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Reuters | Equities.com |

Halliburton Co posted its fourth straight quarterly loss on Monday, as the world's second-largest oilfield services firm struggled with a plunge in demand and lower oil prices.

Halliburton, the largest hydraulic fracturing provider in the U.S., still beat analyst estimates, earning 11 cents a share after one-time items versus expectations of 8 cents per share. The Houston, Texas-based company has undertaken aggressive cost-cutting measures, including cutting thousands of jobs.


Reuters | Equities.com |

ConocoPhillips on Monday agreed to buy U.S. shale oil producer Concho Resources Inc for $9.7 billion, as the energy sector continued to consolidate amid lower fuel prices and demand.

The, low-premium, all-stock deal comes as many U.S. shale companies have been mired in losses due to weak crude prices and, unlike in past downturns, have struggled to raise new capital to restructure heavy debts.

The purchase would propel ConocoPhillips ...


Reuters | Equities.com |

Saudi Aramco and Saudi Basic Industries have decided to re-evaluate their $20 billion crude-oil-to-chemicals project and are now looking at integrating existing facilities instead.

The decision comes as oil companies globally re-assess energy projects to conserve cash, with a collapse in demand caused by the coronavirus pandemic threatening to keep crude prices weak for a long time.

Aramco and petrochemical producer SABIC in 2017 signed a p...


AP News | Equities.com |

Saudi Arabia’s National Commercial Bank said Sunday it will purchase rival lender Samba Financial Group in a deal valued at $14.8 billion, creating what would become the kingdom’s largest bank.

The bank will control some $223 billion in assets and a market capitalization of $46 billion after the merger wins regulatory approvals and is completed, National Commercial Bank said in a filing on Riyadh’s Tadawul stock market announcing the deal. ...


Reuters | Equities.com |

U.S. energy companies were returning workers and restarting operations at storm-swept production facilities along the U.S. Gulf Coast on Sunday, two days after Hurricane Delta barreled through the area.

Chevron Corp, Royal Dutch Shell Plc and BHP Group all said workers were headed back to production platforms in the U.S.-regulated northern Gulf of Mexico.

BHP expects to complete the return of workers to its Shenzi and Neptune production platforms on Sunday, spokeswoman Judy Dane said, adding that resuming flows will depend on how quickly pipelines return to service.


AP News | Equities.com |

Stocks rose for the second day in a row Thursday, reflecting hope on Wall Street that Washington can approve more aid for the economy and encouragement from a report that suggests the pace of layoffs is slowing a bit, even though it remains incredibly high.

The S&P 500 climbed 0.8%, adding to its solid gains from a day earlier, when President Donald Trump apparently backtracked on his decision to halt talks on more aid for the economy. He said in a televised interview Thursday morning that “very productive” talks have begun on stimulus.


Reuters | Equities.com |

Oil and gas workers withdrew en masse from offshore production facilities as Hurricane Delta grew into a powerful storm over the Caribbean on its way to the Gulf of Mexico.

Delta’s winds reached 145 miles per hour (235 kph) as the storm sped toward Mexico’s Yucatan peninsula and eventual entry into the Gulf of Mexico, whose warm waters will restore it to a Category 4 storm, the National Hurricane Center said.

Oil producers had evacuat...


Reuters | Equities.com |

U.S. oil refineries are moving aggressively to produce renewable diesel, partly to cash in on Canada’s greener fuel standard before Canadian refiners modify their own plants.

Canadian Prime Minister Justin Trudeau’s government intends to present its Clean Fuel Standard this year, aiming to cut 30 million tonnes of emissions by 2030.

Renewable diesel, made by processing spent cooking oil, canola oil or animal fats, can be used in high concentrations or without blending in conventional diesel engines.


Reuters | Equities.com |

Noble Energy shareholders on Friday approved a deal to sell the oil and gas producer to Chevron Corp, making Chevron the No. 2 U.S. shale oil producer and giving it international natural gas reserves close to growing markets.

The all-stock deal values Noble Energy at around $4.2 billion, excluding $8 billion in debt, and the vote cements the first big energy deal since the coronavirus crushed global fuel demand.

The addition of Noble will boost Chevron


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Marathon Petroleum Corp, the largest U.S. oil refiner, said it would lay off about 2,050 employees, or 12% of its workforce, at its U.S. operations, excluding Speedway, as the COVID-19 pandemic crushed global demand for motor fuels.

The workforce reduction plan is a result of indefinite idling of its Martinez, California and Gallup, New Mexico refineries, the company said in the filing here.

Refiners and oil producers have been cutting staff, slashing spending and ...