LONDON (AP) — Energy producer Royal Dutch Shell warned Tuesday it will slash the value of its assets by $22 billion to account for lower oil and gas prices amid the COVID-19 pandemic. With the virus outbreak hurting the long-term prospects of the global economy, the company said it continues “to adapt to ensure the business remains resilient” in challenging …
ALBUQUERQUE, N.M. (AP) — As New Mexico’s oil and gas industry struggles with lower prices and slowing production brought on by the coronavirus pandemic, some members of Congress and state officials are urging the U.S. Interior Department to allow operators to temporarily plugs wells until prices stabilize. U.S. Rep. Xochitl Torres Small’s district includes part of the Permian Basin, one …
LONDON (AP) — Oil and gas company BP announced Monday that it will slash its global workforce by 10,000 jobs as the COVID-19 pandemic slams the energy industry. Chief Executive Bernard Looney said that the cuts will affect office-based roles in BP’s global workforce of 70,000 people and come mostly this year. The changes are expected to significantly affect senior …
DUBAI, United Arab Emirates (AP) — OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to encourage stability in energy markets hard hit by the coronavirus-induced global economic crisis. Ministers of the cartel and outside nations led by Russia met via video conference …
BILLINGS, Mont. (AP) — The Trump administration has started giving energy companies temporary breaks on royalties and rent they pay to extract oil and gas from leases on public lands because of the coronavirus pandemic. The move drew quick criticism as a handout to industry that will mean less money for state governments. A Democratic lawmaker called for an investigation …
Google says it will no longer build custom artificial intelligence tools for speeding up oil and gas extraction, separating itself from cloud computing rivals Microsoft and Amazon. A statement from the company Tuesday followed a Greenpeace report that documents how the three tech giants are using AI and computing power to help oil companies find and access oil and gas …
HOUSTON (AP) — Occidental Petroleum Corp. (OXY) on Tuesday reported a first-quarter loss of $2.01 billion, after reporting a profit in the same period a year earlier. The Houston-based company said it had a loss of $2.49 per share. Losses, adjusted for non-recurring costs, were 52 cents per share. The results missed Wall Street expectations. The average estimate of nine …
NEW YORK (AP) — Profits fell at Exxon Mobil and Chevron warned of tough times ahead as the global pandemic began to erode oil demand. Exxon lost $610 million in the first quarter, down 126% from the same time last year, the Irving, Texas oil giant said Friday. Revenue was $56.16 billion, down 12% from the same quarter in 2019. …
Schlumberger Ltd. has pulled out of the Hobbs area. The company doors were shuttered on Friday with a skeleton crew inside the fence claiming they were unable to speak to the press. There were only about a dozen private vehicles in the company parking lot. After several calls and emails, Schlumberger corporate office released the following statement: “The world is …
LONDON (AP) — Global demand for oil will fall this year by the most ever due to the economic lockdowns enforced around the world to contain the coronavirus pandemic, the International Energy Agency said Wednesday. An estimated drop in demand of 9.3 million barrels a day this year is equivalent to a decade’s worth of growth. The agency, which advises …
