Anglo-Dutch oil major Shell is not ruling out the possibility of moving its headquarters to the UK, the group’s chief executive Ben van Beurden told Dutch business newspaper Het Financieele Continue Reading
Exxon Mobil Corp. incurred an unprecedented second straight quarterly loss as almost every facet of the oil giant’s business slumped amid Covid-19 lockdowns that stunted economic activity. The explorer’s oil and Continue Reading
While oil majors stuck to spending discipline after the 2015-2016 price crash, ExxonMobil was the one to stand out from the crowd as it increased capital expenditures to boost production. Continue Reading
In previous energy downturns, prices slumped but companies kept faith in their oil and gas investments. This time it might be different, as the prospect sinks in that the pandemic’s Continue Reading
Royal Dutch Shell said that it could cut the value of its oil and gas assets by as much as $22 billion , as it takes a dim view of Continue Reading
LONDON—Energy giant BP PLC has agreed to sell its petrochemicals business to a British chemicals company for $5 billion, marking the largest deal by an oil major since the coronavirus Continue Reading
Royal Dutch Shell ( RDSa.L ) said on Tuesday it would write off assets worth up to $22 billion after the coronavirus crisis knocked oil and gas demand and weakened Continue Reading
The energy industry’s earnings are under pressure and some companies are having to borrow to pay dividends. In April, Shell cut its dividend for the first time since World War Continue Reading
Some U.S.-based employees who are subject to performance evaluations could end up leaving this year after their assessments, unnamed sources told Bloomberg. (Bloomberg) — Exxon Mobil Corp. is preparing to Continue Reading
The largest oil company in the United States is preparing to let go between 5% and 10% of its US-based employees subject to performance reviewed, anonymous sources told BNN Bloomberg. Continue Reading
Wood Mac analysts looked into supermajors’ costs, balance sheets, and portfolios, to rank them based on what the consultancy calls cash margin. On this basis, Chevron topped the ranking with Continue Reading
Kneeling in prayer for a sin he doesn’t regret, Shakespeare’s Claudius, Hamlet’s fratricidal uncle, ruefully admits: “My words fly up, my thoughts remain below, / Words without thoughts never to Continue Reading
BP, the British oil company, announced this week it would reduce the value of its oil and gas assets by $17.5 billion. Even though this represents a large potential asset Continue Reading
Global growth in primary energy consumption slowed down to 1.3 percent last year from 2.8 percent demand growth in 2018, with renewables a major growth driver in 2019, BP said Continue Reading
U.S. oil and gas supermajors have come under plenty of flak during the ongoing oil price rout, with some blaming them for the oil price collapse for stubbornly refusing to Continue Reading
BP Plc will make the biggest writedown on the value of its business since the Deepwater Horizon disaster a decade ago, as the coronavirus pandemic hurts long-term oil demand and Continue Reading
BP PLC is writing down as much as $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices Continue Reading
BP PLC is writing down up to $17.5 billion of its assets and might leave some of its oil and gas in the ground because of lower energy prices and Continue Reading
Exxon Mobil Corp. will delay the startup of its Beaumont refinery expansion on the Texas Gulf Coast by a year as the oil giant weathers low demand for petroleum products Continue Reading
ExxonMobil is considering moving forward with its sale of some North Sea assets after months of delays, industry and banking sources told Reuters on Thursday. The sale, with the potential Continue Reading
Supermajor BP will cut 10,000 jobs, or around 15 percent of its workforce, as it looks to cut costs amid the oil price crash resulting from the coronavirus pandemic, chief Continue Reading
Exxon will likely make the final investment decision for its Mozambique LNG project next year, Reuters reports , citing the country’s National Petroleum Institute. The supermajor postponed the FID on Continue Reading
The nation’s biggest oil and gas companies could end up even bigger by the end of the coronavirus pandemic. Analysts expect a coming wave of bankruptcies should the price of oil Continue Reading
Royal Dutch Shell ( RDSa.L ) is considering raising more than $2 billion from the sale of a stake in the common facilities at its Queensland Curtis LNG plant in Continue Reading
The oil industry only has two choices as it reshapes itself after the oil price crash — either become broader energy firms or pursue a narrower specialization in oil and Continue Reading
