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Saudi Aramco’s $2 Trillion Valuation Has Too Many Assumptions


Changing a tax system that has endured since the 1970s is no small matter, especially when it concerns what could be the world’s most valuable company. Saudi Arabia’s announcement on Monday that it was cutting the tax rate on large oil companies to 50 percent from 85 percent is crucial for the fate of the […]

Goldman Sachs in Talks for Saudi Arabian Equities License


U.S. bank said to hold preliminary discussions with regulators Goldman Sachs has yet to file an application for the license Goldman Sachs Group Inc. is in preliminary talks for an equities license in Saudi Arabia as the U.S. lender seeks to take advantage of the country’s economic reforms, according to people familiar with the matter. […]

Oil giants upending American shale turf


Big Oil is muscling in on shale country. ExxonMobil, Royal Dutch Shell and Chevron are jumping into American shale with gusto, planning to spend a combined $10 billion this year, up from next to nothing only a few years ago. The giants are gaining a foothold in West Texas with such projects as Bongo 76-43, […]

Can Big Oil Survive A CO2 Crackdown?


Over the long run, the oil business is under threat. There are various arguments about why that might happen. Peak supply people argue we are running out of oil. Peak demanders say that market saturation, efficiency, and new technologies will cause oil demand to peak and decline. Similarly, clean energy proponents argue oil will be […]

Saudi Arabia Downgraded By Fitch To A+ On Soaring Fiscal Deficit, Deteriorating Balance Sheet


With Saudi Arabia scrambling to respond to surging US shale production in what many analysts warn is a lose-lose decision, as either Saudi Arabia will lose market share under the current status quo, or government revenue will tumble should the Vienna 2016 production cut deal be cancelled, moments ago Fitch poured some fuel on the […]

Big Oil’s Plan to Buy Into the Shale Boom


Exxon, Shell, and Chevron plan to spend $10 billion in the U.S. shale patch this year. A gas flare is seen through the window as Royal Dutch Shell’s Scott W. Scheffler drives near Mentone, Texas, in Loving County situated in a central portion of the Delaware Basin, on Thursday, March 2, 2017. Photographer: Matthew Busch/Bloomberg […]

The Great Battery Race

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he coming of cheap and effective lithium-based batteries will cause the greatest changes in the energy and automobile sector since Henry Ford built the model T, writes Gerard Reid, founding partner of Alexa Capital, financial analyst and co-founder of the Energy and Carbon blog. But European countries like Germany and France have no significant production, in […]

Exxon Could Use An Oil Price War


If Saudi Arabia’s saber-rattling leads to renewed price warfare in the oil market this year, then everyone involved will suffer — except you drivers, of course. And Exxon Mobil Corp. Exxon does not actually like getting lower prices for its primary product; its cash flow has been cut in half over the past two years. […]

Why I Totally Hate Big Oil – And Why You Should Too…

Why I Totally Hate Big Oil – And Why You Should Too… thumbnail

Did you hear the speech that Al Gore gave in Texas the other day saying that the oil industry should take climate change more seriously, that oil could peak in the next decade, that the “social acceptance” for oil was disappearing, that there needed to be a meaningful tax on carbon emissions and that he “strongly supported” […]

Big Oil’s Big Climate Divide


Among other things, carbon dioxide contributes enormously to cognitive dissonance. Scott Pruitt, head of the Environmental Protection Agency, demonstrated as much last week when he expressed doubts about the role of carbon dioxide emissions in fostering climate change. Only in January, the then-unconfirmed Pruitt was telling senators that “human activity” had a role in climate […]

Trillion-dollar question looms as Aramco audits oil reserves

Trillion-dollar question looms as Aramco audits oil reserves thumbnail

* One auditor working towards completing report by year-end * Listed reserves haven’t changed in nearly 30 years * Falih says reserves could be bigger than those already booked * Disclosures likely to resemble those of BP and Shell * Market will not get detailed information by field – sources When Saudi Aramco reveals a […]

Southern Communities Brace for the Impact of Big Oil’s Expansion Plans

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President Donald Trump kicked off this week with a Monday morning tweet hailing — and seeming to wrongly take credit for — Exxon Mobil’s plan for a $20 billion expansion of its refineries, chemical plants and liquefied natural gas operations along the U.S. Gulf Coast. “We are already winning again, America!” Trump tweeted after the Texas-based company released the latest […]

Could Saudi Arabia Cancel Aramco’s IPO?

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As oil prices decline, the lead underwriters of Saudi Aramco’s initial public offering (IPO) must be wondering if the Saudi government will change its mind about privatizing the company in 2018. U.S. crude fell again on Thursday, settling at $49.28 per barrel, lowest close since November. Fitch Ratings revised their WTI crude oil price forecasts […]

Lebanon looks to develop oil industry

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A major energy summit is being held in Lebanon, where politicians and business leaders are discussing how to kick-start the oil industry. Huge reserves of gas and oil lie beneath Lebanese waters in the eastern Mediterranean, but years of war and political problems have prevented efforts to tap those resources. “With these oil reserves we […]

