Board fight at Exxon intensifies spotlight on climate change
ExxonMobil is facing a major challenge from a group of investors in one of the biggest fights a corporate boardroom has endured over its stance on climate change, an issue Continue Reading
Top Five Oil Firms Saw Revenues Fall 31% In 2020
The five largest oil and gas companies in the world saw their combined revenues drop by 30 percent last year, although they still generated more than $1 trillion in total Continue Reading
Shell weighs shut Louisiana refinery’s future as Baton Rouge firm promotes bid
Royal Dutch Shell (RDSa.L) was still evaluating plans for an idled Louisiana oil refinery, the company said on Monday, after a Baton Rouge investor said over the weekend his $1.25 Continue Reading
Shell to sell interest in Deer Park refinery to partner Pemex
Royal Dutch Shell (RDSa.L) agreed on Monday to sell its controlling interest in a Texas refinery to partner Petroleos Mexicanos (Pemex) for about $596 million, the latest move by the Continue Reading
Shell on Trial as Court Weighs Its Climate Responsibility
A Dutch court verdict against Royal Dutch Shell Plc will determine whether it has a legal responsibility for climate change, in a case that will be watched by Big Oil executives Continue Reading
ExxonMobil faces ‘winds of change’ as climate battle reaches boardroom
ExxonMobil, a titan of corporate America, faces a pivotal moment this week as restive shareholders have their say on what critics call an inadequate response to seismic shifts brought on Continue Reading
BP Starts Offshore Wind Recruitment Push
BP Plc has started a recruitment campaign for the people who will drive its expanding clean energy ambitions. The London-based oil and gas company is looking to fill 100 offshore-wind Continue Reading
Shell shareholders increase pressure for further climate action
Royal Dutch Shell (RDSa.L) shareholders overwhelmingly backed the company’s energy transition strategy on Tuesday, but increased support for a second climate resolution filed by an activist group pointed to growing Continue Reading
BP’s lobbying for gas shows rifts over path to net-zero emissions
Oil major BP (BP.L) has lobbied for the EU to support natural gas, a move that exposes divergent views among investors and reflects a wider European dispute about the role Continue Reading
Big Oil Is In Desperate Need Of New Discoveries
The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks and a shift towards renewable energy, experts warned that nearly Continue Reading
Big Oil Eyes Wave Of Buybacks After Blowout Earnings
Crude oil futures have rallied to their highest finish in months, with WTI price climbing above $65 for the first time in two months after OPEC+ stuck with plans to Continue Reading
Shell Sells Washington Refinery
Royal Dutch Shell’s (NYSE: RDS.A) subsidiary, Equilon Enterprises LLC d/b/a Shell Oil Products U.S., has reached an agreement for the sale of its Puget Sound Refinery near Anacortes, Washington. Royal Continue Reading
Are Big Oil’s Renewable Investments Paying Off?
