Bankruptcy ‘jackpot’ for CEOs of failed oil companies
For Whiting Petroleum Corp. Chief Executive Officer Brad Holly, filing for bankruptcy had at least one perk: a $900,000 pay raise.
Americas
Gulf of Mexico oil platforms being evacuated at storm rolls in
Tropical Storm Cristobal brought heavy rain to southern Mexico, and with a forecast that has it re-entering the Gulf of Mexico on Friday, oil-platform workers are already being evacuated.
United States Oil Fund faces investigation over risk disclosures to investors
A popular exchange traded fund that uses complex derivatives to track oil is being investigated by U.S. regulators over whether its risks were properly disclosed to investors, scrutiny triggered by crude’s historic slump during the coronavirus crisis, said three people familiar with the matter.
New president appointed for BP America
BP has appointed a new leader to head up its business in the United States, replacing industry veteran Susan Dio.
Shell airlifts workers after coronavirus outbreak on Gulf rig
Shell Oil, the U.S. subsidiary of energy giant Royal Dutch Shell, has evacuated nine workers from a company platform in the Gulf of Mexico for testing and treatment of COVID-19, the illness caused by the coronavirus.
Pemex’s mounting death toll
When 62-year-old Tomas Morales registered a fever of 101.3 Fahrenheit on April 14, the doctor told him to self-isolate. But there was a problem: Morales was on an oil platform off the Mexican coast only reachable by helicopter, and he shared a bedroom with three other workers.
Sonangol signs up to drill wells in Cuba
Sonangol has signed a deal to farm in to a block onshore in Cuba, under an agreement with Australia-listed minnow Melbana Energy.
Record spending cuts this year, IEA warns
The coronavirus pandemic has triggered the “largest drop in global energy investment in history”, the International Energy Agency (IEA) has said, launching its World Energy Investment 2020 report.
Updated: Stena Drilling signs contract worth up to $11m for well in Bahamas
Aberdeen-headquartered Stena Drilling will pocket up to $11 million for deploying a rig to the Bahamas.
Built by oil’s riches, Houston goes 100% green years earlier
The oil and natural gas capital of the world is going all-in on solar power.
Report: US hydraulic fracturing demand expected to bounce back
Demand for hydraulic fracturing services in shale plays across the United States is expected to reach rock bottom in May and stay low in the summer before a recovery begins in the fall, the Norwegian global energy research firm Rystad Energy reported.
Quantum seeks $5.5bn for new fund amid energy-market rout
Quantum Energy Partners is in discussions to raise roughly $5.5 billion for a new fund designed to pounce on opportunities that arise amid turmoil in energy markets, according to people with knowledge of the matter.
Halliburton lays off 1,000 workers at Houston headquarters
Houston oil field services company Halliburton has laid off 1,000 employees at its headquarters as low crude prices take their toll on demand for the products and services to company sells to energy producers.
QP lines up Mexico move
Qatar Petroleum (QP) has bought into three blocks offshore Mexico, in the Campeche Basin, under an agreement with Total.
Houston feeling the oil price pain
The US oil industry has been shrinking in much the same way as the country’s car industry – and the price crash will accelerate the process, according to a top economist.
Occidental Petroleum takes $1.4 billion writedown, cuts budget on oil rout
Occidental Petroleum Corp. took a $1.4 billion writedown related to an investment in a pipeline affiliate, cut capital spending and withdrew its guidance for the year after a historic collapse in oil prices.
Disappointment for Eni and Cairn off Mexico
Italy’s Eni and Scottish firm Cairn Energy have reported disappointment offshore Mexico after an exploration well came up dry.
Controlled fire at Shell refinery blackens Houston sky
A controlled fire at Royal Dutch Shell Plc’s refinery near Houston cast a plume of black smoke over the city’s industrial suburbs.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
Pipeline giant looks to stash oil glut in its lines
Energy Transfer LP, the pipeline operator run by billionaire Kelcy Warren, is looking at ways to free up space on its conduits to store more crude as the coronavirus lockdown leaves the world swimming in oil.
Brokers limit investors’ oil bets
At least three brokerages are restricting the ability of clients to enter into new trades in the most active oil benchmarks in a bid to curb losses after an unprecedented meltdown in crude this week dragged prices into negative territory for the first time in history.
Oil’s wild ride cuts ETF investors loose
For investors getting crushed by oil’s relentless drop, contortions in the exchange-traded fund they swarmed into are adding mind-numbing complexity to an already anxious situation.
IEA calls for deeper cuts
The International Energy Agency (IEA) has called for the OPEC-led group to take more production offline and faster than previously agreed.
Trump pledges funds for US oil industry to avert job cuts
President Donald Trump said his administration is working on a plan to make money available to the oil industry to prevent the loss of jobs after prices plunged below zero.
The oil industry shed 51,000 US jobs in March
The oil and gas industry shed nearly 51,000 drilling and refining jobs in March, a 9% reduction that is likely to get worse as futures prices fell into negative territory Monday.