What the Saudi Aramco sale says about the state of the oil industry


As the oil and gas industry gathers in Houston for CERAWeek, a major annual event, geopolitical drivers to oil prices will be a focus. U.S. shale producers will be particularly attuned to backroom discussions about how Saudi Arabia and Russia are viewing new indications of restored momentum in drilling in the U.S. tight oil patch. […]

BP sets oil price breakeven target at $35 a barrel


BP PLC on Tuesday laid out plans to drive its break-even oil price down to $35 to $40 a barrel by 2021, asserting that it can grow again and keep a lid on spending despite a massive bill from its Gulf of Mexico disaster six years ago. In a strategic update that detailed the company’s […]

Cooking The Books? Saudi Aramco Could Be Overvalued By 500%


The world’s most valuable oil company, Saudi Aramco, is approaching its first IPO in 2018, as the government of Saudi Arabia prepares to sell off portions of the company in order fill a sovereign wealth fund crucial to the country’s transition away from an oil-based economy. Saudi Aramco is worth $2 trillion, according to Riyadh, […]

Losing 4.3 Billion Barrels Is Good For Exxon

Losing 4.3 Billion Barrels Is Good For Exxon thumbnail

Losing 4.3 billion barrels of reserves could be just what Exxon Mobil Corp. needed. There’s no denying that having almost one in five barrels of oil equivalent of your proved reserves slip off the books, as Exxon announced this week, isn’t the company’s finest hour. Coming just after Exxon took a $2 billion asset impairment, it looks […]

Shell shakes up oil trading world with brash buying sprees

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The giant tankers anchored along the Scottish coast in the Firth of Forth weren’t going anywhere. They were just providing floating storage because there was no demand for their cargo, North Sea crude oil. But the flickering computer screens in the world’s trading rooms told a different story. Prices through the month of April were jumping, […]

Saudi Aramco Favors New York for IPO


Saudi Arabia is leaning toward listing its giant, state-run oil company in New York, having soured on the idea of floating its shares on an Asian stock exchange, The Wall Street Journal reported Monday citing people familiar with the matter. The world’s largest oil company is also considering listing its stock in London or Toronto, according […]

Peak Supermajors


Hey everybody, Last Sunday I put together a quick presentation on the most recent oil & gas production data for the “supermajors” (Shell, Total, BP, Chevron, ExxonMobil):   Introduction Today I would like to introduce my “Peak Supermajors” project. The goal of this project is to answer the question “when will we reach peak oil” […]

A Bloodbath Looms Over Oil Markets


Oil prices have traded reliably in the $50s per barrel since OPEC agreed to cut production last November, but having failed to break through a ceiling in the upper-$50s, crude prices are in danger of falling back again. The oil market had wind in its sails on expectations of substantial drawdowns in inventories following the […]

Re-evaluating Crude Oil Speculative Positioning


Over the past year it is amusing how quickly market sentiment has gone from “crude oil will never rise again” to “better buy oil because of, well, just put your reason in here… there are too many to list.” The always great Joe Weisenthal from Bloomberg News had a great tweet that summed up the […]

Shell to Sell UK North Sea Oil Fields for $3.8 Billion


Royal Dutch Shell PLC capped off a flurry of deals in January with sales in Thailand and the North Sea worth nearly $5 billion, marking important milestones in the oil giant’s move to unload $30 billion in assets. WSJ

Chris Nelder: Green Bonds


What are green bonds, and how can they help mobilize private capital to fund energy transition and climate change mitigation measures? What kinds of things can green bonds be used to fund? What are the various roles for private, corporate, and sovereign issuers? Why does the green bond market need to grow by roughly 10x […]

Saudi Aramco Selects U.S. Firms To Audit Its Reserves For IPO


State oil giant Saudi Aramco has tasked two U.S. industry leaders in oil reserves auditing to review the content of its deposits as it pushes ahead with a share listing next year, industry sources said on Thursday. Aramco, whose fields are estimated to contain 15 percent of the world’s oil, has asked a unit of oilservices firm Baker Hughes – Gaffney, […]

Kyle Bass: Short China, Long Russia ‘Good Place to Start’


Hayman Capital Management CIO Kyle Bass discusses President Trump’s tax proposals, border tax adjustability, the Chinese banking system and U.S. trade relations with China. He speaks with Erik Schatzker on “Bloomberg Markets.”

Saudi Arabia’s giant oil IPO on track for 2018


The world’s biggest oil company, Saudi Aramco, is still planning to go public next year. “We’re still looking at 2018 and no change in our plan to deliver in that time,” Aramco CEO Amin Nasser told CNNMoney’s John Defterios at the World Economic Forum in Davos. Saudi Arabia revealed plans to sell part of its […]

Exxon Bets Big on American Oil

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Exxon Mobil (XOM) has joined a growing list of oil producers who are expanding in the Permian Basin of Texas, betting that America’s shale boom is far from over. The world’s largest publicly traded oil company inked a deal with the Bass family of Fort Worth, Texas, to double its footprint in the Permian. Exxon […]

How Powerful Is Big Oil?

How Powerful Is Big Oil? thumbnail

President-elect Donald Trump sparked controversy by appointing the CEO of ExxonMobil, Rex Tillerson, as his Secretary of State. Many fear that including the oil industry in his emerging administration could affect US foreign policy and undo years of environmental policy gains. But the fossil fuel industry is one of the most powerful global industries and […]

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