Occidental is restarting some activity in the Permian Basin and Gulf of Mexico, but its focus is to "ensure that we have the liquidity to go forward so we have the ability to meet our maturities," CEO Vicki Hollub says.
Occidental Petroleum posted its fourth straight quarterly loss on Aug. 10 as it recorded a $6.6 billion impairment charge, largely to write down the value of its properties following a crash in oil prices.
Duke Energy said it took a $1.6 billion after-tax charge for the cancellation of the Atlantic Coast natural gas pipeline. Project partner Dominion already took a $2.8 billion charge related to the cancellation.
Saudi Aramco is sticking with plans to pay $75 billion in dividends this year and CEO Amin Nasser said global oil demand was recovering.
Despite cargo cancellations, CEO Fusco calls performance a ‘massive success.’
EOG Resources said it started to restore curtailed production in June as oil prices recovered from their April lows, and it expects nearly all shut-in wells to begin production before the third quarter ends.
If data is bad, the conclusions drawn from that data will always be bad. This is true regardless of industry or application.
Excluding items, Marathon Oil posted a loss of 60 cents per share, smaller than analysts' estimate of 63 cents per share, according to Refinitiv IBES, while Parsley Energy posted a surprise profit.
Despite the loss, Pioneer Natural Resources generated $165 million of free cash flow for the quarter, which President and CEO Scott D. Sheffield attributed to significant cost reductions and operational efficiency improvements.
BP last reduced its dividend in 2010, when it was suspended for three quarters following the deadly Deepwater Horizon rig explosion.