Shell’s Falling Oil Output Ends Century-Long Business Model
Royal Dutch Shell Plc said its carbon emissions and oil production have peaked and will decline in the coming years as the company laid out a detailed plan for its Continue Reading
Shell expects 1%-2% annual cut in oil output as energy transition prioritized
Shell expects its oil production to decrease by 1%-2% annually as it prioritizes spending on transition projects in an acceleration of its strategy to achieve net zero emissions by 2050, Continue Reading
Can Exxon Bounce Back From A Disasterous 2020?
Globally integrated energy supermajor ExxonMobil was severely mauled during 2020. The company reported a massive 2020 full-year loss of $22 billion, its worst performance in roughly 40 years, after being Continue Reading
Oil May Not Be Chevron’s Largest Business In 20 Years
While oil and gas will certainly be needed for decades to come, the oil and gas division may not be Chevron’s top business in 20 years, although it will still Continue Reading
Shell Sees Return To ‘Normal’ Oil Demand In 2022
Royal Dutch Shell expects global oil demand to return to some sort of normalcy next year, chief executive Ben van Beurden said on Thursday as the supermajor reported another set Continue Reading
Shell’s profit slides 71% in 2020 as pandemic bites
Royal Dutch Shell’s profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company said it expected to Continue Reading
Shell posts 87% earnings drop yet raises dividend
Royal Dutch Shell raised its dividend despite an 87 percent drop in earnings as the coronavirus pandemic hit energy prices, reduced production and weakened refining margins. For the three months Continue Reading
ExxonMobil Books First Annual Loss In Its Modern History
ExxonMobil ( NYSE: XOM ) booked its first annual loss since the 1999 merger of Exxon and Mobil, and the first annual loss in at least 40 years after the Continue Reading
ExxonMobil lowers 2021 capex, writes down $18.5 billion of upstream portfolio
ExxonMobil expects 2021 capital expenditures to decline 11-25% from 2020 levels as the company focuses on projects with lower breakevens amid an uncertain price environment, company executives said during a Continue Reading
ConocoPhillips raises capital budget 17% for 2021, maintains production outlook
Fresh from closing a major corporate acquisition, ConocoPhillips has set a 2021 capital budget of $5.5 billion, 17% higher than last year, that will maintain its production flat at 1.5 Continue Reading
BP sees more oil demand pain as pandemic hits fuel sales, refining margins
BP sees continued headwinds from COVID-19 related oil demand impacts in early 2021 but said it is making progress in cutting costs and debt as it pivots to becoming an Continue Reading
Exxon-Chevron Tie-Up Not as Crazy as It Sounds
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DJ Says Exxon and Chevron Discussed Merger
The chief executive officers of Exxon Mobil Corp. and Chevron Corp. spoke last year about combining the two largest U.S. oil companies, Dow Jones reported, citing people familiar with the Continue Reading
Exxon’s New Carbon Capture Plan Looks a Lot Like Its Old One
Exxon Mobil Corp. pledged to spend $3 billion on low-emission technologies through 2025 to address investor concerns over its environmental record, unveiling a plan that comprises several projects that have Continue Reading
Pandemic drives oil major BP to first loss in a decade
BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of Continue Reading
BP Sells Stake In Oman Gas Field As Part Of $25B Divestment Plan
BP is selling 20 percent of its 60-percent stake in a gas block in Oman to Thailand’s national oil company for US$2.6 billion as part of its plan to receive Continue Reading
BP profits plunge 96% in fourth quarter as pandemic hits fuel demand
BP reported a 96 per cent drop in fourth-quarter profits as the hit to energy demand from the pandemic and weaker trading results took the UK oil major to its Continue Reading
Exxon, Chevron CEOs Discussed Merger
The chief executives of Exxon Mobil Corp. XOM -2.65% and Chevron Corp. CVX -4.29% spoke about combining the oil giants after the pandemic shook the world last year, according to people familiar with the talks, testing the waters for what Continue Reading
BP Launches UK Pandemic Initiatives
BP (NYSE: BP) is launching two initiatives to support essential services and frontline workers across the UK as they ‎battle the pandemic. BP (NYSE: BP) has revealed that it is Continue Reading
Chevron disappoints Wall St with third straight quarterly loss
US oil company Chevron slumped to its third straight quarterly loss, disappointing Wall Street and underlining the damage inflicted on even the industry’s biggest groups by the price crash. The second-biggest Continue Reading
Chevron Posts Quarterly Loss to Cap Worst Year Since 2016
Chevron Corp. CVX -4.29% posted its third consecutive quarterly loss Friday to close its worst year since 2016, as the global pandemic continues to weigh on the oil-and-gas industry and cloud hopes for renewed economic Continue Reading
The World’s Biggest Oil Firms Face Rating Downgrades
S&P Global Ratings warned this week it could very soon downgrade the ratings on some of the world’s biggest oil firms, citing increased risks coming from the energy transition, price Continue Reading
Exxon Planning Board, Other Changes Amid Activist Pressure
Exxon Mobil Corp. XOM -1.13% is preparing to make changes to its board and adopt further measures to reduce its carbon footprint as the beleaguered energy giant faces pressure from a pair of activist investors. The Continue Reading
Exxon considers capex cuts and board shake-up
ExxonMobil is considering further cuts to capital expenditure, changes to its board and more investment in sustainable technologies after it held talks with activist investors engaged in a proxy battle Continue Reading
The Activist Investor Transforming America’s Largest Oil Company
Engine No. 1, the new activist investor firm seeking long-term policy changes at Exxon, said on Wednesday it had formally nominated four independent director candidates to the supermajor’s board, continuing Continue Reading
