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Pandemic Year Has Not Accelerated The Death Of Big Oil


In some circles, the question is increasingly being raised whether, among the many victims of the COVID-19 virus, may be the large, multinational oil and gas companies.

Indeed, the 2020 reductions in travel and work hit energy companies hard. At the same time, a growing awareness of the potential devastation from climate change – think fires in California, freak storms in Texas – has focused attention on the importance of reducing our reliance on fossil fuels.

Both have meant a sour 2020 bottom line for Big Oil.

ExxonMobil, for example, once one of the most powerful companies in the world, reported a staggering loss of $22 billion in 2020. BP, Shell and Chevron were not far behind, with $20 billion, $22 billion and $5 billion in losses to show for the year.

These returns, combined with a growing U.S. acknowledgement of climate change and the need to address it, has led some energy pundits to question Big Oil’s future.

“The world’s largest oil companies are emerging diminished and humbled by the pandemic-fueled oil bust,” wrote Paul Takahashi in a Feb. 26, 2021 article for the Houston Chronicle. “They face an uncertain future, under pressure from governments looking to curb greenhouse gases, investors seeking better returns and others simultaneously wanting both.”

Additional forces, such as a growing market for electric cars, could further cut into Big Oil’s revenues, reducing global oil demand by 25% according to a Columbia University 2019 study on electric vehicle trends. Meanwhile, some pundits have offered up President Joe Biden’s push to rejoin the Paris Agreement as bad news for Big Oil, never mind the recent one-year moratorium on new oil and gas leases on federal land.

Certainly, the companies themselves have shown a marked decline of interest in holding the same oil reserves they once did, even though it is their main commodity. ConocoPhillips, for example, averaged between a 15 and 20-year supply of reserves up until about 2015. Now it has enough reserves for about 10 years. Shell has been even more aggressive in its depletion of reserves, holding about seven years of production at the end of 2020.

“The erosion of petroleum reserves is a sign that even Big Oil is capitulating to the decline of its key product,” wrote David Fickling, a commodities writer for Bloomberg. “If you still think crude will see bright prospects in the 2030s, you should be exploring and developing the oilfields to supply it.”

Many energy writers have taken a dim view as well, one writing last spring about how the astonishing price crash – down to an unbelievable and certainly unsustainable $20 per barrel – could be a preview of the collapse of the industry.

Fast forward one year later and that prediction no longer looks so prescient.

“It is entirely wishful thinking that fossil energy is going away and that Big Oil is going to lose its place,” said Ramanan Krishnamoorti, chief energy officer for the University of Houston. “Big Oil, with or without industry mergers, is likely to dominate the U.S. energy landscape, with oil prices likely to exceed $100 in three years and gas prices likely to increase above $4 in less than a year.”

It’s a calculation that is based partly on the slow-pace of global transition to electrical vehicles: They make up about one percent of the U.S. light vehicle fleet, despite Tesla’s relentless ability to appear in the news. And while brand name companies like GM have announced plans to phase out gasoline vehicles in the coming decades, it will require significant development of the electricity grid to do so.

Not impossible, yet the recent near-collapse of the Texas grid has made it vividly clear the kinds of problems increased reliance on shared infrastructure could create.

Even if we are bullish on the global appetite for going from weaning itself off gas guzzling transportation, there is still the uncomfortable fact that cars only account for about 25% of oil consumption. The other 75% – including truck and airline transportation, petrochemicals and other industrial use – may well prove harder to replace.

And while oil exploration has gone down in recent years as prices have made it less profitable, this trend has already encouraged price increases – all of which will benefit the large oil companies. Indeed, as of March 15, West Texas Intermediate crude traded just below $60, more than double its $25 per-barrel price this time last year.

Yet as prices start to recover, energy analysts like Pavel Molchanov point to a weak expected future price for oil, and say it is a reflection of the oil companies’ lack of investment in future reserves. Molchanov takes it to mean that while oil prices might eventually recover, he is not yet willing to gamble on the timetable.

