Chevron latest US major to quit North Sea with $2bn asset sale November 11, 2019 Chevron has become the latest oil major to quit the North Sea, today announcing it had sold its entire oil and gas portfolio to Israeli-owned Ithaca Energy. The deal, which is worth $2bn, will see Ithaca add Chevron’s 10 producing fields to its existing portfolio, giving it a total of 18 field interests. Read more: [...]
UK lowers security risk for Straits of Hormuz shipping November 7, 2019 The UK today lowered the security risk for UK-flagged tankers travelling through the Straits of Hormuz, more than a month after the Stena Impero was released from detention by Iran. The Gulf state’s revolutionary guards seized the British tanker was seized in response to Britain’s capture of an Iranian vessel off Gibraltar. Read more: Saudi [...]
Oil prices drop back after three day surge November 6, 2019 After three days of growth oil prices dropped this morning, as US crude stocks nearly tripled against analyst expectations. Inventories rose by 4.3m barrels last week to 440.5m barrels, far higher than forecasts of a 1.5m barrel increase. Read more: OPEC chief optimistic for 2020 as oil price rises one per cent An easing in [...]
OPEC chief optimistic for 2020 as oil price rises one per cent November 5, 2019 The oil market outlook for 2020 may have upside potential, the secretary-general of producer group OPEC said today, appearing to underplay any need to cut output more deeply. Mohammad Barkindo said he was more optimistic about next year’s outlook than he had been last month, when he said all options, including a deeper cut to [...]
Exxon Mobil profits halve in the third quarter November 1, 2019 Exxon Mobil saw its third quarter profit nearly half today as lower oil prices and weaker margins in refining and chemicals saw earnings drop to $3.17bn (£2.5bn). The oil giant’s three main businesses all reported lower year-over-year profit as earnings fell 49 per cent from $6.24bn a year earlier. Read more: Shell profits slide 15 [...]
Total latest to suffer from low oil prices in Q3 results October 30, 2019 Oil supermajor Total’s profits slumped by 24 per cent this morning as it became the latest company to be hit by low oil and gas prices. The French company’s third quarter results showed that profit was $3bn (£2.3bn), down from $6.24 billion in the same three months in 2018. Read more: Weak oil prices push [...]
Weak oil prices and hurricanes push BP to $750m loss October 29, 2019 Lower oil prices and hurricanes knocked BP to a $749m loss in the third quarter, the energy giant revealed today as chief executive Bob Dudley prepared to bow out. Read more: Saudi Aramco insiders say the kingdom has set a date for the IPO The figures BP fell to a $749m loss in the three [...]
Oil prices post 5 per cent gains for the week as US-China trade talks progress October 26, 2019 Oil prices ended Friday up and registered the strongest weekly gains in more than a month. Brent crude rose by 0.6 per cent to finish on $62.02 per barrel with a weekly gain of 4.0 per cent. Read more: Is oil’s relationship with energy stocks slipping? WTI crude futures finished the day 0.8 per cent [...]
Equinor forecast steady despite gas sales fall October 24, 2019 Equinor, the Norwegian oil company, today reiterated flat forecasts for 2019 production, despite a significant decline in the volume of natural gas sold to Europe. Commenting on the third-quarter update, chief executive Eldar Saetre said: “We maintain strong cost and capital discipline, but our results are affected by lower commodity prices in the quarter.” Read [...]
Oil prices fall amid uncertainty over US China trade deal October 14, 2019 Oil prices fell this morning amid uncertainty over the first phase of a trade deal between the US and China. Markets were lifted two per cent by optimism over a thaw in the frosty relations by the end of last week, but Brent Crude was down 1.11 per cent this morning, valued at $59.84 per [...]