Corporate week in brief
Report summary
Table of contents
- US-focused E&Ps and Latin American NOCs boost capex outlook
- Q4 US Independent earnings season recap
- ExxonMobil’s proven reserves hit hard by falling prices and activity
- ExxonMobil sells UK asset package for more than US$1 billion
- Oxy awards FEED for its CO 2 Direct Air Capture project in the Permian
- Total sells down French wind and solar assets
- Petrobras CEO to be replaced as political pressure mounts
- 2021 capital budgets continue their rise
- Eni's absolute net zero target steals headlines on results and strategy day
- Shell and Ovintiv exit Canada's Duvernay in separate deals
- US Lower 48 earnings – deep freeze delays,naturalgas spikes and the first variable dividend
- Equinor and ENGIE look to European blue hydrogen
- Repsol stresses resilience in its Q4 results
- Santos and Woodside look ahead to a more positive 2021
- Shell reinforces its vision for Big Energy through the transition
- ExxonMobil to shut its Altona oil refinery in Australia
- Equinor emphasises capital discipline in Q4 2020 results
- Petrobras will sell its second largest refinery to Mubadala for US$1.65 billion
- Total announces rebranding to TotalEnergies in its Q4 results
- Qatar Petroleum sanctions largest LNG project in history
- BP and Total bid big on UK offshore wind
- Chevron announces offer to acquire Noble Midstream Partners
- BP and Rosneft to collaborate on carbon management
- ExxonMobil, Shell and BP make combined US$64 billion loss in 2020
- 2021 capital budgets inch up into positive territory
- Total builds critical mass in the US solar sector
- ConocoPhillips Q4 earnings: rising Concho synergies and reiterated discipline
- ExxonMobil creates Low Carbon Solutions business unit
- BP sells 20% stake in Khazzan: desperate times call for desperate measures
- ExxonMobil and Chevron reportedly held merger talks early last year
- Chevron reports mixed Q4 results
- Petrobras and ExxonMobil make wildcat pre-salt discovery
- Lundin brings its net zero target forward to 2025
- BlackRock increases climate pressures
- Hess exploration budget remains strong as ever
- Chesapeake Energy’s emergence from bankruptcy
- Capital budgets seeing no bounce-back in 2021
- Shell buys EV charging company ubitricity
- Eni buys Iberian energy retail business
- Biden Admin halts new federal drilling permits
- US Independents Q4 earnings preview
- A look ahead to the Majors' Q4 results
- Kosmos deepwater GoM exploration success
- Lightsource bp expands solar business in Spain
- Total to acquire a 20% stake in the world's largest solar developer
- Total expands into the US solar market
- Chevron announces Series C investment in Carbon Capture start-up
- Total and Apache make fourth strike in Suriname
- Total inks French green hydrogen agreement with Engie
- Total makes French biogas acquisition
- ExxonMobil publishes 2021 Energy & Carbon Summary report
- Devon-WPX and Cenovus-Husky deals close
- Eni boost as Mahani comes onstream in Sharjah Emirate
- Permian consolidation continues with Diamondback acquisitions
- Shell sells stake in QCLNG facilities for US$2.5 billion
- BP acquires a majority stake in Finite Carbon
- Gas-hedging spikes in Q3
- ExxonMobil makes new emissions reduction commitments
- Equinor acquires early-life oil assets in East Siberia
- PETRONAS makes a discovery in Suriname
- Rosneft announces giant gas discovery in the Kara Sea
- ExxonMobil comes under more investor pressure
- Equinor looks to expand in solar and hydrogen
- Oxy wins exploration acreage in UAE
- E&Ps secure price for incremental gas output in Argentina
- Eni acquires 20% stake in world’s largest offshore wind project
- Pioneer sets bold emissions reduction targets
- CNOOC caught in the middle of US-China tensions
- Chevron announces 2021 capital guidance of US$14 billion
- Santos aims to be carbon neutral by 2040
- Petrobras doubles down on resilience in its Strategy Day
- ExxonMobil to take US$17 to US$20 billion impairment
- Repsol accelerates the transition to net-zero carbon
- ExxonMobil pulls Bass Strait asset sales process
- Equinor and SSE secure Dogger Bank finance and power offtake agreements
- Tullow to focus on Africa
- Wintershall Dea announces net zero target
- Oil Search strategy day
- Equinor looks to European battery partnership
- Lenders show patience with Lower 48 operators during Fall RBL redeterminations
- Kosmos and BP announce new plan of development for Tortue FLNG
- BP and Orsted create renewable hydrogen partnership in Germany
- Total expands EV network and strikes CO 2 reduction partnership
- Eni launches Norwegian renewables JV
- Occidental sets net zero targets
