Big Oil Shrugs at $60 Crude—for Now

New report reveals surprising trend for major oil companies: 'Investors are looking for some reassurance'

Major oil companies are facing their most challenging financial year since the pandemic, with profits steadily declining as crude prices fall, the Financial Times reported. This marks the third straight year of declining profits for oil giants such as ExxonMobil, Shell, and BP. The combined earnings of the five largest Western oil companies have plummeted by about $90 billion since 2022, when Russia's invasion of Ukraine caused temporary spikes …

Big Oil Shrugs at $60 Crude—for Now

The biggest international oil firms used the first-quarter earnings calls to reassure investors that Big Oil is in a ‘business as usual’ mode at oil prices at $60 per barrel. As ExxonMobil, Chevron, Shell, BP, and TotalEnergies reported their Q1 earnings and provided guidance for the second quarter and the rest of the year, oil prices were ending one of the worst months in years, in which oil sank to its lowest level since 2021. The market rout …

Shell Eyes BP Takeover While Drenched in Gas, Cash, and Climate Denial

There are corporate villains, and then there’s Shell—the Bond villain of Big Oil, now openly toying with the idea of swallowing BP whole like a boa constrictor eyeing a stunned rat. With BP’s renewable daydreams in flames and its share price gasping for relevance, Shell’s chief executive Wael Sawan has stepped forward as the calm, calculating undertaker, declaring at the AGM that “the bar for mergers and acquisitions is very high”—which in Shell…

Big Oil Shrugs at $60 Crude—for Now - Finnoexpert

Company executives expressed confidence that their firms can and will withstand the new market downturn and continue to reward shareholders with dividends. Shell CFO: Shell will continue buybacks at $50 oil and will be able to cover the dividends even at $40 oil price for a prolonged period of time. Big Oil only cut 2% of total capex guidance during the Q1 earnings season. The biggest international oil firms used the first-quarter earnings calls…