Production shut ins and negative pricing loom
Weak demand will drive production shut ins this quarter, IHS Markit’s vice president Aaron Brady told Energy Voice, as storage options are limited.
Americas
i3 Energy to buy ‘struggling’ Canadian firm and list on Toronto Stock Exchange
i3 Energy plans to buy out a “struggling” Canadian oil and gas firm and list on the Toronto Stock Exchange (TSX).
Texas drilling rig operators make budget cuts ahead of rig count plummet
Three of the largest drilling rig operators in Texas are making budget cuts and bracing for the worst as a global glut of crude oil and falling demand due to the coronavirus pandemic are expected to cause the U.S. rig count to plummet.
Oil’s 60% crash is the tip of an iceberg. The reality is worse
As oil crashes due to the impact of the coronavirus, it’s easy to overlook an even more dismal reality for producers: the real prices they’re getting for their barrels are worse still.
Oxy enacts pay cuts amid deeper budget cuts
Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows.
US solar jobs could be halved due to Covid-19 outbreak, trade body says
The leading U.S. solar-trade group is warning the fallout from the coronavirus could slash the industry’s workforce in half.
Drilling Down: Drilling permit activity slows down amid record low oil prices
Drilling permit activity is slowing across Texas as oil prices crash to near $20 per barrel.
Occidental downgraded to ‘junk’ by ratings agency
Occidental Petroleum was downgraded to junk by Fitch Ratings as it struggles to combat a sharp decline in oil prices, making it the biggest fallen angel in this downgrade cycle.
Temporary leave for 3,500 Halliburton employees in US amid falling oil prices
Oilfield service giant Halliburton plans to "furlough" about 3,500 employees of its Houston headquarters for the next two months amid grim market conditions that include four year-low oil prices and the coronavirus outbreak.
Sasol sets out $6bn target
Sasol “will prevail”, the company’s CEO Fleetwood Grobler said on a conference call intended to reassure investors and employees. The plan should stabilise the company, protect the balance sheet and preserve stakeholders’ interests.
Kosmos to lean on BP at Tortue LNG
Kosmos Energy has set out plans to reduce planned capital expenditure in 2020 to under $250 million.
Oil over supply to hit record levels
There could be 10 million barrels per day more of supply than demand in March and April this year, according to IHS Markit.
Houston oil companies act fast to protect bottom lines in wake of biggest crash in 30 years
Energy companies swiftly slashed spending and dividends after oil prices on Monday suffered their biggest one-day decline in 30 years.
America’s days as net oil exporter are numbered amid price rout
America’s nascent status as a net petroleum exporter is already at risk as plunging oil prices threaten domestic production and give a leg-up to world’s biggest producers.
Supply booms, demand languishes: all are punished
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
Thousands of Houston jobs could be cut if oil fails to recover from Friday plunge
The price of crude oil plunged below $42 per barrel Friday, threatening thousands of Houston-area jobs if the price languishes there for several months, an economist says.
Apache sheds light on new structure, but no clarity on job cuts
US oil firm Apache has shed some light on an ongoing organisational “redesign” intended to reduce costs.
US oil majors are snubbing climate-conscious rivals in Europe
Don’t count on America’s oil giants to join their rivals across the pond in ambitious efforts to cut carbon dioxide emissions.
Exxon slams brakes on Permian after virus hammers oil
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.
Not even Hurricane Harvey could halt Houston’s Pink Petro movement
Most people whose home and business were swept away by a hurricane would be stopped dead in their tracks, consumed by the disaster.
Exxon puts out methane policy in hopes that regulators will adopt it
Exxon Mobil released its internal policy on methane emissions Tuesday, urging governments to use it as model for industrywide methane regulation.
Cheniere warns that Asia could put a damper on soaring profits
Houston-based Cheniere Energy reported soaring profits Tuesday while warning of slowing demand in Asia amid warmer winters, the rise of nuclear power and concern that the coronavirus outbreak could drag down the global economy.
Shell plans major drilling in Mexico, but oil may take years
Royal Dutch Shell Plc is pushing ahead on its massive deep-water drilling plan in Mexico, even as it doesn’t foresee production starting under the current government.
Fight over giant Mexican oilfield puts snag in Premier Oil’s stake sale
The sale of a stake in Mexico’s giant Zama oil field promised to help Premier Oil pay down debts and strengthen its balance sheet, but an ownership conflict is complicating that process.
CenterPoint sells natural gas retail business
CenterPoint Energy, the regulated utility that delivers electricity to the Houston area, said Monday that it will sell its natural-gas retail business for $400 million to Energy Capital Partners of New Jersey, a private equity investor.