ExxonMobil Corp. plans to reduce its capital and exploration expenditures in 2016 by 25% compared with that of 2015 to $23.2 billion. Source: News

Alberta will award “royalty credits” to petrochemical manufacturers in a competitive application system designed to add value to natural gas produced in the province. Source: News

Depressed crude oil prices won’t necessarily doom ambitious transportation projects west from the Black Sea and beyond if participating countries and investors don’t panic, speakers said at an Atlantic Council forum. Source: News

Total SA’s venture capital fund has acquired unspecified interests in two companies that develop solar power in rural areas with limited access to electricity grids, especially in Africa. Source: News

Kinder Morgan Inc. closed an acquisition of 15 products terminals in North America from BP as Zenith Energy signed an agreement to buy the oil company’s products terminal in Amsterdam. Source: News

Gunvor Group Ltd., Geneva, has completed a deal to take 100% ownership of Kuwait Petroleum International Ltd.’s (KPI) 88,000-b/d refinery and supporting product distribution network in Rotterdam, the Netherlands. Source: News

Light, sweet crude for March delivery settled down $2 on the New York Mercantile Exchange Feb. 1 while the Brent contract for April dropped $1.75 on the London market on fading hopes that major oil producers would cut production despite some talk about that from Russia days ago. Source: News