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Corporate week in brief

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16 June 2021

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 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

  • How likely is a Shell Permian sale?
  • Equinor accelerates shift towards new energy
  • Shell plans bold steps to reduce emissions in response to legal ruling
  • Oxy divests non-core Permian acreage for US$508 million
  • Rosneft sells a further 5% in Vostok Oil
  • A new Alliance: The Oil Sands Pathways to Net Zero Initiative
  • Equinor sells Danish refinery
  • Hess announces new discovery and appraisal results in Guyana
  • Suncor commits to a 2050 net-zero Scope 1 & 2 emissions target
  • BP boosts solar project pipeline with flurry of deals
  • Ørsted scales-up and broadens green ambitions
  • Repsol high-grades in South-Eastern Asia
  • Oil-hedging activity steady in Q1 as losses grow
  • More L48 shale gas consolidation
  • Big Oil gets (another) wake up call
  • Total gets shareholder approval for rebranding and transition strategy
  • Shell continues refining purge, sells Deer Park to Pemex
  • Cimarex and Cabot combine in merger of equals
  • Shell exits Philippines with sale of Malampaya gas fields
  • Eni and BP consider merging their Angolan portfolios
  • Total gets renewables boost in India
  • Proxy season for Big Oil – investor pressure on carbon continues to ratchet
  • Petrobras Q1 results: staying the course
  • Repsol retreats from Russia
  • Repsol enters the US renewables sector
  • US Independents Q1: week two earnings recap
  • Shell sells Puget Sound, shrinks downstream further
  • EQT Corp to acquire Alta Resources
  • Equinor enters Polish solar sector
  • Equinor secures price support for Polish wind projects
  • Saudi Aramco Q1 results rebound
  • Majors’ Q1 results round-up: corner turned?
  • US Independents Q1: week one earnings recap
  • Total enters offshore wind project in Taiwan
  • Progress towards net zero goal is highlight of Lundin results call
  • Total declares force majeure on Mozambique LNG project
  • Majors’ Q1 results preview
  • US Independents' Q1 results preview
  • EOG steps even further away from the US
  • ExxonMobil unveils giant Houston CCUS hub concept
  • Shell publishes Energy Transition Strategy
  • Shell and CNOOC start new petrochemicals units
  • Chevron backs Ocergy’s floating wind technology
  • Aramco strikes US$12.4 billion midstream deal
  • Equinor partners with SSE in UK low-carbon power proposals
  • ExxonMobil mulls the closure of its Slagen refinery in Norway
  • BP hits deleveraging target ahead of plan, trails share buybacks
  • Hess trims Bakken position with non-core disposal
  • Eni maintains outstanding exploration on Angola’s Block 15/06
  • Pioneer doubles down on the Permian
  • Oxy to construct and operate CO 2 capture facility at Rio Grande LNG
  • Sinopec Corp sets net zero ambition, looks to hydrogen leadership
  • Santos sanctions Barossa
  • Capital budgets finish strong as Q4 earnings wrap up
  • Ovintiv sells Eagle Ford asset for US$880 million
  • PetroChina and CNOOC Ltd pin hopes on more stability in Year of the Ox
  • Equinor and SSE consider another offshore wind sell-down
  • Saudi Aramco reports resilient 2020, looks to 2021 rebound
  • BP planning UK’s largest blue hydrogen project
  • Equinor to advance UK blue hydrogen plans
  • Q4 oil-hedging activity cuts into price upside
  • Murphy Oil monetizes King’s Quay floating production system
  • Vine Oil & Gas (VEI) IPO underperforms
  • Hess sells Denmark position to INEOS E&P AS for US$150 million
  • Eni looking to spin out new energies business?
  • Cairn re-positions to Egypt as Shell offloads assets
  • ConocoPhillips resumes share repurchase program
  • PETRONAS looks to Abu Dhabi for future energy cooperation
  • Chevron reveals plan for higher returns and lower carbon
  • ExxonMobil outlines distinctive energy transition strategy
  • Chevron invests in geothermal and biomass start-ups
  • 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

Tables and charts

This report includes 52 images and tables including:

  • Scope 1 and 2 oil sands emissions
  • Suncor emissions
  • Monthly summary of oil hedge volumes and price
  • BP, Eni combined entitlement production, Angola
  • Wood Mackenzie estimate of wind, solar and hydro power capacity
  • Investor motions on climate-related risk and carbon emissions targets, 2017-2020
  • Summary of quarterly prices and refining margins
  • Hess operated production on the divested acreage
  • Global upstream spend evolution
  • Fraction of 2021 oil production hedged by company
  • 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)

What's included

This report contains:

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    Corporate week in brief

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