fetching latest news

News tagged in:  

Oil and Gas Investments NEWS

Whiting Petroleum to proceed with Chapter 11 bankruptcy
April 1, 2020
Source: Reuters

Whiting Petroleum to proceed with Chapter 11 bankruptcy

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.

Equinor to cut $3 billion in the wake of COVID-19
March 26, 2020
Source: Reuters

Equinor to cut $3 billion in the wake of COVID-19

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.

Canadian energy firms cut $2.5 billion in spends over low oil prices
March 17, 2020
Source: World Oil

Canadian energy firms cut $2.5 billion in spends over low oil prices

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.

Weatherford registers first-ever quarterly profits in six years
March 17, 2020
Source: PR Newswire

Weatherford registers first-ever quarterly profits in six years

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.

ONGC records a 44% dip in 3Q19
Feb. 15, 2020

ONGC records a 44% dip in 3Q19

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.

Marathon Oil reports a 54.5% dip in 4Q20 profits
Feb. 13, 2020
Source: Reuters

Marathon Oil reports a 54.5% dip in 4Q20 profits

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.

BP acquires majority stakes in fibre optic innovation firm
Feb. 12, 2020

BP acquires majority stakes in fibre optic innovation firm

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.

OIL posts 50% dip in profits
Feb. 11, 2020

OIL posts 50% dip in profits

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.

Shell records 50% dip in 4Q profits
Jan. 31, 2020
Source: Reuters

Shell records 50% dip in 4Q profits

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”.

Valero Energy beats 4Q profit estimates
Jan. 31, 2020
Source: Reuters

Valero Energy beats 4Q profit estimates

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.

Exxon Mobil inks Exploration Agreements with Egypt
Jan. 29, 2020

Exxon Mobil inks Exploration Agreements with Egypt

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.

Saudi Aramco joins blockchain-based trading platform, VAKT
Jan. 29, 2020

Saudi Aramco joins blockchain-based trading platform, VAKT

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 Minister stresses over the use of technology to boost fuel production
Jan. 28, 2020
Source: Eleven Media

Myanmar's Minister stresses over the use of technology to boost fuel production

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%.

Kinder Morgan records 26% jump in profits
Jan. 23, 2020
Source: Reuters

Kinder Morgan records 26% jump in profits

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.

BP to withdraw from Iraq's Kirkuk field
Jan. 22, 2020
Source: Reuters

BP to withdraw from Iraq's Kirkuk field

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.

Halliburton reports net loss in the fourth quarter
Jan. 22, 2020

Halliburton reports net loss in the fourth quarter

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.

China to open up exploration & production for foreign firms
Jan. 9, 2020

China to open up exploration & production for foreign firms

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.

Aramco’s shares sink to lowest since IPO
Jan. 6, 2020
Source: Reuters

Aramco’s shares sink to lowest since IPO

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.

Please Login to Save News for Later