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.
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.
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.
The leading U.S. solar-trade group is warning the fallout from the coronavirus could slash the industry’s workforce in half.
Drilling permit activity is slowing across Texas as oil prices crash to near $20 per barrel.
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.
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 “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 Energy has set out plans to reduce planned capital expenditure in 2020 to under $250 million.
There could be 10 million barrels per day more of supply than demand in March and April this year, according to IHS Markit.
Energy companies swiftly slashed spending and dividends after oil prices on Monday suffered their biggest one-day decline in 30 years.
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.
Oil price falls below $40 per barrel spell problems throughout the industry, with companies and countries alike facing tough times.
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.
US oil firm Apache has shed some light on an ongoing organisational “redesign” intended to reduce costs.
Don’t count on America’s oil giants to join their rivals across the pond in ambitious efforts to cut carbon dioxide emissions.
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.
Most people whose home and business were swept away by a hurricane would be stopped dead in their tracks, consumed by the disaster.
Exxon Mobil released its internal policy on methane emissions Tuesday, urging governments to use it as model for industrywide methane regulation.
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.
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.
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 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.
Oil traders are gathering in London for what’s normally a week of lavish parties, dealmaking and market chatter. China’s coronavirus means this year’s events will be more subdued – and fewer in number – than usual. The talk will be about absent friends and uncertain demand.
A buyer of LNG has cancelled two cargoes from Cheniere Energy, the biggest US exporter, as a global glut pummels prices for the fuel and threatens to shut a key outlet for shale production.