Monday, December 16, 2024
Big Oil braces for second-quarter losses after virus whips up perfect storm- oil and gas 360

Big Oil braces for second-quarter losses after virus whips up perfect storm

Reuters LONDON – Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP (BP.L), Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and

Bounceback in U.S. shale oil output is unlikely to last the summer- oil and gas 360

Bounceback in U.S. shale oil output is unlikely to last the summer

Reuters HOUSTON/NEW YORK – A reopening of some major economies locked down due to the coronavirus has lifted global oil prices and encouraged U.S. shale producers to return at least a third of the 2 million barrels per day (bpd) curtailed since April. But that bump in output is unlikely to be sustained as shale wells lose up to half

U.S. crude, distillate stockpiles rise unexpectedly -EIA- oil and gas 360

U.S. crude, distillate stockpiles rise unexpectedly -EIA

Reuters U.S. crude oil and distillate inventories rose unexpectedly and fuel demand slipped last week, the Energy Information Administration said on Wednesday, as a sharp outbreak in coronavirus cases hit U.S. consumption. U.S. crude production ticked higher and refined products supplied, a proxy for fuel demand, declined. The market has recovered from the doldrums of April, when U.S. prices briefly

Halliburton takes $2.1B charge as coronavirus slams business- oil and gas 360

Halliburton takes $2.1B charge as coronavirus slams business

Fox Business Halliburton Co. booked a $2.1 billion pre-tax impairment charge in the three months through June as the COVID-19 pandemic provided difficult business conditions in North America. The Houston-based energy-services provider posted a net loss of $1.7 billion as revenue plunged 46 percent from a year ago to $3.2 billion, missing the $3.31 billion that analysts surveyed by Refinitiv were anticipating. Adjusted earnings, which

Global recovery unlikely to be v-shaped, says Shell chief- oil and gas 360

Global recovery unlikely to be v-shaped, says Shell chief

Reuters LONDON  – The global economy will not achieve a v-shaped recovery after the coronavirus epidemic, which will curtail oil and gas demand for years, Royal Dutch Shell’s (RDSa.L) chief executive said. Ben van Beurden told an online interview with IHS Markit Chairman Dan Yergin that it was too early to know if demand for oil had peaked. “Energy demand,

Exclusive: OPEC fears second virus wave to prolong oil inventory overhang- oil and gas 360

Exclusive: OPEC fears second virus wave to prolong oil inventory overhang

Reuters LONDON – OPEC fears its record oil cuts will fail to rebalance the market and solve the worst glut in history if a second wave of the COVID-19 pandemic undermines an economic recovery later this year, according to internal OPEC research seen by Reuters. OPEC, Russia and their allies, a group known as OPEC+, said they would ease record

'Disaster' U.S. earnings loom, but investors try and look beyond- oil and gas 360

‘Disaster’ U.S. earnings loom, but investors try and look beyond

Reuters NEW YORK – U.S. companies are preparing to open their books on a quarter that is set to show the biggest earnings fall since the financial crisis, leaving investors looking for light at the end of the tunnel. The season unofficially begins on Tuesday with results from some of the biggest U.S. banks. Analysts expect S&P 500 companies overall

Rooftop revolution: Coronavirus chill upends solar power industry-oil and gas 360

Rooftop revolution: Coronavirus chill upends solar power industry

Reuters LOS ANGELES/MADRID/LONDON – The booming rooftop solar panel industry nosedived overnight when the coronavirus forced homeowners to rein in spending and keep their distance from would-be installers. Now, in their struggle to survive, companies on both sides of the Atlantic are turning to online marketing rather than knocking on doors, using drones to inspect roofs, arranging digital permits and

Oil demand to return to pre-pandemic levels by 2022, Goldman says, but unlikely to peak this decade- oil and gas 360

Oil demand to return to pre-pandemic levels by 2022, Goldman says, but unlikely to peak this decade

CNBC Analysts at Goldman Sachs expect global oil demand to return to pre-pandemic levels by 2022, citing a pick-up in commuting, a shift to private transportation and higher infrastructure spending. In a research note published Thursday, analysts at the U.S. investment bank estimated global oil demand would decline by 8% in 2020, rebound by 6% in 2021 and “fully recover” to pre-coronavirus

Oil prices just had their best quarter in 30 years — what’s next?- oil and gas 360

Oil prices just had their best quarter in 30 years — what’s next?

CNBC Oil prices registered their best quarterly performance in 30 years during the three months through to the end of June, staging a dramatic comeback after falling to record lows in April. Brent crude futures skyrocketed more than 80% in the second quarter. It was the international benchmark’s best quarterly performance since the third quarter of 1990, when it registered gains

Shell to cut asset values by up to $22 billion after coronavirus hit- oil and gas 360

Shell to cut asset values by up to $22 billion after coronavirus hit

Reuters LONDON – Royal Dutch Shell (RDSa.L) plans to slash the value of its oil and gas assets by up to $22 billion after the coronavirus crisis hit demand for fuel and weakened the outlook for energy prices, the Anglo-Dutch energy company said on Tuesday. The writedown announcement came after Shell cut its forecast for energy prices into 2023 on

Oil turns positive, shrugging off U.S. crude stock build- oil and gas 360

Oil turns positive, shrugging off U.S. crude stock build

CNBC Oil prices reversed course and turned positive on Thursday, despite a record high U.S. crude inventories and worries that a rapid resurgence in Covid-19 cases could choke a revival in fuel demand. U.S. West Texas Intermediate (WTI) crude futures gained 28 cents, or 0.7%, to trade at $38.29 per barrel on Thursday, after dropping $2.36 on Wednesday. Brent crude