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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.
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.
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”.
Oil prices saw a jump in the international market on Friday, as the WHO, despite declaring global emergency over coronavirus spread, came out against travel and trade restrictions. While Brent crude rose to $59.19 a barrel, WTI crude climbed to $53.17 a barrel. The UN agency on Thursday asserted the coronavirus outbreak in China as a public health emergency of international concern.
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.
The Trump Administration, on Thursday, sanctioned petrochemical and petroleum companies based in Hong Kong, Dubai and Shanghai for allegedly aiding Iran's NIOC to trade hundreds of millions of dollars in crude oil, petrochemical and refined products. The sanctions were imposed on Hong Kong's Triliance Petrochemical, Sage Energy, Shanghai-based Peakview, and Dubai-based Beneathco DMCC. In a related move, the US also sanctioned China's Shandong Qiwangda Petrochemical Co., and Hong Kong's Jiaxiang Industry Hong Kong Limited.
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.
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.
Energy ministers of Greece, Cyprus and Israel are expected to sign EastMed subsea pipeline agreement in Athens on Thursday. The collaboration has aimed to reach a final investment decision in 2022 and completion by 2025. The 1900 km long pipeline will be transporting natural gas from eastern Mediterranean’s developing gas industries to Europe. The pipeline project is owned by IGI Poseidon, a joint venture between Greek gas firm DEPA and Italian energy group Edison.
Iraq’s oil ministry, yesterday, informed about Iraqi oil exports dropping to 3.428 million barrels per day (bpd) in December. Oil exports from the country averaged 3.5 million bpd in November. The spokesman for the oil ministry, Asim Jihad informed that exports from Iraq’s southern Basra terminals reached 3.326 million bpd, down from 3.4 million bpd in November.
EPC giant, McDermott's share saw a downfall for a second day on Tuesday, stressed by reports of McDermott discussing bankruptcy with lenders. Sources revealed that the representatives of McDermott, BauPost Group LLC and HPS Investment Partners LLC are looking to negotiate for a $2 billion bankruptcy loan. The company had struggled to acquire over Chicago Bridge and Iron Company and cleared the remaining projects leading to less profit in September.
Chinese state-run CNPC has informed about kickstarting operations at its 371-kilometer-long Ethane pipeline. A statement on CNPC’s website read that the Xinjiang oilfield unit has delivered 500,000 cubic meters of ethane after commencing operations a week ago. The pipeline connects CNPC's gas field in Junggar Basin to Dushanzi petrochemical complex. The gas field in Junggar Basin has an annual ethane capacity at 38.5 million cubic meters.
S&P Global Platts yesterday informed about publishing the first-to-market suite of hydrogen price assessments. Platts’ hydrogen price assessments will indicate the value of hydrogen produced at hubs in the significant regions of consumption across the US and Europe. Platts is also looking to assess other additional prices in other geographies, including Asia. S&P Platts is an independent provider of information and benchmark prices for the commodities and energy markets.
Oil prices dropped on Monday, stressed by weak Chinese export data highlighting the impact of the trade war on one of the biggest economies in the world. Brent futures LCOc1 were priced 0.3% lower, at $64.18 per barrel. US WTI crude futures CLc1 fell 0.47% to $58.92 a barrel. A sudden downturn in trade on Monday came after customs data released yesterday showed a 1.1% fall in the Chinese exports.
Oil behemoth, Saudi Aramco has said that it registered a net income of $68 billion during the last nine-month, which ended on September 30. Aramco recorded $244B in revenues and other income related to sales for the same period. The company recently announced its intention to list shares on the Saudi stock exchange. Aramco also said that Saudi nationals subscribing to the listing will remain eligible to receive bonus shares.