Give it gas
🛢️Profits at Western oil and gas majors are beginning to return to levels seen before the war in Ukraine, but energy companies are expected to face renewed scrutiny from environmentalists over their energy transition plans. Last week, ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), Shell (NYSE: SHEL), TotalEnergies (NYSE: TTE), Equinor (NYSE: EQNR), and Eni (NYSE: E) each reported second-quarter earnings falling by around 50% compared with the record levels set in the same period last year. On Tuesday, British oil giant BP (NYSE: BP) also reported a steep drop in profits compared to the same quarter last year.
Last year’s supercharged profits were driven initially by a rebound in demand following the pandemic. Following Russia's invasion of Ukraine in February 2022, oil and gas prices surged further, leading to record-level industry profits. In recent months, the war has shifted the focus to the security of supply rather than decarbonisation efforts, with shareholders pressuring energy companies to maximise profits and voting down climate change proposals.
Meanwhile, British Prime Minister Rishi Sunak announced hundreds of new licences for North Sea oil and gas extraction this week, angering campaigners who are seeking an end to all new licensing in the UK. At the same time, BP’s CEO Bernard Looney warned that the company will not invest in green energy schemes until they become more profitable, as rising costs, shrinking subsidies, and bureaucracy threatens the offshore wind industry.
The numbers$238 billion - Profits collectively made by the five supermajors — Exxon, Chevron, Shell, TotalEnergies and BP — in the five quarters from January 2022 to March 2023$2.5 billion - BP’s profits for Q2 2023, compared to $8.4 billion in the same quarter last year25% - The amount BP aims to reduce oil output by 2030. It had originally set a 40% goal back in 2019
🛢️Profits at Western oil and gas majors are beginning to return to levels seen before the war in Ukraine, but energy companies are expected to face renewed scrutiny from environmentalists over their energy transition plans. Last week, ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), Shell (NYSE: SHEL), TotalEnergies (NYSE: TTE), Equinor (NYSE: EQNR), and Eni (NYSE: E) each reported second-quarter earnings falling by around 50% compared with the record levels set in the same period last year. On Tuesday, British oil giant BP (NYSE: BP) also reported a steep drop in profits compared to the same quarter last year.
Last year’s supercharged profits were driven initially by a rebound in demand following the pandemic. Following Russia's invasion of Ukraine in February 2022, oil and gas prices surged further, leading to record-level industry profits. In recent months, the war has shifted the focus to the security of supply rather than decarbonisation efforts, with shareholders pressuring energy companies to maximise profits and voting down climate change proposals.
Meanwhile, British Prime Minister Rishi Sunak announced hundreds of new licences for North Sea oil and gas extraction this week, angering campaigners who are seeking an end to all new licensing in the UK. At the same time, BP’s CEO Bernard Looney warned that the company will not invest in green energy schemes until they become more profitable, as rising costs, shrinking subsidies, and bureaucracy threatens the offshore wind industry.
The numbers$238 billion - Profits collectively made by the five supermajors — Exxon, Chevron, Shell, TotalEnergies and BP — in the five quarters from January 2022 to March 2023$2.5 billion - BP’s profits for Q2 2023, compared to $8.4 billion in the same quarter last year25% - The amount BP aims to reduce oil output by 2030. It had originally set a 40% goal back in 2019
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