(Oil Price)– Energy security and affordability have trumped fears of stranded assets in recent years, prompting the world’s biggest international oil and gas firms to shift focus back to exploration after years of trying to develop clean energy solutions. Big Oil has scaled back investments in renewables, at least those majors that tried to become key green energy providers, as
(Oil Price) – The biggest international oil firms used the first-quarter earnings calls to reassure investors that Big Oil is in a ‘business as usual’ mode at oil prices at $60 per barrel. As ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported their Q1 earnings and provided guidance for the second quarter and the rest of the year, oil prices were ending one of
(Oil Price) – The world’s biggest oil and gas firms are embracing AI and related technology to maximize savings, optimize operations, and boost earnings. Digitalization is not new to the energy sector—oil producers and utilities have been using and perfecting it for years. But AI and its rapid advancements and capabilities are the latest hype, and it seems everyone is using
(Oil Price) – At the 2024 edition of CERAWeek, several energy executives openly called for a rethink of the energy transition. That had never happened before. Before, everyone was on board with a move from oil and gas to electricity. Fast forward a year, and it’s official: Big Oil is done with the transition and is returning to what it does
(Oil Price) – The five biggest international oil and gas majors are expected to report in the coming weeks their lowest quarterly earnings in three years, data compiled by Bloomberg showed on Tuesday. Lower oil and gas prices, weaker oil trading and LNG business at some of the European majors, and declining margins across the board are expected to weigh on the fourth-quarter
(Oil Price) – Big Oil majors are bracing for a drop in income from liquefied natural gas trade as prices are seen stabilizing after the price surge from the past three years, the Financial Times has reported, citing analysts. Among the companies most affected, the analysts named Shell, BP, TotalEnergies, Exxon, and Chevron, all of which have big LNG trading businesses that
(Oil Price) – With just a week to go before U.S. President-elect Donald Trump ascends into the Oval Office for a second term, the oil and gas industry will be watching keenly to see what measures he will adopt to achieve his “Drill, Baby, Drill” agenda. Trump says he’ll push shale producers to ramp up output, even if it means operators
(Oil Price) – Algeria is set to soon announce a new oil and gas licensing round in which major international firms, including ExxonMobil and Chevron, are expected to take part. The OPEC member’s national development hydrocarbon agency, ALNAFT, will announce a new licensing round, looking to attract foreign investment and operators in its oil and gas sector, Algerian Energy Minister Mohamed
World Oil (Bloomberg) – A U.S. Senate committee is investigating whether oil producers are illegally coordinating with OPEC to raise prices, following allegations that the former head of Pioneer Natural Resources Co. colluded with the group. The probe is being led by Budget Committee Chairman Sheldon Whitehouse, an industry foe. He has requested documents from 18 oil companies — including
Oil Price Since day one of President Joe Biden’s term in office, the U.S. oil and gas industry has been criticizing his energy policies, saying that these undermine America’s energy and national security with punitive and restrictive measures against fossil fuels. Yet, during President Biden’s tenure, American oil and gas production has hit record highs. But this achievement has come despite
Oil Price Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home to the largest private producers. Yet a case might be made that although lower, the oil industry’s investments over the
Oil Price Oil and gas supermajors, including Exxon and Chevron, petitioned on Wednesday the U.S. Supreme Court to toss a Hawaii Supreme Court decision allowing a climate lawsuit of Honolulu to proceed to trial. Honolulu sued several major fossil fuel companies in 2020 in the lawsuit ‘City & County of Honolulu v. Sunoco LP’, seeking damages and other relief from fossil fuel
