US upstream news

ExxonMobil has called off the potential multibillion-dollar sale of its oil and gas assets in Australia’s Bass Strait.

Varel International Energy Services, a long-standing provider of drilling and downhole solutions, has announced its redefining vision for business growth.

Lease Sale 257, scheduled for March 2021, will be the eighth offshore sale under the 2017-2022 Outer Continental Shelf Oil and Gas Leasing Program.

Oil prices extended their gains on Wednesday as Covid-19 vaccine euphoria continues to drive markets, assisted by a report that US crude stockpiles have decreased further than expected for another week.

Oil prices recover as the uncertainty over the US election result subsides, but the market has challenges to face in weeks ahead.

Lufkin Industries, a portfolio company of KPS Capital Partners, LP (KPS), has completed the acquisition of the North American Land Rod lift business of Schlumberger N.V.

ExxonMobil has announced an estimated 3Q20 loss of US$680 million.

Chevron has reported adjusted earnings of US$201 million in 3Q20.

ExxonMobil has kept its 4Q20 dividend flat at 87 cents a share.

Oil prices, after a long period of enjoying +US$40 levels, finally fell below the threshold.