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Corporate week in brief

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15 January 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 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

  • Chevron announces Series C investment in Carbon Capture start-up
  • Total and Apache make fourth strike in Suriname
  • Total expands into the US solar market
  • Total inks French green hydrogen agreement with Engie
  • Total makes French biogas acquisition
  • Investor conference previews US earning season
  • 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 69 images and tables including:

  • 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:

  • Document

    Corporate week in brief

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