ConocoPhillips launches natural gas drilling offshore eastern Australia
ConocoPhillips, a U.S.-based independent company, has begun drilling its first exploration hole as part of a larger campaign to search for natural gas off the eastern Australian coast, 3D Energi its junior partner said on Monday. 3D Energi announced in a filing with the ASX that work began on the Essington-1 oil well over the weekend. It will take 32 days for the drilling to reach 2,650 metres (8.694 feet).
Origin Energy, Australia, reports a 12% decline in APLNG revenue for the first quarter.
Origin Energy, Australia's largest energy company, reported a 12% drop in revenue from its Australia Pacific LNG stake for the first three months of the year. The fall was attributed to lower LNG prices and volumes. The power producer reported revenues from the APLNG joint venture -- a joint project with U.S. oil major ConocoPhillips, and China's State-owned Sinopec — of A$482 ($313.20) million for the three-month period ended September 30 compared to A$547 in the previous quarter.
ConocoPhillips will lay off Canada employees by November, a company memo shows
According to three sources, and according to a memo from the company, ConocoPhillips will be laying off workers at its Canadian operations as part of its plan to reduce its global workforce to up to one quarter by next year. The memo didn't specify how many layoffs were to take place, but it said that they would start at the Canadian operations of the company in the first week November. The memo stated that employees in Calgary would be notified in a virtual manner on November 5…
US upstream oil and natural gas dealmaking falls for the third consecutive quarter amid low prices
Enverus, an analytics firm, said that the persistently low oil price kept buyers away from the sector during the third quarter. According to Enverus's latest report, merger and acquisition activity is down for the third consecutive quarter. This marks a dramatic departure from the blockbuster deals of recent years, such as Exxon Mobil's $60 billion deal with Pioneer Natural Resources, which will close in 2023, and Chevron’s $53 billion purchase by rival Hess this year.
NextDecade receives positive FID for Train 5 of the Rio Grande LNG Project in Texas
NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had made a final investment decision in favor of the fifth liquefaction train (also known as a liquefaction station) for its Rio Grande project. The company's shares rose by over 4% during extended trading as this announcement marked the 5th positive FID of an LNG project in the U.S., the world's biggest exporter of super-chilled fuel.
Oil bosses are expecting the market surplus to diminish over time
Executives from oil majors, trading houses and oil companies said that the global oil market will tighten up in the medium-to-long term after recovering from its short-term weakness. Oil prices have been impacted by the rising output of OPEC+ – which is a grouping of countries that are members of the Organisation of Petroleum Exporting Countries (OPEC) and their allies – as well as other producers.
Diamondback CEO says US crude production growth will slow down with $60/bbl.
The CEO of Diamondback Energy - one of the top oil producers in the United States - said that the growth of U.S. crude oil production will slow down if oil prices remain near $60 per barrel. Fewer drilling sites can be profitable at this level. Kaes van't Hof, speaking at a conference on energy in Austin, said "There are only so many Tier 1 rocks" in reference to the best locations for drilling. It's hard to imagine growth at $60 oil. At $50, it's even more difficult.
Bloomberg News reports that Exxon Mobil will cut 2,000 jobs as part of a restructuring.
Bloomberg News reported that Exxon Mobil, a U.S. energy giant, will lay off 2,000 employees globally as part a long-term reorganization plan. This is the latest in a series of job losses this year within the oil and gas sector. The report cited a memo sent by CEO Darren Woods, which stated that the reductions represented between 3% and 4% of global staff. After purchasing Pioneer Natural Resources for $60 billion in 2024, the shale gas producer has been streamlining operations.
Imperial Oil Canada plans to reduce its workforce by 20% by the end of 2027
Imperial Oil Canada announced on Monday that it will reduce its workforce by 20% by the year 2027. This is part of a major reorganization designed to cut costs through centralizing and consolidating operations in specific locations. Imperial Oil, which is owned by the top U.S. oil company Exxon Mobil and had approximately 5,100 employees at the end of 2024 according to a filing with regulatory authorities, has been undergoing a major restructuring.
