(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
Nasdaq It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change. California’s oil output a century ago amounted to it being the fourth-largest crude producer in the U.S., and spawned hundreds of oil drillers, including some of the largest still in
Nasdaq DUBAI – A COP28 pledge by energy majors to reduce their emissions is not enough to convince many sustainable fund managers to include the companies in their portfolios because it omits pollution from the use of oil and gas, six interviews with Reuters show. The pledge by 50 of the biggest oil and gas companies at the U.N. climate talks in Dubai
Oil Price This week saw the release of the latest report from the International Energy Agency, which called for a fast reduction in oil and gas investments and production, embracing alternative energy sources instead to help advance the transition. Also this week, media picked up another story that makes the ground for the IEA report a bit shaky. The story
US News LONDON – Big U.S. investors at the top five western oil firms’ shareholder meetings this year rebuffed an activist group’s resolutions to align their emission targets with the Paris climate pact, in contrast to some European peers, voting data showed. Netherlands-based activist group Follow This was created first to target Shell and subsequently expanded to file climate resolutions
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