- US Independents' Q3 earnings week two – focus on de-leveraging, maintenance mode for most
- US election results: implications for oil and gas companies
- PETRONAS hikes state dividend
- Saudi Aramco reports Q3 earnings recovery
- Majors' Q3 results: alternative approaches to resilience
- Equinor sets net zero ambition
- PipeChina spin-off lifts Chinese NOCs’ Q3 earnings
- L48 Independents, Q3 earnings week one: flat 2021 outlook and RBL lender patience
- PETRONAS sets aspiration for net zero
- Petrobras' resilience plan delivers the goods
- Total makes a second big gas/condensate strike in South Africa
- Total adds more French solar capacity
- US tight oil earnings preview: budgets, balance sheets and ballots
- Corporate consolidation continues with Pioneer and Cenovus swallowing up peers
- Another reason US shale players must take emissions seriously
- Majors’ Q3 results preview
- ConocoPhillips to acquire Concho Resources
- Total and Equinor deepen their partnerships with tech giants
- Total enters the French floating offshore wind sector
- Corporate strategies for the energy transition
- Lundin Energy acquires Barents Sea assets for US$125 million
- Chrysaor to reverse into Premier
- Hess sells interest in Shenzi field to operator BHP for US$505 million
- Total outlines roadmap to a broad energy company
- Total acquires London’s largest EV charge points network
- The new North Sea Financial Flexibility Index
- Chevron closes Noble deal
- ExxonMobil sanctions Payara
- Mexico trims Pemex's budget for 2021
- Devon and WPX agree merger
- Grandpuits refinery to become Total's second 'zero-crude platform'
- Total gains critical mass in solar with 3.3 GW Spanish deal
- China plans to be carbon-neutral by 2060
- Focusing on Lower 48 financial health
- BP makes its pitch for a future beyond oil and gas
- Petrobras slashes five-year E&P spend by 30%
- BP enters offshore wind business through US partnership with Equinor
- Shell acquires exploration acreage from Kosmos
- ExxonMobil makes 18 th oil strike offshore Guyana
- Tullow reports US$1.3 billion loss in H1 results
- Equinor forms offshore wind JV in Japan
- Activist investor Elliott takes a stake in Noble Energy
- Suncor brings oil sands back on line
- Total creates JV to manufacture batteries in Europe
- Price downgrades trigger over US$160 billion of impairments
- Total enters South Korea's floating offshore wind sector
- PetroChina becomes the first NOC to announce carbon neutrality ambitions
- Sinopec Corp and PetroChina post losses for H1 2020
- Eni renewables JV grows US capacity via acquisition
- Oil-hedging activity slows in Q2
- SunPower completes spin-off transaction
- US Hurricanes force unprecedented production and refinery shut-ins
- ExxonMobil dropped from the Dow Jones Industrial Average
- Australia’s North West Shelf LNG: the clock is ticking for backfill
- BHP to exit the thermal coal business and off-load some metallurgical coal assets
- Oxy sells Wyoming, Colorado, and Utah mineral rights for US$1.33 billion
- CNOOC Ltd surprises with strong H1 2020 results
- Qatar Petroleum enters Angola, farming-in to ultra-deepwater Block 48
- BHP announces end of FY 2020 results and plans to sell Bass Strait
- Petrobras greenlights Mero-3 FPSO
- Woodside exercises its pre-emption rights on Sangomar Deep
- Takeaways from Q2 2020 US E&P earnings
- YPF posts record Q2 loss
- Occidental hit by US$6.6 billion impairment in Q2 results
- Aramco reports resilient Q2 results
- Equinor announces new CEO
- BP sets out road-map to net zero
- Range cuts losses in northern Louisiana
- US Independents' Q2 earnings round-up
- The US Supermajors warn of 10-20% proven reserves downgrades
- The SuperMajors' Q2 results round-up
- Eni updates dividend policy in Q2 results
- Pemex and Petrobras: a tale of two earnings
- Denbury Resources files for Chapter 11 bankruptcy
- US$19/bbl Bakken realized price weighs on Hess’ Q2 results
- PetroChina sells down its UAE portfolio to CNOOC Ltd
- Cairn exits Senegal's Sangomar with sale to Lukoil
- Shell awarded Netherlands offshore wind project
- ExxonMobil dropped from the Dow Jones Industrial Average
- Video highlights: Chevron to acquire Noble Energy
- Equinor's Q2 2020 results beat expectations
- PetroChina and Sinopec Corp. finalise pipeline reform transactions
- Petrobras doubles its FPSO schedule
- ConocoPhillips expands BC Montney position
- Repsol enters the Chilean renewables sector
- A grim Q2 for the Majors
- Chevron makes US$13 billion bid for Noble Energy
- California Resources files for Chapter 11 bankruptcy
- Total secures Mozambique LNG project financing
- Woodside takes impairment but is a US$80 carbon price the big news?
