WorldOil Oxy restores employees’ pay, doubles executive salary cap Occidental Petroleum Corp. has restored employee pay cuts imposed after oil prices tumbled and doubled the salary cap for executives to $500,000 a year. Exxon delays flagship upstream projects to protect its balance sheet As recently as March, the Texas giant had pinned its future to huge capital spending on oil and natural gas at a time when peers were exploring ways to decarbonize. Exxon CEO Darren Woods’ plan was to lean on the company’s impeccable balance sheet to drill for gushers and still cover almost $15 billion in annual dividends. Oil tests $40 as OPEC’s extra barrels loom on the horizon The Organization of Petroleum Exporting Countries and its allies will pump about 1.5 million barrels a day more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output sightly last month. With oil's supermajors in distress, can smaller independents step up and lead a recovery? A disconnect between drilling activity and supermajors' earnings may reveal a shift in industry leadership, as evidence that the oil and gas industry is reaching a bottom emerges. Offshore driller Noble Corp. files for bankruptcy to handle $3.4 billion in debt The Chapter 11 filing in Texas envisions eliminating all of the company’s borrowings -- more than $3.4 billion -- by swapping debt for equity, the company said in a statement. Chevron reports worst quarter in 30 years, warns of continued Covid-19 impacts Chevron’s adjusted loss in the second quarter was $3 billion, more than twice the average analyst estimate in a Bloomberg survey and the deepest since at least 1989. Exxon posts deepest-ever loss as Covid-19 destroys global oil demand Exxon’s woes are emblematic of the broader threats menacing the petroleum industry in what is turning out to be the deepest crisis of its 161-year history. International titans that raked in record-breaking profits during the first decade of the century have now been reduced to widespread job cuts, belt tightening and heavy borrowing to cover dividends and other outlays. Denbury Resources enters Chapter 11 with new DIP loan Denbury Resources elected in mid-July to skip paying about $3 million of interest on notes maturing in 2023, triggering a 30-day grace period before it entered a formal default. It listed almost $2.3 billion of borrowings in a recent regulatory filing. Weak oil futures driving pressure on Saudis to cut prices A big clue into just how far the global market’s dynamics have shifted will become clear as Middle East producers unveil their September pricing. Traders and refiners in Asia and Europe expect Saudi Arabia to cut its official selling prices for the first time since the OPEC+ alliance agreed to reduce production in April. Massive service company writedowns may mark downturn’s bottom, says Morgan Stanley The world’s three biggest oilfield service companies wrote down the value of their assets to the tune of about $45 billion during the past year as customers engaged in severe spending cutbacks, according to Morgan Stanley.