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Shell said it would exit its investments in Russia, a day after BP said it would do the same. Now companies like TotalEnergies and Exxon will face questions.
2 June 2021 16:30 GMT Updated 2 June 2021 16:30 GMT in Rio de Janeiro Portuguese oil company Galp Energia has unveiled a fresh strategy to reshape its portfolio by scaling up its renewable energy business and accelerating the path to become net carbon neutral by 2050. In a capital markets day presentation on Wednesday, Galp said it intends to continue focusing on exploration and production assets in Brazil, Angola and Mozambique, whilst progressively transforming its activities in alignment with the energy transition. ENERGY EXPLORED: SUBSCRIBE TO ACCELERATE Gain valuable insi...
Royal Dutch Shell on Thursday made the boldest statement among its peers about the waning of the oil era, saying that its oil production had reached a high in 2019 and was now likely to gradually decline.
Reddit boom-and-bust shines light on European market bubble risk × The retail trading frenzy that shook the US market over the past few weeks made a ripple across European bourses, shining a light on their frothy valuations and showing how easily the party could end. With Europe’s equity benchmark trading at a near record-high valuation level, the word “bubble” is creeping into analysts’ notes. The latest surge came on top of an almost yearlong rally in stocks and corporate bonds, fueled by unprecedented stimulus measures from central banks and governments fighting the economic impac...
BP has offered more evidence that Big Oil has barely begun to heal the wounds from last year's historic slump. The Western world's largest energy producers were supposed to be sailing into the fourth-quarter earnings season with a tailwind from stronger commodity prices, but BP's miss, Exxon Mobil's $19bn (€15.8bn) write-down and Chevron's surprise loss show the enduring impact of the Covid-19 pandemic. Earnings fell short of expectations mainly due to weak fuel sales and refining margins. BP – headed by Irishman Bernard Looney – eked out a modest profit, but it was just a fraction of t...