The Numbers Behind Exxon’s Support for a Carbon Tax
Exxon Mobil Corp . is no longer the most valuable energy company in the U.S. That distinction now goes to NextEra Energy Inc. , the world’s largest provider of wind Continue Reading
Exxon’s Market-Value Crown in Energy Passes to Chevron, NextEra
Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more Continue Reading
Chevron Doubles Down on Renewable Natural Gas
Chevron Corp. is doubling down on its plan to turn cow manure into renewable natural gas. The oil major formed a joint venture with waste solutions manager Brightmark LLC to Continue Reading
Why Big Oil Is Scrambling To Diversify
We are witnessing a historic moment for oil and for the energy industry as a whole as the world moves toward a clean energy transition that has been catalyzed considerably Continue Reading
Problems Are Piling Up For Oil Majors
Consumers reacted to earlier lockdowns and continued pandemic restrictions, leading to a massive drop in demand. On the other hand, prices initially collapsed after Saudi Arabia led an assault on Continue Reading
Chevron Overtakes Exxon Mobil as America’s Largest Oil Company
Chevron Corp. overtook Exxon Mobil Corp. as the largest oil company in America by market value, the first time the Texas-based giant has been dethroned since it began as Standard Oil more Continue Reading
Exxon Climate Disclosures: Big Oil Hides Carbon Forecasts From Investors
A giant oil company like Exxon Mobil Corp. will publicly disclose forward-looking numbers on production forecasts, earnings potential and capital expenditures. But the biggest fossil-fuel producers don’t provide short-term guidance to Continue Reading
Exxon Carbon Emissions and Climate: Leaked Plans Reveal Rising CO2 Output
Exxon Mobil Corp. had plans to increase annual carbon-dioxide emissions by as much as the output of the entire nation of Greece, an analysis of internal documents reviewed by Bloomberg shows, setting Continue Reading
Exxon, Koch Hid Climate Change Impact for Decades, Suit Says
Exxon Mobil Corp. and Koch Industries Inc. withheld critical information about the impact of fossil fuel use on climate change for decades, Minnesota Attorney General Keith Ellison said in announcing a lawsuit Continue Reading
ExxonMobil to axe 1,600 jobs in Europe
ExxonMobil will cut up to 1,600 jobs in Europe as the oil major continues to struggle with the destruction to demand caused by the coronavirus pandemic. The biggest US oil company Continue Reading
Exxon Signals Another Loss
Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest Continue Reading
ExxonMobil Signals Another Loss
Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest Continue Reading
Shell plans to cut up to 9,000 jobs as oil demand slumps
Royal Dutch Shell said Wednesday it’s planning to cut between 7,000 and 9,000 jobs worldwide by the end of 2022 following a collapse in demand for oil and a subsequent Continue Reading
Rosneft warns BP and Shell creating ‘existential crisis’ for oil supplies
Russia’s Kremlin-controlled oil company has warned that BP and Royal Dutch Shell are creating an “existential crisis” for oil supplies that will lead to higher prices, attacking their shift towards Continue Reading
BP Hits 25-Year Low
Just a week after revealing its plan to turn itself into a clean-energy giant, BP Plc watched its share price drop to a 25-year low. Chief Executive Officer Bernard Looney Continue Reading
Shell to cut up to 40% from oil and gas production to prepare for energy transition
Royal Dutch Shell is looking to slash up to 40 per cent off the cost of producing oil and gas in a major drive to save cash so it can Continue Reading
Shell May Cut Upstream Oil Operations By 40%
Oil and gas supermajor Shell is looking to slash as much as 40 percent of its upstream oil and gas operations as it is redesigning its business toward a greener Continue Reading
ExxonMobil (XOM) Potential Buyers for UK Oil: Sinopec, Kuwait, EnQuest
Exxon Mobil Corp.’s U.K. North Sea assets have attracted suitors from state-owned companies to private equity-backed firms as the U.S. oil giant seeks to exit the aging region altogether, according Continue Reading
Exclusive: Shell launches major cost-cutting drive to prepare for energy transition
Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its Continue Reading
Shell files offshore drilling plans for Alaska’s North Slope
Shell Offshore Inc. has submitted plans to plans to drill for oil in the waters along the National Petroleum Reserve-Alaska in the coming years. The Dutch oil industry giant applied Continue Reading
BP Sees Peak Oil, Even Without Major New Laws on Climate Change
One of the biggest international oil companies has concluded that oil consumption will peak this decade. That’s the main takeaway from BP Plc’s annual energy outlook published this week outlining a handful of scenarios Continue Reading
What BP Got Wrong About Global Oil Demand
Environmentalists around the world are having a field day this week as international media picks up on the oil market forecasts in the recently released BP Energy Outlook 2020. It Continue Reading
BP is remaking itself from oil and gas giant to an energy company
Every so often, corporations confront questions of life or death. IBM did it in the 1990s when its hulking mainframe computers faced the challenge of next-generation PCs. A new chief Continue Reading
Peak Oil: BP, Shell, Eni Lead Big Oil’s Search for New Business
For most of the past century, Big Oil executives found it pretty easy to explain to investors how their businesses worked. Just locate more of the commodities that everyone needed, Continue Reading
BP: Oil Demand Growth is Dead
The world is past the era of growing crude oil demand, BP said in its annual energy outlook report , which was released today. The message of the outlook, according Continue Reading
Exxon Used to Be America’s Most Valuable Company. What Happened?
