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2021 budget to achieve nearly $1 billion of synergies in first year
Cenovus Energy IncJanuary 28, 2021 GMT
CALGARY, Alberta, Jan. 28, 2021 (GLOBE NEWSWIRE) Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has delivered a disciplined 2021 capital budget focused on maintaining safe and reliable operations while positioning the company to drive enhanced shareholder value. The budget includes sustaining capital of approximately $2.1 billion to deliver upstream production of approximately 755,000 barrels of oil equivalent per day (BOE/d) and downstream throughput of approximately 525,000 barrels per day (bbls/d).
The budget anticipates Cenovus achieving nearly $1 billion of synergies in 2021 as a result of its recent transaction with Husky Energy, putting the company firmly on track to reach its planned $1.2 billion in annual run-rate synergies by the end of 2021. The budget also includes $520 m
Oz Beach Reports 25% Drop in Q2 Revenue
Jan 27, 2021 3:24:am
Summary
by: Shardul Sharma
Posted in:
Oz Beach Reports 25% Drop in Q2 Revenue
Sydney-listed Beach Energy on January 27 said its sales revenue during the three months to December 31 (Q2) was A$344mn (US$266mn), down 25.5% year/year thanks to lower output and realised oil prices. The revenue was down 5% quarter/quarter.
Production came to 6.20mn barrels of oil equivalent, down from 6.44mn boe in the same period of the previous year owing to the Otway gas plant maintenance shutdown in November. The production was down 8% q/q, Beach said.
The average realised oil price during Q2 was A$65.3/barrel as against A$105.9/b in the year-ago period. The average realised oil price rose 1% q/q. The average realised price across all products was A$53.4/boe, down 23% yr/yr but up 3% q/q.
At the start of 2021, the oil majors find themselves at a crossroads. Their old business models are failing and the world is clearly already in the midst of an energy transition.
Beginning last year, the European majors began a tentative step towards a shift in the direction of cleaner energy. In contrast, the American oil majors dug in their heels and doubled-down on oil and gas drilling. Either way, the financial pain that has enveloped the oil majors is likely just beginning.
Acquisitions of onshore and offshore licenses plunged to a five-year low in 2020.
Capex cuts and red ink
While the strategies of the five western oil majors – BP, ExxonMobil, Royal Dutch Shell, Chevron and Total – differ depending on the company, all were forced to make dramatic cuts last year in the face of the pandemic. Capex cuts were deep across the board, ambitions were reined in, and debt increased dramatically. Acquisitions of onshore and offshore licenses plunged to a five-year low in 2020, do
Oz Oil Search Sees 42% Drop in Q4 Revenue
Jan 27, 2021 7:40:am
Summary
by: Shardul Sharma
Sydney-listed Oil Search saw a 42% yr/yr drop in sales revenues in the three months to December 31 (Q4) as a result of lower a.
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Cnooc and the US share ban [NGW Magazine]
Jan 25, 2021 10:05:am
Summary Tensions between the US and China have worsened as Beijing intimidates countries with a South China Sea coastline, but technology might prove a better target than hydrocarbons. [NGW Magazine Volume 6, Issue 2]
by: Shi Weijun
A looming ban in the US on trading shares of China’s Cnooc might be just the beginning of trouble for the national oil company, as further escalations could see it delisted from the New York stock exchange or even shut out of the US financial system.
The US ministry of finance confirmed in new guidelines late last year that American investors will be barred from trading shares of Cnooc and its subsidiaries, as well as any index funds that list securities issued by any of its units, from the start of February.