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Aramco suspends US$10B China oil refinery venture
Aug. 22, 2020

Aramco suspends US$10B China oil refinery venture

Saudi Aramco has suspended a deal to build a $10 billion refining and petrochemicals complex in China. Aramco decided to stop investing in the facility in China’s Northeastern province of Liaoning after negotiations with its Chinese partners and Aramco declined to comment on it. The uncertain market scenario could be behind the decision. The joint venture was signed when Prince Mohammed bin Salman was in Beijing in February last year.

Maersk Drilling picks up another extension from Aker BP
Aug. 22, 2020

Maersk Drilling picks up another extension from Aker BP

Drilling rig operator Maersk Drilling has secured another one-well contract from Aker BP. The $21.6m contract excludes a potential performance bonus and comes with a further one-well option. The original contract forms part of the Aker BP includes alliance agreement with Maersk Drilling and Halliburton. The contract for the Maersk Integrator is a direct continuation of its previously announced work scope and is expected to start next April.

Occidental to sell some assets to Orion Mine Finance
Aug. 21, 2020

Occidental to sell some assets to Orion Mine Finance

Occidental Petroleum (Oxy) has signed a purchase and sale agreement with Orion Mine Finance for $1.33bn, the transaction is expected to be closed in the fourth quarter of this year. Assets under the sale are located in Wyoming, Colorado and Utah. The company will retain its core assets in the Rockies, including Colorado’s DJ Basin and Wyoming’s Powder River Basin.

Chevron to invest in nuclear fusion startup zap energy
Aug. 13, 2020
Source: Reuters

Chevron to invest in nuclear fusion startup zap energy

Chevron Corp. decided to invest in Zap Energy Inc. Chevron came up with this decision as companies are facing increasing pressure from investors to reduce emissions and spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change. Chevron Corp. is added to the list after Italy’s ENI and Norwegian state oil company Equinor.

Petrofac hit hard by pandemic and oil price crash
Aug. 12, 2020

Petrofac hit hard by pandemic and oil price crash

Oilfield services firm, Petrofac reported revenues of $2.1bn in the first half, 25.5% below the same period last year. The earnings report reflects project delays caused by COVID-19 and lower oil & gas prices. The underlying profits after tax fell 86.4% to $21m, despite Petrofac's significant cost savings efforts during the year. The total order book shrunk from $7.4bn at the start of the year to $6.2bn towards the end of first half.

ExxonMobil and Global Clean Energy sign agreement for renewable diesel
Aug. 12, 2020
Source: Reuters

ExxonMobil and Global Clean Energy sign agreement for renewable diesel

U.S. oil major Exxon Mobil on Tuesday has signed an agreement with Global Clean Energy to buy 2.5 million barrels of renewable diesel per year for five years to help reduce its carbon footprint. Exxon plans to distribute the renewable diesel within California and potentially to other domestic and international markets. The renewable diesel will be sourced from Global Clean Energy’s refinery in Bakersfield, California, starting 2022.

Aramco is still working on deal to invest $15 bn in RIL
Aug. 10, 2020

Aramco is still working on deal to invest $15 bn in RIL

Saudi Aramco said it’s still working on a deal to buy a $15 billion stake in Reliance Industries Ltd.’s refining and chemicals business, even as lower oil prices forced it to slash investment spending. The deal with Reliance would help Aramco to join the ranks of the top oil refiners and chemical makers. Aramco is already a major supplier of crude to India.

Saudi Aramco's Q2 profit plunges
Aug. 10, 2020
Source: Reuters

Saudi Aramco's Q2 profit plunges

Aramco reported a 73.4% fall in second-quarter net profit, a steeper drop than analysts had forecast, and it expected capital expenditure for 2020 to be at the lower end of a $25 billion to $30 billion range. But the company is sticking with the plan to pay $75 billion in dividends this year. Net profit fell to 24.6 billion riyals for the quarter to June 30 from 92.6 billion riyals a year earlier.

HPCL profit climbs by 157%
Aug. 7, 2020

HPCL profit climbs by 157%

Hindustan Petroleum Corp’s increased profit by 157% to Rs 2,252 crore in the April-June quarter capitalizing on inventory gains and increased marketing margins. The gross refining margin for the quarter was $.04 per barrel compared to $0.75 in the year-ago quarter. Crude prices have more than doubled to $45 a barrel since late April. Product prices too have similarly risen.

