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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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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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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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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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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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Chevron won’t follow rivals’ ‘aspirational’ climate goals, CEO says

Chevron won’t follow rivals’ ‘aspirational’ climate goals, CEO says

Mike Wirth didn’t beat around the bush Tuesday: Chevron Corp. won’t go carbon neutral anytime soon. $75 to $80 billion shareholder distribution capacity over five years. Company announced that it has sanctioned the Anchor project in the U.S. Gulf of Mexico. The U.S. District Court for the Southern District of New York today granted Chevron...

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Time running out for Chevron’s sanctions waivers in Venezuela

Time running out for Chevron’s sanctions waivers in Venezuela

The Trump administration is ready to unleash the full impact of sanctions on Chevron Corp.’s operations in Venezuela as the U.S. seeks. Company announced a contribution of $1 million from the Chevron Global Community Fund. Company has been notified of an unsolicited “mini-tender offer” by TRC Capital Corporation. It named Clay Neff president of Chevron...