It has been a stunning fall from grace for Exxon Mobil Corp. Just seven years ago, Exxon was the biggest U.S. company by market capitalization. It has since lost roughly Continue Reading
Oil Major BP Makes First Ever Move In Offshore Wind Energy
BP is making its first move into the offshore wind market with a strategic partnership in U.S. offshore wind assets with Equinor in a deal worth US$1.1 billion. Under the Continue Reading
BP enters offshore wind with $1.1 billion Equinor deal
BP entered the offshore wind market on Thursday with a $1.1 billion deal to buy 50% stakes in two U.S. developments from Norway’s Equinor, a significant step by the oil Continue Reading
IOCs committed to helping drive energy transition; gas has key role: industry
Oil and gas majors are committed to helping drive the energy transition, with gas in particular set to play a critical role in helping to meet climate change goals, senior Continue Reading
Exxon downsizes global empire as Wall Street worries about dividend
Ill-timed bets on rising demand have Exxon Mobil Corp facing a shortfall of about $48 billion through 2021, according to a Reuters tally and Wall Street estimates, a situation that Continue Reading
Big Oil’s Risky Plastic Bet Could Lead To $400 Billion In Stranded Assets
Oil companies are risking some $400 billion in stranded assets with their focus on petrochemicals production growth that relies on strong growth in demand for plastics, Carbon Tracker has said Continue Reading
Big Oil just isn’t as big as it once was
A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company. Not Continue Reading
Exxon weighs global job cuts after unveiling Australian lay-off plan
Exxon Mobil Corp ( XOM.N ) is assessing possible worldwide job cuts, a spokesman said on Wednesday, after the company announced a voluntary lay-off programme in Australia. Exxon is the Continue Reading
Big Oil’s patchy deals record casts shadow over green makeover
As major oil companies prepare to spend billions on renewable energy assets to stay relevant in a low-carbon future, the industry’s patchy track record on takeovers is a red flag Continue Reading
Is Big Oil Doomed To Repeat The Coal Industry’s Mistakes?
Until this year, alarmists proclaiming the end of oil were often dismissed as crackpots or overly optimistic environmentalists. But the spread of the novel coronavirus and its unprecedented disruption of Continue Reading
BP to Sell London Headquarters as Work Style Shifts: Times
BP Plc plans to sell its headquarters in central London as it cuts jobs and adopts flexible working, The Times reported on Sunday. The oil major, which employs 6,500 office Continue Reading
An Oil Giant’s Wall Street Fall: The World is Sending the Industry Signals, but is Exxon Listening?
An ExxonMobil sign is seen on a gas station on October 25, 2018 in Gutenberg New Jersey. ExxonMobil has fallen off the Dow Jones Industrial Average stock index. Credit: Kena Continue Reading
Exxon’s Departure From Dow Highlights Market’s Retreat From Energy Bets
The Dow Jones Industrial Average’s coming farewell to Exxon Mobil Corp. is the latest sign of the waning influence of America’s struggling energy sector. When trading begins next week, the Continue Reading
Norway’s Biggest Private Money Manager Exits From Exxon, Chevron Over Climate Change
The investment firm, a unit of insurer Storebrand ASA with around $91 billion under management, said Monday it sold off more than $47 million in 21 companies and excluded another Continue Reading
Europe’s Big Oil Companies Aim To Become Big Energy
Big Oil’s most profitable business is no longer oil. This attention-grabbing headline published by Oilprice.com earlier this month may be dramatic, but it’s not hyperbole – it’s the truth. “Even Continue Reading
Europe’s Big Oil Companies Are Turning Electric
This may turn out to be the year that oil giants, especially in Europe, started looking more like electric companies. Late last month, Royal Dutch Shell won a deal to build a Continue Reading
Chevron Keeps Drilling for Oil as Its Rivals Embrace Renewables
Speaking to the Texas Oil & Gas Association in July, Chevron Corp. Chief Executive Officer Mike Wirth assured his audience that the global clamor for clean energy “doesn’t mean the end of Continue Reading
BP Set For Biggest Downsizing Of Its Office Space Ever
BP plans the most massive downsizing of office locations and properties in its history amid remote work and office job cuts, the Guardian reported on Wednesday, citing senior officials and Continue Reading
Big Oil Forced To Change Strategy After The Oil Price Crash
In one of the most challenging quarters for the oil industry in recent memory, the five Big Oil firms wrote down nearly US$50 billion from the value of their oil Continue Reading
Russia Looks To Lure Shell Into New Arctic Oil Project
Central now to Russia’s hydrocarbons-related power is its Arctic sector oil and gas reserves. These comprise over 35,700 billion cubic metres of natural gas and over 2,300 million metric tons Continue Reading
Oil giants’ production cuts come to 1 million bpd as they post massive writedowns
The world’s five largest oil companies collectively cut the value of their assets by nearly $50 billion in the second quarter and slashed production rates as the coronavirus pandemic caused Continue Reading
Big Oil’s Most Profitable Business Is No Longer Oil
It’s been a rough year for oil, to say that least. And the worst isn’t over yet. Even though oil demand, and therefore oil prices, have been slowly recovering, that Continue Reading
Shell to return to Basra with new head
Shell personnel will return to the Basra Gas Company (BGC) joint venture consortium next week, following their evacuation from Basra due to a payment dispute that nearly turned violent in Continue Reading
Exclusive: BP poised to sell ‘stranded assets’ even if oil prices rally
BP ( BP.L ) is preparing to sell a large chunk of its oil and gas assets even if crude prices bounce back from the COVID-19 crash because it wants Continue Reading
Exxon Says 20% of Oil, Gas Reserves Threatened by Low Prices
Exxon Mobil Corp. warned that low energy prices may wipe as much as one-fifth of its oil and natural gas reserves off the books. If depressed prices persist for the rest Continue Reading