Shell’s Slide Is A Major Red Flag For Oil Markets
Royal Dutch Shell reported a steep drop in earnings in the fourth quarter, and the financial squeeze may slow the pace of share buybacks and force more asset sales. Shell’s Continue Reading
Shell profits halve in ‘challenging’ economic conditions
Lower oil and gas prices, weaker refining and chemicals margins and “challenging” economic conditions almost halved Royal Dutch Shell’s fourth quarter profits and forced the energy major to slow the Continue Reading
Exxon Signs Deals With Egypt For Oil, Gas Exploration in East Mediterranean
ExxonMobil and Egypt have signed two oil and gas exploration deals in the Eastern Mediterranean, the Egyptian Ministry of Petroleum said on Tuesday, weeks after Exxon said it had secured Continue Reading
Does Exxon Know Something About Biofuel That Its Peers Don’t?
Oilprice has been reporting on the long, drawn-out death of the dream of algal biofuel for years . A field once crowded with startups and hyperbolic promises of industry disruption Continue Reading
5 Reasons Why Big Oil Is Here To Stay
The investment case for oil companies has been under attack recently. Climate change activists know that the dividends paid by the largest of these companies are among the most lucrative Continue Reading
Bernard Looney, a polished oilman at BP
Bernard Looney, the incoming chief executive of BP, has spent the past few months letting critics tell him how terrible his company is. Concerned that the energy major had become too Continue Reading
Exxon Prepares Sale Of UK, German Oil & Gas Assets
As part of its global program to sell assets, ExxonMobil is about to launch a process to sell its upstream oil and gas operations in the UK and Germany, Bloomberg Continue Reading
Behind Closed Doors: Big Oil Talks Broader Emission Cuts
Several of the world’s largest oil companies talked behind closed doors on Wednesday about the potential adoption of more stringent emission reduction targets that could include emissions from the products Continue Reading
The “Twin Threats” Facing Big Oil
The global oil and gas industry is facing the “twin threats” of the loss of profitability and the loss of social acceptability as the climate crisis continues to worsen. The Continue Reading
Is This The End For Big Oil Dividends?
The largest publicly-traded oil companies in the world have been “living beyond their means” for years. Since 2010, the five largest oil majors have spent vastly more than they have Continue Reading
Is Iraq Too Risky For Oil Majors?
The US and Iran seem to be have stepped back from the brink of armed conflict, at least for now, but many oil and gas companies nevertheless face serious decisions Continue Reading
The Future of the Oil Company
When it comes to the future sustainability (excuse the pun) of oil companies, there are two trains of thought, one of which is that they should ‘stick to their knitting’ Continue Reading
Shell Aims For Dominance In $325 Billion Aviation Fuel Market
Shell thinks aviation fuel will be one of the critical growth areas to explore, as ground vehicle transportation fuel and other segments are expected to decline over time. One of Continue Reading
Massive Strikes In France Block Exxon Oil Refinery
Exxon’s refinery at Fos-sur-Mer in France was blocked by a strike of union workers on Tuesday as part of a massive French strike against a proposed pension reform, and shipments Continue Reading
Big Oil Spent $3.6 Billion to Clean Up its Image, and it’s Working
If you’ve ever seen an ad featuring ExxonMobil scientists handling beakers of green goo, the algae that will supposedly fuel the future, you’ve been the target of an oil company’s Continue Reading
Why Exxon Won’t Have To Pay Fine For Dealing With Rosneft
Exxon won’t have to pay a $3-million fine the U.S. Treasury Department imposed on the supermajor for doing business with Rosneft amid a growing load of U.S. sanctions against Russia. Continue Reading
Are Oil Stocks ‘Too Toxic To Trade’
Amid growing concerns about climate change, activists, shareholders, and many investors have started to see oil companies as the next ‘Big Tobacco’ set of toxic stocks because of Big Oil’s Continue Reading
ExxonMobil expands upstream footprint in Egypt with two offshore blocks
Oil company ExxonMobil has expanded its upstream acreage in Egypt after it acquired two offshore blocks, boosting its footprint in the gas-rich Eastern Mediterranean basin. Receive daily email alerts, subscriber Continue Reading
What’s Behind Big Oil’s Promises of Emissions Cuts? Lots of Wiggle Room.
The oil and gas industry seems to have entered a state of cognitive dissonance. Like never before, energy companies are publicly acknowledging the threat posed by climate change and the Continue Reading
Shell Makes Haynesville Shale Deal
Castleton Resources has acquired the East Texas and North Louisiana Haynesville shale assets of Shell’s subsidiary, BG US Production Company. Castleton Commodities International LLC’s subsidiary, Castleton Resources LLC (CR), has Continue Reading
Why Chevron’s $10 Billion Impairment Matters
Chevron surprised a number of people last week when it announced that it would take a non-cash, after-tax impairment charges of $10 billion to $11 billion in its fourth-quarter 2019 Continue Reading
Will The Exxon Ruling Impact Future Climate Cases?
