Exxon’s earnings slump on poor petrochemical, refining results
Businessam StaffJanuary 31, 2020
ExxonMobil reported on Friday fourth-quarter earnings down from a year earlier, as lower natural gas prices and weak chemical and refining margins were not enough to offset cash flow from asset sales in the quarter. Exxon’s Q4 earnings slipped by 5 percent on the year to $5.69 billion, while earnings per common share assuming dilution dropped by 6 […]
Senate probes poor state of refineries
Businessam StaffJanuary 31, 2020
The Senate has begun a probe into what it described as the poor state of refineries the nation’s. According to the Senate despite $25 billion dollars spent in the last 25 years, the refineries are still in comatose. Consequently, the Senate mandated its Committees on Petroleum Resources Downstream, Upstream and Gas Resources to urgently carry […]
Oil falls as coronavirus cases surpass SARS total
Businessam StaffJanuary 30, 2020
Oil prices on Thursday fell on concerns over the potential economic impact of the coronavirus that continues to spread worldwide, while the market also considered the possibility of an early OPEC meeting. Brent crude was down 90 cents, or 1.50 per cent, at $58.91 per cent a barrel by 1447 GMT, having risen 0.5 per […]
Coronavirus: Nigeria’s N2.64tn proposed oil revenue under threat
Businessam StaffJanuary 30, 2020
The federal government’s oil revenue projection for 2020 may be badly hit by the coronavirus outbreak in China which has sparked concerns of lower demand growth, causing oil prices to plunge. The 2020 budget, which was signed by president Muhammadu Buhari, in December, was based on oil production of 2.18 million bpd with an oil […]
Oil prices rise despite impact of China virus on fuel demand haunting the market
Businessam StaffJanuary 24, 2020
Oil prices climbed on Friday, following a drawdown in U.S. crude stocks, but were set to fall heavily for the week amid worries that a new coronavirus in China that has killed 25 so far may spread, curbing travel, fuel demand and economic prospects. Brent crude futures LCOc1 were up 31 cents, or 0.5%, at […]
Refineries posted N123.3bn loss in 10 months – NNPC
Businessam StaffJanuary 23, 2020
The country’s refineries under the management of the Nigerian National Petroleum Corporation made a cumulative loss of N123.25bn from January to October 2019, latest figures released on Wednesday showed. An analysis of data in the October 2019 oil and gas report of the NNPC showed that all three entities recorded losses during the period under […]
China coronavirus could push oil down by $3
Businessam StaffJanuary 22, 2020
The outbreak of a coronavirus in China that is now an international threat could cut oil demand by 260,000 bpd, which would translate into a price drop of almost $3 per barrel, Goldman Sachs has said. Most of the demand loss will come from jet fuel as the risk of disease discourages travelers from getting […]
NNPC will be accountable to Nigerians, says Kyari
Businessam StaffJanuary 22, 2020
Mele Kyari, the group managing director of the Nigerian National Petroleum Corporation (NNPC), has reiterated that the corporation will be an accountable and transparent institution under his leadership. Kyari spoke on Monday night in Lagos at a social function. According to him, public funds will always be utilised for public goods. He also stated that […]
Subsidy may rise as fuel marketers demand higher margins
Businessam StaffJanuary 22, 2020
The federal government may have to spend more on petrol subsidy as oil marketers in the country have called on the Petroleum Products Pricing Regulatory Agency to increase margins on the product now to prevent the a collapse of the nation’s fuel distribution system. According to the petrol pricing template of the PPPRA, margins for […]
ExxonMobil Fuels incurs highest crude oil refinery maintenance globally in 2019
Samson EchenimJanuary 22, 2020
By Samson Echenim ExxonMobil Fuels and Lubricants Co (ExxonMobil Fuels) had the highest crude oil refinery capacity under maintenance (both planned and unplanned) among all the refinery operators globally in 2019, according to GlobalData, a leading data and analytics company. The operator had a total refining capacity of 1.7 million barrels per day (mmbd) […]