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
Exxon: 20 Percent Of Global Oil And Gas Reserves May Be Wiped Out
After a grim Q2 season for Big Oil, the world’s third-most valuable energy company is warning that 20% of the world’s oil and gas reserves may no longer be viable, Continue Reading
BP lays out plan to slash oil and gas production to meet climate goals
BP just came up with a plan for tackling climate change that even Greenpeace is cautiously praising. As my colleague Steven Mufson reports, the British oil and gas giant on Continue Reading
BP lays out rapid cuts in oil and gas production to reach net-zero carbon emissions
With climate change bearing down on the planet and the novel coronavirus upending the fossil fuel business, one of the world’s biggest oil and gas companies on Tuesday mapped out how Continue Reading
BP halves dividend after record loss, speeds up reinvention
BP ( BP.L ) cut its dividend for the first time in a decade after a record $6.7 billion second quarter loss when the coronavirus crisis hammered fuel demand and Continue Reading
BP Reports $17.7 Billion Loss, Cuts Dividend
The British energy giant aims to increase its low carbon investments to $5 billion a year by 2030, from around $500 million, at the same time as seeing its oil Continue Reading
BP’s oil, gas output to fall 40% by 2030 amid transition to carbon energy company
BP expects its oil and gas production to fall by at least 1 million b/d of oil equivalent or 40% over the next decade, as it transitions to a lower-carbon Continue Reading
Oil Price Crash Led To Exxon’s Worst Loss In Its Modern History
Following the oil price and demand crash, ExxonMobil ( NYSE: XOM ) reported on Friday its second consecutive quarterly loss, which was the worst loss for the U.S. supermajor in Continue Reading
Big Oil gets smaller as Chevron and Exxon losses mount to $9.4bn
ExxonMobil and Chevron both reported deep quarterly losses on Friday, as two of the US’s corporate titans revealed the trauma caused to their businesses by the worst oil price crash Continue Reading
Chevron posts $8.3 billion loss on writedowns, job cuts
Chevron Corp on Friday reported an $8.3 billion quarterly loss, its largest in at least three decades, and joined rival oil producers in writing down billions of dollars in assets Continue Reading
Trading Profits Save Oil Majors In Very Volatile Second Quarter
In a big day for earnings releases, European majors Shell and Total reported on Thursday surprise profits for the second quarter, thanks to strong oil trading business when prices were Continue Reading
Oil Majors Report Dismal Second Quarter Earnings
On Thursday, some quarterly figures from the oil majors started coming in – and they are mostly negative. Royal Dutch Shell reported a staggering $18 billion quarterly loss, made worse Continue Reading
Exxon’s Mad Dash To Save Its Dividend
Exxon is planning to cut jobs and spending, in a hail mary to preserve its dividend, according to anonymous Reuters sources. Exxon spokesman Casey Norton, however, has denied that the Continue Reading
Exxon prepares spending, job cuts in last ditch move to save dividend
Exxon Mobil Corp ( XOM.N ) is preparing deep spending and job cuts, according to people familiar with the matter, as it fights to preserve a 8% shareholder dividend with Continue Reading
Shell Swings to Historic Loss as Pandemic Devastates Oil Demand
An abundance of fossil fuels combined with advances in technology has sent energy prices crashing around the world. Royal Dutch Shell PLC swung to a heavy loss in the second Continue Reading
Shell avoids loss with strong trading, wipes $17 billion off assets
Royal Dutch Shell ( RDSa.L ) avoided its first quarterly loss in recent history, helped by a booming trading business, but announced nearly $17 billion in impairment charges reflecting a Continue Reading
Total Makes Surprise Profit as Trading Gains Offset Oil Slump
Total SE made a surprise profit after “very good” trading gains offset some of the slump in oil and gas prices due to the coronavirus pandemic. Mirroring the performance of some of Continue Reading
How One Oil Major Excelled As Prices Crashed
When oil prices plunged to historic lows in April, the majority of oil producers, including OPEC+ nations, responded by drastically cutting production to get rid of the huge supply overhang. Continue Reading
Big Oil Braces For Brutal Earnings Season
The oil majors are set to unveil their second-quarter earnings in the coming days, and analysts expect the figures to be pretty rough. Despite their size, the integrated oil majors Continue Reading
Big Oil’s Net-Zero Agenda Is Looking Shaky
Emission reduction has become nothing short of a mantra these days. Carbon dioxide still receives the most attention, although methane has also been getting headlines lately as the powerful greenhouse Continue Reading
Chevron buys East Med gas producer, shale driller Noble Energy for $5 billion
Chevron’s $5 billion bid for Noble Energy July 20 moves the major into both the East Mediterranean gas sector and the US’ Denver-Julesburg Basin at a time of uncertainty in Continue Reading
Oil giants including Exxon set first joint carbon target
LONDON (Reuters) – A group of the world’s top oil companies, including Saudi Aramco, China’s CNPC and Exxon Mobil, have for the first time set goals to cut their greenhouse Continue Reading
Shell’s Big Bet On Floating LNG May Be A Flop
It was the last of the large LNG projects that put Australia in the lead for global LNG exports. It was the biggest jewel in Shell’s LNG crown. But this Continue Reading
The Wave Of Big Oil Write-Downs Is Far From Over
BP was first. The supermajor said last month that it could book asset writedowns of up to $17.5 billion as a result of the industry crisis. Then it was Shell. Continue Reading
Big Oil’s Investment Risk Is Spiking
The major integrated oil companies: Shell,(NYSE:RDS.A, RDS.B); ExxonMobil, (NYSE:XOM); BP, (NYSE:BP); Chevron, (NYSE:CVX), and a few others, so named for their vertical stewardship of the hydrocarbon molecule from initial extraction Continue Reading