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Corporate week in brief

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17 February 2020

Corporate week in brief

Report summary

The Corporate Week in Brief report highlights the latest need-to-know events from the corporate global energy sector. It is a rolling document, continuously updated with our own analysis and opinion on events impacting the sector. Coverage includes upstream, downstream and new energies. Sources for the news stories include company press releases, industry events, press coverage, and our own research presentations and reports. Please bookmark this document as it will be republished continuously.

Table of contents

  • Eni hits oil offshore Mexico
  • BP unveils new strategy for energy transition
  • Woodside delays FID on Browse
  • Occidental and Woodside warn of impairments
  • Euro Majors provide resilient set of Q4 results
  • Wood Mackenzie upstream guidance tracker updated
  • ConocoPhillips Q4 results - still upbeat about resilient low-cost portfolio
  • ADNOC and DUSUP announce super-giant shallow water gas find
  • Majors’ Q4 results portend tough year ahead
  • What to Watch For - Appalachia Q4 2019 Earnings
  • Hess reports a strong outlook despite negative earnings
  • Equinor and Shell strengthen their presence in the Vaca Muerta
  • ExxonMobil adds another 2 billion boe of resources to Guyana
  • Eni hits gas in the UAE
  • Pemex cuts forecast for Xanab field
  • Lens database: key price assumption update
  • A look ahead to the Majors’ Q4 results
  • Total to develop Al Kharsaah solar plant in Qatar
  • US Independents – look ahead to Q4 results
  • Musical chairs at China's national oil companies
  • CNOOC defies upstream industry trends
  • Operators freeze capital budgets in 2020
  • BlackRock changes investment strategy to address climate change
  • Low prices lead EQT to take large write-down
  • Tullow to report US$1.5 billion impairment
  • Woodside sanctions Sangomar Phase 1
  • Range Resources’ extreme dividend move
  • Premier makes two UK North Sea acquisitions for up to US$870 million
  • Apache and Total make potentially giant oil strike in Suriname
  • Occidental moves to establish its pipeline arm as an independent midstream company
  • Equinor ups Norway carbon reduction target
  • Liza enters production
  • Repsol's Carapa-1 does not deliver the goods
  • Total farms into Suriname with Apache
  • Noble gets Leviathan going: first gas in 2019
  • 2019 Equity markets: everybody hurtssometimes
  • Equinor increases stake in SCATEC Solar
  • ConocoPhillips surprises with Australia exploration farm-in
  • Total swoops in on Angola blocks
  • Continental founder Harold Hamm steps down as CEO
  • Husky and Shell eyeing up offshore China
  • Anchors away for Chevron in the Gulf of Mexico
  • YPF gets a new president
  • ExxonMobil is cleared in New York climate change trail
  • Chevron to take a US$10-11 billion hit in its Q4 results
  • Apache’s share price plunges on Suriname setback
  • Petrobras approves 2020-2024 strategic plan
  • Chevron exits Colombia
  • Qatar ups LNG expansion plans
  • Moody’s downgrades ExxonMobil’s credit outlook from stable to negative
  • Petrobras sells Liquig á s subsidiary for US$900 million
  • ConocoPhillips' 2019 Analyst Meeting: growing cash flow and distributions
  • Key takeaways from US Independent earnings
  • Woodside and BHP agree tolling price for the Scarborough development
  • Is gas a ‘transitional fuel’ or ‘new coal’?
  • Aramco sets IPO price range
  • Comstock Resources is rumoured to be interested in Chesapeake’s Haynesville assets
  • Tullow's November trading statement disappoints
  • US Independents’ Q3 results shed light into 2020 plans
  • Chevron exits two more countries
  • Petrobras sweeps up Brazil’s PSC Round 6
  • Petrobras locks in key fields at Transfer of Rights auction
  • Shell breaks into offshore floating wind with EOLFI acquisition
  • Diversified independents stay the course through Q3 earnings
  • Big Oil’s Q3 results: reality check
  • Aramco to proceed with IPO
  • Chevron signals US$10 billion cost overrun on Tengiz expansion (FGP-WPMP)
  • US Independents finally swapping cash flow for growth?
  • Weak Q3 results from the Chinese NOCs
  • Encana to be Canadian no more
  • Antero Q3 earnings call erases overnight share price gain
  • Hess reports Gulf of Mexico discovery and anticipates Guyana first oil
  • Orca hits gas for BP offshore Mauritania
  • The main takeaways from Eni and Equinor’s Q3 results
  • Marcellus operators to go on a capex diet in 2020
  • FPSO bonanza delivers stellar growth for Petrobras
  • Shell, Eni, ExxonMobil and Total walk away from pre-FID projects in Kazakhstan
  • Ecopetrol acquires a 30% stake in Gato do Mato from Shell
  • A critical quarter for US Independents
  • An underwhelming Q3 for the Majors
  • Lukoil strikes a deal with ADNOC to enter the UAE
  • Total expands Indian gas partnership
  • ConocoPhillips to exit northern Australia, selling to Santos
  • PETRONAS and Qatar Petroleum expand Brazilian acreage
  • Good news, bad news on BP disposal programme
  • Oxy to power Permian operations with solar energy
  • ExxonMobil kick-starts US$15 billion disposal programme with a bang
  • Total's 2019 investor day
  • Equinor and CPIH look to cooperate in offshore wind
  • Kosmos' Yakaar appraisal firms up resources
  • Equinor and SSE move closer to world’s largest offshore wind project
  • Total joins up with Envision to tap into China’s distributed solar opportunities
  • ExxonMobil makes another oil strike in Guyana
  • EOG signs natural gas supply agreement with Cheniere Energy
  • Fear factor returns to oil markets: how do IOCs respond?
  • Aramco in the firing line
  • Tullow strikes again in Guyana
  • Ecopetrol faces setback as Colombia upholds fracturing ban
  • Pemex gets a US$5 billion injection from Mexico
  • US Independents embrace electric completions technology
  • NOVATEK, Total and partners sanction Arctic LNG-2
  • Equinor initiates US$5 billion share buyback
