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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...

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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)...

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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...

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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...

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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....

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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...

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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...

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Weatherford completes novel cased-hole sidetrack in ultra-deep Gulf of Mexico waters

Weatherford completes novel cased-hole sidetrack in ultra-deep Gulf of Mexico waters

Weatherford announced a success in an ultra-deepwater Gulf of Mexico operation that saved a major international oil company 14 rig days valued at approximately $14 million. Company announced that it has completed its financial restructuring and emerged from chapter 11 protection. The Company extends its sincerest condolences to his family during this difficult time. Company...

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ConocoPhillips to implement $2.2B in cash-saving measures

ConocoPhillips to implement $2.2B in cash-saving measures

ConocoPhillips announced that it is taking several actions in response to the recent oil market downturn. Company announced an increase in its quarterly dividend of 38 percent, to 42 cents per share. ConocoPhillips (NYSE: COP) today completed its previously announced transaction to sell two ConocoPhillips United Kingdom (U.K.) subsidiaries. ConocoPhillips (NYSE: COP) will host a...