OPEC+ members seek to broaden coalition in output cut plan

OPEC+ members seek to broaden coalition in output cut plan

The OPEC+ coalition is pushing for other major oil producers to join it in a deep reduction of global crude output to stem the historic rout in prices. OPEC could make oil production cuts for the second time this year so says the Saudi Oil Minister Ali Naimi. It comes less than 24 hours after President Donald Trump told CNBC that he expected OPEC kingpin Saudi Arabia. A global cut of 10 million barrels a day is a realistic goal, according to a delegate, who spoke on condition of anonymity. Oil prices fell on Wednesday after U.S. crude inventories rose...

Bakken shale leader Whiting Petroleum files for bankruptcy

Bakken shale leader Whiting Petroleum files for bankruptcy

The unprecedented collapse in global oil markets brought another driller to its knees. PG&E will commit billions of dollars in additional spending to prevent wildfires. The privately owned company calls itself the oldest U.S. family owned and operated sporting goods retailer. It forcing a champion of what was once the premier U.S. shale field to seek protection from creditors. Power producer PG&E said that it won bankruptcy court approval to use up to $23 billion in financing. Whiting Petroleum Corp., facing more than a quarter-billion dollar debt maturity, filed for bankruptcy Wednesday. The former head of Uber Technologies Inc’s self-driving...

IHS Markit sees forced oil production cuts of 10MMbpd ahead

IHS Markit sees forced oil production cuts of 10MMbpd ahead

Research firm IHS Markit expects up to 10 MMbpd of world oil production will be cut or shut-in from April to June 2020 as oil storage fills up. Company reported results for the first quarter ended February 29, 2020. IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, announced related the Aberdeen Standard Investments. The output from financially strapped companies begins to fall. The production volumes rise at fastest pace for three months. IHS Markit (NYSE: INFO), a world leader in critical information, analytics and solutions, in collaboration with the Saudi Stock Exchange. If oil cannot...

Saudi Aramco considers $10B pipeline stake sale to raise cash

Saudi Aramco considers $10B pipeline stake sale to raise cash

Saudi Aramco, the world’s largest oil producer, is weighing the sale of a stake in its pipeline unit to raise money amid a slump in crude prices. The Saudi Arabian Oil Company announced its full-year 2019 financial results. The agreement marks the Company’s first global sponsorship of a major sporting event. Aramco Trading Limited (ATL) will expand ATC’s global portfolio as it seeks to become one of the top trading companies in the world. It’s according to people familiar with the matter. Saudi Aramco is sponsoring the first international Carbon capture, utilization, and storage conference (iCCUS). HRH the Governor echoed...

Texas RRC Chairman Wayne Christian: We must stabilize worldwide oil markets

Texas RRC Chairman Wayne Christian: We must stabilize worldwide oil markets

COVID-19 wreaks havoc on our healthcare system and economy, there are no easy answers. A man who hit a father and his 4-year-old son with his car as the pair crossed a New Orleans street was captured after four months. In an update Tuesday afternoon from Austin, Gov. Greg Abbott (R) shared the latest in the state’s efforts to stop the spread of the COVID-19 virus. American businesses and workers are justifiably worried about its impact on public health and the economy. Texas’ Lieutenant Governor said Monday night that the U.S. should get back to work in the face of...

Texas regulator considers oil output cuts for the first time in decades

Texas regulator considers oil output cuts for the first time in decades

Texas’s main oil regulator is weighing for the first time in nearly half a century whether the state should curb crude production. Texas is looking to dock pay from workers who receive government stimulus checks. A North Texas man has been accused of threatening the lives of Democrats including House Speaker Nancy Pelosi. A move that would have an enormous economic and political impact. Texas Roadhouse CEO and founder Kent Taylor will give up his pay for the rest of the year. America needs positive stories amid the coronavirus pandemic more than ever. The idea, still in preliminary discussions among...

Chevron cuts spending by $4 billion, suspends share buybacks

Chevron cuts spending by $4 billion, suspends share buybacks

Chevron became the latest oil company to take an ax to its budget, cutting capital expenses by $4 billion and suspending its share buybacks. It reduces 2020 capital spending plan by $4 billion, or 20%. $75 to $80 billion shareholder distribution capacity over five years. Fourth quarter loss $6.6 billion; earnings excluding special items and FX $2.8 billion. Just weeks ago, Chevron Chief Executive Officer Mike Wirth pledged to keep the buyback through a downturn in oil prices. Company declared a quarterly dividend of one dollar and twenty-nine cents($1.29) per share. Company will hold its quarterly earnings conference call on...

Oil resumes plunge after IEA warns of ‘free fall’ in demand

Oil resumes plunge after IEA warns of ‘free fall’ in demand

Oil resumed its decline after the head of the International Energy Agency warned global demand was in ‘free fall’ as coronavirus lockdowns wreak havoc. The IEA and the Development Bank of Latin America (CAF) have just launched registrations for a massive online open course (MOOC). Luxembourg is targeting a sharp reduction in emissions by 2030. It consumption while major producers pump more. The world’s biogas and biomethane resources could cover 20% of global gas demand while reducing greenhouse gas emissions. Leaders expressed deep concerns about the grave global health crisis caused by the coronavirus (COVID-19). Futures in New York tumbled...

Equinor halts U.S. land activities as part of $3B cost-reduction plan

Equinor halts U.S. land activities as part of $3B cost-reduction plan

Equinor presented an updated outlook for 2020 and an approximately $3 billion action plan to strengthen the financial resilience. Company presents updated outlook for 2020 and an around USD 3 billion action plan. Equinor has started to implement measures to reduce operating costs. The companies have signed a Memorandum of Understanding on digital collaboration. The market impacted by the COVID-19 and low commodity prices. Equinor and partner Neptune have struck oil in the Sigrun East prospect in the North Sea. In 2019 Equinor purchased goods and services worth NOK 161.6 billion from more than 9,000 suppliers globally. Equinor says the...

Talos reduces costs, expects positive free cash flow in 2020

Talos reduces costs, expects positive free cash flow in 2020

Talos Energy announced updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. Company announced updated full year 2020 financial guidance, inclusive of $170.0 million of reductions in capital, operating and G&A expenses. The company will continue to evaluate additional opportunities to further reduce 2020 cost. The Company is evaluating potential alternative future dates for the event. Concurrently with the closing of the Transaction, Talos also closed on the increase of its borrowing base to $1,150.0 million. Those reductions would be incremental to the $170.0 million already identified. The Company also provided...