Big Oil set for record profit as world hit by fuel cost pain
Big Oil is poised for a record-breaking $50 billion profit in the second quarter, but the industry’s stellar performance could contain the seeds of its own decline.
Big Oil
BP to review investment plans following windfall tax, Shell eyes relief
Big Oil has reacted to the news that Chancellor Rishi Sunak has finally opted to plough ahead with a windfall tax on North Sea profits.
At what point does Big Wind become a pariah?
Reach back 20 years and there was much excitement about the idea that renewables would kick open the doorway to distributed energy; the notion that power generation would be somehow spread equitably throughout the land and be friendly.
Shell to withdraw from all involvement in Russian oil and gas
Shell has announced its intent to withdraw from all involvement in oil and gas from Russia, including trading of hydrocarbons and closing a range of service businesses.
Big Oil forecast to return billions to shareholders this year
Oil and gas giants are expected to fork out billions of pounds on share buybacks this year as they reap bumper profits.
Former BP boss Lord Browne fears ‘natural environment does not stand a chance’ as oil nears $100
The former boss of BP, Lord Browne, has set out fears for the natural environment as the price of oil nears $100 a barrel.
Former BP boss Lord Browne says its time to break up Big Oil
Oil majors should do more to break themselves up into separate low-carbon and fossil fuels businesses, according to Lord Browne, the former boss of BP.
Saudi Aramco follows Big Oil rivals with surge in profits
Saudi Aramco followed its Big Oil competitors with bumper earnings, boosted by a recovery in oil and chemical prices.
Shale bets on dividends to match supermajors, revive sector
First came the production discipline, and now here’s the cash.
Here’s who wins and who loses from the surge in commodity prices
The world’s recovery from the coronavirus pandemic has sent prices for energy, metals and food soaring, helping big commodity exporters while hammering those nations that buy the bulk of their raw materials from others.
Climate talk overtakes ‘growth’ on fossil fuel conference calls
The world’s biggest oil and gas companies are more likely to talk to Wall Street about emissions than how their businesses might grow.
‘Petrolhead’ who beat Shell shows how law can fight climate change
Royal Dutch Shell Plc hired a team of pricey lawyers for its defense against environmental activists in a Dutch court, and lost. A decade-old, $22 book might have upped their chances of winning.
Big Oil could look to divest carbon intense assets following Shell ruling, says analyst
Supermajors could look to divest their carbon heavy assets in order to meet climate change targets, a Verisk Maplecroft analyst has said.
Conoco joins big oil’s newfound thrift with plan to cut debt
ConocoPhillips will use a rebound in oil and gas prices to cut debt by about 25% over the next five years, signaling a focus on financial prudence even after completing one of the biggest shale takeovers in recent years.
Threshold for ScotWind bids increased ten-fold after Big Oil splashes cash
Scotland has given a ten-fold increase to maximum bids for its offshore wind auction, ScotWind, after Big Oil flexed its financial muscles last month.
Big Oil: Time for a spin-off?
With Covid-19 continuing to impact the profitability of the supermajors, Ano Kuhanathan, sector advisor at trade credit insurer, Euler Hermes, argues that now is the time for the supermajors/Big Oil to start spinning off their renewables divisions.
Big oil’s ‘problematic’ ESG claims alienate some investors
As companies across virtually all sectors try to latch on to the sustainability bandwagon, some investors are sounding the alarm.
Exxon Mobil to cut jobs in Singapore as big oil retrenches
Exxon Mobil Corp. expects to cut about 300 jobs in the Asian oil-trading hub of Singapore by the end of 2021, part of a global retrenchment that was announced last year.
Chevron CEO vows higher returns, lower carbon to revive Big Oil
Fresh from overtaking ExxonMobil as North America’s biggest oil company, Chevron has a “simple promise” to investors: higher returns and lower carbon.
Big oil pays for past bets on fossil fuels With $70 billion hit
Exxon Mobil Corp.’s impending writedown of natural gas fields rounds out a record year for Big Oil chargeoffs stemming from misplaced optimism on the future of fossil fuels.
Big oil has a long way to go on setting emissions targets
Just five of the 39 largest oil and gas companies have announced carbon-reduction targets that match levels needed to avoid a 2-degree Celsius temperature increase. And only 20 have taken initial steps to disclose how they plan to lower emissions produced by both their operations and electricity use, known respectively as Scope 1 and Scope 2.
Oil companies’ climate targets not what they seem
Two years ago, a group of the world’s largest oil companies announced a major commitment to fight climate change, promising to reduce methane emissions from their operations by 20 percent within seven years.
Implications of BP write-downs ‘are very real’ as some upstream assets become worthless
Energy giant BP is ”getting to grips” with a slump in the value of its offshore assets, with some now worth nothing at all, an industry expert said last night.
Big Oil climate targets not enough to meet Paris agreement, report finds
European oil majors have made great strides in setting out plans to reduce greenhouse gases, but they aren’t enough to meet the goals of the Paris climate agreement, according to a report by money managers overseeing more than $19 trillion.
Big Oil issued warning to White House that China Trade Deal was ‘unrealistic’
Industry leaders privately warned the Trump administration that the U.S. will struggle to produce the oil, gas and other energy products that China has committed to buy in a new trade deal, raising additional questions about one of the president’s signature economic achievements.