• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 1 hour Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 1 hour Joe Biden's Presidency
  • 12 hours SUVs are conquering the world
  • 1 day China sends warplanes thru Taiwan airspace. Joe's reponse . . . .
  • 17 hours 'Get A Loan,' Commerce Chief Tells Unpaid Federal Workers
  • 1 day Jim Rickards: Brace for a Great Escape from the Dollar and a Flood of Money into Gold and Bitcoin
  • 9 hours BIG TECH or BIG BROTHER?? 1984 to Become Reality ??
  • 2 hours Bankruptcy in the Industry
  • 19 hours Rejoining Paris Climate Accord is Devestating
  • 10 hours Parler’s New Partner Has Ties to the Russian Government
  • 1 day Aramco in Talks on $2 Bln Loan from Japan
  • 2 days The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 2 days GENERAL NORMAN SCHWARZKOPF: The Third Tour
Editorial Dept

Editorial Dept

More Info

Premium Content

The Oil Industry Braces For An Ugly Earnings Season

COVID Market Update: M&A Is Back

With little to no notable activity on the oil deal scene since the oil price crash, Chevron’s offer to buy Noble Energy Inc. for $5 billion in stock made fairly big waves in the industry this week. While the deal was played down by some analysts, it makes Chevron the first oil major to get in on Israel’s Levant Basin gas opportunities, which are of significant geopolitical impact. Chevron will get Noble’s flagship Leviathan field in the offshore Levant Basin, as well as increased holdings in U.S. shale.

Earlier this week, big oil stocks got a healthy boost from positive COVID vaccine developments, marking the first time in history that oil stocks have been pinned to the healthcare industry. Stocks were also buoyed this week by the EU’s $2.1 trillion stimulus package.

That said, it’s also earnings season, with only Norway’s Equinor reporting this week and the major lineup of Austria’s OMV, Italy’s Eni, France’s Total Sa, Anglo-Dutch Shell, set for next week. ConocoPhillips will be on July 30th, followed by Exxon and Chevron a day later. The anticipated ugliness of the earnings reports could overshadow recent positive moves based on a COVID vaccine and stimulus. Equinor reported a Q2 drop in operating profit, as expected, but pulled in strong refinery and trading performances to the extent that it actually beat forecasts.

Politics, Geopolitics & Conflict

When…





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News