OPEC crude output cuts should help US shale profits in 2021

In top two U.S. shale fields, oil and gas companies are profitable in the $30 per barrel to low $40s per barrel range, according to data firm Rystad Energy. This year’s higher prices could push the shale group’s cash from operations up by 32%, Rystad said

Exxon posts second straight quarterly loss on demand, price plunge

Exxon Mobil Corp reported a $1.1 billion second-quarter loss on sharply lower energy demand and prices from the COVID-19 pandemic, and confirmed plans to make deeper spending cuts

Shell dives to USD18.1B loss on virus-hit oil market

Royal Dutch Shell posted a colossal net loss of USD18.1 billion for the second quarter, blaming massive asset writedowns on the coronavirus-hit oil market, and flagged that job cuts are on the way

China imports more oil from Saudi than any other country in June

China’s crude oil imports from Saudi Arabia rose 15% in June from a year ago, as refiners ordered record volumes of the fuel in March and April when oil prices tumbled

Repsol posts loss as COVID-19 sours oil outlook

Spanish oil and gas firm Repsol posted a quarterly net loss and wrote down $1.5 billion in assets as it revised down unusually high expectations for oil and gas prices over the next 30 years

Shale pioneer Chesapeake Energy files for bankruptcy

Chesapeake filed for Chapter 11, becoming the largest US oil and gas producer to seek bankruptcy protection in recent years as it bowed to heavy debts and the impact of the coronavirus outbreak on energy markets

BP wipes up to $17.5 billion from assets with bleaker oil outlook

BP will write off up to $17.5 billion from the value of its assets after cutting its long-term oil and gas price forecasts, betting the COVID-19 crisis will cast a lasting chill on energy demand and accelerate a shift away from fossil fuels

Aviation crisis means oil demand to stay below pre-virus levels before 2022

Oil demand is recovering from the greatest fall in its history in 2020, IEA said, but less flying due to coronavirus fears means the world will not return to pre-pandemic demand levels before 2022

Iraq agrees with oil companies on deeper output cuts in June

Iraq has agreed with major oil companies operating its giant southern oilfields to cut crude production further in June, as it aims to improve its compliance with its output cut targets under the global deal with OPEC+

Oil major BP to cut 15% of workforce

BP announced it will cut about 15% of its workforce in response to the coronavirus crisis and as part of Chief Executive Bernard Looney’s plan to shift the oil and gas major to renewable energy