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The swift oil price crash caused by the Covid-19 pandemic will reduce the combined free cash flow of FPSO fields, which have produced above three quarters of their original resources at just $2.20 per barrel this year. This is a jaw-dropping decline from 2019’s $11.10 per barrel, a Rystad Energy impact analysis reveals. We also estimate... Continue Reading →
Brazilian oil giant Petrobras (PETR4.SA) said on Friday that its cash burn could reach $1 billion a month in periods of extreme stress and volatility, noting the current level of uncertainty in being able to accurately predict spending. The state-owned firm, formerly known as Petroleo Brasileiro S.A., cited current costs, expenses and volatile oil prices... Continue Reading →
May 07, 2020 Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch Ratings revised today the company's international long-term ratings outlook from stable to negative, and maintained the ratings of Petrobras at "BB-". This week the agency revised the sovereign rating outlook due to uncertainty over the duration and intensity of the Covid-19... Continue Reading →
Offshore drilling contractor Noble Corporation saw its quarterly net loss deepen after being negatively affected by rig impairment charges amid lower demand as a result of the coronavirus pandemic and low oil prices. Noble on Wednesday reported a net loss attributable to the company for the three months ended 31 March 2020, of $1.1 billion... Continue Reading →
Oil and gas company Murphy Oil plans to reduce its output in May by 40,000 barrels of oil equivalent per day, with the majority planned from offshore wells. Murphy is also closing two of its offices and making its office location in Houston the new corporate headquarters. For the month of April 2020, production averaged... Continue Reading →
Spain's Repsol reported a 28% fall in first-quarter profit on Tuesday, becoming the latest oil and gas company to show the deep damage done to its balance sheet by the coronavirus laying waste to energy demand. Oil prices fell 65% in the period as restrictions on movement to halt the spread of the virus paralyzed... Continue Reading →
French energy major Total promised to pay a steady cash dividend and said it can break even with low oil prices after the impact of the coronavirus outbreak and a collapse in fuel demand led to a 35% first-quarter profit fall. It also raised its climate ambitions, saying it aims to reach net-zero emissions from... Continue Reading →
Offshore engineering services company Oceaneering has said its board has approved voluntary base salary reductions of the executive management team and other members of senior management, effective as of May 1, 2020. Oceaneering explained the move was consistent with its commitment to cost reductions during the ongoing public health and energy market crises. Continue reading
Mexican state oil company Pemex, hammered by a collapse in crude prices and a sharp depreciation of the Mexican peso, on Thursday posted a multibillion-dollar quarterly loss that was far wider than losses a year earlier. Losses during the first quarter of 2020 totaled $23.6 billion (562.13 billion peso), likely the company’s biggest ever quarterly... Continue Reading →
Chevron Corp (CVX.N) on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits. Global fuel demand has crashed by a third while many people shelter at home for an indefinite period. Major oil companies have largely... Continue Reading →
Brazil Energy Insight 