Japan's Inpex Reduces 2020 Profit Guidance by 93%
Inpex Corp, Japan's top oil and gas company, on Tuesday cut its annual net profit forecast by 93% after first-quarter earnings slumped due to an oil price collapse and as the coronavirus pandemic choked off international energy demand.The group also warned it is re-evaluating all of its assets and may book impairment losses on some depending on the oil price outlook and a review of project plans.It will make an announcement on that once it has determined any financial impact…
Chevron Cuts Spending, Says Asset Sales Lift Profits
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. Major oil companies have largely reported losses as an oil glut and a shortage of storage space sends prices to historic lows.Earnings at Chevron beat Wall Street expectations and were $3.6 billion in the first quarter…
Exxon Posts First Loss in 30 Years on $3 Bln Writedown, Oil Plunge
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. Oil giants largely have reported losses on weaker margins and writedowns from an oil glut that has sent prices to historic lows.All of Exxon's…
Ex-BP Boss Browne Warns Oil Will Stay Low
The oil price will stay low for some time as supply exceeds demand and the current situation on global oil markets is reminiscent of the 1980s oil glut, former BP boss John Browne said on Tuesday.U.S. crude prices dropped below $0 for the first time ever on Monday, with May futures for U.S. crude plummeting to -$37.63 a barrel, though the prices returned to positive territory on Tuesday.Browne, who ran BP from 1995 to 2007, said the negative prices were a U.S.
Oil Storage at Sea Approaching Record Levels
Oil traders are storing as much as 80 million barrels of oil on tankers at sea, with further ships being sought as land storage sites fill up fast due to a global glut of stocks, shipping industry sources say.Traders rushed for storage after global oil demand collapsed by a third due to the coronavirus outbreak, and as top producers Saudi Arabia and Russia have refused to curb output so far, creating what is believed to be the biggest oil glut in history.The last time floating storage reached similar levels was in 2009…
Husky Energy Beats Profit Estimate
Canada's Husky Energy Inc beat analysts' estimates for quarterly profit on Friday, as it benefited from improved Canadian crude prices following Alberta's output cuts and investment in a number of refineries and pipelines boosted its margins per barrel.The oil and gas producer, which runs drilling and refining businesses in Canada, the United States and Asia, said average realized prices rose to C$47.20 per barrel of oil equivalent (boe) in the first quarter…
Halliburton Profit Beats on International Demand
Halliburton Co beat Wall Street estimates for quarterly profit on Tuesday, as higher demand for its oilfield services in international markets offset a slowdown in North America.Clients in North America, Halliburton's biggest market by revenue, began pulling back on some drilling services last year amid transportation bottlenecks in the largest U.S. production region and after oil prices slid sharply in the fourth quarter.An oil glut and concerns about a global economic slowdown have pushed U.S.
Crude Inventory Drops Again, Brent Stays Around $60
U.S. crude inventory declined again last week, reducing fear of a repeat 2014/16 oil glut occurring. The latest weekly survey by the U.S. Energy Information Administration (EIA) indicates a small inventory fall of 1.2 million barrels in the week ended December 7. This follows a 7.3 million barrel decline in the previous week. The decrease over the past two weeks follows 10 straight weeks of U.S. crude inventory build.While EIA data include only U.S.
Crude Inventory Growth Reverses
U.S. crude inventory declined last week. The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a fall of 7.3 million barrels in the week ended November 30. This follows a 10-week streak of crude inventory build that has been striking fears of a repeat of the 2014/16 oil glut.While EIA data include only U.S. inventory the survey results are considered more reliable than international figures and are often used a surrogate for global inventory status.Behind the decrease is a fall in U.S.
Crude Inventory Growth Sends Brent Below $60
The latest weekly survey results by the U.S. Energy Information Administration (EIA) indicate a 10th straight week of crude inventory build in the U.S. – striking fears of a repeat of the 2014/16 oil glut.In the week ending 23 November crude inventory grew by 3.6 million barrels – despite U.S. refineries getting back to almost 96 percent utilization. EIA says U.S. crude oil inventories are now 7 percent above the five-year average for this time of year.While EIA data include only U.S.
Crude Oil Inventory Update
Crude inventory build has reared its head again. And fears of an oil glut returning have sent oil prices south.According to the International Energy Agency (IEA), OECD oil stocks increased by 58.1 million barrels in Q3 2018, the largest gain since 2015. The agency in November said OECD oil holdings are likely to exceed the five-year average when October data are finalized.Looking forward, the IEA expects an implied stock build of 2 mb/d in the first…
Trump Rails Against Oil Prices, OPEC Pushes Back
U.S. President Donald Trump accused OPEC on Friday of "artificially" boosting oil prices, drawing rebukes from some of the world's top energy exporters."Looks like OPEC is at it again. With record amounts of Oil all over the place, including the fully loaded ships at sea. Oil prices are artificially Very High! No good and will not be accepted!" Trump wrote on Twitter.It was unclear what triggered the tweet, Trump's first mention of OPEC on social media during his term.U.S.
