KCA Deutag is facing better prospects after slashing its debt and “battening down the hatches” in during a tumultuous 2020, the Aberdeen-based oil and gas drilling giant’s chief finance officer said yesterday.
BP has taken a $2.79bn (£2billion) impairment on the value of its oil and gas assets in the UK North Sea.
Wintershall Dea of Germany saw losses widen to more than £1billion in 2020 as Covid-19 brought down commodity prices.
Ørsted enjoyed “great strategic progress” last year as it managed to strengthen its financial footing in the face of the Covid-19 pandemic.
Exxon Mobil Corp. posted a $19.3-billion writedown of U.S. natural gas and other assets, capping the first annual loss for the Western world’s largest oil company in at least four decades.
Baker Hughes has closed out its “incredibly challenging” 2020 financial year with pre-tax losses of $15.2billion (£11bn).
Iman Hill, recently appointed as the new executive director of the International Association of Oil and Gas Producers (IOGP) writes for Energy Voice on the current "litmus test" for the sector.
Bilfinger Salamis was having a “particularly strong year” before Covid-19 struck the oil and gas industry, new accounts have revealed.
BP is reassessing the “chosen venue” for its 2020 Annual General Meeting as the planned site is being converted into a coronavirus field hospital.
OPEC said demand for its crude will slide to 2020, though less steeply than previously expected, as rival supplies continue to grow. The organization will need to pump 30.7 million barrels a day by the end of the decade, OPEC said Wednesday in its annual World Oil Outlook. That’s 1.7 million barrels more than projected a year ago, and 1 million less than the group pumped in November. The forecast underlines the struggle faced by the Organization of Petroleum Exporting Countries as it seeks to defend market share against a surge in output from rivals such as the U.S. and Russia. While OPEC is slowly taming the expansion of competitors, the collapse in oil prices means the financial costs of its strategy are immense. Brent crude futures touched an 11-year low of $36.04 a barrel on Dec. 21.
The European Union says its emissions fell 4% last year, meaning the 28-nation bloc has already surpassed its target for 2020. A report by the EU’s environment agency said 2014 emissions were 23% lower than in 1990. The EU is the world’s third largest greenhouse gas polluter.