“It will be at least another year before the industry can get out of its current austerity mode,” said Molchanov, an equity research analyst with Raymond James. “Even a year from now, it is not remotely realistic for capital spending to get back to the levels of pre-pandemic spending. It may get closer to those levels but there is still so much fear, so much stress, so much uncertainty and the Big Oil companies exemplify this. They have to think about dividends and protecting the balance sheet.”

Finally, even as oil prices look healthier than in 2020, the Big Oil companies are trying to carve out their role in a transition to a decarbonized future. These companies could play an important role, because they have the resources and know-how to do so.

“In those policy-created markets and in that general world of progress towards decarbonization driven by government, you could absolutely see a role for big oil companies,” said Ed Crooks, a senior energy analyst for Wood Mackenzie, an energy consulting firm. “Big oil companies have a number of transferrable skills and capabilities that could work very well in renewable energy as they have done in oil and gas.”

These skills include a keen understanding of energy markets and managing good government relations. Plus, the companies have the equipment and know-how to work offshore – helpful for the push to offshore wind, for example. Also beneficial is their experience in managing multi-billion dollar projects, and their access to capital.

It will be a balancing game – but changing conditions is what the energy industry does best, seeking new technology, new drilling environments, changing worldwide economic circumstances. The death of Big Oil has often been foretold, but in this time of adaptation to climate change, they could end up being one of the transition’s biggest allies.


100 Comments on "Pandemic Year Has Not Accelerated The Death Of Big Oil"

  1. FuckTheCabal on Thu, 1st Apr 2021 11:59 am 

    Fucking Cabal, bleeding and abusing the US for money and power.

    We Are Going

    Cabal = Isreal/CIA/MI6/KGB/NASA/WEF/UN/WHO/Klauss Schwab/Royal family/England leader/Europe leaders/Intelligence agencies of the world/WTO/Vatican of Rome/European Space Agency/Space X/Goldman Sach/YouTube/FaceBook/Twitter/HollyWood/Disney

  2. FuckTheCabal on Thu, 1st Apr 2021 1:31 pm 

    They are starting to tell the world the real truth. Gun working with electromagnetc energy. This could be free energy. they have been using use us and manipulating us

  3. FuckTheCabal on Thu, 1st Apr 2021 1:34 pm 

    They are locking everything so people stay home and surfe the web. They want people to see the truth.

  4. CabalHasNeenTorturingUSMentallyAndPhysically on Thu, 1st Apr 2021 1:41 pm 

    We are probably surround by electromagnetic and electrical field all around us. Fossil fuel is a primitive form of energy. Tesla (not totally sure, it could be Maxwell) said the world is probably build around magnetism, electricity and electromagnetism. We might be able to keep running thing like maritime container shipping using electro-magnetic field.

  5. CabalHasBeenTorturingUSMentallyAndPhysically on Thu, 1st Apr 2021 1:45 pm 

    Some more example of magnetism, electricity and electromagnetism.

  6. CabalHasBeenTorturingUSMentallyAndPhysically on Thu, 1st Apr 2021 1:53 pm 

    Read my comment above for explaination. Fuck piece shit we are suffering in here on earth

  7. CabalHasBeenTorturingUSMentallyAndPhysically on Thu, 1st Apr 2021 2:11 pm 

    HydroDiesel which contains 80% Diesel and 20% water. Mixing diesel with water for an airplane jet. We have been ass fucked for so long, it is not funny. THere is even more crazy shit that I have troble to belive myself. Like human clone and transfering human soul from a human to a human clone

  8. CabalHasBeenTorturingUSMentallyAndPhysically on Thu, 1st Apr 2021 2:14 pm 

    Jet Engine Thrust Test – Fuel Experiment (Jet-A vs Diesel vs BioDiesel vs HydroDiesel)

    You can mix diesel ande water to build air jet engine.

