Energy banking in a pandemic that has diminished global oil and gas demand by at least 25%? A 38-year energy finance attorney and author of a history of oil and gas finance describes what the space looks like today.
A conversation with three commercial bankers reveals that the RBL markets are “open for business,” but none of them are promising it’s going to be easy for oil and gas producers to get fast cash backed by reserves.
In oil and gas, the decision to not hedge has always been at producers’ own peril. Fewer E&Ps have hedges in place than in prior years, according to a survey, which suggests a difficult path through the recent price collapse.
Seventeen oil and gas producers in the U.S. have filed for Chapter 11 so far this year but many more are close.
Today, millions of employees are adjusting to remote work because of the coronavirus pandemic, which should ensure growing momentum in the oil and gas industry toward embracing new tech.
Occidental Petroleum’s shares were down 5% after the news and have lost nearly 70% of their value this year.
Total had expected the oil price to be about $60 per barrel this year, but as the price is now about $30, it will leave the company with a much bigger shortfall, CEO Patrick Pouyanne said.
Industry experts discuss how the downturn and pandemic are impacting IT and OT for the oil and gas sector.
The Norwegian government proposes spending 3.6 billion Norwegian crowns (US$369 million) on investments to make its economy greener as it gradually emerges from coronavirus lockdowns, the government said on May 29.
A recent survey revealed the energy transition will likely be immune to COVID-19 as 92% of oil and gas executives reported already having or developing a strategy to reduce reliance on fossil fuels.
The company said it planned to lay off the workers, both contractors and permanent employees, by the end of second-quarter 2021.