Halliburton Co. posted a better-than-expected fourth-quarter profit on Jan. 19, buoyed by cost cuts and a recovery in demand for oilfield equipment and services after last year’s industry slump.
Higher oil prices will fall directly to U.S. shale producers' bottom lines given recent cost cuts and commitments to keeping output flat.
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat.
Exxon Mobil signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth-quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.
Royal Dutch Shell on Dec. 21 said it will write down the value of oil and gas assets by $3.5 billion to $4.5 billion following a string of impairments this year as it adjusts to a weaker outlook.
Kinder Morgan said on Dec. 8 it expects to generate higher income in 2021 and raised its annual dividend, as the pipeline operator cost cuts this year in the face of oil demand destruction.
Enbridge said it also expects rates for gas transportation to rise and a growing customer base for gas distribution and storage.
Noble Holding Corp. revealed on Nov. 23 that the United States Bankruptcy Court for the Southern District of Texas has issued an order approving the company’s Joint Plan of Reorganization.
German oil and gas company Wintershall Dea said Nov. 23 the low commodity prices caused by the coronavirus crisis had hit its third-quarter results, but that sustainably lower operating costs and higher output would help long-term.
Occidental is returning drilling rigs to work in the Permian Basin in the southwestern U.S. and in Colorado this quarter, and returned a drillship to the Gulf of Mexico in early October.