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Month: July 2020

Pacific Drilling lands 10 well gig for the Sharav in the GOM

July 31, 2020
| Archives

Pacific issued its fleet status update for the second quarter, in it was an update on the Shirav: Contract for ten firm wells with an estimated duration of approximately 450 days. The contract provides for five option wells at a market based rate. Previous contract with Murphy Mexico for two firm wells was cancelled for a termination fee. Source:

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Noble Announces Restructuring of Debt

July 31, 2020
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Noble Corporation plc today announced that it has entered into a restructuring support agreement (the "Agreement") with two ad hoc groups of the largest holders of the Company's outstanding bond debt regarding a consensual financial restructuring transaction that will significantly deleverage the Company's balance sheet and position the Company for long term growth. The Agreement outlines, among other

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Oil set to close on the third monthly gain

July 31, 2020
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Oil is set for a third monthly advance in New York before OPEC+ starts returning supply to the market after historic cuts, with the pandemic still raging unabated across many major economies. Deep production curbs by OPEC and its allies have helped oil rebound from its plunge below zero in April, but it’s a precarious time to be adding more

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Exxon Mobil posted its worst loss in its modern history

July 31, 2020
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Exxon Mobil posted its worst loss in its modern history after the pandemic slammed headlong into a global crude glut to savage almost every part of the oil giant’s business. The disastrous collapse in crude prices bled Exxon’s production division while Covid-19 lockdowns strangled demand for everything from jet fuel to plastic wrap, hobbling the company’s sprawling refining

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Chevron posts the worst quarterly loss in 30 years

July 31, 2020
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Chevron posted its worst quarterly loss in at least three decades and warned that the global pandemic wreaking havoc upon energy markets may continue to drag on earnings. Chevron fully erased the value of its Venezuela operations from its books, amounting to $2.6 billion, after they were effectively frozen by U.S. sanctions, and wrote down another $1.8 billion

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Seadrill Announces Cancellation of Share Plans, Cash Payment to Primary Insiders

July 30, 2020
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Seadrill Limited announces that Performance Share Unit awards ("PSUs") and Restricted Share Unit awards ("RSUs", and together with the PSUs referred to as "Awards") granted to employees and other Award holders under the Company's incentive plans have been offered surrendered in exchange for a one-off compensatory cash payment to such holders (the "Payment").  The primary insiders of the

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Transocean Q2 Results Highlights

July 30, 2020
| Archives

Transocean released their 2nd quarter financial results and below are the highlights: Total contract drilling revenues were $930 million (total adjusted contract drilling revenues of $983 million), compared with $759 million in the first quarter of 2020 (total adjusted contract drilling revenues of $807 million); Revenue efficiency(1) was 97.2%, compared with 94.4% in the prior quarter; Operating and maintenance expense was $525 million, compared with $540 million in

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Shells reports a loss of over $18 billion for Q2

July 30, 2020
| Archives

Royal Dutch Shell avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a pessimistic outlook for oil and gas prices. Shell had warned last month it was set to slash the value of its oil and gas assets by up to $22 billion as

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