Reuters | |

Exxon Mobil Corp’s global oil and gas reserves tumbled by a third last year as the COVID-19 pandemic slammed global oil prices and demand, the company said on Wednesday.

The largest U.S. oil producer is reeling from the sharp decline in oil demand and a series of bad bets on projects when prices were much higher. It slashed project spending by a third last year, cut jobs and added to debt to cover its dividend.

Reuters | |

Exxon Mobil Corp said on Wednesday it would sell its non-operating interest in its UK and North Sea exploration and production assets to private-equity fund HitecVision for more than $1 billion.

Exxon has been looking to sell its oil and gas assets since late 2019, seeking to free up cash to focus on a handful of mega-projects.

Reuters | |

India’s largest renewable energy firm ReNew Power on Wednesday agreed to go public through a merger with blank-check firm RMG Acquisition Corporation II, in a deal that values the merged entity at roughly $8 billion.

The deal will be financed with cash proceeds of $1.2 billion, including investments of $855 million from investors including serial blank-check dealmaker Chamath Palihapitiya, funds managed by BlackRock and Sylebra Capital among others.

Kimberly Redmond | |

Volkswagen and General Motors Company both suspended some production in Mexico as the country continues to deal with a natural gas shortage.

Bitterly cold weather in the US has interrupted the flow of natural gas from Texas to power plants in northern Mexico, which has prompted Mexican President Andrés Manuel López Obrador to urge Mexicans to conserve electricity.

Kimberly Redmond | |

As its oil output declines from a 2019 peak, Royal Dutch Shell is planning to gradually transition away from the use of fossil fuels and expand its renewables and low-carbon business.

On Thursday, the multinational company shared a wider update on its pledge last year to become a carbon neutral business by 2050, a plan that chief executive officer Ben van Beurden said “will drive down carbon emissions and deliver value for our shareholders, our customers and wider society."

Kimberly Redmond | |

California authorities are investigating a Chevron Corporation refinery spill that leaked about 600 gallons of petroleum and water into the San Francisco Bay on Tuesday. ( 

The spill was discovered around 3 p.m. Tuesday, when Chevron first noticed a sheen on the water by the wharf at its Richmond refinery and started working to contain it, the company said.(

Kimberly Redmond | | Inc unveiled plans Monday to buy half of the energy produced by a huge new subsidy-free wind farm in the Netherlands.

The e-commerce giant said it reached a deal with The CrossWind consortium, a joint venture between Royal Dutch Shell and Mitsubishi Corp’s sustainable energy company Eneco, to purchase green energy, which will help Amazon reach its goal of net-zero carbon emissions by 2025, five years before its target.

Reuters | |

A weekend court ruling has temporarily blocked winter construction at a huge ConocoPhillips oil project on Alaska’s North Slope.

U.S. District Court Judge Sharon Gleason issued an order Saturday barring ConocoPhillips from starting planned gravel mining and gravel-road construction at its Willow project. With an estimated 590 million barrels of oil and the potential to produce 160,000 barrels per day, Willow would be the westernmost operating oil field in Arctic Alaska. First oil is planned as early as 2024, according to ConocoPhillips.

Kimberly Redmond | |

The Republic of Korea announced a 48.5 trillion won ($43.2 billion) plan to build the world’s largest wind power plant by 2030, a project that government officials said will help reduce the country’s reliance on fossil fuels and further its goal of achieving carbon neutrality.

The project announced Friday by President Moon Jae-In calls for the construction of the wind farm off the southwestern coast, by Sinan, that will have a maximum capacity of 8.2 gigawatts, Reuters reported.

Reuters | |

Royal Dutch Shell’s profit last year dropped to its lowest in at least two decades as the coronavirus pandemic hit energy demand worldwide though the company’s retail network and trading business helped cushion the blow.

The Anglo-Dutch oil major’s annual profit slumped 71% to $4.8 billion as its oil and gas production and profits from refining crude into fuels dropped sharply.

In a sign of confidence, however, Shell said it planned to raise its dividend in the first quarter of 2021, which would be the second slight increase since its slashed its payout by two-thirds at the start of last year due to the pandemic.