big oil – Page 5 – Oil & Gas 360

An industry ‘operating on borrowed time’: Energy experts on the increasing risks ahead for Big Oil

February 2, 2021

CNBC LONDON — Big Oil endured a brutal 12 months by virtually every measure last year and the global oil and gas industry faces significant challenges and uncertainties as it seeks to recover. In 2020, the coronavirus pandemic coincided with a historic demand shock, falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts. The torrent

Big Oil hits brakes on search for new fossil fuels

January 25, 2021

Reuters LONDON – Top oil and gas companies sharply slowed their search for new fossil fuel resources last year, data shows, as lower energy prices due to the coronavirus crisis triggered spending cuts. Acquisitions of new onshore and offshore exploration licences for the top five Western energy giants dropped to the lowest in at least five years, data from Oslo-based

Big Oil execs say they’re not worried about Biden’s energy plan, hope to ‘get his staff on board’

November 12, 2020

CNBC LONDON — The prospect of a Joe Biden presidency and the most progressive climate strategy the U.S. has ever attempted is not something that should concern the energy industry, oil and gas executives have told CNBC. Instead, they hope President-elect Biden will engage directly with them as he rolls out his energy plan. Source: CNBC Biden, who has won the U.S. election according

Big Oil shares capitulate to COVID, lower carbon doubts

October 2, 2020

Reuters LONDON – Royal Dutch Shell RDSa.L and BP BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their plans to shift to low-carbon energy. Exxon Mobil, the largest U.S. oil company, which is set to report its third straight quarterly loss

The coronavirus pandemic is debunking some long-held myths of the energy industry

August 12, 2020

CNBC The coronavirus pandemic has exposed some hard truths to the world’s largest oil and gas majors, energy analysts have told CNBC, with many reeling after historic second-quarter losses laid bare the financial frailty of the industry. “Big Oil” companies, referring to the world’s largest oil and gas firms, posted huge losses in the three-month period through to June as

Big Oil braces for second-quarter losses after virus whips up perfect storm

July 27, 2020

Reuters LONDON – Top U.S. and European oil and gas companies are forecast to swing into a second quarter loss after coronavirus lockdowns destroyed fuel demand, hit prices and squeezed margins, analysts said and Refinitiv Eikon data showed. The expected rare losses for BP (BP.L), Chevron, Eni, Exxon Mobil, Royal Dutch Shell and Total follow a collapse in oil and

Big Oil shows new commitments to offshore African projects

December 17, 2019

Houston Chronicle A bevy of Big Oil majors are making new commitments to developing oil and gas projects in West Africa, specifically in Senegal, Mauritania and Angola. The British energy major BP said its three-well exploration campaign offshore of Senegal and Mauritania has proven successful, confirming the world-class scale of natural gas resources. Likewise, a consortium led by the French

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