Oil Set for Weekly Drop as U.S. Inventories Weigh
OPEC to meet U.S. shale producers in Houston; U.S. crude output hit all-time high in November. Oil prices were set to post their first weekly fall in three weeks on Friday after news of U.S. plans to impose tariffs on steel and aluminium hit global equity markets and as U.S. crude inventories climbed. President Donald Trump said he would impose hefty tariffs to protect U.S. producers, risking retaliation from major trade partners such as China, Europe and Canada. Brent crude fell by 32 cents to $63.51 a barrel by 1313 GMT, while U.S.
Saudi Arabia to Restrain March Oil Exports
Saudi says to keep exports below 7 million bpd in March; OPEC's Barkindo says 2018 oil demand growth to be healthy. Saudi Arabia will restrain its oil exports in March despite lower domestic need for crude as OPEC's leader is pushing to eliminate fully the global oil glut and combat worries about a new cycle of oil price weakness. The kingdom will keep its crude exports below 7 million barrels per day (bpd) in March, despite a maintenance shutdown of the 400…
Anadarko Posts Quarterly Profit on Higher Crude Prices
Anadarko Petroleum Corp on Tuesday beat analysts' estimate for quarterly profit, helped by improved crude oil prices and lower costs. Crude prices are recovering from the lows hit in 2016 after a global crude oil glut. The company cut its 2018 capital investment outlook to a range of$4.1 billion to $4.5 billion, from $4.2 billion to $4.6 billion it previously forecast. Total full-year sales volume outlook was cut to a range of 238-248 million barrels of oil equivalent (MMBOE) from 245-255 MMBOE.
OPEC Need Not Rush Oil Pact Changes - UAE
OPEC need not respond to a rise in oil prices by rushing to change a global supply-cutting pact, United Arab Emirates Energy Minister Suhail al-Mazroui said on Friday. This year's rapid rise in oil prices, which hit $70 this week, is backed by strong demand growth and a fall in oversupply on the back of the OPEC and non-OPEC pact, not only by political tensions, Mazroui said. "We don't look at the price in a day and say we are in a point where we need to do changes. We need to give the market time," Mazroui, who holds the OPEC presidency, added.
Fight over Alaska Arctic Drilling has Just Begun
Senator Lisa Murkowski, an Alaska Republican, won a decades-long battle on Wednesday to open part of an Arctic wildlife reserve in her state to oil and gas drilling, but Democratic senators and conservationists vow the war has only begun. The tax bill passed by Congress contains language pushed by Murkowski and supported by President Donald Trump to hold two lease sales in the 1.5 million-acre (600,000-hectare) 1002 area on the northern coastal plain of the Arctic National Wildlife Refuge, or ANWR.
North Sea Pipeline, Dropping U.S. Stocks Support Prices
North Sea Forties pipeline shut due to crack; U.S. crude oil inventories expected to fall further. Brent crude prices steadied on Wednesday while WTI futures edged higher, supported by expectations of a fall in U.S. inventories and the continued outage of the North Sea Forties pipeline system. Brent crude futures, the international benchmark for oil prices, were at $63.81 a barrel at 1047 GMT, up 1 cent from their previous close. U.S. West Texas Intermediate (WTI) crude futures were up 21 cents at $57.77 a barrel.
Pressured for Profit, Oil Majors Bet Big on Shale Technology
Shale oil engineer Oscar Portillo spends his days drilling as many as five wells at once - without ever setting foot on a rig. Part of a team working to cut the cost of drilling a new shale well by a third, Portillo works from a Royal Dutch Shell Plc office in suburban Houston, his eyes darting among 13 monitors flashing data on speed, temperature and other metrics as he helps control rigs more than 500 miles (805 km) away in the Permian Basin, the largest U.S. oilfield.
Oil Prices Rise After OPEC Extends Output Curbs
Oil edged up on Friday after OPEC and other major producers agreed to continue reining in output until the end of next year to try to reduce the global oil glut and boost prices. The Organization of the Petroleum Exporting Countries and some non-OPEC producers led by Russia agreed on Thursday to keep current limits on output in place until the end of next year, although they signalled a possible early exit from the deal should the market overheat and prices rise too far. Brent was trading at $63.17 by 1351 GMT, up 54 cents on the day. U.S.