  • Euro Majors push ahead with North Sea CCS
  • Petrobras reports record production
  • Total gets approval for Papua LNG
  • BP calls time on Alaska after 60 years
  • Strong upstream performance underpins Chinese NOCs' H1 results
  • Eni makes major gas discovery onshore Nigeria
  • Tullow terminates farm-down agreement with Total and CNOOC Uganda
  • ExxonMobil strikes another carbon capture partnership
  • Shell enters Australia’s power sector
  • Premier seeks buyer for Zama
  • Pemex gets to keep Round Zero acreage
  • Santos’ Q2 results beat consensus
  • ONGC unveils 2040 Strategy
  • Equinor brings UK's Mariner onstream
  • Woodside needs to pick up pace on pre-FID projects
  • ExxonMobil reportedly seeking UK upstream buyer
  • Jethro delivers the goods for Tullow
  • Saudi Aramco buys 20% stake in Reliance
  • Tight Oil performance disappoints and investor confidence wanes
  • Murphy strengthens balance sheet and presses ahead in the GoM
  • Petrobras slashes yearly capex and production target
  • Shareholder returns and capital discipline remain key themes for Diversified Independents in Q2
  • Mixed fortunes for Supermajors in Q2
  • Guyana reserves upgraded by 500 mmboe
  • Ecopetrol in Midland Permian tie-up with Oxy
  • Petrobras trims stake in BR Distribuidora for US$2.5 billion
  • Qatar Petroleum continues international exploration expansion
  • Lower commodity prices dim Euro Majors’ Q2 results
  • Lower commodity prices dim Euro Majors' Q2 results
  • Petrobras divests upstream assets for US$1.5 billion
  • ConocoPhillips to partner with Wintershall Dea in Vaca Muerta
  • Eni hits big gas in Vietnam
  • Tullow delays FID in Kenya
  • BP’s Tangguh Expansion project delayed by a year
  • ConocoPhillips extends Corridor PSC
  • US Independents' set to kick off Q2 earnings
  • The Majors set to deliver solid financial performance in Q2
  • Equinor increases exposure to offshore wind
  • Pemex to get financial support but still faces big challenges
  • PNG Expansion FEED work slips
  • Aker BP’s Liatårnet discovery adds another piece to the NOAKA puzzle
  • INPEX makes progress at Abadi LNG
  • CP Chem and Qatar Petroleum unveil US Gulf Coast II Petrochemical Project
  • Total ramps up investment in carbon sinks
  • Total divests UK assets to Petrogas
  • Team Rice Wrestles Control of EQT Board
  • Equinor sells stake in Lundin Petroleum
  • FTSE re-labels oil and gas sector as 'non-renewables'
  • First oil in Mexico for Eni
  • ExxonMobil strikes carbon capture JV
  • Petrobras to fully exit natural gas distribution
  • PTTEP strikes big in Malaysia
  • Zama continues to deliver the goods
  • Tullow considers Uganda exit
  • CP Chem expands petrochemical's portfolio in Qatar
  • LGIM drops ExxonMobil from its ESG-focused funds
  • CP Chem to expand in North America?
  • PTTEP continues its acquisition spree
  • Mexico cancels Pemex farm-outs
  • Petrobras closes TAG sale for US$8.7 billion
  • Petrobras greenlights Mero-2 FPSO
  • Shell sells Martinez refinery for US$1 billion
  • ExxonMobil sanctions its first Argentina shale development
  • Shell delivers first LNG cargo from Prelude
  • Shell, Repsol, Gazprom and OMV ink deals at St. Petersburg
  • LUKOIL enters the Congo
  • ExxonMobil unveils Angolan deepwater redevelopment
  • Shell lays out strategy to 2025
  • Apache busy securing takeaway
  • Continental initiates dividend and buyback program
  • Eni strikes again in Angola
  • Total increases its US LNG exposure
  • Devon exits Canada in a US$2.8 billion deal with Canadian Natural Resources
  • Deepwater and tight oil - more similar than you think
  • Chevron to exit the UK?
  • Shell brings Appomattox onstream
  • Pemex unveils production targets and secures tax relief
  • Petrobras exercises preferential bidding rights for pre-salt fields
  • Gazprom makes two major discoveries in the Russian Arctic
  • Hong Kong takeaways
  • Saudi Aramco goes large on US LNG takeaway
  • BP under pressure on carbon
  • Pemex secures US$8 billion loan, but underlying problems aren't going away
  • Santos enters P’nyang, brings PNG expansion closer
  • Inpex posts encouraging FY results, but next steps remain unclear
  • Eni's Africa exploration outperformance continues
  • Equinor pre-empts Delek at Caesar Tonga
  • Petrobras Q1 results disappoint, but outlook remains strong
  • Chevron withdraws from Anadarko race
  • Independents Q1 results round-up: consolidation talk grabs the headlines
  • Kosmos declares its first quarterly dividend
  • Occidental agrees US$8.8 billion deal to sell Anadarko's African assets to Total
  • Majors Q1 results: big picture strategy on track
  • Shell to exit Abadi?
  • Liza Phase II gets the green light
  • Petrobras to sell half of its refining business
  • Repsol and LLOG firm-up partnership in US Gulf of Mexico
  • Upstream helps cushion Q1 earnings weakness for China's NOCs
  • PETRONAS goes after pre-salt Brazil
  • Chinese NOCs buy into Arctic LNG-2
  • Equinor deepens its climate commitments
  • Tullow provides AGM Trading update
  • Occidental announces competing bid for Anadarko
  • Shell makes another find in US Gulf of Mexico
  • Murphy Oil acquires deepwater GoM assets from LLOG Bluewater
  • Aramco buys Shell's stake in SASREF
  • ConocoPhillips sells North Sea assets to Chrysaor
  • YPF diversifies into offshore
  • ExxonMobil makes 13 th discovery offshore Guyana
  • Woodside provides Q1 operational update
  • Exploration success a Q1 standout for Santos and Oil Search
  • Aramco buys stake in Hyundai Oilbank
  • Chevron to acquire Anadarko for US$50 billion
  • PETRONAS makes first move into renewables
  • Shell sells non-op interest in US Gulf of Mexico
  • Saudi Aramco bond offering 10x oversubscribed
  • Shell enters China shale oil while BP calls time on shale gas prospects
  • Shell exits Baltic LNG
  • Papua LNG partners sign project gas agreement
  • Total expands interests in Oman
  • Wood Mackenzie upstream guidance tracker updated
  • ExxonMobil linked to Nigeria sale
  • Saudi Aramco reveals finances
  • Ocean LNG sign Golden Pass LNG SPA

