Exxon Mobil Corp. more than doubled the budget cuts announced by any other shale company on Tuesday amid an historic crude-market crash. In all, nearly three dozen shale explorers have slashed Continue Reading
ExxonMobil said Tuesday it will slash its 2020 capital spending by $10 billion as North America’s largest energy company cuts its bottom line deeper than the other integrated oil majors Continue Reading
“We haven’t seen anything like what we’re experiencing today.” ExxonMobil’s CEO Darren Woods said his company is expecting oil demand to decline by 20 to 30 percent because of the Continue Reading
ExxonMobil saw its credit rating downgraded by Moody’s on Thursday from Aaa to Aa1, with a Negative outlook. Two weeks ago, S&P cut Exxon’s credit rating. The oil major’s struggles Continue Reading
As prices crashed, the supermajors resorted to one of the last tools they have before starting to potentially consider the painful idea of cutting dividends, taking on more debt International Continue Reading
Plans to ‘weather’ crisis with strong cash position Q1 upstream production down 4-6% from Q4 2019 Immediate cut seen in US shale output BP is cutting its planned capital expenditure Continue Reading
The international oil market is composed of two types of companies: International Oil Companies (IOC) and National Oil Companies (NOC). The former are Western firms with their origin often linked Continue Reading
The world’s biggest oil and gas firms should break an industry taboo and consider cutting dividends, rather than taking on any more debt to maintain payouts as they weather the Continue Reading
Phillips 66 unveiled its plan for responding to the market downturn. Phillips 66 on Tuesday unveiled its plan for responding to the market downturn. “Phillips 66 is well positioned to Continue Reading
US oil group Chevron is to make sweeping cuts to its spending plans for this year and will abandon its $5bn share-buyback program, saying the move would protect its dividend Continue Reading
Occidental Petroleum Corp. is cutting salaries for its U.S. employees by up to 30% in a bid to slash expenses, according to an internal email reviewed by The Wall Street Continue Reading
Employees at U.S. oil supermajors have lost $5 billion in savings since the end of 2018 as more than a third of these savings were in company stocks, which have Continue Reading
On the 8 th of August 2019 a major oil company completed an acquisition that could well be looked back on as the worst oil deal of the decade. Since Continue Reading
When Rystad Energy analysts last November told Bloomberg that Big Oil investors were in for a windfall of dividends and share buybacks as the companies shifted into renewables, they couldn’t Continue Reading
Occidental Petroleum Corp. cut its dividend for the first time in 30 years as the oil producer opts to conserve cash to cover debt incurred in its $37 billion takeover of Continue Reading
Oil majors will be under pressure to slash their investment plans and cut shareholder payouts this year as oil prices tumbled to multi-year lows Monday after Saudi Arabia launched a Continue Reading
Occidental Petroleum Corp. plans to cut capital spending after oil futures plummeted below some of its hedging levels and threatened its dividend, according to people familiar with the matter. The Continue Reading
The U.S. government is preparing to impose new measures as soon as next week to stifle Venezuela’s oil exports, including a move not to renew Chevron Corp’s ( CVX.N ) Continue Reading
Don’t count on America’s oil giants to join their rivals across the pond in ambitious efforts to cut carbon dioxide emissions. On Thursday, Exxon Mobil Corp. Chief Executive Officer Darren Woods dismissed the Continue Reading
Exxon and Chevron boasted to investors this week about booming U.S. oil production, illustrating how the gap has widened – at least in words – between top American oil and Continue Reading
U.S. supermajor ExxonMobil maintains its strategy for capital expenditures between US$30 billion and US$35 billion each year through 2025, chairman and CEO Darren Woods said at the company’s annual investor Continue Reading
It’s one of the first signs that the majors are throttling back on production in response to the recent price slump. (Bloomberg) — Exxon Mobil Corp. is slowing the pace Continue Reading
Thanks to careful spending in lower-risk projects with solid returns, U.S. oil supermajor Chevron has the capacity to distribute US$75 billion-US$80 billion in cash to shareholders over the next five Continue Reading
Chevron has upped its Permian Basin resource estimate to more than 21 billion barrels of oil equivalent, more than double the company’s estimate just three years ago, its top executives Continue Reading
Chevron Corp. plans as much as $80 billion in dividends and share buybacks over the next five years, boosting distributions by 20% compared with the most recent pace of payouts Continue Reading
