Drilling & production

Chevron has reported earnings of US$3.6 billion for 1Q20, compared with earnings of US$2.6 billion in 1Q19.

The two jack-up drilling rigs sold are the Dhabi II and the Paragon B152.

Valaris has reported a net loss of US$3.01 billion for 1Q20 compared to a net loss of US$216 million in 4Q19.

The company said it would cut its 2020 spending by US$300 million versus a previous US$170 million and against an original plan of US$1.31 billion and consider further reductions if low oil prices persist.

ConocoPhillips has reported a 1Q20 loss of US$1.7 billion, compared with 1Q19 earnings of US$1.8 billion.

The hybrid jack-up rig Maersk Intrepid will drill three wells and plug one in the Martin Linge field offshore Norway.

Shell's 1Q20 net income fell 46% from a year earlier to US$2.9 billion.

US oil production of at least 300 000 bpd will be shut during May and June, according to a Rystad Energy analysis of early communication from US oil producers.

The company has reduced its annual net production target and CAPEX for 2020.

The announcement is a result of higher-than-expected demand for certain fuels.

OKEA has announced that its assets produced a total of 19 099 boe/d in 1Q20, compared to 19 498 boe/d in 1Q19.

Fenja is Neptune’s first operated development project on the Norwegian Shelf and is estimated to contain 97 million boe.

BP has reported an underlying replacement cost profit of US$0.8 billion, compared with US$2.4 billion for 1Q19.

The African Energy Chamber has said that Tullow Oil and Total's resolving of a long-standing capital gains tax dispute will make Uganda the biggest crude producer in East Africa.

BP and Hilcorp have successfully renegotiated the financial terms of the deal to respond to the current environment.