Marathon posts smaller loss than expected, helped by demand recovery
Aug. 5, 2020
Source: Reuters

Marathon posts smaller loss than expected, helped by demand recovery

U.S. oil refiner Marathon Petroleum Corp posted a smaller-than-expected quarterly loss on Monday. The demand recovery helped Marathon post a smaller adjusted loss of $868 million, or $1.33 per share, for the second quarter, compared with analysts’ estimate of a $1.75 loss. Investors had been worried about the refiner’s large debt due over the next five years. About half of the company’s $32 billion in total debt is outstanding through 2025.

Maersk Drilling to invest in novel technology for carbon reduction
July 30, 2020
Source: World Oil

Maersk Drilling to invest in novel technology for carbon reduction

Maersk Drilling will invest USD $1m in California-based company Clean Energy Systems to develop a new technology called Carbon-Negative Energy. The novel technology will help produce renewable fuel and power and aid to remove greenhouse gases. Maersk Drilling is working to reduce the emissions associated with offshore drilling in multiple ways.

Hess reports second quarter earnings
July 30, 2020
Source: Reuters

Hess reports second quarter earnings

US oil and gas producer Hess Corp underwent a smaller than expected loss on Wednesday. Hess said the average selling price of its crude oil, fell 35.4% in the second quarter to $39.03 a barrel. Its quarterly total costs and expenses fell over 27% to $1.1 billion. Crude prices sank to extreme lows due to the global crisis however higher output and lower costs helped offset a plunge in oil prices.

Total books $8 bln in asset impairments
July 30, 2020
Source: Reuters

Total books $8 bln in asset impairments

French energy group Total will book an exceptional impairment charge of $8 billion mainly on its Canadian oil sands and liquefied natural gas projects. Overall, the exceptional asset impairments that will, therefore, be taken into account in the second quarter of 2020 amount to $8.1 billion, including $7 billion on Canadian oil sands assets alone, this will increase its gearing ratio by 1.3%.

National Oilwell Varco reports Q2 loss
July 28, 2020
Source: Business Wire

National Oilwell Varco reports Q2 loss

National Oilwell Varco today reported second-quarter 2020 revenues of $1.50 billion, a decrease of 21% compared to the first quarter of 2020 and a decrease of 30% compared to the second quarter of 2019. Net loss for the second quarter of 2020 was $93 million. Adjusted EBITDA decreased $94 million sequentially to $84 million, or 5.6% of sales.

Equinor beats earnings expectations despite coronavirus slump
July 27, 2020
Source: Reuters

Equinor beats earnings expectations despite coronavirus slump

Equinor on Friday reported a drop in second-quarter operating profit but a strong performance from its refinery and trading business helped to counter the drop. Equinor’s three ventures, E&P Norway, E&P International and E&P USA, made losses, but profits increase at its refinery and trading division. The Norwegian government has imposed oil output limits from June-December this year, backing efforts by the OPEC+ and others to support prices.

Repsol records net loss as COVID-19 piles up pressure on the sector
July 24, 2020

Repsol records net loss as COVID-19 piles up pressure on the sector

Spain's Repsol posted a net loss and wrote down $1.5 billion in assets on Thursday. The COVID-19 health crisis has piled pressure on a sector already hurt by oil prices. The company revised down its gas price outlook for 2020 to $2 per million British thermal units, from $3. It burned cash, with a negative free cash flow of 217 million euros, but expected cash-flow from operations of 3.6 billion euros this year.

Suncor reports loss as production falls by almost one-fifth
July 23, 2020
Source: CBC

Suncor reports loss as production falls by almost one-fifth

Suncor Energy Inc. has reported a second-quarter net loss of $614 million after it cut back on production to deal with sharply reduced crude prices amid lower global energy demand. Suncor's total production was 18.5% less than the 803,900 boe/d in the prior-year quarter, as it took measures including shutting down one of the two production trains at its Fort Hills oilsands mine in northern Alberta.

Baker Hughes Co. posted its second consecutive quarterly loss
July 23, 2020
Source: Reuters

Baker Hughes Co. posted its second consecutive quarterly loss

Baker Hughes Co posted its second consecutive quarterly loss on Wednesday as oil producers stopped drilling new wells and drastically cut their budgets following a collapse in crude oil prices. Baker Hughes has cut its 2020 budget by over 20% year-on-year and disclosed plans to exit or shut down non-core product lines, including North American full-service drilling and completions fluids business.

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