  9. IAmNotAmuserAtAll on Thu, 1st Apr 2021 2:19 pm 

    Look at the face of this guy. It is called deep fake. We have been ass fucked for so long. It is not funny at all.

  10. MoneyIsAToolToKeepUSEnslave on Thu, 1st Apr 2021 2:25 pm 

    StarvingLion » Thu 01 Apr 2021, 14:42:10
    retard. Dumber than dog shit…..

    The “Infrastructure” Stimulus Scam is nothing more than a Bailout of the corporations. Good example today is the Oil Complex. Shit like Marathon Oil was collapsing to 0 with WTI 60 and today its the top gainer of the SP500. And I looked at the gas prices today, and they have jumped up immediately making new highs CRUSHING the sheeple. Most places are nothing more than REal Estate Pump Scams like Vancounver, and gas prices are going thru the roof.

  11. FuckIAmNotAmused on Thu, 1st Apr 2021 2:35 pm 

    Uncovering China’s New Electric Plasma Jet Engine

    Plasma jet. Same tech use in a plasma cutter for steal.

    Plasm cutter.

  12. FuckIAmNotAmused on Thu, 1st Apr 2021 2:56 pm 

    Lifting object without sound. GOD have we been ass fucked for so long.

    Ultrasonic Levitation

    It is OK I won’t suicide myself

  13. FuckIAmNotAmusedAtAll on Thu, 1st Apr 2021 3:24 pm 

    Fucking bitch look like a robot.

  14. FuckingCockSucker on Thu, 1st Apr 2021 3:29 pm 

    These cock sucker prefer to keep us enslave. They don’t want us to have acces to all this tech they have.

  15. OkIMakeMistakeSometime on Thu, 1st Apr 2021 3:42 pm 

    StarvingLion » Thu 01 Apr 2021, 16:40:45
    A commie slips up and admits the real purpose of the lockdown is to enforce the vaccines…YOU’RE ALL A BUNCH OF CATTLE


    Ok, sometime I can make mistake. I admit.

  16. FuckingFuckers on Thu, 1st Apr 2021 4:03 pm 

    They have been killing us and torturing us for year including the medical field. MIR. DO you really believe MRI is safe. I beat prostate cancer without any advance tech. I got rid of testiclere pain, burning sensation during urination and I restore my urination flow. No high tech at all.

    How dangerous are magnetic items near an MRI magnet?

    They prefer to kill us with a vaccine instead of sharing the tech they have with us.

  17. TheyWantUsDeadOrTHeyWantOurSoul on Thu, 1st Apr 2021 4:07 pm 

    Maybe the nanoparticles in the PCR test are setting it off?

    Mysterious brain disease emerges in New Brunswick: What doctors know so far

  18. IAmMentallyInsane on Thu, 1st Apr 2021 4:28 pm 

    I personally don’t believe in this. I would like some proof. Suppose human have a soul and it make us to live forever because soul get transfer into a new body. Aliens don’t have a soul and want to live for ever. So they are here to steal our soul. Because of the demographic collapse of the human race, there is less and less available soul to capture. Of course they also want us dead with this vaccine.

    SO they try shit like this:

    Woman records on her phone as strange man stalks her through downtown Vancouver

    It is ok. I am going mentally insane. It happen with age. People in knockdown means it will be easier to kidnapp people and steal soul.

  19. IAmSureThisIsHealthyForYou on Thu, 1st Apr 2021 4:37 pm 

    I am sure this is health for you. Yes this is good for you. Masturbation is a better treatment against prostate cancer.

  20. DontFuckWithMyCountry on Thu, 1st Apr 2021 4:45 pm 

    Listen to this piece of crap pushing the vaccine from alberta.

    You fuck with Quebec and I bring the electrical grid down.