The world’s largest oil companies reported solid earnings and strong cash flow generation for the first quarter. But all those profits had very little to do with the pledges from Continue Reading
Big Oil Companies Recover as Prices Rebound
Big oil companies returned to profitability during the first quarter as they recovered from the unprecedented destruction of oil-and-gas demand wrought by the coronavirus pandemic. Exxon Mobil Corp. reported $2.7 billion in net income Continue Reading
BP Resumes Buybacks After Q1 Profit Triples
BP ( NYSE: BP ) is resuming share buybacks this quarter after more than tripling its first-quarter earnings from a year ago on the back of rising oil prices and Continue Reading
Shell raises its dividend as profits surge
Royal Dutch Shell’s (RDSa.L) profits leaped to $3.23 billion in the first three months of the year and the energy company raised its dividend as planned but warned that the Continue Reading
BP Seeks to Sell Electricity in Five States
BP wants to be your power supplier, too. The oil and natural gas giant is seeking permission to become a retail electricity provider to homes and businesses initially in Illinois, Continue Reading
BP forecasts further drop in oil, gas output this year as asset sales bite
BP on April 27 forecast a further drop in its upstream production this year due to the impact of asset sales on its portfolio, as it reported a 14% year-on-year Continue Reading
The 5 Most Influential Oil Companies In The World
In a virtual climate summit with 41 world leaders, President Joe Biden on Thursday unveiled an ambitious 10-year Climate Plan that has proposed cutting U.S. greenhouse gas emissions by 50-52% Continue Reading
Exxon faces ‘existential’ risk over fossil fuel focus, activist investor warns
ExxonMobil faces an “existential business risk” by pinning its future on fossil fuels as governments move to slash emissions, an activist hedge fund will tell investors in the final push Continue Reading
BP forecasts further drop in oil, gas output this year as asset sales bite
Highlights Q1 upstream output falls 14% on year despite OPEC+ easing Gas project ramp-up to help ease asset decline Sees market recovery, return to normal stock levels by year-end London Continue Reading
Big Oil Sees Cash Rolling In, But Investors Won’t Get It Yet
Last week, Chinese President Xi Jinping committed to reducing his country’s coal consumption beginning in 2026. That is later than many climate change activists had hoped, but it will still be Continue Reading
Exxon Investors Warned By Activist Fund on Climate Risks:
Exxon Mobil Corp. is being warned by activist hedge fund Engine No. 1 it faces an “existential business risk” by pinning its future on fossil fuels as governments move to slash emissions, the Continue Reading
Small Companies Rush To Buy Up Big Oil’s Assets
Big Oil is shedding assets like a dog sheds its winter coat. In a rush to prove their emerging environmentally conscious credentials, the supermajors are pledging billions in low-carbon energy Continue Reading
Shell To Exhaust Dwindling Oil & Gas Reserves By 2040
Shell expects to have produced 75 percent of its current proved oil and gas reserves by 2030, and only around 3 percent after 2040, the supermajor said in its Energy Continue Reading
BP Strikes Oil Offshore Louisiana
BP on Tuesday reported an oil discovery on Green Canyon Block 821. BP (NYSE: BP) on Tuesday reported an oil discovery at the Puma West prospect in the deepwater U.S. Continue Reading
Big Oil Set To Return To Profit In 2021
Vitol, Shell and Exxon are all expected to announce profits in Q1 2021 following a turbulent 2020. The three companies are profiting from increased oil demand and a rise in Continue Reading
Shell to Make First Profit From Oil Output Since Pandemic
Royal Dutch Shell Plc said it expects to make the first profit from pumping oil since the start of the pandemic. Shell’s upstream unit, which largely handles the exploration and Continue Reading
Big Oil’s Secret World of Trading Fuels Profits as Climate Change Worries Rise
It was a bleak moment for the oil industry. U.S. shale companies were failing by the dozen. Petrostates were on the brink of bankruptcy. Texas roughnecks and Kuwaiti princes alike Continue Reading
Pandemic Year Has Not Accelerated The Death Of Big Oil
In some circles, the question is increasingly being raised whether, among the many victims of the COVID-19 virus, may be the large, multinational oil and gas companies. Indeed, the 2020 reductions Continue Reading
World’s Largest Oil Companies Saw Revenues Slide 35.4% In 2020
The biggest oil companies in the world, including Big Oil, Saudi Aramco, Russia’s top oil producers, and the top oilfield services providers, saw their combined revenues fall by 35.4 percent Continue Reading
