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June 4, 2020
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Qatar Petroleum’s $19 bln LNG vessel order boon for S.Korean shipbuilders

Reuters
SEOUL (Reuters) – South Korea’s ailing shipbuilders have been thrown a lifeline in an increasingly tough market with a $19 billion order from Qatar Petroleum (QP) for liquefied natural gas (LNG) ships, analysts said on Tuesday. FILE PHOTO – Giant cranes of Hyundai Heavy Industries are seen in Ulsan, South......
Reuters - Business

U.S. pipeline operator Energy Transfer warns of coming job cuts

Reuters
FILE PHOTO: Construction work continues on Sunoco’s Mariner East II natural gas pipeline near Morgantown in Chester County, Pennsylvania, August 1, 2017. REUTERS/Charles Mostoller/File Photo (Reuters) – U.S. pipeline operator Energy Transfer LP (ET.N) will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak......
Reuters - Business

Sale of shut Philly refinery to real estate developer delayed

Reuters
NEW YORK (Reuters) – The closing of a $252 million sale of the Philadelphia Energy Solutions (PES) oil refinery to a Chicago-based real estate developer has been delayed, a city official and source with knowledge of the agreement said on Friday. FILE PHOTO: Sun sets on the Philadelphia Energy Solutions......
Reuters - Business

Oil falls on U.S.-China tensions over Hong Kong

Reuters
LONDON (Reuters) – Oil prices fell on Wednesday after U.S. President Donald Trump said he was working on a strong response to China’s proposed security law in Hong Kong. FILE PHOTO: An employee holds a sample of crude oil at the Yarakta oilfield, owned by Irkutsk Oil Co, in the......
Reuters - Business

Why bond investors are willing to bet on money-losing Pemex after oil price crash

Reuters
MEXICO CITY/NEW YORK (Reuters) – Mexico’s state-owned oil company Petroleos Mexicanos has seen investor sentiment improve in recent weeks despite sky-high debts, a slump in demand and no clear direction about how the government will turn the money-losing driller around. FILE PHOTO: Tanker trucks of Mexico state oil firm Pemex’s......
Reuters - Business

Exclusive: Schlumberger names new top executives to oversee corporate overhaul

Reuters
(Reuters) – Schlumberger, the world’s largest oilfield services firm, will reshuffle top executives and operations in coming months to deal with this year’s historic decline in the oil industry, according to a memo to employees. FILE PHOTO – The exterior of a Schlumberger Corporation building is pictured in West Houston......
Reuters - Business

Canada recommends masks, says emergency loans have no cap but many limits

Reuters
OTTAWA (Reuters) – There will be no cap on the size of Canada’s emergency loans to large companies harmed by the coronavirus pandemic but there will be multiple restrictions, the government said on Wednesday, as it recommended wearing masks in public for the first time. FILE PHOTO: Canada’s Prime Minister......
Reuters - Business

Angola’s oil exploration evaporates as COVID-19 overshadows historic reforms

Reuters
LONDON/LAGOS (Reuters) – The coronavirus pandemic has done in a handful of months what even a 27-year civil war did not: it has brought oil drilling to a halt in Angola, Africa’s second-largest oil producer. FILE PHOTO: Kaombo Norte floating oil platform is seen at night off the coast of......
Reuters - Business

Total calls off plan to buy Occidental Petroleum’s Ghana asset

Reuters
FILE PHOTO: The logo of French oil and gas company Total is seen in a petrol station in Paris, France February 6, 2020. REUTERS/Gonzalo Fuentes/File Photo PARIS (Reuters) – Total (TOTF.PA) has called off a plan to acquire Occidental Petroleum’s (OXY.N) assets in Ghana, which was conditional on the completion......
Reuters - Business

Coronavirus widens climate rift between European and U.S. oil majors

Reuters
LONDON (Reuters) – Europe’s top oil and gas companies have diverted a larger share of their cash to green energy projects since the coronavirus outbreak in a bet the global health crisis will leave a long-term dent in fossil fuel demand, according to a Reuters review of company statements and......
Reuters - Business

A month after negative oil prices, U.S. crude contract expiry looms

Reuters
NEW YORK (Reuters) – A month after sellers had to pay nearly $40 a barrel to get rid of U.S. oil futures, the next watershed moment looms with the expiry of the June contract on Tuesday – and so far there is little sign of a repeat of the historic......
Reuters - Business

Occidental offering voluntary job buyouts, citing need for spending cuts: document

Reuters
(Reuters) – Occidental Petroleum Corp (OXY.N) is offering its employees voluntary buyouts over the next two weeks, according to a document seen by Reuters on Tuesday, citing the sharp decline in oil prices and the coronavirus pandemic for “severe dislocations” in its business. FILE PHOTO: The logo of Occidental Petroleum......
Reuters - Business

Saudi Aramco profit falls 25% but dividend in line with planned payout for year

Reuters
DUBAI (Reuters) – Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts had expected Aramco, which went public last......
Reuters - Business

Oil falls on fears of second coronavirus wave

Reuters
NEW YORK (Reuters) – Oil prices fell on Monday as investors worried about a second wave of coronavirus infections, but new output cuts from Saudi Arabia tempered worries about oversupply and limited price losses. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad in......
Reuters - Business

Oil prices rise on Saudi voluntary cuts

Reuters
LONDON (Reuters) – Oil prices rose on Monday, recovering earlier losses on news that leading exporter Saudi Arabia will reduce its output by 1 million barrels per day (bpd) on top of reductions agreed under an OPEC+ supply pact. FILE PHOTO: The sun sets behind a crude oil pump jack......
Reuters - Business

Oil falls on fears of coronavirus second wave

Reuters
LONDON (Reuters) – Oil prices fell on Monday as a new wave of coronavirus infections in some countries and concern over a persistent glut cancelled out support from supply cuts by the world’s biggest producers. FILE PHOTO: The sun sets behind a crude oil pump jack on a drill pad......
Reuters - Business

Green hydrogen’s time has come, say advocates eying post-pandemic world

Reuters
LONDON (Reuters) – Hydrogen has long been touted as a clean alternative to fossil fuels. Now, as major economies prepare green investments to kickstart growth, advocates spy a golden chance to drag the niche energy into the mainstream of a post-pandemic world. FILE PHOTO: The new Febus hydrogen bus is......
Reuters - Business

Pipe-laying vessel reaches Baltic as Russia’s Nord Stream 2 target looms

Reuters
MOSCOW (Reuters) – A special pipe-laying vessel that could be used by Russia to complete construction of the Nord Stream 2 gas pipeline to Germany has arrived in the Baltic Sea, a Reuters witness said on Sunday. Pipe-laying vessel Akademik Cherskiy owned by Gazprom, which Russia may use to finish......
Reuters - Business

Exxon, Chevron slam brakes on shale as oil demand tumbles

Reuters
HOUSTON (Reuters) – Exxon Mobil Corp and Chevron Corp are slamming the brakes on oil output, as the top two U.S. producers plan for combined global shut-ins of 800,000 barrels per day in response to plunging crude prices and fuel demand. Both companies on Friday outlined deep cuts in investments......
Reuters - Business

Oil prices surge on last day of roller-coaster month

Reuters
NEW YORK (Reuters) – Oil prices jumped on Thursday, after several producers said they would cut output and as signs the U.S. crude glut was not growing as quickly as many had feared brought an upbeat close to one of the most volatile months for oil trading in history. FILE......

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