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1. ExxonMobil weighs global job cuts after unveiling Australian lay-off
plan
MOSCOW (MRC) -- ExxonMobil Corp is assessing possible worldwide job
cuts, a spokesman said, after the company announced a voluntary lay-off program
in Australia, according to Hydrocarbonprocessing. Exxon is the latest oil major
to embark on axing jobs spurred by a historic collapse in fuel demand because of
the coronavirus pandemic. The company has slashed capital spending this year by
30% to around USD23 billion and said in August it planned both capital and
operating expense cuts to defend its dividend after reporting losses in the
first and second quarters.
http://www.mrcplast.com/news-news_open-375867.html
2. Saudi
Aramco slows diversification plans amid industry downturn
MOSCOW (MRC) --
Oil company Saudi Aramco is reviewing plans to expand at home and abroad in the
face of sharply lower oil prices and a heavy dividend burden, reported Reuters
with reference to the Wall Street Journal, citing people familiar with the
matter. Aramco will review a USD6.6 billion plan to add petrochemical output at
its Motiva refinery in Texas, as well as a big natural-gas project with Sempra
Energy in the same state, according to the report. The state-run company is also
pausing investments in refineries in China, India and Pakistan, the WSJ said.
Oil companies globally have been cutting spending across the board to shore up
cash as the industry contends with a realization that lower crude prices could
be the norm for a long period of time after the COVID-19 pandemic sapped fuel
demand.
http://www.mrcplast.com/news-news_open-375868.html
3.
Oil prices at one-month low on demand worries
MOSCOW (MRC) -- Oil prices
extended losses, falling by more than 2% to their lowest point since early
August, as worries about weaker US gasoline demand and a sluggish economic
recovery from the COVID-19 pandemic dented sentiment, reported Reuters. Brent
crude LCOc1 fell USD1, or 2.25%, to USD43.43 a barrel by 1118 GMT. US West Texas
Intermediate (WTI) crude CLc1 futures were down USD1.02, or 2.5%, at USD40.49 a
barrel.
http://www.mrcplast.com/news-news_open-375877.html |