Investments in solar and wind energy projects by the world’s oil majors over the next five years are expected to reach $17.5 billion, a Rystad Energy analysis finds. But a Continue Reading
Occidental Petroleum Corp. cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s Continue Reading
Oil companies including Chevron Corp., Exxon Mobil Corp., Royal Dutch Shell PLC and Total SA are scrambling to cope with coronavirus outbreaks among their workers that could threaten the profitability Continue Reading
Chevron Corp has plans to cut between 10 percent and 15 percent of its workforce as crude oil prices remain stubbornly low amid the coronavirus pandemic and oversupply. With oil Continue Reading
Sir Winston Churchill once admonished leaders to never let a good crisis go to waste. Wall Street banks and other large banks have been paying attention: They were shrewd enough Continue Reading
First, it was an oil price war that pummeled benchmarks into the ground. Then it was the coronavirus outbreak that swelled to a pandemic. Now, a third plague is coming Continue Reading
There are now four major oil companies pledging to cut emissions to “net zero,” after Total followed Repsol, BP, and Shell in laying out its plans. And, yet, each one of them Continue Reading
Last week Royal Dutch Shell did something that would have been nearly unthinkable at the beginning of this year. The company cut its dividend for the first time in 75 Continue Reading
BP’s new chief executive said the coronavirus hit to crude consumption was likely to endure beyond the pandemic – and may even have ushered in “peak oil” demand. Bernard Looney, who Continue Reading
Exxon posted its first quarterly loss in more than 30 years. But even as debt mounts and questions arise about peak oil demand, the oil supermajor nevertheless vowed to protect Continue Reading
After months of a deep and harrowing slide, fuel demand across the world is finally starting to sputter back to life . Traffic data, pipeline flows, and sales at gas Continue Reading
Exxon Mobil Corp. posted its first quarterly loss in three decades as it and rival Chevron Corp. painted a dismal picture of the oil industry, signaling that the impact of Continue Reading
Chevron has so far curtailed a relatively small amount of its oil and gas production due to low crude prices and dwindling demand from the global coronavirus pandemic, but bigger Continue Reading
ExxonMobil (NYSE: XOM) reported on Friday a surprise first-quarter loss on the back of hefty write-downs amid the oil price plunge, posting its first quarterly loss since the 1999 merger Continue Reading
Europe’s largest oil company is bracing for permanent change in customer behavior, signaling demand may not fully recover once the coronavirus pandemic is over. The global spread of the virus has Continue Reading
Royal Dutch Shell Plc cut its dividend for the first time since at least the Second World War as the oil slump triggered by the coronavirus pandemic reshapes the energy Continue Reading
Royal Dutch Shell PLC cut its dividend for the first time since World War II after first-quarter profit fell by nearly half as the coronavirus pandemic hit. Energy demand and Continue Reading
Highlights Non-LNG upstream output could fall to 1.75 mil boe/d Cuts first quarter dividend, suspends share buybacks Reports 48% slide in adjusted Q1 earnings London — Shell said Thursday that Continue Reading
BP’s ( BP.L ) first-quarter profit tumbled by two thirds and its debt climbed to its highest in at least five years as the coronavirus crisis hammered oil demand, but Continue Reading
The oil majors are facing a financial vice like they never have before. With oil prices hovering around $20 per barrel and no end in sight for the global pandemic, Continue Reading
Gordon Ballard, head of the International Association of Oil & Gas Producers, has seen many downturns in his 38-year career. But they were all followed by recoveries. This time, he Continue Reading
A British Petroleum-led project in Azerbaijan will have to cut production in May for the first time as Azerbaijan will need to take drastic measures to meet its new quota Continue Reading
As oil prices collapse, Shell is postponing the final investment decisions (FIDs) for two planned projects, one in the U.S. Gulf of Mexico and another in the UK North Sea, Continue Reading
Royal Dutch Shell Plc plans to eliminate all net emissions from its own operations and the bulk of greenhouse gases from fuel it sells to customers by 2050. The energy giant Continue Reading
ExxonMobil is slashing this year’s capital spending plans by $1obn and will cut cash operating expenses by 15 per cent as it seeks to preserve its dividend in the face of Continue Reading
