Big Oil’s Godzillas are keeping the pipe dream alive

As big western oil giants like BP and Shell agonise over how to reinvent themselves in the face of a warming climate, some of the world’s other top producers are taking a very different approach. At BP’s headquarters in London, chief executive Bernard Looney is mapping out plans to cut oil and gas production over […]

What’s Next for Food Supply Chains?

Ecosystems are under tremendous stress to cater to an increasing world population. Urbanization, economic inequality, geopolitical conflicts, and climate change are further disturbing the ecosystem and emerging diseases with long, indefinite durations that are not just a growing risk but perhaps the new normal as pressures from food shortages increase. Billions of people are now […]

Andrew Sheets: The New Definition of “Peak Oil”?

Thoughts on the Market | Publicerades 2020-10-09 Do tech-driven energy efficiencies—coupled with a shift in environmental attitudes—mean oil demand will fail to recover to pre-COVID levels?

Exxon Signals Another Loss

Exxon Mobil Corp. likely made a third consecutive loss in the last quarter, heaping further pressure on the energy giant’s ability to pay its $15 billion-a-year dividend, currently the third-highest in the S&P 500 Index. Exxon suffered further losses in its refining division in the third quarter while higher oil prices were likely not enough […]

What If Preventing Collapse Isn’t Profitable?

The real downside of the green-profit narrative has been that it created the assumption in many people’s minds that the solution to climate change and other environmental dilemmas is technical, and that policy makers and industrialists will implement it for us, so that the way we live doesn’t need to change in any fundamental way. […]

Shell to cut up to 40% from oil and gas production to prepare for energy transition

Royal Dutch Shell is looking to slash up to 40 per cent off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters. Shell’s new cost-cutting review, known internally as Project Reshape and […]

Big oil era predicted to decline in 30 years

BP has developed three main scenarios for the global transition to renewable energy sources until 2050, following the negative OPEC forecast for oil. The most severe — Net Zero — threatens to reduce oil demand by 80-85% in the next 30 years and complete rejection of oil by 2050. The moderately realistic scenario — Rapid […]

A long road back for oil and gas

Houston’s oil and gas industry is facing a long recovery from the coronavirus pandemic if my family’s travel spending — or lack thereof — is any indication. Since the pandemic began to close the U.S. economy in March, my family has spent just $386 to gas up our two cars, about a quarter of the […]

Peak Oil: BP, Eni, Shell lead Big Oil’s search for new business model

For most of the past century, Big Oil executives found it pretty easy to explain to investors how their businesses worked. Just locate more of the commodities that everyone needed, extract and process them as cheaply as possible, and watch the profits flow. That’s all over now. The change has been so profound that the chief […]

Big Oil just isn’t as big as it once was

A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company. Not anymore. The oil giant’s market value today is a third of what it was in 2008, when it was worth over $500 billion. That slide […]

Is Big Oil Doomed To Repeat The Coal Industry’s Mistakes?

Until this year, alarmists proclaiming the end of oil were often dismissed as crackpots or overly optimistic environmentalists. But the spread of the novel coronavirus and its unprecedented disruption of the global economy and many of the stalwart industries at its core has amplified the discussion about life after oil and brought it into the […]

Exxon Mobil replaced by a software stock after 92 years in the Dow is a ‘sign of the times’

Exxon Mobil’s been in the Dow in some form since 1928, but its tenure as the longest-serving component is coming to an end. On Monday, S&P Dow Jones Indices announced the largest changes to the 30-stock benchmark in seven years. Exxon will be replaced by Salesforce. Amgen and Honeywell International are replacing Pfizer and Raytheon […]

Saudi Aramco keeps dividend despite profit drop of 73%

Net profit at Saudi Aramco (ARMCO) slumped 73% to 24.6B riyals ($6.57B) in the second quarter (vs. estimates of 31.3B riyals), as a plunge in energy demand – due to the coronavirus crisis – weighed on sales of the world’s biggest oil producer. The majority state-owned company still maintained its Q2 dividend of $18.75B, unlike […]

Why The Cushing Storage Hub Matters to Oil

> The crude oil hub in Oklahoma provides the physical delivery mechanism for the benchmark WTI futures contract > As global economies reopen, oil stocks in Cushing have been drawn down to 51 million barrels in storage since the peak of 65.4 million barrels on May 1, 2020 > Pipelines at Cushing have 3.7 million […]

Exxon and Chevron Post Historic Losses

Exxon Mobil Corp. and Chevron Corp. posted the worst losses in a generation after the pandemic and a global crude glut combined to batter almost every part of their businesses. Exxon’s $1.1 billion second-quarter loss was the deepest in the company’s modern history. A collapse in crude prices bled the company’s production division while Covid-19 […]

Will AI Save Us From Ourselves?

