Page 7 - Oil Companies
Fuel prices cut for first time in a year ahead of Assembly elections
Reduction, which comes ahead of Assembly elections, may not last as crude oil prices rise with Suez Canal blockage
 "Fuel prices cut for first time in a year ahead of Assembly elections")
Aramco's $75 billion dividend survives biggest oil, earnings disruptions
The world's biggest oil company has taken on more debt in the past 12 months to keep up the dividend in the face of dwindling cash flow, though its gearing remains below that of firms such as Royal Du
 "Aramco's $75 billion dividend survives biggest oil, earnings disruptions")
Saudi Aramco to cut capex after 2020 profit drops 44.4% over low oil prices
Aramco declared a dividend of $75 billion for 2020 and signalled it was seeing pickup in oil demand
 "Saudi Aramco to cut capex after 2020 profit drops 44.4% over low oil prices")
Saudi Aramco 2020 net profit slumps 44.4% as coronavirus bites into demand
Saudi Arabian state oil giant Aramco on Sunday reported a 44.4% drop in 2020 net profit, hit by lower crude oil prices and volumes sold, and weakened refinery margins
 "Saudi Aramco 2020 net profit slumps 44.4% as coronavirus bites into demand")
Seizing Indian assets won't be easy for Cairn Energy, say experts
Experts say enforcement of the award will face a passive hurdle in Article V of the NY Convention
 "Seizing Indian assets won't be easy for Cairn Energy, say experts")
LPG consumption up 7.3% despite price rise: Oil companies
Usage among the PMUY beneficiaries, who are mostly poor rural households, jumped near 20 per cent
 "LPG consumption up 7.3% despite price rise: Oil companies")
Exxon scales back shale ambitions to focus on low costs, saving dividend
The top U.S. oil producer incurred a historic loss of US$22.4 billion last year and is trying to convince a skeptical Wall Street that it can rebound
 "Exxon scales back shale ambitions to focus on low costs, saving dividend")
OIL to up stake in Numaligarh Refinery via debt, internal accruals
Firm is eyeing the role of a vertically integrated oil company with stake hike
 "OIL to up stake in Numaligarh Refinery via debt, internal accruals")
India to spend Rs 7.5 trillion on oil and gas infra in next 5 yrs: PM Modi
Noting that India imports over 85% and 53% of its oil and gas requirements, respectively, the PM says the country is working to meet growing energy demand and prune imports
 "India to spend Rs 7.5 trillion on oil and gas infra in next 5 yrs: PM Modi")
Covid-19 crisis: BP reports first loss in a decade after 'brutal' year
For the last quarter of 2020, BP reported a profit of $115 million, falling short of analysts' forecasts due to weak oil and gas sales and subdued trading, it said on Tuesday
 "Covid-19 crisis: BP reports first loss in a decade after 'brutal' year")
Exxon posts first annual loss as a public company on Covid-19 impact
The company reported a net annual loss of $22.4 billion for 2020, on the write down and losses in oil production and refining, compared with a full-year profit of $14.34 billion in 2019
 "Exxon posts first annual loss as a public company on Covid-19 impact")
Petrol stable after breaching Rs 86 a litre in Delhi, diesel crosses Rs 76
Rates differ from state to state, depending on value-added tax. Petrol and diesel prices are revised on a daily basis
 "Petrol stable after breaching Rs 86 a litre in Delhi, diesel crosses Rs 76")
With fourth hike in a week, petrol, diesel prices touch all-time highs
Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies
 "With fourth hike in a week, petrol, diesel prices touch all-time highs")
Vaccine roll-out points to more certain recovery in 2021, says IOC chairman
The crude prices are rising, but refining margins are influenced by product cracks
 "Vaccine roll-out points to more certain recovery in 2021, says IOC chairman")
After telecom companies, Chinese oil majors may face US delisting
China's largest offshore oil producer CNOOC could be most at risk as it's on the Pentagon's list of companies it says are owned or controlled by Chinese military
 "After telecom companies, Chinese oil majors may face US delisting")
BPCL to consider buying 36.62% Oman firm stake in Bharat Oman Refineries
Proposes to merger Bharat Gas Resources with itself
 "BPCL to consider buying 36.62% Oman firm stake in Bharat Oman Refineries")
How oil majors shift billions in profits to island tax havens
If the oil-and-gas major had booked the profits through its headquarters in the Netherlands, it could have faced a tax bill of about $700 million based on the Dutch corporate tax rate of 25%
 "How oil majors shift billions in profits to island tax havens")
Trump to sell Arctic oil rights in early Jan, days before Biden sworn in
Biden has vowed to permanently protect the refuge, but formal leases are contracts with the federal government and are difficult to cancel
 "Trump to sell Arctic oil rights in early Jan, days before Biden sworn in")
State-run oil firms spend 40% of capital expenditure target by October
Fail to meet govt directive to spend 50%, but experts say trend encouraging
 "State-run oil firms spend 40% of capital expenditure target by October")
Trump admin pushes to sell Alaska oil leases before Biden can block it
The administration's announcement establishes a tight timeline for lease sales, with the earliest they could occur being on or about Jan. 17
 "Trump admin pushes to sell Alaska oil leases before Biden can block it")
