Exxon Mobil is about to incur the biggest write down in its modern history as what was once an exemplar of American capitalist might shudders under the weight of debilitated energy markets. Exxon — already hobbled by cratering crude prices, a global supply glut and a pandemic-driven collapse in fuel …
Read More »OPEC and the Pandemic has Broken the U.S. Shale Market
OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years, the U.S. shale boom won’t be at the top of the list. The global coronavirus pandemic continues to play havoc with the world’s economic sector, and oil prices …
Read More »It Took a Global Pandemic for OPEC to Slam the Door on U.S. Shale
OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom won’t be at the top of the list. A devastating global pandemic and a reckoning with Wall Street appear to have broken the resolve of …
Read More »BP Investing in Middle East Oil while Pledging a Renewables Shift
BP said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions. The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab …
Read More »Saudis, Russia Call for Last-Minute Talks before OPEC’s Oil Production Decision
Saudi Arabia and Russia summoned the OPEC+ alliance for last-minute talks on Saturday, just before it’s due to decide whether to delay January’s output increase. A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering …
Read More »China to Surpass U.S. as World’s Largest Oil Refiner in 2021
Earlier this month, Royal Dutch Shell Plc pulled the plug on its Convent refinery in Louisiana. Unlike many oil refineries shut in recent years, Convent was far from obsolete: it’s fairly big by U.S. standards and sophisticated enough to turn a wide range of crude oils into high-value fuels. Yet …
Read More »Chevron Looks to Biden to Preserve Its Venezuela Foothold
Chevron’s willingness to keep a foothold in oil-rich Venezuela will now be a thorny political issue for President-elect Joe Biden to sort out. The U.S. Treasury Department extended until June 3 its authorization for Chevron to carry out essential transactions in the country to preserve its assets, from a previous …
Read More »OPEC+ Ministers Warn of Continued Oil Demand Fragility
As OPEC+ began talks on whether to postpone January’s oil-production increase, ministers sounded cautious about the strength of global demand. Saudi Energy Minister Prince Abdulaziz bin Salman said he could see a light at the end of the tunnel thanks to the development of Covid-19 vaccines, but the market had …
Read More »Trump Issues Executive Order on Fracking
Trump will issue an executive order to require an economic analysis of hydraulic fracturing, or fracking, as the president seeks to use what he portrays as Biden’s mixed messages on energy to woo voters in the swing states of Pennsylvania and Ohio. The order calls for U.S. agencies to analyze …
Read More »U.S. Shale Mergers Reshuffle the Oil Production Landscape
The series of mergers reshaping the beleaguered U.S. shale oil industry accelerated Tuesday when Pioneer Natural Resources Co. agreed to buy Parsley Energy Inc. for $4.5 billion in stock, creating one of the largest producers in the Permian Basin. The deal came a day after ConocoPhillips announced its $9.7 billion …
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