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Corporate week in brief

26 February 2021

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26 February 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.

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