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BP halves dividend after record loss

August 4, 2020
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BP cut its dividend for the first time in a decade after a record $6.7 billion second-quarter loss, when the coronavirus crisis hammered fuel demand, and it sought to win over investors by speeding up its reinvention as a lower carbon company. Its shares rose more than 7% on Tuesday after BP unveiled earlier than expected a plan

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Most Active User Contest Week 32

August 4, 2020
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Most Active User Contest We give away $100 bucks each week! We want to see you using the app, getting active on the newsfeed, sharing the app with your friends by using the invite option, bringing new people along, get some great content on there, and have some friendly competition whether it be by video, photo or text We want

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Prosafe Q2 Financial and Operations Update

August 3, 2020
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The fleet utilization rate in the second quarter of 2020 was 6.5 per cent (Q2 2019: 71.6 per cent). Prosafe refers to the press release from 9 April 2020 regarding discussions with clients about current and upcoming contracts in light of COVID-19 and the oil price collapse. Certain discussions remain ongoing. Please see status and update per vessel

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Marathon Petroleum lays off 800 as two U.S. oil refineries close

August 3, 2020
| Archives

Marathon Petroleum plans to permanently close two small U.S. oil refineries in Martinez, California, and Gallup, New Mexico, the company said, eliminating 800 jobs in response to lower fuels demand. The largest U.S. refiner by volume had earlier idled the two facilities following weak demand due to COVID-19 outbreaks in the United States. U.S. refiners on average idled

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New contracts and extensions for Borr Drilling

August 3, 2020
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Borr Drilling Limited is pleased to announce in its fleet status report today that it has entered into a new contract and LOIs for three of its currently warm stacked rigs, adding USD 21 million to the total backlog, with good prospects for additional backlog on these units. The recent awards will bring the total number of committed

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

July 31, 2020
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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
| Archives

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
| Archives

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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