- US Independents Q2 earnings preview
- Environmental concerns central to US pipeline issues
- East Mediterranean continues to play a key role in Noble's portfolio
- Eni warns of large Q2 impairment
- Chinese NOCs increasingly concerned about ESG
- Eni hits gas offshore Egypt
- Shell to report US$15 to US$22 billion of impairment charges
- BP announces US$5 billion sale of petrochemicals business to INEOS
- Chesapeake files for Chapter 11 bankruptcy
- Occidental to take US$6-9 billion impairment hit
- Wood Mackenzie’s Financial Health index expanded to Canada
- ADNOC monetises midstream assets
- Eni acquires three wind projects in Italy
- Chevron puts the North West Shelf LNG project up for sale
- Saudi Aramco completes SABIC deal with new payment schedule
- Repsol's industrial decarbonisation strategy gains momentum
- BP to report US$13 to US$17.5 billion of impairments and write-offs
- After the crash – what’s changed in global upstream?
- US producers ease production shut-ins
- Premier and BP agree revised terms for US$625 million UK deal
- Eni overhauls business structure for Energy Transition
- Petrobras taps credit markets for US$3.25 billion
- Total buys 51% stake in £3 billion offshore wind farm in the UK North Sea
- Occidental virtually eliminates the dividend
- CNOOC Ltd elects not to pre-empt Total’s Uganda deal
- PETRONAS is the latest Asian NOC to cut spend
- Total bulks up in Spanish energy market with EDP purchase
- ExxonMobil farms into Suriname acreage
- Total cancels its acquisition of Occidental's Ghana portfolio
- US Independents' Q1 2020 earnings recap
- Euro Majors to invest in industrial CCS in Norway
- Company responses to price collapse: week ten
- Petrobras takes a US$13 billion hit in Q1 results
- Upstream convertible bond market emerging: Pioneer Natural Resources upsizes offering
- INPEX reduces costs and cuts the dividend
- Aramco reports robust Q1 2020
- Company responses to price collapse: week nine
- Shell exits Appalachia
- Equinor seeks sustainability
- Total unveils new climate roadmap
- Climate change, heating up E&P Annual General Meetings
- Repsol’s shares soar on dividend commitment
- Supermajors’ Q1 results: the cracks are starting to show
- Company responses to price collapse: week eight
- Asian NOCs go on a major cost-cutting spree
- ConocoPhillips Q1 results – protecting the advantaged position
- Lundin announces further capex cuts, but raises production guidance
- Pemex cuts capex by 15% and gets US$2.8 billion in relief
- US Independents - five questions we’re keen to answer with Q1 earnings
- Gazprom delivers to shareholders despite the challenging macro-oil environment
- Company responses to price collapse: week seven
- EQT’s convertible notes offering reduces interest expense
- The Majors' Q1 results preview
- Total acquires Tullow’s Uganda portfolio
- Equinor slashes its dividend
- Pemex downgraded to non-investment grade
- Tullow appoints new CEO
- Company responses to price collapse: week six
- Shell ups carbon ambition – aims to be a net zero emissions energy business by 2050
- ConocoPhillips cuts output and capex
- Shell and PetroChina sanction Surat Gas Project
- Chevron completes Azerbaijan exit
- Oxy pays its preferred dividend to Berkshire Hathaway in ordinary stock
- Noble announces a second budget cut
- Shell abandons the Meretoyakhaneftegaz JV
- EOG notes offering reiterates strength
- Oil price collapse: week five
- Company responses to price collapse: week five
- Shale round up; capex cuts continue
- BP’s Alaska disposal reportedly in jeopardy
- BP delays Tortue FLNG project
- ExxonMobil cuts far deeper than any peer
- Oil Search taps into equity market for US$700 million
- Equinor strikes oil in the GoM
- Company responses to price collapse: week four
- Big Oil tops up on credit
- Suriname exploration success continues
- Tullow buys time with RBL credit redetermination
- Is Whiting’s bankruptcy just the beginning?
