Reuters LONDON – Leading international energy companies are resisting the temptation to rush and spend an unexpected windfall from rallying oil and natural gas prices as they focus on longer-term energy transition challenges, executives and analysts said. Benchmark crude oil prices more than doubled in the second quarter of 2021 from a year earlier and have risen further in recent
Reuters COPENHAGEN – The world’s largest offshore wind developer Orsted ORSTED.CO is concerned that Big Oil’s eagerness to harness wind at sea could push up prices for seabed leases, making the technology less competitive, its chief executive told Reuters. European oil firms including Total TOTF.PA, BP BP.L, Equinor EQNR.OL and Shell RDSa.L have all outlined plans to speed up investments in renewables, including offshore wind, as
Reuters LONDON -Exxon Mobil’s shareholder revolt has been framed as a climate change issue, but it reflects broader dissatisfaction with the board’s strategy and failure to generate returns for shareholders in recent decades. Many institutional investors are pressing the major international oil companies to reduce their emissions as part of a socially responsible approach to carbon dioxide emissions and climate
CNBC Oil companies will increase their investment in renewables over the coming years but won’t become major investors in the technology that underpins the sector, according to a lead author of the International Energy Agency’s Renewable Energy Market Update. Speaking to CNBC’s “Street Signs Europe” on Tuesday, Heymi Bahar explained there was a “changing momentum” when it came to oil
CNBC LONDON — The month of May promises to be a ground-breaking one for Big Oil. Oil and gas majors on both sides of the Atlantic are preparing to hold their annual shareholder meetings in the coming weeks. It comes at a time when the world’s largest corporate emitters are under immense pressure to set short, medium and long-term emissions
Reuters LONDON – The world’s biggest carbon-emitting companies are far from aligning with the Paris Climate Agreement, a report by the leading climate-focused investor group showed on Monday. Climate Action 100+, whose 575 members manage $54 trillion in assets, was set up in 2017 to engage with the companies responsible for the bulk of planet-heating emissions to encourage them to
CNBC When a raging snowstorm and frigid temperatures hit Texas last month, oil and gas behemoths responsible for producing and processing the lion share of the nation’s reserves, including Exxon, Occidental and Marathon Petroleum, shut down production at oil wells and refineries across the state. For many oil producers in the Permian Basin of West Texas and New Mexico, the shutdown put upstream and
CNBC LONDON — The chief executive of French oil major Total called on governments to explain the cost of carbon neutrality pledges, urging policymakers to make the “affordability” of an energy transition clear to everybody. His comments come at a time when the global oil and gas industry is under immense pressure to pivot away from the burning of fossil fuels, amid deep
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
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
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. Biden, who has won the U.S. election according to NBC
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
