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
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
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
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
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
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
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
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
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
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
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