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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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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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The oil-price war Russia helped create complicates their Arctic plans

The oil-price war Russia helped create complicates their Arctic plans

Oil’s freefall amid a deepening price war and a global pandemic threatens to complicate Russian efforts to turn the Arctic into a major new energy zone. Saudi Arabia’s finance ministry had asked government agencies to propose a 20-30 percent cut in their budgets. Two sources with knowledge of the plans told Reuters on last Tuesday....

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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...