COFFEYVILLE, Kan. – A Coffeyville man accused of shooting and killing another man in 2020 is sentenced on Thursday. Ethan Bellamy will spend nearly five years in prison followed by
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(Reuters) - Chevron Corp said on Friday it offered to buy shares in Noble Midstream Partners LP that it does not already own, in a deal valuing the company at $1.13 billion, months after the U.S. oil major bought the pipeline operator’s sponsor, Noble Energy.
FILE PHOTO: A Chevron gas station sign is seen in Del Mar, California, April 25, 2013. Chevron will report earnings on April 26. REUTERS/Mike Blake/File Photo
Chevron, the second-largest U.S. oil producer, in October closed a $4.1 billion all-stock purchase of smaller rival Noble Energy, gaining a nearly 63% stake in Noble Midstream alongside large shale and international natural gas reserves.
Rithika Krishna
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Jan 27 (Reuters) - Hess Corp reported a smaller-than-expected quarterly loss on Wednesday, as the U.S. oil and gas producer kept a tight lid on costs and helped by higher gas prices and a recovery in crude demand from the hit caused by the coronavirus.
Easing of COVID-19 related restrictions has propelled oil demand and prices, which remain stable since a late-2020 rebound from historic lows. Brent crude, which averaged at $45 per barrel in the last quarter of 2020, rose above $56 on Wednesday.
Despite the rise in crude prices, oil producers have so far largely refused to raise production too quickly, aiding prices for natural gas - largely a byproduct of oil drilling.
FEATURE: Q4 US oil earnings likely to focus on recovery, Biden transition
Fourth-quarter 2020 earnings calls for US oil upstream, midstream and downstream operators will likely reflect two unique broad themes besides the usual full-year capital spending and business outlooks: plans around policy changes expected from a new US presidential administration, and the pace and extent of recovery from the pandemic.
With oil prices holding above $50/b, thanks in part to an unexpected 1 million b/d production cut set for February and March by Saudi Arabia, 2021 could be a transition year for the industry.
2020 was dominated by the pandemic, with companies focused on survival, cutting spending and limiting growth, but the year’s final quarter was somewhat upbeat. A vaccine for the virus was unveiled late in the year, and drilling ticked up and oil consumption rose, all while US shale and OPEC+ production decreased.
Biden’s softer stance on international sanctions unlikely to trigger big waves in oil markets
President-elect Joe Biden could take a more lenient approach to heavily sanctioned nations such as Iran and Venezuela, but the timing and impacted volumes of crude are unlikely to have big impacts on the oil markets that will remain dominated by the ongoing coronavirus pandemic.
Outgoing President Donald Trump took a hard-line stance on sanctions, undoing the US-Iran nuclear accord and adding new sanctions to the already economically unraveling Venezuela, while recognizing an opposition administration against President Nicolás Maduro. However, Maduro is consolidating more power heading into 2021, including through boycotted elections on Dec. 6, while Biden could reinstate a similar Iran deal negotiated under former President Barack Obama.