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  • Company data on net debt, gearing and impairments.
    Thu, May 13, 2021
  • Company data on financial performance.
    Thu, May 13, 2021
  • Company data on distillation capacity and total refined product sales.
    Thu, May 13, 2021
  • Exploration activity in 2021 continues at a slow but steady pace, despite many companies’ strategic shift in capital allocation away from wildcat exploration and broader hydrocarbon portfolios. Upstream discoveries were up in the first quarter of 2021 compared to 2020, primarily concentrated in established basins in Norway and Malaysia and new industry hotspot Guyana/Suriname. Exploration activity continues to be dominated by the same core set of operators, such as Eni, Total, Exxon Mobil and Equinor, whose lower-carbon objectives still have a role for exploration to provide organic growth or future monetization options, for now. We continue to watch for an acceleration of national oil company activity, noted by PTT’s string of Malaysian discoveries and CNOOC’s planned campaign in Mexico. Yet, capital constraint, including exploration spending, remains a financial priority for most operators, even as first-quarter earnings suggest improved cash flow.
    Mon, May 3, 2021
  • Company data on production and capex guidance for 2021.
    Thu, Apr 15, 2021
  • Events in 2020 did little to slow Adnoc’s ongoing transformation efforts. Much of Adnoc’s current strategy is driven by a set of goals it intends to reach by 2030, which are interlinked with several of the UAE’s national priorities. Awards for three new concessions were announced in late 2020 and early 2021, with two more outstanding. The awards are crucial to Adnoc’s goal of a 1 million b/d increase in its production capacity by 2030, which is also linked to gas self-sufficiency objectives. Its downstream efforts are focused on expanding refining capacity and petchem output, and the company is also slowly giving greater weight to a potential energy transition strategy through its CCUS expansion and emissions reduction targets. Elsewhere, the company continues to make strides in developing new business segments. Adnoc’s trading division began operating in late 2020, while future contracts for its flagship Murban crude began trading in March 2021.
    Thu, Apr 8, 2021
  • Upstream asset-level deals are back this quarter, with high-value consolidation deals becoming less prominent. Total upstream M&A deal activity reached only $16.2 billion in Q1’21, yet high-value asset deals totaling $11.2 billion this quarter demonstrate renewed agility for companies to meet portfolio rationalization goals, supporting shareholder mandates for financial resiliency and/or low-carbon objectives. The top asset deal was BP’s farm down of equity in Omani Block 61 to PTT for $2.6 billion. Exxon Mobil also advanced asset sales to meet its $15 billion divestment target, while Shell and Equinor took further steps to shed noncore assets in Duvernay and Bakken Shale plays, respectively. Independents Tullow Oil, Hess and Cairn Energy have similarly tightened up portfolio slack to support core asset developments or cash-flow objectives.
    Tue, Apr 6, 2021
  • Global resource offerings have proved sluggish during the first quarter of 2021 despite encouraging signs of an oil market recovery, with scant new rounds on offer and continued delayed and deferred rounds. Recent acreage awards in the past quarter are concentrated among the industry’s top plays, where lower costs and resource scale create “advantaged barrels.” Annual bid rounds in Norway concluded with bids from an expected group of core operators seeking to build scale in key hubs, aligning with shareholder mandates to invest only in the most resilient oil and gas resources. This investor mandate was also evident in recent Egypt awards, with key Eastern Mediterranean players seeking to build their respective offshore gas footprints. Looking further into 2021, frontier governments are falling behind in attracting investment. Various African states have currently open rounds (with deadline extensions to attract more bidders) or have elected to delay rounds until an industry recovery.
    Sun, Mar 28, 2021
  • Company data on financial performance.
    Thu, Mar 25, 2021
  • Company data on shareholder return.
    Thu, Mar 25, 2021
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AN INDUSTRY REDEFINED: ENERGY IN AN EVOLVING WORLD