The world’s largest oil company is mulling asset disposals as a way of maintaining its $75 billion of annual dividend payments, almost all of which go to the Saudi government. That payout — the biggest of any listed company in the world — became harder to sustain after the coronavirus pandemic caused crude prices to...Continue Reading
After four years of bruising trade battles with Donald Trump, the Biden administration already has canceled a permit for TC Energy Corp.’s Keystone XL oil pipeline and threatened new “Buy American” provisions for government procurement contracts. SourceContinue Reading
Oil has surged this year after Saudi Arabia pledged to unilaterally cut 1 million barrels a day in February and March, with Goldman Sachs Group predicting the crude rally will accelerate as demand outpaces global supply. SourceContinue Reading
A robust recovery in demand from the Covid-19 pandemic had pushed prices to the highest settlement in more than a year last Wednesday, and Goldman sees the rally accelerating as consumption outpaces supply from OPEC and shale. SourceContinue Reading
Hayal Ahmadzada, Socar’s chief trading officer, said the glut of excess oil stocks that built up in 2020 in response to the pandemic will be fully drawn down by the summer. At the same time, soaring prices for steel used in pipes, wells and fittings as well as the high cost of capital for producers...Continue Reading
Proponents of expanded renewable forms of energy (and opponents of fossil fuel energy, including petroleum) have taken this catastrophe as an opportunity to demonize natural gas, suggesting that falling natural gas supplies were the primary source of the loss of power supply. SourceContinue Reading
The market is likely underestimating the impact from an unprecedented polar blast that hit the central U.S. last week, while some 40 million barrels of February oil output, largely from the Permian basin, will not be produced due to the recent Texas freeze. SourceContinue Reading
Bradesco BBI, BTG Pactual, Credit Suisse, JPMorgan, Nau Securities, Santander, Scotiabank and XP Investimentos cut their ratings on the shares after Brazilian President Jair Bolsonaro on Friday decided to fire the oil company’s CEO following a spat over hikes in fuel prices and moved to appoint Joaquim Silva e Luna, a former army general, as...Continue Reading
The Senate ultimately is still expected to confirm Haaland, but the slim control Democrats have means Haaland needs every vote she can get. Joe Manchin, the West Virginia Democrat who is chairman of the committee considering her nomination, threw into doubt the fate of another Biden nominee last week. SourceContinue Reading
Activist investor Engine No. 1 released a letter on Feb. 22 reiterating its call for Exxon to overhaul its board of directors by adding four new members who have the expertise to steer the company towards climate neutrality. SourceContinue Reading
