Drilling & production

ExxonMobil has announced an estimated 1Q20 loss of US$610 million compared with earnings of US$2.4 billion a year earlier.

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.