Page 11 - EurOil Week 22

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Cutting back, but looking to the future in set targets for greenhouse gas (GHG) emissions
North America reductions, among other measures. While Exx-
WTI prices have remained relatively stable onMobil and Chevron have generally been more Super-major
above $30 per barrel in recent days, but this resistant to such measures than their European Chevron
level is not high enough for many US pro- counterparts, this leads to questions over how
ducers. In one of the latest illustrations of the the oil market downturn could affect the pace of announced on
industry’s struggles, Occidental Petroleum the energy transition.
announced on May 29 that it was cutting its Despite the broader slowdown in North May 27 that it
dividend by 91%. This takes the company’s div- America’s oil and gas industry, a new exploration
idend to $0.01 per share – the lowest level since prospect that could be targeted in future years would cut its
at least the 1970s. has been identified. global workforce
Occidental is struggling more than many Applied Petroleum Technology (APT) said
thanks to the debt it took on last year to it had conducted a detailed evaluation of the by up to 15%.
acquire Anadarko Petroleum in what proved Southern Grand Banks petroleum system off-
to be an ill-timed bet on shale and rising oil shore Eastern Canada for multiple clients. It
prices. reported that it had identified previously unrec-
It is not just smaller companies that con- ognised Lower Jurassic source rocks and a genet-
tinue to struggle, though. Super-major Chevron ically related set of oil shows.
announced on May 27 that it would cut its global However, the findings come at a time when
workforce by up to 15%, from around 45,000 oil companies are unlikely to be rushing to
employees. No further details of the lay-offs have explore the waters off Canada – or indeed
been provided as yet. other offshore areas. If more exploration ulti-
Rival ExxonMobil said it had no plans to cut mately takes place, it will be some time from
staff, but would nonetheless reduce its operating now.
expenses by 15%.
The two super-majors held their annual If you’d like to read more about the key events shaping
meetings last week, and shareholders of both the North American oil and gas sector then please click
rejected resolutions calling for the companies to here for NewsBase’s NorthAmOil Monitor.™

Week 22 04•June•2020 www. NEWSBASE .com P11