big oil Archives - Page 4 of 6

Oil’s good times set to roll on after record 2022 profits

January 17, 2023

BOE Report Top energy firms are expected to rake in a combined record profit of $200 billion from a turbulent 2022 marked by huge volatility in oil and gas prices after Russia’s invasion of Ukraine with buoyant earnings likely to roll through 2023. Flush with cash, BP, Chevron, Exxon Mobil, Shell and TotalEnergies also delivered shareholders unprecedented returns through dividends and share buybacks

Activist group demands more aggressive emission cuts from big oil

December 19, 2022

Oil Price Follow This, an activist shareholder which has been calling for more aggressive emissions reductions for years, is increasing its pressure on Big Oil with resolutions calling for the biggest Western oil-producing companies to set targets to reduce absolute emissions by 2030. Shareholder activists from Follow This have called on the top oil supermajors to set Scope 3 emission

Big oil is not dancing to government tunes. Period.

November 7, 2022

Oil Price Several days ago, President Biden made a media splash when he threatened oil companies with windfall taxes and “other restrictions” if they don’t stop returning cash to shareholders and start investing this cash in more oil production. The industry, via the American Petroleum Institute, responded with yet another reiteration of the fact that the oil market is

Big Oil offers big returns but keeps spending tight

August 3, 2022

Yahoo Finance LONDON – The West’s energy giants are set to return a record $30 billion to investors after reporting bumper profits in the second quarter of the year following a surge in energy prices. But the top five Western oil and gas companies have shied away from investing more of their combined record profits of nearly $60 billion

Big Oil braces for shareholder revolt over climate plans in proxy voting season

May 11, 2022

CNBC LONDON — Some of the world’s largest corporate emitters face the prospect of a shareholder rebellion this month, with climate-related votes poised to spike throughout the proxy season. Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks. Existing climate strategies are up for votes alongside a

Big Oil spends on investors, not output, prolonging crude crunch

May 9, 2022

World Oil (Bloomberg) — Big Oil is raking in historic amounts of cash, but the windfall isn’t being invested in new production to help displace Russian oil and gas. Instead, executives are rewarding shareholders — setting the world up for an even tighter energy market in the years ahead. The West’s five biggest oil companies together earned $36.6 billion over

Big Oil’s huge Russia writedowns eased by cash from $100 oil

April 27, 2022

World Oil (Bloomberg) — Big Oil is walking away from tens of billions of dollars of Russian assets, but $100 crude is easing the sting. The invasion of Ukraine forced the global supermajors to sever most of their ties with Moscow, while also sending oil and gas prices soaring. The outcome will be a first-quarter earnings season full of contradictions

U.N. pact may restrict plastic production. Big Oil aims to stop it

February 18, 2022

US News United Nations member states are set to meet this month in Nairobi to draft the blueprint for a global plastics treaty, a deal that could see countries agree for the first time to reduce the amount of single-use plastics they produce and use. It’s being touted as the most important environmental pact since the 2015 Paris Agreement on

U.S. Congress Democrats grill Big Oil in climate deception probe

October 28, 2021

Reuters WASHINGTON (Reuters) -The U.S. Congress on Thursday opened a year’s worth of investigations into whether Big Oil deceived Americans about its role in climate change, with Democratic lawmakers grilling the chiefs of four oil companies and two lobby groups. Environmental groups and their congressional allies hope the hearing evokes the Big Tobacco hearings of the 1990s, which began

Big Oil hearing to kick off U.S. probe into climate disinformation -lawmaker

October 27, 2021

Reuters WASHINGTON – A Congressional hearing this week into whether oil companies misled the public about climate change marks the start of a broad probe that may extend to other industries from advertising to social media, according to a lawmaker leading the effort. The sweeping nature of the Democrat-led investigation reflects rising urgency within the party to address global warming

Big Oil to attend U.S. House climate disinformation hearing

October 22, 2021

Reuters WASHINGTON – Top executives from Exxon Mobil Corp, BP America, Chevron Corp and Shell Oil will testify on Oct. 28 at a congressional hearing examining whether the fossil fuel industry led an effort to mislead the public and prevent action to curb climate change warming, a House panel said on Friday. Democratic lawmakers who called for the hearing, which

What to expect as Big Oil reports second-quarter earnings

July 26, 2021

CNBC LONDON — Oil and gas majors are likely to report bumper second-quarter earnings in the coming days, energy analysts have told CNBC, following a brutal 12 months by virtually every measure. The expected upswing would build on a surprisingly strong showing in the first quarter and lend further support to the oil and gas industry’s efforts to pay down debt

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