ARAMCO’s 2020 Profits Fell By 44%

ARAMCO’s 2020 Profits Fell By 44%

Saudi Aramco reported a net profit of $49 billion for 2020, down 44 percent on the year but still a positive figure despite the pandemic that plunged some major oil companies into the red. The company kept its annual dividend at $75...
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Biden to cancel $9bn Keystone XL pipeline’s permit

Biden to cancel $9bn Keystone XL pipeline’s permit

Joe Biden is planning to cancel the permit for the $9bn Keystone XL pipeline project as one of his first acts as president, perhaps as soon as his first day in office, according to a source familiar with his thinking. Donald Trump...
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Exxon Set For Another Loss After $20 Billion Write-Down

Exxon Set For Another Loss After $20 Billion Write-Down

ExxonMobil is on track to book another quarterly loss this year – its fourth consecutive loss in 2020 – announcing that it expects to book a massive up to $20 billion write-down for Q4, the U.S. oil and gas supermajor...
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Exxon Mobil Announces $20 Billion Oil Asset Write-Down

Exxon Mobil Announces $20 Billion Oil Asset Write-Down

Exxon Mobil has finally broken with its long-time tradition to never write down its assets. Exxon Mobil has announced stunning writedowns of between $17 billion to $20 billion due to the demand slowdown and its effect on the oil industry....
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AAA-Rated Chinese State-Owned Coal Miner Defaulted

AAA-Rated Chinese State-Owned Coal Miner Defaulted

Sudden Default By AAA-Rated Chinese State-Owned Coal Miner Sends Shockwaves Across Markets,  Something unexpected happened in China last week and it triggered a shockwave across Chinese bond markets. The abrupt 1 billion yuan ($151 million) bond default on Fr...
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ConocoPhillips to Buy Concho Resources for $9.7 Billion

ConocoPhillips to Buy Concho Resources for $9.7 Billion

As some act of insanity, ConocoPhillips will buy Permian-focused driller Concho Resources for $9.7 billion, the largest shale deal this year. The low-premium, all-stock deal comes as many U.S. shale companies have been mired in losses due to weak crude prices...
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Debt and Oil Economies

Debt and Oil Economies

Dubai. Abu Dhabi. Bahrain. And, of course, Saudi Arabia. The emirates this year issued debt for the first time in years. So did Bahrain. Saudi Arabia stepped up its debt issuance. The moves are typical for the oil-dependent Gulf economies. When...
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GE will stop building coal-fired power plants

GE will stop building coal-fired power plants

In a very slow reversal, one of the world’s biggest makers of coal-fired power plants is to exit the market and focus on greener alternatives. US industrial giant General Electric said it would shut or sell sites as it prioritised...
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Morgan Stanley: Oilfield Services Say Goodbye To $45 Billion In Assets

Morgan Stanley: Oilfield Services Say Goodbye To $45 Billion In Assets

The Big Three in the oilfield services industry wrote down $45 billion in assets over the past year as their clients tightened their belts, according to Morgan Stanley, cited by Bloomberg. The three largest oilfield services providers in the world are Schlum...
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The World Is Facing A Solar Panel Waste Problem

The World Is Facing A Solar Panel Waste Problem

Solar panel installations hit a total 629 GW last year–an increase of 12 percent from 2018. It was also a lot—really a lot—of panels. And in a few years, these panels could become a major waste management headache. Solar panels...
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U.S. Fracking Services Pioneer Files For Bankruptcy

U.S. Fracking Services Pioneer Files For Bankruptcy

Tomball-based BJ Services LLC has filed for Chapter 11 bankruptcy protection, bringing hundreds of millions of dollars in debt to the court. BJ, an oil field services company partially owned by Houston-based Baker Hughes Co. (NYSE: BKR), is looking to...
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Chevron will buy Noble Energy for $5 billion, the biggest oil deal since the oil crash

Chevron will buy Noble Energy for $5 billion, the biggest oil deal since the oil crash

Chevron announced Monday it would acquire Noble Energy (NBL) for $5 billion. It’s the biggest energy deal since the pandemic decimated the oil industry. Noble shareholders will receive Chevron stock in this all-stock transaction. Chevron shares traded in...
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Warren Buffett’s Berkshire Hathaway buys Dominion Energy gas lines in $9.7B deal

Warren Buffett’s Berkshire Hathaway buys Dominion Energy gas lines in $9.7B deal

Extremely risky, even suicidal. The energy division of Warren Buffett’s Berkshire Hathaway will acquire gas lines owned by the power company Dominion Energy in a nearly $10 billion deal, the two companies announced Sunday. Dominion has sought to expan...
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Shell Warns Of Massive $22 Billion Write Down

Shell Warns Of Massive $22 Billion Write Down

Royal Dutch Shell warned on Tuesday it could take as much as a $22-billion post-tax impairment charge for Q2, becoming the latest oil major warning of a massive write-down of its assets as it revised its price assumptions after the oil price...
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Chesapeake Energy Files For Bankruptcy, Wiping Out $7 Billion In Debt

Chesapeake Energy Files For Bankruptcy, Wiping Out $7 Billion In Debt

After years of melting, the Chesapeake icecube is finally history: at exactly 3:50pm on Sunday afternoon, the company that launched the US shale boom, finally gave up and filed for a pre-packaged bankruptcy in the Southern District of Texas. In...
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