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Oil & Gas

Reuters | Equities.com |

Royal Dutch Shell will boost returns to shareholders via share buybacks or dividends earlier than expected after a sharp rise in oil and gas prices helped it reduce debt, the Anglo-Dutch energy firm said on Wednesday.

Shell will increase its distribution to shareholders to 20% to 30% of cash flow from operations beginning in the second quarter, the company said in a trading statement before quarterly results.


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Chevron Corp's first-quarter profit fell 29% compared with the same period a year ago as gains from oil and gas prices were undercut by weaker refining margins, production losses and the impact of an asset sale that benefited results last year.

Oil companies are generally enjoying a recovery in energy prices, up at least a third this year, after the pandemic hammered demand at the start of 2020. Chevron and its peers slashed spending, paving the way for several firms to post sharply better results.


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BP’s profit more than tripled to $2.6 billion in the first quarter thanks to stronger oil prices and bumper revenue from natural gas trading, paving the way for the energy company to start buying back its shares.

The jump in profits from a year earlier comes as BP says it expects oil demand to recover in 2021 due to strong growth in the United States and China as COVID-19 vaccination programs accelerate.


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Energy group BP said on Tuesday it expects to have hit its $35 billion net debt target in the first quarter of this year, sooner than expected and paving the way for it to deliver on its promise of buying back shares.

“This is a result of earlier than anticipated delivery of disposal proceeds combined with very strong business performance during the first quarter,” Chief Executive Bernard Looney said in a statement.


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(Reuters) - Two U.S. senators on Wednesday said they have introduced a bipartisan bill aimed at boosting taxpayer returns from federal oil and gas leasing, the latest in a string of moves in Washington seeking to reform drilling on public lands.

The bill, authored by Senators Jacky Rosen, a Democrat from Nevada, and Chuck Grassley, a senior Republican from Iowa, would increase the minimum bid price per acre during lease auctions and raise the royalty rate companies must pay on...


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Chevron Corp said on Tuesday it would keep project spending muted at around $14 billion through mid-decade and raised its climate goals, even as it took a different tack from major rivals by keeping its oil and gas production growing.

Falling energy demand due to pandemic lockdowns sent the industry into a tailspin in 2020 and led Chevron to a $5.54 billion annual loss, its first since 2016.


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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.


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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.


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Petrobras shares traded in New York plunged nearly 17% in premarket trading on Monday as analysts cut ratings on the stock after far-right Brazilian President Jair Bolsonaro moved to replace the state-controlled oil company’s market friendly CEO with a retired army general.

Credit Suisse, Scotiabank, Bank of America, Bradesco and XP analysts were among those who downgraded their recommendations on shares of Petroleo Brasileiro SA, as the Rio de Janeiro-based producer is known.


Kimberly Redmond | Equities.com |

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."