ConocoPhillips has reported a third quarter 2020 net loss of $450 million or 42 cents per share, Kallanish Energy reports. That compares to 3Q 2019 net earnings of $3.1 billion or $2.74 per share. Third quarter 2020 adjusted earnings were a loss of $300 million or 31 cents a share, compared with 3Q 2019 adjusted
Read More...TC Energy on Thursday awarded more than $1.6 billion in contracts to six major American contractors to build more than 800 miles of the now-stalled Keystone XL Pipeline in three states in 2021, Kallanish Energy reports. The six companies will be responsible for hiring more than 7,000 union workers. The companies are Barnard Pipeline of
Read More...EQT, the largest producer of natural gas in the United States, reported a net loss of $601 million or $2.35 in the third quarter 2020, Kallanish Energy reports. That compares to a loss of $361 million or $1.41 per share in 3Q 2019. That loss was smaller than had been expected with lower operating costs
Read More...Gulfport Energy, a major player in Ohio’s Utica Shale, is expected to file for a Chapter 11 reorganization in the coming days, Kallanish Energy has learned. The company, its revolver lenders and unsecured bondholders are expected to seek approval for a restructuring support agreement that includes debtor-in-possession financing. The Oklahoma-based company is dealing with about
Read More...Europe’s electric vehicles (EVs) market share is set to treble this year to 10%, despite the Covid-19 pandemic, Kallanish Energy reports. According to a new analysis by Transport & Environment (T&E), that’s because of the EU 2020/21 car CO2 emission standards. The legislation forces carmakers to meet targets to reduce the average emissions of the
Read More...French energy company Engie appointed on Monday Catherine MacGregor as its new chief executive officer, effective January 1, 2021, Kallanish Energy reports. MacGregor’s “industrial and international track record” will contribute towards the achievement of its strategic objectives that were laid out in July this year, Engie said in a statement. This strategy included a refocus
Read More...The renewables joint venture between EDF Energy and Total has secured a contract for the development of three solar firms in India, Kallanish Energy reports. Eden Renewables, jointly owned by EDF Renewables and Total Eren, announced last Thursday it had been selected for the three solar photovoltaic (PV) projects for a total of 1.35 gigawatts
Read More...Brazilian state-run oil company Petrobras may have to start a new bidding process for the lease of a liquefied natural gas (LNG) regasification terminal in Bahia, Kallanish Energy reports. The company said late last week it opened bids from three companies: bp, Compass Gas e Energia and Golar Power. Only one commercial proposal was received,
Read More...Vietnam has given ExxonMobil the green lights to proceed with the massive LNG-to-power project, estimated to cost $5.09 billion, Kallanish Energy reports. The northern port city said last week authorities have approved the development, which includes power plants and an import terminal. The statement follows on a previous welcome statement by the Vietnamese government in
Read More...National oil companies (NOC) are less prepared for the energy transition than their counterparts in the private sector, which increases their credit risks, Moody’s said Monday. According to a new report by Moody’s Investors Services, the energy transition poses varying degrees of credit risk to the world’s largest NOCs. Those in oil importing countries, where
Read More...ExxonMobil said Monday it will cut up to 1,600 jobs in its European affiliates by the end of 2021, Kallanish Energy reports. The move is part of a global review aimed at improving efficiency and reducing costs, through reorganizations and work-processes changes. But reflects the increased “urgency” in ongoing efficiency work due to the demand
Read More...Equinor said on Monday it has shutdown four oil and gas fields in the Norwegian Continental Shelf due to an ongoing strike by workers from the Lederne trade union. The “controlled closure” of the fields Gudrun, Gina Krog, Kvitebjørn and Valemon comes after 54 members of the trade union stage an offshore walkout. Production at
Read More...Chevron Corp. on Monday announced the closing of its acquisition of Noble Energy, Kallanish Energy reports. The closure came after Noble Energy shareholders had approved the $13 billion deal in a Friday vote. “We are pleased to welcome Noble Energy employees and shareholders to Chevron. Noble’s high-quality assets complement Chevron’s advantaged upstream portfolio and the
Read More...Devon Energy has completed on its $830 million sale of its Barnett Shale assets in North Texas to a subsidiary of Banpu Kalnin Ventures, Kallanish Energy reports. The deal marks Devon Energy’s exit from the Barnett Shale. The deal was signed with BKV Barnett LLC. The transaction had been announced last December and was revised last
Read More...Suncor Energy has announced plans to cut its workforce by up to 15% over the next 18 months, after crude oil demand has been reduced by the coronavirus pandemic, Kallanish Energy reports. The company, with headquarters in Calgary, Alberta, said 5% of the workers will be cut in six months and another 10% to 15%
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