XOM Facing Historic Writedown and More

Here are some of Rigzone's top upstream stories during the last week, just in case you missed them…

Exxon Faces Historic Writedown

Bloomberg reported that Exxon Mobil Corp. is about to incur the biggest writedown in its modern history. The company disclosed that it will write down the value of North and South American natural gas fields by $17 billion to $20 billion, Bloomberg highlighted.

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Aramco Signs MOUs with Several Companies

Saudi Aramco revealed that is has signed Memorandums of Understanding with several companies, including Shell & AMG Recycling BV (AMG) from the Netherlands and Chinese firms Suzhou XDM, Shen Gong, Xinfoo and SUPCON.

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Conoco Warns of 500 Houston Job Cuts

Bloomberg reported that ConocoPhillips may dismiss as much as one-fourth of its Houston headquarters staff. Affected employees will be notified as early as February 1 and will receive 60-days advance notice, Bloomberg outlined.

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ADNOC Dishes Out Deal Worth Up To $519MM

Abu Dhabi National Oil Company (ADNOC) has announced the award of a contract worth up to $519 million (AED 1.9 billion) to BGP Inc, a subsidiary of China National Petroleum Company. The contract further expands the scope of the world’s largest combined three-dimensional (3D) onshore and offshore seismic survey, ADNOC outlined.

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Chevron Earmarks $2B for Permian in 2021

Chevron revealed that roughly $2 billion, or 31 percent, of the $6.5 billion it plans to spend on upstream producing assets in 2021 will go toward Permian unconventional development. 

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What Happens if OPEC+ Doesn't Delay Supply Increase?

Prior to the latest OPEC+ meeting, Rystad Energy outlined what would happen if OPEC+’s original production plan was implemented, as well as the consequences of three and six month rollover agreements.

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To contact the author, email andreas.exarheas@rigzone.com