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.
Big Oil
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.
Outgoing BP CEO warns of moving too fast on climate change
BP Plc’s outgoing Chief Executive Officer Bob Dudley warned Big Oil of moving too fast on investing in new technologies to counter climate change, because their failure could lead to financial ruin.
The great decoupling of energy stocks from oil creates carnage
This year has been one of moderate gains for the price of oil, but it has been bleak for producers.
Don’t make us pay for climate change, say big oil CEOs
Leaders of the world’s largest oil companies want everyone to know it won’t do anyone any good to make them pay for the damages of climate change.
Big Oil projects start to get off the ground as prices surge
The global oil industry’s backlog of big drilling projects is starting to shrink as prices improve.
Big Oil hits sweet spot as new projects reap rewards of recovery
Big Oil is poised to reap rewards this year as investments made before the crude-price slump pay off just as the recovery starts.
For big oil next week is as good as it gets
For oil companies, the second quarter might be as good as it gets.
Big oil’s $45billion of new projects signal spending revival
Two projects worth $45 billion announced this month show the world’s largest oil companies are regaining the confidence to make big investments, emboldened by rising crude prices and low costs that promise to trigger more expansion ahead.