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Energy

Reuters | Equities.com |

Exxon Mobil Corp is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off program in Australia.

Exxon is the latest oil major to embark on axing jobs spurred by a historic collapse in fuel demand because of the coronavirus pandemic.

The company has slashed capital spending this year by 30% to around $23 billion and said in August it planned both capital and operating expense cuts to defend its dividend after reporting losses in the first and second quarters.


Reuters | Equities.com |

Norwegian oil and gas firm Equinor is set to cut jobs significantly in the United States, Canada and Britain to adjust to a fall in oil prices, a company spokesman said on Wednesday.

The group plans to cut employee numbers in those countries by about 20% and contractor numbers by around half to ensure profitability at lower oil prices, the spokesman told Reuters, adding that the targets were communicated internally on Tuesday.


AP News | Equities.com |

U.S. consumer prices jumped 0.6% in July as gasoline prices continued to rise.

The Labor Department reported Wednesday that the increase last month in its consumer price index matched a 0.6% rise in June. The uptick was about twice what economists expected. But inflation remains in check: Consumer prices are up just 1% over the past year.

Gasoline prices rose 5.3% from June to July but are down 20.3% in the past 12 months as the coronaviru...


Reuters | Equities.com |

Equinor has appointed Anders Opedal as its new chief executive as the Norwegian oil and gas group looks to speed up a move into renewable energy.

The new CEO, who had been Equinor’s head of technology, projects and drilling and is the first engineer to lead the company, replaces Eldar Saetre who will retire after more than 40 years at Norway’s biggest company. Opedal’s appointment is effective from Nov. 2.

European oil companies are pushing ahead with plans to develop emissions-free sources of energy, with some, such as BP and Eni promising to cut their oil and gas production.


Reuters | Equities.com |

Occidental Petroleum Corp on Monday posted a bigger-than-expected quarterly loss as the COVID-19 pandemic sapped fuel demand and hammered prices.

The U.S. oil producer, struggling with debt raised for its $38 billion purchase of rival Anadarko Petroleum last year, recorded $6.6 billion in charges due to impairments in its oil and gas properties.


Reuters | Equities.com |

BP will need to invest tens of billions of dollars over the next decade and may have to accept lower returns than it can get from oil if it is to meet its target of becoming one of the world’s largest renewable power generators.

The British oil and gas company wants 50 gigawatts (GW) of renewables such as wind, solar and hydropower in its portfolio by 2030, up from just 2.5 GW now and more than the total renewable capacity in the United Kingdom at the moment.


Reuters | Equities.com |

State oil giant Saudi Aramco’s profit plunged 73% in the second quarter of the year, as a slump in energy demand and prices due to the coronavirus crisis hit sales at the world’s biggest oil exporter.

But the company stuck with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.

All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel, which reduced oil consumption and sent prices tumbling to levels not seen in nearly two decades.


Reuters | Equities.com |

Chevron Corp on Friday reported an $8.3 billion loss in the second quarter 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 the COVID-19 pandemic crushed fuel demand and created a massive glut of supply worldwide.

But the writedowns also reflect a growing real...


Reuters | Equities.com |

Exxon Mobil Corp reported a $1.1 billion loss for the second quarter on Friday, the first back-to-back quarterly loss for the U.S. oil giant in at least 36 years.

Exxon stood out among its supermajor peers for not taking a large writedown on the value of its assets as the industry outlook darkens on the future of oil and gas prices.

Chevron Corp, Total, Royal Dutch Shell, and Eni wrote down billions of dollars in assets. BP has signaled an up to $17.5 billi...


Reuters | Equities.com |

By Nishara Karuvalli Pathikkal

(Reuters) - ConocoPhillips reported a wider-than-expected loss on Thursday, as coronavirus-induced lockdowns sapped demand for fuel and crushed crude prices, sending shares of the world’s largest independent oil and gas producer down nearly 9% this morning before recovering about half of those losses.

The pandemic brought travel and other businesses to a halt under lockdowns and led to a glut of oil and gas, forcing widespread output cuts by bl...