Saturday, December 5, 2020

Exxon Mobil News

Exxon Committed to Singapore Refinery Expansion

(File photo: ExxonMobil)

Exxon Mobil Corp said on Thursday it remained committed to expanding its refining-petrochemical complex in Singapore amid an ongoing review of its projects globally.Along with other oil producers, Exxon has been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S.

Coronavirus, Consolidation Taking Toll On Energy Jobs

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Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand.Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc.All told…

Exxon to Cut 14,000 Jobs as Pandemic Hits Oil Demand

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ExxonMobil Corp said on Thursday it could cut its global workforce by about 15%, including deep white-collar staff reductions in the United States, as the COVID-19 pandemic batters energy demand and prices.Exxon and other oil producers have been slashing costs due to a collapse in oil demand and ill-timed bets on new projects. The top U.S.

Rolling the Dice in Chaos: The Prospects of Investment in the Gas Industry

Historical growth and prospects of gas investment for short-, medium- and long-term ($ billion). Source: GECF Secretariat, based on data from the GECF GGM

As stated in the Declaration of Malabo at the 5th Summit of Heads of State and Government of the GECF Member Countries, in order to sustain the security of demand and supply of natural gas, it is necessary to ensure sufficient investments through the entire gas value chain among all gas market stakeholders [1].Since the start of 2020…

ConocoPhillips to Reverse Most Output Cuts by End of Q3

(File photo: ConocoPhillips)

ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices…

Oil Industry Veterans to Launch Hydrogen Investment Fund

AdobeStock - Image by CrazyCloud

Two energy industry veterans plan to launch an investment fund focused on hydrogen this year as more and more governments include the niche fuel in their global warming battle plans.Hydrogen has long-been touted as a potential clean fuel as it only emits water vapour but it has failed to gain traction…

EU Hydrogen Plan Splits Supporters Down Color-coded Lines

Illustration; Fokussiert - AdobeStock

Energy industry lobbyists and advocates of renewable hydrogen are divided over whether the bloc should support low-carbon hydrogen produced by fossil fuels ahead of a new EU strategy next month.The EU's executive Commission plans to publish its hydrogen strategy on July 8, which will…

U.S. Oil Firms Hit Brakes on Return-to-work as Virus Cases Soar

Downtown Houston buildings - Credit:  Casey E Martin

U.S. energy companies slammed the brakes on returning staff to their Houston offices as COVID-19 cases soared and top hospitals warned they could soon run out of beds for the most severely ill patients.A record number of new illnesses in Texas this week spurred local officials to impose restrictions as new cases topped 5,000 on two days in a row.

New Zealand Refiner to Shrink. May Turn into Fuel Import Terminal

Image Credit: Refining NZ

Refining NZ said on Thursday it is considering shutting New Zealand's only oil refinery and turning it into a fuel import terminal in the long run, but first will reduce its operations to cut costs and breakeven into 2021.Refining NZ's Marsden Point refinery has been under pressure…

Guyana Received $4.9M in Oil Royalties in 1Q

Liza Destiny FPSO is currently producing oil at the Stabroek Block off Guyana - Image Credit: SBM Offshore

Guyana received $4.9 million in royalty payments for oil production at the offshore Stabroek block in the first quarter, the finance ministry said on Monday, a period that included the South American country's first crude exports.The crude produced by an Exxon Mobil Corp-led consortium…

Qatar Petroleum to Cut Spending by 30%

Qatar Petroleum CEO Saad al-Kaabi - (File photo: Qatar Petroleum)

Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.Speaking during a webcast organized by the U.S-Qatar Business Council, Saad al-Kaabi however said…

Petronas Farms Out Part of Suriname Offshore Block to Exxon

Image Credit: Zerophoto - ADobeStock

Malaysian oil and gas company Petronas has completed the farm-down of a 50% stake in an offshore Suriname block to a subsidiary of ExxonMobil.The offshore block, known as Block 52, is located north of the coast of Paramaribo, Suriname’s capital city, and is situated in the prospective…

When Oil Became Waste

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A week of turmoil for crude, and more pain to comeThe magnitude of how damaged the energy industry is came into full view on April 20 when the benchmark price of U.S. oil futures, which had never dropped below $10 a barrel in its nearly 40-year history, plunged to a previously unthinkable minus $38 a barrel.In just a few months…

Shell Cuts Dividend for First Time Since World War Two

Royal Dutch Shell cut its dividend for the first time since World War Two on Thursday as the energy company retrenched in the face of an unprecedented drop in oil demand due to the coronavirus pandemic.Shell also suspended the next tranche of its share buyback program and said it…

30+ Companies Compete for Guyana Crude Trading Deal

FPSO used for oil production in Guyana (Photo: SBM Offshore)

More than 30 companies, including commodities traders like Gunvor and Vitol as well as units of oil majors like Exxon Mobil and Royal Dutch Shell, submitted expressions of interest for a contract to market the Guyanese government's share of the country's crude, the government said…

Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge

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Exxon Mobil Corp on Friday posted its first quarterly loss in three decades on plunging oil demand and collapsing prices, reporting a $610 million quarterly deficit after a nearly $3 billion inventory writedown.Global fuel demand has tumbled by a third on coronavirus-related lockdowns and business shutdowns.

Woodside Watching Supermajors' Woes for Opportunities

Peter Coleman (File photo: Woodside)

Woodside Petroleum is keeping a close eye out for assets that might come up for grabs from the oil supermajors amid the oil market rout, seeing itself in a position to bid, Chief Executive Peter Coleman said on Friday.The head of Australia's top independent gas producer said, however…

More Disruption and Uncertainty in Store for Petrochemicals

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The impact of the coronavirus lockdowns on the oil, gas and chemicals industries’ integrated value chains is radically shifting relationships and profitability.It is also making planning virtually impossible, as BASF suggested last week.The environment around refining and chemical margins remains challenging…

Diamond Offshore Files for Bankruptcy

Diamond Offshore's Ocean Onyx semi-submersible drilling rig. Image by Stephen Walter Sr. / MarineTraffic

Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11…

Chevron Cuts Spending, Says Asset Sales Lift Profits

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Chevron Corp on Friday slashed its capital spending plans by another $2 billion as the coronavirus pandemic guts demand for oil and gas, while delivering a year-over-year 38% increase in profits.Global fuel demand has crashed by a third while many people shelter at home for an indefinite period.