Upstream news

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.

Rockhopper Exploration has said that it, Premier Oil and Navitas Petroleum remain committed to the finalisation of the farm-in agreement.

Louise Bancroft, Group HR Director at Airswift, has commented on the UK's furlough scheme, focusing on the oil and gas sector, and how companies should best prepare for the upturn.

The integrated truck and crane is designed to haul, lift and set large tanks and oilfield equipment.

Ascent Resources is currently the only London-listed company to venture into the Cuban oil and gas market.