- BP outlines measures to strengthen financial frame
- Petrobras shuts in 200 kbbl/d
- Shell leaves Lake Charles: It’s not you, it’s me
- Oil price collapse: week three
- Company responses to price collapse: week three
- Eni cuts capex
- Rosneft sells Venezuelan assets
- Repsol cuts 2020 budget by 26%
- Woodside cuts capex by 60%, delays Scarborough
- Eni starts-up first onshore wind project in Kazakhstan
- Occidental cuts its budget again
- Lundin cuts dividend and capex
- Petrobras cuts capex by 30% and delays dividend payments
- Equinor cuts capex by 20%, confirms buyback suspension
- Chevron suspends buybacks and cuts capex by 20%
- Shell moves to strengthen financial framework
- Total cuts capex
- Equinor suspends buybacks, looks to cut costs
- Total expands wind portfolio
- Oil price collapse: week two
- Company responses to price collapse: week two
- ConocoPhillips cuts buybacks and 2020 capital spend plans
- Hess to cut capex by US$800 million
- Saudi Aramco emphasises 2020 resilience
- ExxonMobil’s eyes steep cost cuts
- Oil price collapse: week one
- Company responses to price collapse: week one
- Oil price collapse: downstream to the rescue? Not this time
- Tullow on the brink
- Occidental Petroleum cuts dividend and capital spending plans
- Oil price collapse - what does it mean for oil and gas companies?
- ExxonMobil sticks with counter-cyclical investment messaging at its Investor Day
- Premier Oil embraces the carbon challenge
- Alpine High rides off into the West Texas sun
- Chevron's 2020 Security Analyst Meeting
- Eni lays out energy transition plans
- Oil and gas shares hammered on coronavirus worries
- Saudi Aramco gets go ahead for huge unconventional gas development
- Shell weighs big investment in green hydrogen
- Kosmos announces commitment to carbon neutrality
- Equinor bows out of Australian Bight exploration
- Coronavirus: how is it impacting the oil and gas sector?
- Subtle read-throughs from Tight Oil earnings
- Wood Mackenzie upstream guidance tracker updated
- Impairment charge hits Repsol’s Q4 results
- ONGC’s share price hits a 15-year low
- 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$870 million
- Apache and Total make potentially giant oil strike in Suriname
- Occidental moves to establish its pipeline arm as an independent midstream company
- Equinor ups Norway carbon reduction target
- Liza enters production
- Repsol's Carapa-1 does not deliver the goods
- Total farms into Suriname with Apache
- Noble gets Leviathan going: first gas in 2019
- 2019 Equity markets: everybody hurtssometimes
Tables and charts
This report includes 74 images and tables including:
- February 22-26: capital budget announcements
- Top movers: year-on-year change in upstream budgets
- Top 10 upstream budgets in 2021 and corresponding 2019/2020 spend
- Chesapeake valuation sensitivities
- Change in upstream capital budgets relative to pre/post-crash estimates
- Value of derivatives contract by year
- Evolution of market valuation vs. Wood Mackenzie base valuation (%)
- Wood Mackenzie forecast: upstream capex 2020-2025
- Petrobras: five-year capex cut by 27%
- Oil Search emissions outlook
- Q3 2020 price and margin comparison
- Total corporate refining margin: 2025 forecast
- Petrobras' E&P investment plan evolution
- Kosmos exploration acreage
- Revised impairment test prices for select companies
- Monthly summary of oil hedge volumes and price
- 2020 deepwater GOM production as % of total
- Evolution of the premium-discount of the Enterprise Value to WM NPV,10
- ExxonMobil Reported Reserve Additions by Year
- Quarterly price and margin comparison
- Strategic fit of upstream regions (red denotes Noble Energy countries)
- Upstream total intensity (gCO2/MJ) average 2020-2025
- Bashrush map
- Eni Decarbonisation Plan
- Majors' renewables net operational and development capacity (by equity)
- Total Guidance: 2050 portfolio mix by energy type
- Local currency devaluation in key NOC markets
- Brent price yearly average assumption (US$/bbl)
- Top 15 year-on-year budget cuts
- Upstream capital budget revisions by peer group
- Evolution of prices and margins
- Pemex's interest burden is already the highest in our coverage
- 2019-2020 change in upstream capital budgets by peer group
- E&Ps with at least US$500 million in upstream budget cuts
- Cash flow breakeven before and after capex cuts
- The Majors' announced cuts to 2020 capital budgets
- Capital budget revisions
- Net debt and Wood Mackenzie NAV by region
- BP cash flows in 2020 at US$40/bbl Brent (WoodMac forecasts, pre and post latest guidance)
- Eni corporate cash flow breakevens
- Impact on Chevron's 2020 cash flow breakeven
- Shell cash flows in 2020 at US$40/bbl Brent (WoodMac forecasts, pre and post latest guidance)
- Revisions to capital budgets: week one
- Supermajors: downstream return on capital employed
- Share price movements
- Wood Mackenzie Corporate Service: 2020 Cash Flow Breakevens
- 2019-2020 change in upstream capital budgets
- ONGC monthly share price data (2005-2020)
- 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
What's included
This report contains:
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