Total Gets Fastest Start on Clean Energy Among Europe Oil Majors
Total SE has had the fastest start in the race between oil supermajors to achieve net-zero carbon emissions. Europe’s three largest oil and gas companies — Total, BP Plc and Continue Reading
Oil Major BP Significantly Downsizes Oil Exploration Division
As part of its ambition to reduce oil and gas production and raise investments in clean energy, BP has been cutting staffing levels at its oil and gas exploration division Continue Reading
BP’s oil exploration team swept aside in climate revolution
Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of Continue Reading
Oil giant Total withdraws from US energy lobbying group
French oil and gas company Total said it has decided to withdraw from energy association American Petroleum Institute because it disagrees on climate-related policies. Total said in a statement Friday Continue Reading
Shell To Cut UK Jobs As Part Of Global Workforce Reduction
Shell will be cutting 330 jobs from its North Sea operations, mostly office jobs based in Aberdeen, the supermajor said on Tuesday, as carried by the BBC . The Aberdeen Continue Reading
Exxon Reveals Petroleum Product Emissions Data for First Time
Exxon Mobil Corp. disclosed emissions data on customers’ use of its fuels and other products for the first time after coming under pressure from investors. The oil giant’s so-called Scope 3 Continue Reading
Exxon Set For Fourth Loss In 2020 After $20-Billion Write-Down
ExxonMobil is on track to book another quarterly loss this year—its fourth consecutive loss in 2020—announcing that it expects to book a massive up to $20-billion write-down for Q4, the Continue Reading
Exxon and the Oil Giants Face the Carbon Future
This is a big story about what Exxon Mobil knows. But it’s also about what Exxon—and its peers in the oil industry as a whole—want investors, decision makers and the Continue Reading
How Much Does Exxon Pollute? New Documents Reveal Its Carbon Emissions
t was February 2019, and Exxon Mobil Corp. was ready to make one of the largest-ever investments in a U.S. hub for overseas shipments of liquefied natural gas. The $10 billion project Continue Reading
Shell’s 2020 Write Downs Could Soar To $22 Billion
Shell warned the market on Monday that it would book up to $4.5 billion more in post-tax charges in the fourth quarter, which would take the supermajor’s combined write-downs to Continue Reading
Shell Divests LNG Stake For $2.5 Billion
Shell has sold a 26-percent stake in an Australian LNG project to Global Infrastructure Partners for $2.5 billion as part of efforts to reduce the weight of non-core assets in Continue Reading
Shell Points to a Another Bleak Quarter for Big Oil
Investors expecting an end-of-year rebound in the oil and gas industry could be in for a disappointment, if figures published by Royal Dutch Shell Plc are any indication. The Anglo-Dutch energy giant Continue Reading
Nigeria: Exxon Mobil Says Will Lower Greenhouse Gas Emissions Intensity By 2025
Oil major Exxon Mobil Corp said on Monday it planned to reduce its greenhouse gas emissions over the next five years, an official said. Pete Trelenberg, the ExxonMobil Director of Continue Reading
Exxon Pledges to Reduce Emissions, but the Details Suggest Nothing Has Changed
ExxonMobil on Monday said it would reduce its greenhouse gas emissions, bending to pressure from investors that have been calling on the oil giant to address the risks posed to Continue Reading
BP Boosts Its Bet on Trees
Investors propelled ESG funds to new heights in 2020, and federal agencies are watching. WSJ explains why regulators have ethical and sustainable investment funds under review. Photo Illustration: Alex Kuzoian Continue Reading
ExxonMobil sets new emission reduction plans; anticipates meeting 2020 goals | S&P Global Platts
ExxonMobil said Dec. 14 it has added reductions in greenhouse gas emissions over the next five years to support Paris Agreement climate change goals. The major’s 2025 greenhouse gas (GHG) Continue Reading
Exxon Sets New Emissions Goals Following Investor Criticism –
Exxon Mobil Corp. entered 2020 with a multiyear growth plan projected to significantly increase its greenhouse-gas emissions. Then came Covid-19 and criticism from activist investors over its record on climate Continue Reading
Upheaval In Big Oil’s Board Rooms
A bevy of Royal Dutch Shell’s top clean energy executives picked up and resigned from the energy giant. They quit shortly before Shell was scheduled to announce its forward clean Continue Reading
Exxon Vows To Reduce Emission Intensity
ExxonMobil plans to reduce the greenhouse gas emissions from its global upstream operations by 2025, in support of the Paris Agreement, the U.S. supermajor said on Monday, days after it Continue Reading
‘Is Exxon a Survivor?’ The Oil Giant Is at a Crossroads.
Over the last 135 years, Exxon Mobil has survived hostile governments, ill-fated investments and the catastrophic Exxon Valdez oil spill. Through it all, the oil company made bundles of money. Continue Reading
Shell executives quit amid discord over green push
Royal Dutch Shell has been hit by the departure of several clean energy executives amid a split over how far and fast the oil giant should shift towards greener fuels. The Continue Reading
Exxon Climate Disclosures: Big Oil Hides Carbon Forecasts From Investors – Bloomberg
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
Big Oil Is Shedding Assets To Focus On Key Projects
Exxon this week did something unprecedented: it wrote down its gas assets by a massive $17 to $20 billion. In evidence that the crisis has finally gotten to the world’s Continue Reading
Big Oil Writedowns Hit a Record $70 Billion as Virus Forces Cuts
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. The five Western Continue Reading
Exxon Faces Historic Writedown
Exxon Mobil Corp. is about to incur the biggest writedown in its modern history. (Bloomberg) — Exxon Mobil Corp. is about to incur the biggest writedown in its modern history Continue Reading