    Philippines: ‘Don’t f**k with my country,’ Duterte rages at presser

  21. makati1 on Thu, 1st Apr 2021 4:50 pm 

    Worth 6 minutes of your time: “Rand Paul and Dr. Fauci CLASH at Senate hearing on the Coronavirus”

    Fucky is an 80 year old government whore who is suddenly powerful and definitely psycho.

  22. makati1 on Thu, 1st Apr 2021 4:52 pm 

    If I have to take a jab, it will be a Russian or Chinese vaccine, not the US deigned genetic modifying experimental jab.

  23. LookOfDeepFakeOnCanadaMediaLately on Thu, 1st Apr 2021 4:59 pm 

    It look like they killed almost all the provincial prime minster in Canada. Their faces look like deep fake.

  24. SpaceXIsTheCabal on Thu, 1st Apr 2021 5:47 pm 

    Look at this bullshit. Cheap aluminum sheet. Space X belong to the Cabal and he is a way to extract money from the US gouverment. Goto to 9:42. People with no technical skill could not see the BS

  25. SpaceXIsTheCabal on Thu, 1st Apr 2021 5:52 pm 

    Listen to the piece of shit lying.

    Listen the voice intonation.

  26. SomeManyCorruptPoliticiansInCanada on Thu, 1st Apr 2021 6:01 pm 

    Look the guy in front of a green screen another deep fake. Premier of Manitoba. Amazing the amount of deep fake we have in Canada. A lot of corrupt people in Canada. Just amazing. I am mentally sick, so dont read me. It will better for your mental health.

    Jump to 18:10

  27. SoManyCorruptPoliticiansInCanada on Thu, 1st Apr 2021 6:04 pm 

    Forgot the link;Jump to 18:10

  28. TheyHaveSophisticatedRobotNow on Thu, 1st Apr 2021 6:09 pm 

    Look at how sophisticated their robot are. It is fucking unbelievable.


  29. PleaseSendMeMyMoney on Thu, 1st Apr 2021 8:52 pm 

    I have an issue with someone hacking my camera to watch me take a crap when I’m scrolling on the toilet.
    I haven’t received a check for that footage and people pay top dollar for such content. Run me my check!

  30. IAmStartringToLoveChaos on Thu, 1st Apr 2021 9:15 pm 

    OK lets use this web site as my personal entertainment. Let’s put more chaos into this world. The Cabal loves chaos. I can also be good at chaos and mix messages to confuse people and intelligence agencies. There is nothing more dangerous then an old man like me. I have no friends, my immediate family is dead and I am tired of life. So I have nothing to lose other then my life, but I don’t like my life that much. Plus I don’t believe in reincarnation.

  31. IAmStartringToLoveChaos on Thu, 1st Apr 2021 9:23 pm 

    I know fucking Cabal what about we plan chaos game like Technical Jargon Overload. Did I told you I am a nihilist too. I believe there is no real moral in this world, morale are made by man. Lets play spy game, overload of information, lies, Technical Jargon Overload, confuse message, double talks message.

  32. IAmConfuseHere on Thu, 1st Apr 2021 9:30 pm 

    Are you telling me I should stop helping, or I should do more chaose BS. I am confuse here,

  33. YouAreTooStupidForMe on Thu, 1st Apr 2021 9:35 pm 

    I am too intelliecen for the army. Of if you want, the army is too stupid for me.

    Stupid cock sucker, US army is lame and stupid. You guys failed at everything. I don’t submit to stupid people

  34. YouAreStupidTheCabal on Thu, 1st Apr 2021 9:44 pm 

    This is a good one for you the Cabal. What if all your lies have created so much chaos out there you lost control of everything. Chaos is now out of control and will desintegrate the whole system you try to control into nothing and everything.

    What do you think Cabal member. Maybe you are stupid and not as intelligent as you think. This is just me going insane.

