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US oil producers live up to their promises on spending restraint Mr Micawber’s well-known principle of financial management is set out in Charles Dickens’ David Copperfield: “Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness.” US independent oil producers are holding to a much more demanding standard of frugal conduct. Listed US E&P companies reinvested just 48% of their cash flow on average in the first quarter of 2021, and the rate is likely to have been even lower in the second quarter. Their cautious approach to spending, largely sticking to budgets and drilling programmes set last year when prices were much weaker, will make it possible for E&P companies to pay down debt rapidly. It raises questions about the US industry’s longer-term strategy, at a time when many governments around the world are setting goals for greenhouse gas emissions that imply a significant decline in oil demand over the coming decades.

Saudi arabiaUnited statesUnited arab emiratesStephen colbertRobert clarkeRichard bransonJames whitesideJennifer granholmLinda hteinCharles dicken david copperfieldWood mackenzieEuropean councilVirgin galacticBaker hughesEuropean commissionApex clean energy