Oil and Gas

Glencore chairman defends miner’s climate strategy

Jun 01 2020 @ 09:51
The chairman of Glencore (LSE: GLEN) and Genel Energy (LSE: GENL) has defended his firm’s current strategy to reduce greenhouse gas emissions following intense criticism from climate activists. Tony Hayward, who rose to international prominence as the CEO of BP during the Deepwater Horizon oil spill, rebuffed criticism that miners such as Glencore are not doing enough […]
 

Chevron to cut up to 15 per cent of worldwide workforce

May 29 2020 @ 09:54
Chevron Corp is to cut 10 to 15 per cent of its worldwide workforce as part of restructuring by the second-largest US oil producer. The company previously disclosed a 30 per cent reduction in its 2020 spending and voluntary job cuts amid this year’s plunge in oil prices and lower demand for oil and gas due […]
 

Exxon Mobil Price Analysis: XOM to Break Upwards Anytime

May 24 2020 @ 03:16
Exxon Mobil shares (NYSE:XOM) are about to break upwards as price action in the chart reveals. The market has been consolidating since April 2020, following a massive drop of January to March 2020. The market has been moving sideways. ADX period 14 is at the level 20 (low momentum), and DM+ is slightly above DM- […]
 

Oil price rise continues

May 21 2020 @ 09:45
Oil prices have reached their highest level since March, after a drawdown of US crude inventories and output cuts by major producers helped ease concerns about excess supply. Brent Crude futures for July delivery were trading up 62 cents, or 1.7 per cent, at $36.37 per barrel at 05:50 BST, rising for a second day. US West […]
 

Saudi Aramco earnings take 25 per cent hit

May 12 2020 @ 09:40
Saudi Aramco has reported a 25 per cent fall in first-quarter earnings, due to the oil price collapse and lack of demand stemming from the coronavirus pandemic. The state energy company reported net income of $16.7bn (£13.5bn, €15.4bn) in the first three months of the year, compared to $22.2bn a year earlier, as lockdowns reduced global […]
 

Saudi Arabia triples VAT after oil price plunge

May 11 2020 @ 11:42
Saudi government will also suspend its cost of living allowance for state workers Saudi Arabia is to increase its value added tax (VAT) by three times as part of austerity measures to support its economy hit by the coronavirus. The government also said it will suspend its cost of living allowance for state workers as […]
 

Exxon reports first quarterly loss in three decades

May 04 2020 @ 09:15
Energy giant loses $610m in Q1 Exxon Mobil (XOM) has reported its first quarterly loss in 32 years, as the plunge in global oil prices continues to haemorhage the energy giant.               The company lost $610m (£488m, €555m) in the first quarter of 2020, largely thanks to the $2.9bn in […]
 

Oil falls to $26 a barrel due to weak demand

May 01 2020 @ 08:48
Brent for July fell 46 cents, or 1.7 per cent, to $26.02 this morning Oil fell to around $26 a barrel as weak demand and excess supply pressured the mark, despite major producers beginning output cuts. The global oil benchmark, Brent crude, has collapsed 60 per cent in 2020 and reached a 21-year low last […]
 

Shell slashes dividend for the first time since World War Two

Apr 30 2020 @ 08:48
Royal Dutch Shell has cut its dividend for the first time since World War Two, following a coronavirus pandemic-engendered halving of quarterly earnings. Net income adjusted for cost of supply dropped to $2.9bn (£2.3bn, €2.7bn) in the three months to March 31 compared with $5.3bn in the same period the previous year. Analysts had estimated $2.3bn. […]
 

OMV posts first-quarter loss and lowers yearly production target

Apr 30 2020 @ 08:39
Austrian energy group OMV posted a net loss for the first quarter due to high inventory costs. It has also lowered its production target and crude price forecasts in response to the fall in oil demand. OMV said it lost €68 million ($74 million) in the three months to the end of March after making […]
 
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