Tables and charts

This report includes 52 images and tables including:

  • Woodside's development capex (2020-2025)
  • 2019-2020 change in upstream capital budgets
  • Appalachia Market Cap YTD Loss
  • Quarterly and annual prices and margins
  • Total Renewables Capacity Installation Guidance
  • Change in upstream capital budgets by peer group
  • BlackRock's stake in the Majors
  • Corporate Service: 2019-2020 change in capex (%)
  • Apache Indexed Share Price Performance
  • Equinor Norway carbon reduction projects
  • Emissions and Emissions Intensity from upstream and downstream by company (company names not shown)
  • Liza liquid production
  • Diversified Independents Production CAGR (2019-2024)
  • 2019 Price Changes
  • Mid-Cap International Peer Group
  • Large-Cap International Peer Group
  • Majors Peer Group
  • Large-Cap North American Peer Group
  • Mid-Cap North American Peer Group
  • Interactive Chart: Majors Africa NPV10 (Click region to drill-down to individual country)
  • Share price performance for 2019
  • Share price performance for 2019
  • Gas as a percentage of total production
  • US Independents: 2020 vs. 2019 upstream capital guidance
  • Tengizchevroil expansion (FGP-WPMP): evolution of capex
  • Share price reaction to Q3 results
  • Petrobras production outlook
  • Evolution of quarterly price and refining margins
  • Brazil net acreage by company
  • Strategic fit on ExxonMobil's upstream assets
  • Wood Mackenzie Corporate Service: cash flow sensitivity
  • Total production by region
  • Tullow forecast development expenditure
  • Tullow: Jethro-1 location
  • Saudi Aramco Downstream M&A 2019
  • Price performance - Average Focused US vs. WTI
  • ExxonMobil and Chevron Permian guidance vs. actuals
  • Adjusted net income (US$ millions)
  • ConocoPhillips' production outlook
  • Repsol production outlook
  • Quarterly prices and refining margins
  • INPEX Corp production outlook by development status
  • Majors' Vaca Muerta positions
  • Strategic fit of Chevron's upstream portfolio
  • Q1 2019 gearing
  • Year-on-year production change
  • Market premium / discount to WM base-case NPV,10
  • Corporate Service: 2018-2019 change in capex (%)

What's included

This report contains:

  • Document

    Corporate week in brief

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