The deal marks the end of the road for one of the oldest independent oil explorers. After years laboring under a mountain of debt Premier has bowed to pressure from creditors, with CEO Tony Durrant abandoning his plan to acquire some of BP’s North Sea assets and agreeing to step down. SourceContinue Reading

“Proceeds will be used to fund our world class investment opportunity in Guyana,” CEO John Hess said. “This sale is aligned with our strategy to preserve cash and preserve the long term value of our assets in the current low oil price environment.” SourceContinue Reading

Planning documents show for the first time that Exxon has carefully assessed the direct emissions it expects from the seven-year investment plan adopted in 2018 by CEO Darren Woods. SourceContinue Reading

The collapse in oil demand and prices spurred the fastest rate of oil- and chemical-industry layoffs in history, with about 107,000 jobs eliminated between March and August, Deloitte said in a study scheduled to be released Monday. SourceContinue Reading

While oil at $50 would represent a 25% rise from current prices, it would still be far below the pre-pandemic level of around $65 and less than Saudi Arabia needs to balance its budget. SourceContinue Reading

. The transaction, which is expected to close in the fourth quarter of 2020, includes operations and working interests in the Llanos Norte, Middle Magdalena and Putumayo Basins. Occidental will retain a presence in country with its exploration blocks offshore Colombia. SourceContinue Reading

Oil rose from a three-week low after a member of Donald Trump’s medical team said the U.S. president could leave hospital as soon as Monday, despite contradictory accounts about his health. SourceContinue Reading

Chevron’s Nigeria unit said it plans to cut 25% of its workforce to become more efficient and reduce operating costs, the latest sign demand for global oil is wobbling under coronavirus and new restrictions to contain it. SourceContinue Reading

Libya’s oil output has risen to 295,000 barrels following a truce in the OPEC nation’s civil war and the lifting of a blockade on energy facilities. SourceContinue Reading

“The recent near-death experience for some heavy oil producers is a good reminder that investors should focus on companies with strong balance sheets, ample liquidity, robust cost structures, and low sustaining capital requirements,” BMO Capital Markets analyst Randy Ollenberger said in a report. SourceContinue Reading