Sempra Sells 45% Stake in Infrastructure Unit, Approves Port Arthur LNG Expansion
Sempra said on Tuesday it would sell a 45% stake in its infrastructure unit for $10 billion, and has approved a $14 billion expansion of Port Arthur LNG project in Texas, sending the utility's shares to their highest in nearly seven months.The stake sale to KKR, along with Canada Pension Plan Investment Board, implies an equity value of $22.2 billion for Sempra Infrastructure Partners, which…
Venezuela bondholders and creditors clash before Citgo auction decision
The auction of Citgo Petroleum's parent company, which is owned by Venezuela and based in the United States, has turned into a heated battle between creditors seeking compensation for expropriation their Venezuelan assets as well as holders of defaulted bonds issued by Venezuelan oil company PDVSA. Both groups' interests have grown increasingly opposed, as a Delaware court moves towards the conclusion of a nearly two-year long bidding process.
ConocoPhillips will purchase LNG from NextDecade Rio Grande Train 5 Project
ConocoPhillips, a U.S. oil producer and gas exporter, will buy 1.0 million tonnes of liquefied gas per year from NextDecade Rio Grande's Texas export facility for 20 years. NextDecade, also known by the name of a train or its fifth liquefaction plant, will provide superchilled fuel at Rio Grande from their fifth liquefaction unit. The shares of the LNG producer increased 2.3% during extended trading.
Analysts say that ConocoPhillips’ deep-seated layoffs demonstrate the need for capital discipline.
Investors and analysts have said that ConocoPhillips needs to focus more on its capital discipline and its investment priorities to be competitive against its peers, as oil prices are falling and revenues are also declining. This comes after the company announced it was laying off up to 25 percent of its staff in order to reduce costs. ConocoPhillips, the third largest U.S. oil company, has joined majors Chevron…
The US cuts to oil jobs and expenditure threaten the output growth
Due to the lower oil price and the largest consolidation in the last generation, the U.S. Oil industry has cut thousands of jobs and billions of dollars in spending. This could be the end of rapid growth in output that made the U.S. world's leading producer. Organization of the Petroleum Exporting Countries (OPEC) and its allies within the OPEC+ group of producers are increasing production to regain market share lost in recent years to the United States.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The job cuts are part of a broader restructure focusing on cost reductions.
Conoco CEO: 'I blame myself for not paying attention'
ConocoPhillips' CEO Ryan Lance said to employees on Thursday, that he was forced to reduce the number of workers by up to 25 percent because the U.S. energy producer became less competitive due to its focus on acquiring smaller competitors. Lance spoke to employees at a town-hall meeting, a day after sending them a video informing them of the job cuts. The restructure was aimed at cost reductions.
Halliburton cuts workforce as oil activity declines, sources claim
Halliburton, a U.S. oilfield service provider, has cut staff in recent months, according to sources who are familiar with the issue. This is the latest reduction of workforce in the U.S. petroleum industry, which faces increasing costs, a period when prices have dropped and there is volatility. The global benchmark Brent crude oil price has dropped by more than 10% in the past year due to uncertainty…
Wall Street Journal, September 4,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. ConocoPhillips, a U.S. oil producer and gas company, will reduce its workforce by up to 25% or 3,250 workers as part of an extensive restructuring. Newsmax has sued Fox Corp, its bigger news rival in Florida's federal court. The media giant is accused of suppressing the competition on the U.S.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a restructuring that is expected to take place over the next few months, according to a spokesperson for the company. Five sources had previously reported that CEO Ryan Lance revealed his plans via a video message sent out early on a Wednesday morning. The shares of the third largest U.S. oil company fell 4.5%, to $94.55, compared with a 2.6% decline in the S&P 500 Energy Index.
ConocoPhillips announces it will reduce its workforce by 20-25%. Shares fall
ConocoPhillips, the U.S. oil-and-gas producer, will reduce 20-25% its workforce in a broad restructuring. A company spokesperson confirmed this on Wednesday after five sources said that CEO Ryan Lance had detailed his plans in an early morning video message. The shares of the third-largest U.S. oil company fell 4.2% to $94.91, compared with a drop of 2.1% in the S&P 500 Energy Index. ConocoPhillips…