coronavirus – Page 13 – Oil & Gas 360

The coronavirus is hitting renewable energy supply chains and factories, and could slow the global energy transition

April 6, 2020

CNBC Global renewable energy capacity hit 2,537 gigawatts (GW) at the end of last year, an increase of 176 GW compared to 2018, but the coronavirus continues to cast a shadow over the sector’s prospects for 2020, impacting both supply chains and manufacturing facilities. According to figures from the International Renewable Energy Agency’s (IRENA) “Renewable Capacity Statistics 2020” report, new

Coronavirus could trigger biggest fall in carbon emissions since World War Two

April 3, 2020

Reuters LONDON/WASHINGTON – Carbon dioxide emissions could fall by the largest amount since World War Two this year as the coronavirus outbreak brings economies to a virtual standstill, according to the chair of a network of scientists providing benchmark emissions data. Rob Jackson, who chairs the Global Carbon Project, which produces widely-watched annual emissions estimates, said carbon output could fall

Trump to host Big Oil execs at White House to discuss market slump

April 3, 2020

Reuters WASHINGTON – U.S. President Donald Trump will meet with oil company executives at the White House on Friday afternoon to discuss a historic oil-price slump threatening their businesses, brought on by the coronavirus outbreak and a Saudi-Russia price war. The administration may offer ways to help the industry weather the crisis, including waiving royalty payments drillers must pay for

Whiting Petroleum Corporation reaches agreement in principle with certain of its noteholders to pursue consensual financial restructuring

April 1, 2020

Whiting Petroleum Commences Chapter 11 Reorganizational Process to Right-Size Capital Structure DENVER–(BUSINESS WIRE)–Apr. 1, 2020– Whiting Petroleum Corporation (NYSE: WLL) and certain subsidiaries (collectively, “Whiting” or the “Company”) today announced that they had commenced voluntary Chapter 11 cases under the United States Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”). The Company has more than $585 million of

Goldman on how the ‘largest economic shock of our lifetimes’ will permanently alter energy markets

March 30, 2020

CNBC The coronavirus pandemic will likely be a “game-changer” for energy markets, according to analysts at Goldman Sachs, with carbon-based industries such as oil thought to be sitting “in the cross-hairs.” A global health crisis has meant countries around the world have effectively had to shut down, with many governments placing massive restrictions on the daily lives of hundreds of millions

Column: Hedge funds trim short oil positions as prices hit crisis point

March 30, 2020

Reuters LONDON – Hedge funds began trimming short positions in petroleum last week as crude oil prices fell to crisis levels for some producers and refiners and traders started to anticipate shutdowns at oilfields and refineries. Extreme high and low prices are usually fleeting because they are dynamically unstable and contain the seeds of their own destruction, forcing large and

Energy Transfer to proceed with Lake Charles LNG alone after Shell exits project

March 30, 2020

Houston Chronicle Dallas pipeline operator Energy Transfer will proceed with the proposed Lake Charles LNG export terminal alone after European oil major Shell has decided to exit the multibillion project. Shell announced Monday that company will continue to support Energy Transfer with the bidding process for a general contractor but will then exit the project in a phased handover. The

Global oil refiners to deepen output cuts as coronavirus destroys demand

March 26, 2020

Reuters SINGAPORE/NEW DELHI/SEOUL/HOUSTON – Oil refiners from Texas to Thailand are bracing for deeper output cuts, bruised by an unprecedented demand shock as more countries lock down and restrict travel to contain the spread of the coronavirus. Global fuel demand is set to drop by as much as 15% to 20% in the second quarter as a result of the

Oxy enacts pay cuts amid deeper budget cuts

March 26, 2020

Houston Chronicle Houston exploration and production company Occidental Petroleum is enacting across pay cuts after making a second round of budget cuts as crude oil prices remain stuck at record lows. Occidental plans to cut $2.5 billion from its capital budget and $600 million from its operating budget. After the cuts, the company plans to spend between $2.7 billion and

U.S. energy sector cutting spending, jobs amid pandemic: Dallas Fed survey

March 25, 2020

Reuters The U.S. energy sector is slashing capital spending and jobs as business activity plunged and the outlook has turned “extremely pessimistic” amid the coronavirus pandemic, a survey by the Dallas Federal Reserve Bank of oil and gas companies showed on Wednesday. “A majority of firms have revised down their expectations for their firms’ oil production, capital expenditures and company

Oil prices fall as demand woes eclipse U.S. stimulus

March 25, 2020

Reuters LONDON – Oil prices fell on Wednesday as faltering fuel demand because of the coronavirus pandemic outweighed a massive pending U.S. economic stimulus package. Brent crude LCOc1 was down 49 cents, or 1.8%, at $26.66 a barrel at 1400 GMT after touching a low of $25.68. U.S. crude CLc1 was down 42 cents, or 1.75%, at $23.59 after a

Shell cuts 2020 spending by $5 billion, suspends share buyback

March 23, 2020

Reuters LONDON – Royal Dutch Shell (RDSa.L) will lower spending by $5 billion and suspended its vast $25 billion share buyback plan in an effort to weather the recent collapse in oil prices, it said on Monday. The Anglo-Dutch oil major said it would reduce capital expenditure to $20 billion or below from a planned level of about $25 billion

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