Tag: OCCIDENTAL
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Top 12 Listed Oil Giants Book Huge $20.6 Billion Loss In First Quarter Of 2020
The 12 largest listed oil companies in the world booked a combined net loss of US$20.6 billion for the first quarter this year, compared to a collective net income of US$23.4 billion for Q1 2019. This is, according to analysis of Anadolu Agency based on the companies’ results as reported by Oilprice.com. Anadolu Agency analyzed…
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Shell Offers Staff Voluntary Severance Pay
As the price of a Brent barrel is trading at nearly half of what it was at the beginning of the year, Royal Dutch Shell Plc (NYSE: RDS.A) is planning on offering some staff voluntary severance, according to Bloomberg sources. In a note to its staff, Shell CEO Ben van Beurden said that the Dutch…
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Halliburton Cuts Dividend Due To Market Conditions
Oilfield services provider Halliburton has decided to cut its dividend amid uncertainties related to the duration of the market downturn. Halliburton said on Wednesday that its board of directors had declared a 2020 second-quarter dividend of four and one-half cents ($0.045) a share on the company’s common stock payable on 24 June 2020, to shareholders…
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Mitigating Risks In The Current Industry Crisis: The Actions Oil Sector Companies Need To Take (Article)
The compounding effects of the corona virus and oil industry disruptions pose unique and significant challenges, particularly on the African continent where the economies of producing countries are largely dependent on oil revenues. The budgets of countries like Nigeria, Equatorial Guinea and Angola have been made mostly impractical and with annual budgetary goals now unachievable…
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Chinese Oil Giant CNOOC Cuts US Shale, Canada Oil Sands Output
China National Offshore Oil Corporation (CNOOC), a major oil operator with assets around the world, is reducing its 2020 production and spending guidance in light of the unprecedented market downturn, with U.S. shale and Canada’s oil sands the main targets of its cuts. CNOOC announced on Wednesday that it would lower its planned capex and production…
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Shell Cuts Dividend For First Time Since World War II
Royal Dutch Shell has cut its dividend for the first time since World War Two following the collapse in global oil demand due to the coronavirus pandemic. According to Reuters, the energy giant also suspended the next tranche of its share buyback programme. The move came as it announced a 46% fall in first-quarter net…
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South Africa: Sasol Slashes Management Salaries In Bid To Protect Balance Sheet
South Africa-based oil and gas firm, Sasol has announced a range of salary cuts across its management level as the company navigates the impact of Covid-19, which has seen its share price tumble to record lows. The company will cut the salaries of group executive committee and senior leadership members by 20%, and of middle…
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Kosmos Energy Gets Delisting Warning From NYSE
U.S.-based oil and gas company Kosmos Energy has been given a continued listing standard notice from the New York Stock Exchange (NYSE). Kosmos said on Thursday that it had received a formal notice from the NYSE on 20 April 2020 because the average closing price of the company’s common stock was below $1 per share…
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Tullow Oil Gets New CEO
Tullow Oil plc has appointed Rahul Dhir as its new Chief Executive Officer and an Executive Director of the Group. His appoint takes effect from 1 July 2020, Tullow said in a statement posted on its website. The appointment of Rahul Dhir follows the resignation of Paul McDade in December last year. Dorothy Thompson, who…
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Petrobras To Shut Down 62 Offshore Platforms In Brazil
Brazilian oil and gas major, Petrobras has decided to halt operations at 62 platforms located offshore Brazil due to the effects of the coronavirus and the low oil price. Employees will be transferred to other units. In an update on Wednesday, Petrobras said it would shut down 62 platforms in shallow water fields in the…