As I explained last month in Exxon Knew. Did They, Though? , perceptions outside of an oil company are often at odds with what is happening inside the company. I Continue Reading
Expect More Writedowns From Oil Majors
On Friday, Royal Dutch Shell announced that it would take a $1.7-$2.3 billion write down for the fourth quarter, another financial blow to an industry dealing with oversupply and low prices. The write down Continue Reading
Energy Giants Confront Glut With Wave of Write-Downs
The company didn’t offer details about the posttax impairment charge, but analysts said it is likely linked to lower projections for gas prices. Shell also indicated up to $1 billion Continue Reading
Shell paints downbeat picture amid weaker economic outlook
London — Oil major Shell warned Friday of lower earnings and underwhelming output in the fourth quarter of 2019, weighed down by a weaker economic outlook as well as challenging Continue Reading
Shell writes down up to $2.3 billion on weaker economic outlook
Royal Dutch Shell ( RDSa.L ) said on Friday it expects to write down up to $2.3 billion in the fourth quarter, the latest major energy company forced to shrink Continue Reading
Revealing The True Extent Of Exxon’s Natural Gas Blow Out
A natural gas well operated by Exxon that blew out in 2018 released a lot more methane than previously believed, a study by a team of U.S. and Dutch scientists Continue Reading
Chevron Eyes $11B Writedown Amid Weak Gas Prices
More than half of it is from its Appalachia natural gas assets after a slump in prices. (Bloomberg) — Chevron Corp. expects to write down as much as $11 billion Continue Reading
Why Exxon’s Stock Could Hit $100 In 2020
Exxon investors’ long-time suffering may end in the New Year. Oil and gas giant ExxonMobil (NYSE: XOM) could soon go from bleeding cash to gushing profits, with some serious upside. Continue Reading
Chevron’s $11 Billion Write Down Is A Warning For The Oil Industry
Chevron said that it would write down $11 billion in assets in the fourth quarter, much of which is tied to natural gas in Appalachia. The impairment is a sign Continue Reading
The Energy 202: ExxonMobil just won a big climate court case in New York. But it’s not in the clear yet.
ExxonMobil just beat the state of New York in a closely-watched climate fraud case. But other state and local governments suing the oil and natural gas company say they remain Continue Reading
Chevron, Facing Fossil Fuels Glut, Takes $10 Billion Charge
The second-largest U.S. oil company lowered its forecast for future commodity prices, and said that as a result, it was reducing the value of production from one of its offshore Continue Reading
Exxon Found Not Guilty of Fraud in Climate-Change Accounting Case
In his 55-page ruling, New York State Supreme Court Justice Barry Ostrager said the attorney general’s office had failed to prove the company violated either the Martin Act, a broad Continue Reading
Exxon Mobil scores win in New York climate change lawsuit
Exxon Mobil Corp won a major victory in a closely-watched lawsuit on Tuesday when a judge ruled that the company did not defraud investors out of up to $1.6 billion Continue Reading
These Secretive Oil Companies Control $3 Trillion In Wealth
They control the vast majority of the world’s oil and gas assets, yet the average person has never even heard of them, outside of those that are famous for things Continue Reading
This Oil Major Just Pledged Net Zero Emissions By 2050
Repsol, the Spanish energy major, has pledged that it will become a net zero emitter by 2050, boasting that this made it the first oil and gas company to do Continue Reading
Exclusive: Exxon aims to sell $25 billion of assets to focus on mega-projects – sources
Exxon Mobil ( XOM.N ) plans to sell up to $25 billion of oil and gas fields in Europe, Asia and Africa in its biggest asset sales for decades, seeking Continue Reading
Oil Major Lashes Out At New York Despite Key Win In Trial
ExxonMobil may have appeared to score a win when New York dropped two of the four allegations against the oil giant in its much-watched climate change trial , but Exxon Continue Reading
The Five Biggest Enemies Of Oil & Gas
The oil and gas industry used to be untouchable. It’s not anymore. Enemies have surrounded it in a pincer movement, and now, it’s all-out war. From public sentiment to government Continue Reading
Why Oil Companies Aren’t Evil
When I worked for the oil industry, I began to see things differently from the inside. The image in my mind of “Big Oil” began to be challenged immediately through Continue Reading
Oil Major Slashes Spending After Reporting Massive Losses
Occidental Petroleum will cut spending for 2020 by 40 percent, the company said during its third-quarter earnings call, after it reported a net loss for the first quarter after its Continue Reading
Exxon Posts 49 Percent Profit Loss in 3Q
ExxonMobil Corp. reported $3.17 billion in profits in the third quarter, nearly half of its profit from one year ago, according to the company’s third quarter earnings statement. ExxonMobil Corp. Continue Reading
Fmr Exxon CEO: Climate Change With Us Forever More | Rigzone
It’s rare for a current or former leader of one of the world’s largest energy producers to testify under oath about climate change. That’s why a New York courtroom was Continue Reading
Oil Industry Braces For Blowback From Exxon Scandal
After years of anticipation, ExxonMobil goes on trial this week. The oil major has been under scrutiny for years by several state attorneys general over allegations that the company intentionally Continue Reading
BP warns of third-quarter charges as it spurs $10 billion divestment target
BP will take charges of $2 to $3 billion in the third quarter, the British energy firm said on Friday, as it looks to reach divestments worth $10 billion by Continue Reading
Exxon quarterly profit to feel pinch of weaker natural gas, chemical earnings
Exxon Mobil Corp ( XOM.N ) said on Monday lower natural gas and chemical margins in its second quarter would offset improved crude and refining operations, pointing to flat profits Continue Reading
Shell Vows To Pay Back A Whopping $125 Billion To Shareholders
Royal Dutch Shell is building a business with the potential to return US$125 billion or more in the form of dividends and share buybacks to shareholders between 2021 and the Continue Reading
Shell raises capex, cash flow targets in new outlook to 2025
Shell announced higher, longer-term capital spending and cash flow targets for the coming years Tuesday, as the oil major looks to underpin growth by further developing its gas-rich upstream portfolio Continue Reading
World’s Top Oil Firms Combined Q1 Profits Shrink 4%
Rising U.S. production weighed on oil prices in the first quarter compared to the same period last year, and those lower prices, combined with weak refining margins, impacted the revenues Continue Reading
Analysis: Oil majors post mixed Q1 results as oil prices soften
Western integrated oil majors posted a mixed set of first-quarter earnings results, with most continuing to grow production and some proving resilient to the impact of lower oil and gas Continue Reading