Exxon Mobil on Tuesday outlined how it is reducing the methane its operations release into the atmosphere, detailing its efforts as governments around the globe write new rules to regulate Continue Reading
In the last month, BP said it had “set a new ambition” to get to net-zero emissions by 2050, and the company withdrew from three oil industry trade groups that Continue Reading
ExxonMobil saw its share price nosedive by roughly 15 percent in the past week, one in a series of oil companies that finds itself in a freefall. Four other oil Continue Reading
The global oil and gas market was once dominated by a select group of Western energy companies called “The Seven Sisters” . The unparalleled influence of these International Oil Companies Continue Reading
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 global oil major Continue Reading
BP will leave three U.S. energy trade associations, including the main refining lobby group, the American Fuel and Petrochemical Manufacturers (AFPM), due to differences over climate policies, the UK-based oil Continue Reading
Some employees will be offered temporary assignments, with extended layoff dates potentially through the end of this year. Chevron Corp. will be launching a round of layoffs beginning April 6 Continue Reading
The investment will be used to deliver a pipeline of global projects to lower emissions from the oil and gas industry. Chevron Technology Ventures, the tech arm of Chevron Corp., Continue Reading
The biggest British petroleum producer just set one of the most ambitious climate goals of any major multinational oil-and-gas company. Now the pressure is on its American counterparts to do Continue Reading
The oil and gas majors are under huge pressure to show they are contributing to reducing carbon emissions. New BP CEO Bernard Looney says he “gets it,” and has set Continue Reading
Marathon Oil has budgeted $2.4 billion for this year in what it called disciplined total capital budget, which was 11 percent lower than what the company spent last year, Marathon Continue Reading
Last month, when global elites gathered in Davos, Switzerland for the World Economic Forum, climate change took center stage . While it’s unclear whether attendees came away with any concrete Continue Reading
Occidental Petroleum expects to book around US$1.7 billion in impairments and costs for the fourth quarter of 2019 when it reports results later this month, the company said on Tuesday, Continue Reading
BP’s oil and gas output is expected to decline “gradually over time” as it pursues a goal of becoming carbon neutral in its business overall and in the carbon content Continue Reading
BP said the deadly coronavirus outbreak could cut global oil demand growth by 40 percent this year, putting pressure on Opec producers and Russia to curb supplies to keep prices Continue Reading
BP is expecting the China-focused coronavirus outbreak to reduce global oil demand by up to 500,000 b/d in early 2020 but remains upbeat that improving economic sentiment will support the Continue Reading
Goldman Sachs downgraded ExxonMobil’s shares to Sell from Neutral, following another disappointing quarter. Exxon reported a drop in profits on Friday for the fourth quarter, weighed down by a deterioration Continue Reading
BP said it planned to divest $15 billion of assets by mid-2021, having previously targeted $10 billion in asset sales by the end of 2020. The company has already unloaded Continue Reading
( The world’s largest oil companies invested billions of dollars to boost crude production and their success has turned around and bit them — and their shareholders. Oil majors Exxon Continue Reading
ExxonMobil and Chevron reaffirmed multibillion-dollar capital spending plans for 2020 despite challenging oil and gas prices and a short-term surplus of capacity among refineries and liquefied natural gas plants. The two Continue Reading
ExxonMobil (NYSE: XOM) reported on Friday fourth-quarter earnings down from a year earlier, as lower natural gas prices and weak chemical and refining margins were not enough to offset cash Continue Reading
Chevron Corporation ( NYSE: CVX ) posted a fourth-quarter loss of $6.6 billion versus earnings of $3.7 billion for the same period of 2018, on the back of massive write-offs Continue Reading
The first of Big Oil corporations reported Q4 and full-year 2019 results on Thursday, and the financials Royal Dutch Shell ( NYSE:RDS.A ) released doesn’t bode well for the rest Continue Reading
Shell’s upstream oil production increased by 6% on the year to 1.77 million b/d in the fourth quarter of 2019, contributing to what CEO Ben van Beurden insisted is a Continue Reading
Shell CEO Ben van Beurden said Thursday the company was “not spending enough” on its new energies business, particularly in electricity. Speaking to journalists following the release of Q4 earnings, Continue Reading
