oil and gas Archives - CFO

Exxon to Take Record Writedown, Slash Spending

Exxon to Take Record Writedown, Slash Spending

The "high-grading" of Exxon's asset base will enable it to "manage future commodity price cycles while working to maintain a reliable dividend."

By Matthew Heller | December 1, 2020

Exxon Posts $680M Loss as Oil Slump Continues

Financial Performance

Exxon Posts $680M Loss as Oil Slump Continues

The company disclosed that further capital spending cuts and possible writedowns of assets are ahead as it battles the pandemic-induced oil bust.

By Matthew Heller | October 30, 2020

Caterpillar Buys Weir Group’s Oil and Gas Business

Caterpillar Buys Weir Group’s Oil and Gas Business

The $405 million deal “will expand our offerings to one of the broadest product lines in the well service industry."

By Matthew Heller | October 5, 2020

Chaparral Energy Files for Bankruptcy

Chaparral Energy Files for Bankruptcy

It is the second bankruptcy filing for the oil and gas producer in four years.

By Lauren Muskett | August 17, 2020

BP Halves Dividend, Posts $16.8B Loss in Q2

Financial Performance

BP Halves Dividend, Posts $16.8B Loss in Q2

The energy giant was forced to write down the value of exploration assets by $6.5 billion due in part to the decline in oil and gas prices.

By Matthew Heller | August 4, 2020

Templar Energy Goes Bankrupt to Complete Sale

Credit & Capital

Templar Energy Goes Bankrupt to Complete Sale

With its Chapter 11 filing, Templar is “joining a growing list of distressed operators amid the sharpest oil market downturn in recent memory.”

By Matthew Heller | June 2, 2020

Exxon Cuts Spending by 30% Amid Demand Crash

Exxon Cuts Spending by 30% Amid Demand Crash

Exxon's cut in 2020 capital spending is the largest any oil major has made in response to the coronavirus-driven slowdown.

By Matthew Heller | April 7, 2020

Alta Mesa Resources Files Chapter 11 Bankruptcy

Credit & Capital

Alta Mesa Resources Files Chapter 11 Bankruptcy

The shale oil startup cited "a historically challenging commodity price environment and a capital market that is highly constrained for energy companies."

By Matthew Heller | September 12, 2019

Halliburton CFO Leaves After 17 Months

Halliburton CFO Leaves After 17 Months

Lance Loeffler, vice president of investor relations, was named the oilfield services company's new finance chief.

By Vincent Ryan | November 13, 2018

‘Frack Master’ Settles Charges Over $80M Fraud

Risk & Compliance

‘Frack Master’ Settles Charges Over $80M Fraud

Christopher Faulkner agrees to disgorge the $23.8 million he allegedly misappropriated from investors to pay for a lifestyle of “decadence and debauchery.”

By Matthew Heller | October 24, 2018

Oil Firm Founder Settles Charges of ICO Fraud

Risk & Compliance

Oil Firm Founder Settles Charges of ICO Fraud

The SEC says David Laurance used misleading marketing materials to try to raise $5 million by selling "Tomahawkcoins."

By Matthew Heller | August 15, 2018

Caterpillar Posts Record 2nd Quarter Profit

Financial Performance

Caterpillar Posts Record 2nd Quarter Profit

“A strong global economy ... is helping manufacturers like Caterpillar book more orders and deliver higher profits despite growing cost pressures."

By Matthew Heller | July 30, 2018

Exxon Earnings Hit by High Maintenance Costs

Financial Performance

Exxon Earnings Hit by High Maintenance Costs

The energy giant posted another earnings miss as production fell 7% and it undertook an "enormous amount of planned maintenance."

By Matthew Heller | July 27, 2018

Feds Propose Easing of Oil-Drilling Safety Rule

Risk & Compliance

Feds Propose Easing of Oil-Drilling Safety Rule

The Trump administration says its proposal will reduce industry compliance burdens but environmentalists call it a "recipe for disaster."

By Matthew Heller | January 1, 2018

OPEC Sees Minimal EV Impact on Oil Demand

OPEC Sees Minimal EV Impact on Oil Demand

Even if one in four passenger vehicles is electric by 2040, global oil demand would not drop “meaningfully” over the next 23 years.

By Matthew Heller | November 8, 2017

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