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. 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. OPEC+ plans to pump more crude into a precarious global oil market From quiet skies over Europe to sparse traffic in America’s biggest cities, a recovery in global oil demand is faltering amid the resurgence in coronavirus. That poses a particularly delicate challenge for the OPEC cartel and its partners, who plan to resume some of the crude output halted during the depths of the pandemic. 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. Halliburton launches innovation lab to accelerate clean energy development Halliburton Company announced the creation of Halliburton Labs – a collaborative environment where entrepreneurs, academics, investors, and industrial labs come together to advance cleaner, affordable energy. 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. Real-time energy use figures show UK economy recovering from Covid-19 impact Corporate energy consumption was down 40% at the peak of the Covid-19 crisis but the latest figures (to 21st July) are only 8% below the level they were just prior to lockdown. There has been a sharp rise in the past two weeks as restrictions have relaxed and more people have returned to work.