- WTI is down 34c to $35.83/Bbl, and Brent is down 9c to $37.56/Bbl
- Industries along the U.S. Gulf Coast began assessing damage after Hurricane Zeta cleared the region
- About 1,570 MBbl/d or 85% of offshore oil production was offline yesterday, according to the Bureau of Safety and Environmental Enforcement (BSEE)
- According to the BSEE, 228 platforms of the 643 that are currently operating in the Gulf have been evacuated
- Power was knocked out to parts of southeastern Louisiana, where several major refineries operate. Most refineries in the path of the storm continued to operate. Shell announced that its Norco refinery/ petrochemical complex temporarily lost power but that it has since been restored
- ExxonMobil announces cut to its global workforce by 15%, or 14,000 jobs, on Thursday
- The company is expected to report a record-setting third straight quarterly loss during the 3Q2020 earnings call at 9:30 am
- The company released an accompanying statement saying, "The impact of COVID-19 on the demand for Exxon Mobil's products has increased the urgency of the ongoing efficiency work,"
- 1,900 job cuts will come from its Houston-area campus, the headquarters for its U.S. oil and gas operations
- North American refining capacity needs to fall by another 1 MMBbl/d as part of a global adjustment to fuel demand, according to the independent refiner PBF Energy
- Chief executive Tom Nimbley said, "The world needs to trim about 5 MMBbl/d of refining capacity globally, including about 2mn-2.5 MMBbl/d in North America, in response to a long-term lower demand environment"
- Planned or executed shutdowns have reached 1 MMBbl/d of U.S. crude refining capacity this year. Several refineries have tried to retool their refineries by converting sites to import terminals, putting them to other industrial uses, or switching to cleaner biofuels by processing vegetable oil and waste oils