North East Amriya block, the second is for the North Marakia block, requiring a minimum investment of $112 million. Exxon has acquired over 1.7 million acres in Egypt.
Oil supermajor, Saudi Aramco has bought into the blockchain-based trading platform Vakt through Saudi Aramco Energy Ventures, with $5 million in new shares. The platform, which will be used by Aramco Trading Co, specializes in post-trade processing. VAKT focuses on the key North Sea crude oil grades. The blockchain-based platform has a big founder list including oil majors BP, Equinor and Shell, and others.
Myanmar's Union Minister for Electricity and Energy last week laid emphasis over increasing yield from onshore oil and gas fields using modern technology as the production dips from the fields. Speaking at a coordination meeting, the union minister stressed over the need to repair and upgrade the current oil refineries and construct more petrochemical factories to generate enough fuels. Production from Myanmar's oil fields has decreased over 90%.
Midstream giant, Kinder Morgan yesterday recorded a 26% jump in the quarterly profit, climbing on the back of higher gas carryout from Permian Basin through its Gulf Coast Express pipeline. The Houston-based company filed a net income of $610 million in the fourth quarter, rising from $483 million, a year earlier. The Gulf Coast Express pipeline, which came into service in September 2019, can transport 2 billion cfd.
If sources were to be believed, oil supermajor BP has decided to withdraw from Iraq’s Kirkuk oilfield. BP's $100 million exploration contract lapsed with no agreement on the field’s development, dealing a major setback to Iraq’s hopes to enhance its oil output. The pullout comes as the energy companies re-evaluate their activities in Iraq amid political turmoil and escalating tensions between the US and Iran.
Oilfield services giant, Halliburton, yesterday, reported a net loss in the fourth quarter, slipping on a charge of over $2.2 billion on its fracking business because of falling demand from oil and gas producers in North America. The Houston-based firm reported a net loss attributable of $1.7 billion, or $1.88 per share, compared with a profit of $664 million, a year earlier.
A document from the Chinese Ministry of Natural Resources has revealed that in order to increase oil and gas development in the country, China will open its oil and gas exploration and production to foreign firms. However, only those foreign firms will be allowed who have registered in China with net assets no lower than 300 million yuan ($43.29 million) from May 1.
Oil behemoth, Saudi Aramco’s shares sank to its lowest value since the IPO, on Sunday. Aramco’s share value dipped by 1.7%, to $9.21 per share in the late afternoon trade. The shares retorted to across-the-board selling in the Gulf markets after a U.S. drone attack killed the Iranian military commander Qassem Soleimani and his convoy at Baghdad airport.