Industry & Analysis

The impairment to be recorded in fourth-quarter earnings is “primarily” related to its Santa Ynez operations off the coast of Santa Barbara, Exxon said in a filing Thursday.

OPEC pumped an average of 28.05 MMbpd in December as it persevered with supply restraints agreed earlier in the year, according to a Bloomberg survey. Reductions by the United Arab Emirates and Angola were offset by other countries such as Nigeria.

OPEC+ agreed at its last meeting in November to deepen existing production cuts this quarter by around 900,000 bpd.

Chevron Corp. will book fourth-quarter charges of $3.5 billion to $4 billion, citing assets it sold in the Gulf of Mexico and policies in California prompting the company to slash investments in the state.

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U.S. operators rein in spending

Latin America’s oil industry needs greater political stability to keep growing

Looking for better thinking in the year ahead

Gas bulls feasting, as production nears all-time high

After the debacle that 2020 was for so many companies and professionals in the global E&P industry, there was great hope that there would be recovery this year that would gain in momentum, as the months went by. Instead, what everyone got was a muted recovery, as U.S. operators and OPEC+ members exerted uncharacteristic restraint with regard to drilling and production, respectively.