NEW YORK - Exxon Mobil is slashing 1,900 jobs from its U.S. workforce and mulling cuts to its Canadian operations, while Chevron plans to cut a quarter of the employees at its recently acquired Noble Energy as the pandemic saps demand for fuel. Exxon said Thursday the reductions will be both voluntary and involuntary and will largely come from its management offices in Houston. The Irving, Texas oil giant had about 75,000 employees worldwide at the end of 2019. “It’s difficult to overstate [Read more]
Headlines
Alberta, Saudi firm in talks on petrochemical plant
Alberta's government is in talks with a private Saudi company to open a C$5-billion to C$10-billion ($3.8 billion-$7.6 billion) petrochemical plant in Canada's main oil and gas producing province, the Globe and Mail newspaper reported on Friday. Alberta is offering incentives for developers to build more petrochemical plants to create desperately needed jobs and demand for the province's natural gas. The pandemic has hammered fuel demand, lowering crude prices and forcing energy producers to [Read more]
Coronavirus, consolidation taking toll on energy jobs
Oil and gas companies worldwide are taking an axe to their employment rolls, shedding workers to survive what is expected to be a prolonged stretch of weak demand. Exxon Mobil Corp said it will cut its workforce by 15%, or about 14,000 people, along with oil majors Chevron Corp and Royal Dutch Shell Plc . All told, more than 400,000 oil and gas sector jobs have been cut this year, according to Rystad Energy, with about half of those in the United States, where several big exploration [Read more]
Imperial announces third quarter 2020 financial and operating results
CALGARY, Alberta - Imperial Oil Limited (TSX, NYSEAM:IMO): Net earnings of $3 million in the quarter, up significantly from the second quarter Exceeding previously announced capital and expense reduction targets Year-to-date production and manufacturing expenses $813 million below the same period of 2019 Full-year 2020 capital expenditures now expected to be about $900 million Cash flow generated from operating activities of $875 million Cash balance of $817 million at the [Read more]
ExxonMobil reports results for third quarter 2020
Third quarter results improved by $400 million from the second quarter, primarily driven by early stages of demand recovery; excluding identified items, results improved by $2.2 billion On track to exceed reduction targets for 2020 capital and cash expenses; further reductions anticipated in 2021 Continued Guyana progress with third major deepwater development approval and two new discoveries IRVING, Texas - Exxon Mobil Corporation [Read more]
Chevron announces third quarter 2020 results
Third quarter loss of $207 million; adjusted earnings of $201 million Capital spending down 48 percent; operating expenses down 12 percent Noble Energy acquisition completed in October 2020 SAN RAMON, California - Chevron Corporation (NYSE: CVX) today reported a loss of $207 million ($(0.12) per share - diluted) for third quarter 2020, compared with earnings of $2.6 billion ($1.36 per share - diluted) in third quarter 2019. Included in the current quarter was a charge of $130 million [Read more]
Oil losses deepen, set for second monthly fall as virus spread
Global oil prices fell more than 1% on Friday, extending losses and on track for a second monthly fall, on growing concerns that the rise in COVID-19 cases in Europe and the United States could hurt fuel consumption. Brent crude slipped for a third day and was down 51 cents, 1.4%, at $37.14 a barrel by 0628 GMT after touching a five-month low in the previous session. December Brent contract expires on Friday. U.S. West Texas Intermediate (WTI) crude declined 48 cents, or 1.3%, to $35.69 a [Read more]
Advantage announces third quarter 2020 financial and operating results and 2021 budget
CALGARY, AB, Oct. 29, 2020 - Advantage Oil & Gas Ltd. ("Advantage" or the "Corporation") is pleased to report solid third quarter 2020 financial and operating results and announce its 2021 capital program. Production, operating costs and adjusted funds flow met or exceeded expectations, despite the volatile macroeconomic environment. Advantage's strong foundations have supported the Corporation through the pandemic, with a fortified balance sheet (net debt to adjusted funds flow ratio [Read more]
Canada Energy Regulator recommends Cabinet approve TQM application to operate pipeline in Québec
CALGARY, AB, Oct. 29, 2020 - The Commission of the Canada Energy Regulator (Commission, CER) has conditionally approved an application from Trans-Québec & Maritimes Pipeline (TQM) to purchase 64 kilometres of pipeline and related components in southern Québec. The Commission is recommending that federal Cabinet direct the CER to issue a Certificate of Public Convenience and Necessity to TQM, allowing it to continue operating the pipeline. If the certificate is issued, TQM would also [Read more]
Yangarra announces 2020 third quarter financial and operating results
CALGARY, AB, Oct. 29, 2020 - Yangarra Resources Ltd. ("Yangarra" or the "Company") (TSX: YGR) announces its financial and operating results for the three and nine months ended September 30, 2020. Third Quarter Highlights Average production of 8,409 boe/d (46% liquids) during the quarter, a 34% decrease from the same period in 2019 Oil and gas sales were $18.9 million, a decrease of 40% from the same period in 2019 Funds flow from operations of $10.0 million ($0.12 per share – [Read more]