U.S. oil giant Exxon Mobil (XOM) said on Monday it plans to reduce its European workforce by up to 1,600 across the company's affiliates by the end of 2021 as part of its global review. Exxon said country-specific cuts will depend on the oil major's local business footprint and market conditions, after the COVID-19 pandemic hammered demand for its products and crude prices tanked.
By Benoit Faucon in London and Collin Eaton in Houston. The U.S. is quickly ramping up oil sales to China, the world's biggest importer, forcing traditional suppliers in the Mideast to look for new markets or hold on to their crude in an already oversupplied world. The U.S. accounted for 7% of Chinese crude imports through mid-September, according to London-based market intelligence firm Vortexa Ltd-- up from 0.4% in January.
PJ Solomon LP laid off staffers in its energy group due to the slowdown in acquisitions and divestitures stemming from the COVID-19 pandemic and sinking oil prices, the U.S. investment bank said on Friday. Oil and gas dealmaking has cratered this year as exploration companies focus on retaining cash amid low commodity prices and increased pressure from shareholders to boost returns.
By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.
Marathon Oil Corp (MRO) has reinstated its quarterly base dividend, the U.S. oil producer said on Thursday, after suspending it in May following a historic collapse in crude prices. Oil companies were forced to slash dividends, halt buybacks and curtail production earlier this year as the COVID-19 pandemic hammered energy demand, sending U.S. crude futures below $0 a barrel for the first time in April.
Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.
By Christopher M. Matthews and Sarah McFarlane. Major oil companies signaled they remain under extreme financial pressure and oil prices slid Thursday as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Despite a modest economic recovery, oil-and-gas companies are being hammered by a sustained drop in consumption of gasoline and jet fuel as millions of people work from home and avoid driving and flying.
Oil prices won't recover to pre-coronavirus levels by the end of next year, investment banks say. A group of 10 investment banks polled by The Wall Street Journal forecast that futures for Brent crude oil, the global benchmark, will average $53.50 a barrel in 2021' s fourth quarter. U.S. benchmark West Texas Intermediate futures will average $50.31 a barrel in the same quarter, they estimated.
By Christopher M. Matthews, Rebecca Elliott and Sarah McFarlane. The global oil-and-gas industry remains under extreme financial pressure as demand for fossil fuels rebounds slowly after being crushed by the coronavirus pandemic. Some of the largest western oil companies including Exxon Mobil Corp. (XOM) and Royal Dutch Shell PLC (RDS/A) signaled this week that key parts of their business continued to struggle through the summer and early fall, which will weigh down the third-quarter...
Indian oil refiner Reliance Industries has agreed to purchase 2 million barrels of Canadian heavy crude per month, three industry sources said, as a substitute for dwindling Venezuelan supply. The deal, large for Canada, shows how global buyers are scrambling for new sources of heavy oil.
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