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BP can cut spending by 20% this year, CFO says

BP can cut spending by 20% this year, CFO says

BP can slash its spending by 20% this year as the oil market goes into freefall, with some U.S. operations likely to get less investment. The project is now backed-up by the National Petroleum Agency (ANPG) and will allow the province of Benguela to be mine-free by the end of 2023. BP and Albert Heijn...

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Aramco slashes CAPEX as the oil-price war hits home

Aramco slashes CAPEX as the oil-price war hits home

Saudi Aramco is slashing planned spending this year in the first sign that plunging demand and the oil-price war the kingdom unleashed are hitting home. It reducing 2020 capital expenditure in response to current market conditions. Aramco Trading Limited (ATL) will expand ATC’s global portfolio as it seeks to become one of the top trading...

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BJ Services and Atheon ink contract for next-gen gas fueled frac fleet

BJ Services and Atheon ink contract for next-gen gas fueled frac fleet

BJ Services has entered into a multi-year contract with Aethon Energy for the deployment of the Company’s first TITAN next-generation fracturing fleet in the Haynesville shale. Andrew Gould served as the former Chairman of the Board of Directors and Chief Executive Officer of Schlumberger Limited. The BJ brand is built upon a rich 145-year history....

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U.S. sanctions second Rosneft subsidiary for shipping Venezuelan crude

U.S. sanctions second Rosneft subsidiary for shipping Venezuelan crude

The U.S. sanctioned a second subsidiary of Russia’s biggest oil producer. The Rosneft CEO expressed his company’s interest in acquiring BPCL. A three-year pact between OPEC and Russia ended in acrimony on Friday. The measure explicitly prohibited U.S. companies from dealing with Rosneft Trading after a three-month wind-down period. Rosneft PJSC allegedly supporting Venezuelan leader...

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DOE encouraged to add 78MMbbl of U.S. oil to strategic reserve

DOE encouraged to add 78MMbbl of U.S. oil to strategic reserve

America’s emergency oil reserves have been used in the past to provide relief from price spikes caused by wars or hurricanes. United States and Australia have signed a milestone arrangement. U.S. Department of Energy (DOE) announced plans to provide up to $40 million over three years for new research in data. They could be deployed...

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Russia keeps door open for OPEC amid threats to raise output

Russia keeps door open for OPEC amid threats to raise output

Russia stepped up its price war with Saudi Arabia by warning it can raise oil production, while also saying further cooperation with OPEC is possible. U.S. shale producers on last Monday rushed to deepen spending cuts and reduce future production. Standard Chartered on Monday cut its 2020 and 2021 oil price forecast, saying the price...

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Rosneft to raise output as soon as current OPEC+ deal ends

Rosneft to raise output as soon as current OPEC+ deal ends

Russia’s state oil company Rosneft is planning to lift oil production as soon as the current OPEC+ deal ends, according to a person close to the company. Rosneft, has agreed to take control of Iraqi Kurdistan’s main oil pipeline. Rosneft has said it signed a number of agreements with Turkey’s leading energy companies on the...

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Chevron plans $80B in dividends as shale production ramps up

Chevron plans $80B in dividends as shale production ramps up

Chevron plans as much as $80 billion in dividends and share buybacks over the next five years. $75 to $80 billion shareholder distribution capacity over five years. Company announced it has sanctioned the Anchor project in the U.S. Gulf of Mexico. Company boosting distributions by 20% compared with the most recent pace of payouts as...

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Aramco delays April oil pricing, as it waits for OPEC’s decision

Aramco delays April oil pricing, as it waits for OPEC’s decision

Saudi Aramco is delaying the release of its monthly crude-pricing announcement. Aramco Trading Limited (ATL) will expand ATC’s global portfolio as it seeks to become one of the top trading companies in the world. Saudi Aramco is sponsoring the first international Carbon capture, utilization, and storage conference. The exceptional step by the world’s biggest oil...

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Exxon to cut Permian growth by 10% in response to price slump

Exxon to cut Permian growth by 10% in response to price slump

Exxon Mobil is slowing the pace of its flagship shale project in the Permian Basin. Plans on track to more than double earnings and cash flow generation potential by 2025. First signs that the oil majors are throttling back on production in response to the recent slump in prices. The U.S. energy giant will cut...