  35. IThinkYouDontUndersantMeTheCabal on Thu, 1st Apr 2021 10:00 pm 

    Come on the Cabal, I never said I was right or wrong. What I am saying is I will add more chaos to a chaotic situation created by your lies, manipulations, greed and so on, You are misinterpreting me here.

    Why you think you’re right — even if you’re wrong | Julia Galef

    Finally I let go of everything, and I now embrace mentally insanity. You chaos has worked on my and made me insane. It is liberating for me.

  36. TheCabalIsStupid on Thu, 1st Apr 2021 10:08 pm 

    Banned TEDTalk about Psychic Abilities | Russell Targ |

    Come on the Cabal. I don’t have psychic abilities and I am sure not GOD. If I was GOD you be already dead. This is crazy talk.

    I am just going mentally insane because your chaos strategy has worked on me. This is my new form of entertainment, speaking to nobody on the web. This is mental insanity woudl you say.

  37. ComeOnTheCabalDoBetter on Thu, 1st Apr 2021 10:16 pm 

    You stupid piece of shit. I am not a sleeper agent. I just went insane because of all the chaos you created.

    I am also a sleeper agent, I sleep almost 26 hours a day. I am the best sleeper agent around

  38. WormInPPEMask on Thu, 1st Apr 2021 10:37 pm 

    MORGELLON (Disease?) FIBERS found in PPE2 Corona Masks 26 March 21 in Germany

    Goto 1:18

    Of course this could bre CGI. This is what happen when you create chaos. you destroy yourself and your target

  39. ChaosIsWorkingRealGoodForYouTheCabal on Thu, 1st Apr 2021 11:13 pm 

    Do you see my fucking problem the Cabal. You have created too much chaos and confusion by lying, manipulating, deceiving and spying on people that I cannot make a intelligent and informed decision. So my best bet is to sit on my ass and not participate to anything. My survival instinct tell me it is the best option for me.

    Chaos is working really good for you

  40. IAmStillHereTheCabalForYourPersonalEntertainment on Fri, 2nd Apr 2021 12:15 am 

    I have not forgotten you the Cabal. I am still here and I am committed to add more chaos to a chaotic world the you created yourself because you are greedy, stupid, compulsive liar, manipulator.

    I am sure the Cabal have a high IQ, nobody will ever us a chaos strategy as a way to control the world. This is the most stupid strategy and I know Cabal members have an high IQ. We all know that a chaos strategy leads to the destruction of everything like the electrical grid, water treatment plants and so on. The Cabal does not want to destroy the world and the electrical grid and supply chain. After all China need the supply chain

  41. TheCabalAndSatanAreTheSame on Fri, 2nd Apr 2021 12:21 am 

    We know that YouTube, NASA and space X belong to the Cabal. I found this on YouTube. Is the Cabal trying to show me how to build nuclear weapon. Sur looks that way. You are from the house of satan.

  42. NotAGoodFakeTheCabal on Fri, 2nd Apr 2021 12:42 am 

    Come on the Cabal=SpaceX Nasa ESA Rocket Lav. Stop using cheap aluminum sheet for you fake space rocket. There is real engineer watching and they can spot fake BS. If you still want to steal money from the US government, you need to improve yourself. Not a Good fake.

  43. DoBetterAndYouWillBeAbleToStealMoreMOney on Fri, 2nd Apr 2021 1:00 am 

    Come on the Cabal at Rocket Lab. Don’t use duck tape is looks fake. Don’t forget real engineer like me are watching this. If you want to steal money. do it properly.