Humanity and AI putting the pieces together. Copyright (C) Andrey Popov It is the year 2050. The world population is roughly two billion people, just 25% of what it was thirty years ago. Back in 2018, the United Nations had predicted that we were approaching the point of no return on climate change. Unfortunately, by […]

The oil crisis shakes industry

As expected, the two largest oil services companies Schlumberger and Halliburton have announced figures that highlight the scale of the oil and gas crisis shaking the planet. Schlumberger is laying off 21,000 of its 85,000 employees in 120 countries. Halliburton has already separated 4,500 out of 55,000 employees. Falling oil prices and demand have forced […]

The decline of the family-owned oil company

Since the first US oil well was drilled in 1859, countless families have made a name for themselves in the industry. There were many private, family-owned oil and gas firms across the US. America’s first billionaire, John D. Rockefeller, built his fortune from the founding of Standard Oil in 1870. This dynasty exists in various […]

Don’t drop oil and gas off cliff in energy transition

The oil and gas industry for decades has provided Americans without a college education a high-paying and stable construction job, paving a path into the middle class. But as governments, businesses and consumers start to shift away from fossil fuels to more environmentally sustainable energy sources, oil and gas construction workers say they are increasingly […]

Pemex Reveals Virus Death Toll

Of all the companies around the world affected by Covid-19, none has disclosed a worse death toll than Pemex, Mexico’s state-owned oil producer. Petroleos Mexicanos, as it’s also known, said late Tuesday that 202 employees and five contractors have died of the disease so far. No other company has reported fatalities that come anywhere near that number, according […]

The Oil And Gas Situation: Low Rig Count, Low Fracking Activity, Low M&A

Consolidation? What consolidation? – The highlights of the quarterly mergers and acquisitions tracking report from Enverus are out today, and they show that the predicted consolidation within the U.S. shale business is still failing to materialize. This is not really a surprising result given all of the volatility in the market seen during the second […]

Fracking pioneer Chesapeake files for bankruptcy protection

Chesapeake Energy, a shale drilling pioneer that helped to turn the United States into a global energy powerhouse, has filed for bankruptcy protection. The Oklahoma City-based company said Sunday that it was a necessary decision given its debt. Its debt load is currently nearing $9 billion. It has entered a plan with lenders to cut […]

3 Risks Threatening To Crash Stocks

Since the appearance of the bearish island reversal we noted two weeks ago, stocks have struggled and so far failed to regain the highs reached earlier in June. And another bearish island reversal happened on Tuesday. The resistance displayed by these reversals and the resulting choppiness of trading are exactly the sort of indicators we […]

What’s Next For Big Oil?

Something unthinkable is happening in Big Oil, and it’s not the demand slump or the spending cuts or the layoffs. With the exception of the demand slump, we’ve seen all this before–more than once, in fact.  No, what’s unthinkable is that Big Oil appears to be planning to stop being Big Oil. It’s not a […]

Beyond Petroleum: Is BP finally moving from rhetoric to reality?

Low oil prices may be here to stay — as the world recovers from coronavirus, there are signs across the world that the economic recovery might well be greener (via Getty Images) Kneeling in prayer for a sin he doesn’t regret, Shakespeare’s Claudius, Hamlet’s fratricidal uncle, ruefully admits: “My words fly up, my thoughts remain […]

Kurt Cobb: The financialization of the end of the world

For those who are fans of cartoons from The New Yorker magazine and consistent readers of this blog, you might be able to guess my two favorite cartoons. In the first one, a man in a coat and tie stands at a podium and tells his unseen audience the following: “And so, while the end-of-the-world […]

BP Anticipates the Fall of Oil with a 17.5 Billion Dollar Loss

BP is one of the largest oil companies in the world, and even they are seeing the renewable energy boom as an inevitability. As a result of the current market conditions, the company will be devaluing its assets by 17.5 billion dollars. In their statement, BP had this to say, “growing expectation that the aftermath […]

Our Wile E. Coyote Economy: Nothing But Financial Engineering

Ours is a Wile E. Coyote economy, and now we’re hanging in mid-air, realizing there is nothing solid beneath our feet. The story we’re told about how our “capitalist” economy works is outdated. The story goes like this: companies produce goods and services for a competitive marketplace and earn a profit from this production. These profits […]

A Retrospective Look at the Oil Price History

How did oil price change in recent centuries? Read about the major milestones in the history of oil, who are the main oil producers, and what defines its price. One of the most valuable assets on Earth, oil has a great impact on the global financial market. The price of oil depends on a large […]

Yale Economist Warns of Dollar Crash

Peter Schiff has been warning that that real crash will be a dollar crash. Now, some people in the mainstream are starting to sound that alarm as well. Even before the coronavirus pandemic, Peter was warning about the dollar’s demise. During an interview on RT last September, he warned that America’s “fiscal profligacy” was going […]

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