As the Shift to Green Energy Speeds Up, Shell’s Big Natural-Gas Bet Is at Risk
Royal Dutch Shell RDS.A 2.33% PLC bet big on natural gas as the energy source of the future when it bought BG Group for $54 billion. Five years later, it appears the gas era won’t Continue Reading
BP drops reserves replacement ratio as strategic performance target
BP has dropped its oil and natural gas reserves replacement ratio as one of the company’s key performance metrics, it said March 22, underscoring the company’s ambitious plans to become Continue Reading
Shell Doubled Its Oil Trading Profits In 2020
Shell doubled its crude and refined products trading profits in 2020 from 2019, with its trading offsetting some of the negative effects of the collapse in refining margins and fuel Continue Reading
Oil Giant Shell Appoints New Chairman to Navigate Energy Transition
Royal Dutch Shell RDS.A -1.01% PLC has appointed Andrew Mackenzie as its new chairman, tapping a mining veteran to oversee the oil and gas giant as it navigates the transition to low-carbon energy. The Continue Reading
Exxon, Once a Skeptic, Sees Profit in Capturing Carbon Emissions
Exxon, which is counting on carbon capture and storage as a primary way to achieve its targets for reducing greenhouse gas emissions , touted the recent creation of a new Continue Reading
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 Continue Reading
Exxon Adds New Board Members Amid Activist Pressure
Exxon Mobil Corp. XOM 3.73% added two new directors to its board Monday, as the beleaguered energy company tries to fend off calls for change from a pair of activist investors. The Texas oil Continue Reading
Exxon Urges Shareholders to Reject Activist Investor’s Proposals
Exxon Mobil Corp. shareholders should reject activist investor Engine No. 1’s proposals at the company’s annual meeting, the oil giant said Monday in a preliminary proxy filing. The company said shareholders should Continue Reading
Why Big Oil Expects Record Cash Flow In 2021
The world’s largest oil companies are set for a cash flow bonanza this year, probably at record levels, as massive cost cuts in the wake of the 2020 oil price Continue Reading
Exxon Shocks As Oil Reserves Drop By A Third
Exxon slashed its oil reserves by almost a third in what is the most radical reserve revision in the company’s modern history. The supermajor reported reserves totaling 15.3 billion barrels Continue Reading
Exxon Sells UK North Sea Oil, Gas Assets For Over $1 Billion
ExxonMobil will sell most of its non-operated assets in the UK’s central and northern North Sea to private equity fund HitecVision for more than $1 billion, the U.S. supermajor said Continue Reading
Big Oil Posts Record Loss in 2020
The five integrated supermajors – ExxonMobil (NYSE: XOM), BP (NYSE: BP), Shell (NYSE: RDS.A), Chevron (NYSE: CVX), and Total (NYSE: TOT) – posted a combined record loss of $76 billion Continue Reading
Exxon Pushed by Activist Investor to Set Net-Zero Climate Goal
Exxon Mobil Corp. has already upped its climate plans, only three months into an activist investor’s campaign to force change inside the company. Now the group, Engine No. 1, is pushing the Continue Reading
Total chief warns of renewable energy bubble
Renewable energy assets are in a bubble that has led to a string of deals with “crazy” valuations, according to the chief executive of Total, one of the world’s biggest Continue Reading
Shell outlines steps to net-zero business by 2050; to cut production of traditional fuels 55% by 2030
Global oil and gas major Shell has outlined how it will achieve its target to be a net-zero emissions energy business by 2050, in step with society’s progress towards achieving Continue Reading
Shell Says Its Oil Production Has Peaked
Anglo-Dutch supermajor Shell has reaffirmed its commitment to becoming a net-zero company by 2050, saying that its oil production peaked in 2019 and is set for a continual decline over Continue Reading
Oil Major Total Sees 10 Million Bpd Supply Gap In 2025
France’s supermajor Total is warning that the world could find itself with a shortfall of supply of 10 million barrels per day (bpd) between now and 2025, due to continued Continue Reading
Rosneft Stake Becomes Headache For Oil Major BP
While BP was unveiling its strategy to reinvent itself from an international oil company to an integrated energy company in London last year, thousands of miles away Russian giant Rosneft—in Continue Reading
With oil past peak, Shell vows to eliminate carbon by 2050
Energy giant Royal Dutch Shell vowed to eliminate net carbon emissions by 2050, accelerating previous targets, as oil production was set to slowly decline from its 2019 peak. The Anglo-Dutch Continue Reading