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Corporate week in brief

16 June 2021

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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.

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)