Oil major ExxonMobil reported a back-to-back quarterly loss for the first time in over three and a half decades. ExxonMobil last Friday posted an estimated second-quarter 2020 loss of $1.1 billion compared with earnings of over $3.1 billion in the same quarter last year. Results included a positive non-cash inventory valuation adjustment from rising commodity... Continue Reading →
Suriname’s Staatsolie Eyes Stake in Apache’s Prolific Offshore Block
Suriname's state-owned oil company Staatsolie is considering farming into an offshore oil block where Apache Corp and France's Total SA have announced a third major discovery, an executive said on Sunday. Staatsolie has the right to a stake of up to 20% in the 1.4 million-acre Block 58, where Apache and Total last week announced... Continue Reading →
ANP – Brazil June oil production reaches almost 4 MMboe/day
Jul 30, 2020 The ANP's Monthly Bulletin on Oil and Natural Gas Production presents detailed data for June 2020. National production was 3.821 MMboe / d (million barrels of oil equivalent per day), with 3.013 MMbbl / d ( million barrels per day) of oil and 128 MMm3 / d (million m3 per day) of... Continue Reading →
Chevron posts $8.3 billion loss on write downs, job cuts
Chevron Corp (CVX.N) on Friday reported an $8.3 billion loss on asset writedowns from plummeting fuel prices, a forced exit from Venezuela and expenses tied to thousands of jobs cuts. Multibillion-dollar asset writedowns have become a prominent part of second-quarter energy results, as a global oil glut emerged as the COVID-19 pandemic cut fuel demand.... Continue Reading →
Transocean’s 20k PSI Newbuild Drillships to Cost $2,25B
Offshore drilling company Transocean expects its two ultra-deepwater drillships under construction in Singapore to cost it $2,25 billion in total, more than a double on the original order price. Transocean first ordered the drillships - now named the Deepwater Titan and the Deepwater Atlas - on speculation from Sembcorp Marine's Jurong Shipyard in 2014 for... Continue Reading →
Eni slips to loss, cuts capex
Italian oil and gas giant Eni went from a profit in the second quarter of 2019 to a loss in the same period this year hit by the combined effects of the coronavirus pandemic and the oil price crisis. Eni has also cut its capex guidance for 2020 by 35 per cent. Eni booked a... Continue Reading →
Exclusive: Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp (XOM.N) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with a multi-billion-dollar quarterly loss looming. It was unclear how extensive the cuts will be. The largest U.S. oil company slashed this year’s budget by 30% in April,... Continue Reading →
Chevron receives proposals for Papa-Terra stake
Jul 30, 2020 Chevron receives proposals today to purchase its stake in the Papa-Terra field, in the Campos Basin, in an operation conducted by Bank of America. The expectation is that medium-sized oil companies will compete for shares in Chevron and Petrobras in the Campos Basin asset. The bidding should involve up to four companies,... Continue Reading →
Total logs profit despite COVID-19 effects
Total reported a 96 per cent drop in adjusted profit for the second quarter of 2020 due to lower prices and COVID-19 effects. The company reported an adjusted net income of $126 million, down from $2.9 billion reported in the corresponding quarter last year. Total noted it will take an $8.1 billion impairment on its... Continue Reading →
Shell books $18 billion loss on huge impairment charges
Oil major Shell booked a loss of $18.1 billion in the second quarter of 2020 due to huge impairments as it cut its price outlook in response to the coronavirus pandemic and the oil price crisis. Shell said on Thursday that it had booked a loss of $18.1 billion for the second quarter of 2020... Continue Reading →
Brazil Energy Insight 