Finance News

US Energy Execs See Capital Spending Rising in 2021

Dec 31, 2020

About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat next year, according to a survey released on Wednesday…

Battered Energy Sector Could get Reprieve from 'Golden cross' Chart Signal

Dec 31, 2020

Energy, Wall Street's worst-performing industry in 2020, could see its fortunes improve in the new year after its price action surfaced a technical buy signal on the charts on Wednesday.The bullish development in S&P 500 energy sector is called a 'golden cross…

Exxon: Up to $20B Writedown to Overshadow 4Q Gains

Dec 31, 2020

Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth-quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.The largest U.S. oil…

Cairn Energy Wins $1.2 B Tax Arbitration Case Against Indian Gov't

Dec 23, 2020

Cairn Energy said on Wednesday it had won an international arbitration case against the Indian government over a tax dispute that had spooked investors concerned about retrospective tax claims on companies.The tribunal ruled unanimously that India had breached its obligations to Cairn under the U…

Shell to Write Down O&G Asset Value by Up To $4.5B

Dec 21, 2020

Royal Dutch Shell on Monday said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook.In an update ahead of its fourth-quarter results on February 4…

Shearwater GeoServices in $437M Debt Refinancing Deal

Dec 17, 2020

Offshore seismic surveyor Shearwater GeoServices has signed new debt and guarantee facilities totaling $437 million, as part of the planned refinancing of the company’s maturing debt. The new facilities include the refinancing of the USD 325…

Chevron Tightens Belt. Cuts Billions Off Long-Term Capex

Dec 04, 2020

U.S. oil major Chevron Corp on Thursday cut billions off its long-term capital and exploratory budget even after a major restructuring of its operations as it tries to ride out a collapse in oil prices and preserve its dividend.Oil majors have…

Denmark Tells Ørsted to Pay $1B in Taxes for UK Offshore Wind Farms

Dec 02, 2020

Danish authorities have told offshore wind developer Ørsted to pay taxes and interests amounting to DKK 6.6 billion (around USD $1 billion) for the company's British offshore wind farms Walney Extension and Hornsea 1 in the tax years 2015 and 2016…

Seadrill Partners Files for Chapter 11 Bankruptcy Protection

Dec 01, 2020

Seadrill Partners LLC said on Tuesday it had filed for Chapter 11 bankruptcy protection as a means to restructure its debt, in another sign of financial difficulties for the wider Seadrill Ltd oil drilling rig group.'The company intends to use the bankruptcy process to ensure that all customer…

Petronas Posts 3Q Loss. Warns of Tough 4Q

Nov 27, 2020

Malaysian state-owned energy giant Petronas warned on Friday that the remainder of the year would remain tough due to prolonged low oil prices and moderate demand recovery hampered by the coronavirus, as it recorded a third-quarter loss.'Amid…

Petrobras Cuts 5-year Spending Plan by 27%

Nov 26, 2020

Brazil's state-controlled oil company Petroleo Brasileiro SA cut its five-year investment plan by 27% from a year ago to $55 billion to preserve cash, as the coronavirus pandemic drove down global oil demand and prices.In a filing on Thursday…

'Largest Ever' Offshore Wind Financial Close Reached for World's Largest Offshore Wind Farm

Nov 26, 2020

Equinor and SSE have announced a financial close on the first two phases of the world's largest offshore wind farm project - the Dogger Bank in the UK North Sea.Dogger Bank wind farm is a joint venture between SSE Renewables, who are leading the construction of the offshore wind farm…

Rystad: E&P Spending in 2021 Could Reach $380B. Return to Pre-Crisis Levels Uncertain

Nov 24, 2020

Investments from the global oil and gas exploration and production companies (E&P) in 2021 are forecasted to reach around $380 billion, almost flat year-on-year, a report by Rystad Energy shows.Approximately 20% or $76 billion of the estimated…

Offshore Driller Noble Says Reorganization Plan Gets Court Approval

Nov 23, 2020

Offshore drilling contractor Noble, which filed for chapter 11 bankruptcy protection in August, said Monday that its restructuring plan had received court approval. The offshore drilling company changed its name earlier this month from Noble Corp…

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