BP and Shell to reveal lower profits amid decline in oil refining margin
BP (LON:BP) and Shell (LON:SHEL) are next week expected to post lower third-quarter profits than in 2023 against a backdrop of weak oil prices and faltering demand.
Big Oil
BP reportedly considers selling stake in offshore wind business
BP (LON:BP) is reportedly considering the sale of a minority stake in its offshore wind business as it looks to reduce the scale of its investment in the sector.
Oil industry yet to prove carbon capture viable: Kerry
John Kerry, the Biden administration’s former top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions or face a quicker-than-expected transition away from fossil fuels.
BP stock trails Shell as investors turn away from green energy
London’s old-school oil stocks are no longer moving in tandem, as BP Plc underperforms Shell Plc due to concerns over the former’s green-energy transition and the outlook for earnings and shareholder payouts.
TotalEnergies CEO says plan for New York listing is progressing
TotalEnergies SE Chief Executive Officer Patrick Pouyanne said the French energy giant is progressing with its plan to list shares in New York in a bid to lure more US investors.
TotalEnergies’ profit drops more than expected on refining
Analysts had expected TotalEnergies to post a profit of $4.92 billion.
Kamala Harris seen as tougher oil industry opponent than Biden
As California attorney general, Kamala Harris brought lawsuits against fossil fuel companies, prosecuted a pipeline company over an oil leak and investigated Exxon Mobil Corp. for misleading the public about climate change.
Senate probes possibility of collusion between Big Oil and OPEC
A US 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 cartel.
Democrats send Big Oil investigation to US Justice Department
Democrats are asking the US Department of Justice to investigate major oil companies and their trade groups following a congressional probe that concluded the industry spent decades deceiving the public about climate change.
North Sea oil bosses pull no punches over UK energy policy
Jersey Oil and Gas duo warn current polices are threatening energy security and hurting long-term UK economic growth.
TotalEnergies has plenty of reasons to say ‘Au Revoir, Paris’
TotalEnergies SE’s chief executive officer has plenty of reasons to antagonize the French government with the possibility of moving its stock listing to Wall Street. Measured in dollars, there are tens of billions of them.
Former Shell CEO talks up benefits of listing in New York
International oil companies listed in the US benefit from higher multiples, greater access to capital and a friendlier investor base, according to Shell Plc’s former chief executive officer.
World’s oil and gas firms linked to 40% of CO2 emissions since 2016
A new report has revealed the world's oil and gas firms have contributed to more than 40% of global carbon dioxide (CO2) emissions since the Paris climate agreements.
Norway’s largest investors prefer climate voting over Big Oil divestment
Activist shareholder group Follow This said Norwegian investors are "true stewards" of the global economy, while their international peers promote "climate breakdown".
Big Oil is beating Big Tech as eyes turn to crucial OPEC meeting
Big tech may be driving the stock market, but after a blow-out first quarter, big oil would like a word.
Big oil’s optimism faces reality check in tech-obsessed market
Exxon Mobil Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX) are generating returns not seen since their heyday over a decade ago, with $58.7 billion handed to shareholders last year and more to come in 2024, even if crude prices drop. And yet, they’re struggling to compete in a stock market beholden to Silicon Valley.
Why carbon capture is Big Oil’s solution for climate change
Sultan Ahmed Al Jaber is the President-Designate of the upcoming United Nations climate summit in Dubai, or COP28. He’s also head of the Abu Dhabi National Oil Company.
Decommissioning: a staggeringly difficult global challenge
Several years ago, it seemed that some leading environmental non-governmental organisations (NGOs) had started to concede UK Big Oil’s claim that a managed transition away from high- to low-carbon energy might be strategically more effective as a means of reaching Net Zero by 2050 than the slam-dunk kill demanded by Just Stop Oil.
World’s no. 1 stock owner calls out big oil as carbon levels go up
A senior executive at Norway’s sovereign wealth fund, which owns a larger share of global stocks than any other investor, says Big Oil’s transition strategy isn’t holding up as carbon emissions continue to rise.
Oil majors keep buybacks at the forefront even as profits plunge
Shell, TotalEnergies and Repsol announced combined buybacks of almost $6 billion on Thursday.
HSBC challenges Big Oil more often than peers, study shows
The investment arm of HSBC is ahead of its peers in backing shareholder resolutions designed to force oil majors to adjust their business in response to climate change, according to an analysis by a key activist.
Eni, Neptune deal further evidence of European majors changing tack on M&A
The winds of change appear to be blowing through Europe’s oil and gas sector as Big Oil moves away from its strategy of streamlining.
Holding Big Green to the same emissions standards as Big Oil
I’m currently trying to get my head around the thorny issue of carbon emissions from Big Oil, especially with regard to the complexities of how they are variously classified as Scopes 1, 2 and 3.
Westwood: Harbour Energy one of just two IOCs to finish 2022 with lower share price
A new report from Westwood Global Energy Group has laid bare the impact of the UK Government's fiscal tinkering on Harbour Energy's (LON: HBR) share price in 2022.
Big Oil faces headwinds after record $199 billion profit haul
Exxon Mobil, Chevron, Shell, TotalEnergies and BP reaped almost $200 billion collectively last year but fears of an economic slowdown, plunging natural gas prices, cost inflation and uncertainty over China’s re-opening are dimming the outlook for 2023.