ExxonMobil

The two largest oil companies in the US are shedding thousands of employees and contractors to cope with a steep decline in demand.

With oil prices still low, Hess decided to sell a stake in one offshore project to help pay to develop a much larger one.

ExxonMobil is evaluating additional development opportunities in the Stabroek Block with plans for five drillships operating offshore Guyana by the end of 2020.

The oil major said it will now work with Global Thermostat on technology that would remove carbon dioxide directly from the air.

This latest find means the offshore driller has averaged at least three new discoveries each year since it began drilling offshore Guyana where it plans to recover up to 8 billion barrels of crude.

Company cites COVID-19-driven decline in fuel demand in move following announcement of Australian layoff plan as latest cost-cutting measure.

ExxonMobil is reluctant to join other big oil companies writing down the value of their reserves. It could chop its reserves by 20%, but it has not made a final decision.

In 2013, ExxonMobil PNG facilitated a public/private partnership to improve healthcare education at the University of Papua New Guinea and clinical management in child health at Port Moresby General Hospital and other facilities.

Shell and Chevron lead the pack in a slew of Q2 losses with $18.1 billion and $8.3 billion, respectively. ExxonMobil, ConocoPhillips, Royal Dutch Shell, Petrobras, and Repsol also posted losses. The tally of these global majors’ losses in a single quarter tops $30 billion.

Tracking down fugitive emissions has traditionally relied on small-scale detection efforts. This new project seeks to buck the trend by covering the Permian Basin with sensors.