MELBOURNE (Reuters) -Woodside Petroleum slashed its gas reserves estimate for two fields at the Wheatstone project on Thursday, in an unexpected downgrade that knocked the top Australian oil and gas company's shares. The company also said it was on track to sell down stakes in its $12 billion Scarborough gas project and Pluto LNG train 2 and $4.6 billion Sangomar oil project in Senegal, with soaring oil and gas prices improving its bargaining position. "It certainly doesn't hurt to have oil prices in the $80s and record LNG prices and supply crunches at the time you're doing this," Chief Financial Officer Sherry Duhe told Reuters.
Apart from Chevron (CVX) and Occidental Petroleum (OXY), there was news from Transocean (RIG), Cheniere Energy (LNG) and TechnipFMC (FTI) during the week.
arnings season is finally upon us and analysts are expecting some big performances from the oil majors, with high oil and gas prices providing the companies with plenty of profit