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(Reuters) - Chevron Corp CVX.N on Friday reported an adjusted third-quarter profit as oil prices recovered from spring lows and spending cuts benefited operating results, beating Wall Street expectations of a loss. Chevron and its peers have slashed spending budgets this year on plummeting demand and crude oil prices that remain about 40% below where they began... Continue Reading →
(Reuters) - Exxon Mobil Corp XOM.N posted its third straight quarterly loss on Friday and detailed deeper spending cuts to come, as the oil major reels from the COVID-19 impact on energy demand and prices. The largest U.S. oil producer plans to cut its capital spending for 2021 to between $16 billion to $19 billion, down from... Continue Reading →
Petrobras and some of its partners see an opportunity to create a spin-off company, with resources from the private sector, to work on the construction of new gas pipelines in the country. The information was revealed by the president of the Brazilian state-owned company, Roberto Castello Branco, during a conference call with investors. As a... Continue Reading →
(Reuters) - Petrobras is in the advanced stages of several major divestments, executives said on Thursday, indicating that the company’s ambitious deleveraging program may quicken after a pause during the worst of the coronavirus outbreak in Brazil. Speaking to analysts following the company's third-quarter results, executives at Petroleo Brasileiro SA PETR4.SA, as the state-run oil firm... Continue Reading →
(Bloomberg) --Exxon Mobil Corp. will slash its global workforce by 15% over the next two years, an unprecedented culling by North America’s biggest oil explorer as it struggles to preserve dividends. The cuts will include 1,900 U.S. jobs, mostly in Houston, as well as an undisclosed number of positions around the world. “These actions will... Continue Reading →
Petrobrás is on a constant path to reduce its oil extraction costs even more, especially in the challenging scenario that operators are facing in the pandemic scenario. Over the past few months, the Brazilian company has managed to go further in this objective, reducing the cost of extraction in the pre-salt layer to U$ 2.27... Continue Reading →
Spanish oil and gas group Repsol reported a 7 million euro ($8.27 million) adjusted net profit for the third quarter on Thursday as crude prices recovered, edging back into positive territory after a deep loss in the second quarter. While much better than an average analyst forecast provided by the company of a 15 million... Continue Reading →
A new study by Westwood Global Energy Group shows that 11 billion barrels of oil and 36 billion barrels of oil equivalent (boe) gas in 119 discoveries >100 million boe in size made between 2008 and 2016 is currently stalled with no progression towards development. This oil and gas, potentially, worth more than $65 bn... Continue Reading →
MAN Energy Solutions will supply five radial compressor and two screw compressor trains for the Bacalhau FPSO, under the contract with the Japanese FPSO specialist MODEC. The compressor trains will be installed aboard the FPSO that will be used to produce oil for Equinor at the Bacalhau field, about 185 kilometers off the Brazilian coast... Continue Reading →
In November 2007 Brazil’s national oil company, Petrobras, shocked the E&P world by announcing a 5-to-8-Bbbl discovery in a completely unknown geological play: carbonate reservoirs below a 2-km layer of salt, offshore Brazil, in a 2,000-m water depth. This announcement marked the beginning of a complete turnaround in the history of Brazil’s oil and gas... Continue Reading →
