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.
Occidental Petroleum has been forced to slash jobs, production and the value of its oil and gas assets as it struggles with the debt taken on in last year's $38 billion acquisition of Anadarko Petroleum.
Marathon Oil reported a loss of $317 million, or 40 cents per share, for the quarter ended Sept. 30, compared to a profit of $165 million, or 21 cents per share, a year earlier.
State oil giant Saudi Aramco on Nov. 3 reported a 44.6% drop in third-quarter net profit as the coronavirus crisis continued to choke demand and weigh on crude prices.
Shale drillers Diamondback Energy Inc. and WPX Energy Inc. reported third straight quarterly losses on Nov. 2, as coronavirus-induced lockdowns hammered crude prices.
Oil companies last quarter continued to suffer from weak prices for their products, but rivals Chevron, Shell and BP also posted higher-than-expected results after deep cost cuts this year.
Devon Energy said it now expects exploration and production capex to be between $950 million and $990 million, $10 million lower at the top end of an earlier forecast, its third reduction to the budget since March.