  44. CabalHasLostControlOfTheChaosTheyCreated on Fri, 2nd Apr 2021 11:19 am 

    Amazing how big the Cabal is. I need to add China to the my Cabal list. Here is my updated Cabal. On top of trying to kill us with COVID vaccines and MORGELLON. The world need to put China down with the WEF and Klauss Schwab

    MORGELLON (Disease?) FIBERS found in PPE2 Corona Masks 26 March 21 in Germany

    Goto 1:18

    No Mercy! US Sends 80 F-53 Jets To Help Philippine To Sink Hundred Of China Fishing Boats In EEZ

    Cabal = Isreal/CIA/MI6/KGB/NASA/WEF/UN/WHO/Klauss Schwab/Royal family/England leader/Europe leaders/Intelligence agencies of the world/WTO/Vatican of Rome/European Space Agency/Space X/Goldman Sach/YouTube/FaceBook/Twitter/HollyWood/Disney/China

  45. ImproveYourBullshitTheCabal on Fri, 2nd Apr 2021 11:31 am 

    I forgot to say that I also added Rocket Lab to my list of Cabal.

    Cabal = Isreal/CIA/MI6/KGB/NASA/WEF/UN/WHO/Klauss Schwab/Royal family/England leader/Europe leaders/Intelligence agencies of the world/WTO/Vatican of Rome/European Space Agency/Space X/Goldman Sach/YouTube/FaceBook/Twitter/HollyWood/Disney/China/Rocket Lab

    Don’t use duct tape and sheet aluminum t to make your fake rocket. There are real engineers like me watching your crap. If you want to be able to steal more money from the US and NZ government, you will need to improve your fake bullshit.

    I am disappointed at you the Cabal for your lack of professionalism. You sound like petty their when you are using duct tape. I still cannot believe you are that stupid.

  46. Biden's hairplug on Fri, 2nd Apr 2021 11:34 am 

    “Cabal = Isreal/CIA/MI6/KGB/NASA/WEF/UN/WHO/Klauss Schwab/Royal family/England leader/Europe leaders/Intelligence agencies of the world/WTO/Vatican of Rome/European Space Agency/Space X/Goldman Sach/YouTube/FaceBook/Twitter/HollyWood/Disney/China”

    Not: China, KGB, all Eastern European leaders, ESA (lol)

    For the rest, a decent list.

    And European leaders are about to defect, like eastern Europeans did in 1988. They are smart enough to recognize a train wreck:

    “‘US losing world leadership, Europe can replace it’ – EU top diplomat Mogherini”

  47. ImproveYourBullshitTheCabal on Fri, 2nd Apr 2021 11:41 am 

    The size of the Cabal is amazing. A interview with the CEO of rocket lab. If you want to see what a Cabal member look like in real life, look at the video below. Notice the fake background. I give it to you the Cabal, you have ball believing that the earth is your personal play ground. Fake space, fake companies, fake space rocket, fake satellite communication, fake medicine that kill us instead of making us healthier, fake money system, fake stock market, fake politicians, fake history book, fake science.

  48. IThinkTheCabalDoesNotUnderstrandChaosRealWell on Fri, 2nd Apr 2021 12:00 pm 

    I dont think the Cabal understand very the theroy of chaos. It starting to look to me the you have created so much chaos that you self destructing yourself. Too much chaos and you lose control of everything and chaos turn agains you. But I am a not rich man, so everything I am writing has no value and should be discarded.

    I am such a loser. Writting comment on a blog that nobody read. I must be mentally insane. After duct tape is perfect for space application.

  49. ChinaIsEvilAndATopMemberOfTheCabal on Fri, 2nd Apr 2021 12:18 pm 

    New Zealand backs off from joint statement on Covid report | Jacinda Ardern | Latest English News

    Are they saying the China is part of the Cabal and is evil. This is how I interpret this. But like I said:

    I am such a loser. Writting comment on a blog that nobody read. I must be mentally insane. After all, duct tape is perfect for space application.

  50. WellIAmGoingMentallyInsaneAgain on Fri, 2nd Apr 2021 12:38 pm 

    They said, I would like some proof of this, the Nazi party never died and they had contact with alien that given them more advance technology. They say that the Nazi and aliens are hiding in Antarctica. I would like some proof of that. They sure have really sophisticated robot now. Look below and tell me what you see.

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