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...This investor added: “Since Russia’s invasion of Ukraine, [oil companies] are seen as providing countries with energy security rather than being terrible companies polluting the world — and they have used...
...companies....
...Some of the largest companies to have bought or received credits were Chevron, Canadian Natural Resources, ConocoPhillips, Imperial Oil and Suncor Energy....
...The oil supermajor has persisted with the lawsuit in US federal court even after the duo withdrew their proposal....
...Companies would have no easier ride convincing them stateside....
...BP’s shareholders are expecting the company to further soften its climate-related oil and gas production targets....
...He also revealed he had sold a “substantial part” of the company’s oil inventories and used the cash as general funds, even though it was the subject of inventory financing agreements with banks....
...The UK-listed energy company maintained the pace of its share buyback scheme at $1.75bn for the quarter and promised to make at least $2bn of cost savings by the end of 2026....
...That reflects the explosive rise of American shale oil production and renewable energy....
...And it’s not just that we want to be buying back at a $90 or $85 oil price, we need to also think about how we can be buying back shares at $50 [oil]....
...But Equinor is still first and foremost an oil and gas company....
...As a result of higher prices, 2022 was the most profitable year on record for publicly traded US oil companies....
...And when asked about Rio Tinto’s commitment to achieve net zero by 2050, he responded that the company was “not in coal, not in oil and gas”. It was a telling comment for Australian shareholders....
...Ithaca Energy has agreed a deal to acquire almost all of Eni’s UK oil and gasfields in a transaction worth about £750mn that will turn the London-listed company into one of the North Sea’s largest producers...
...They argue that benefits from oil price movements since the start of the Ukraine war have generally accrued to the majors, which have diversified businesses, and trading companies....
...Oil companies across the world have reported bumper profits over the past two years after Russia’s full-scale invasion of Ukraine drove a surge in the price of crude....
...Bringing this oil to market will cost billions of dollars. It may well sell down its stake to an international oil company....
...Some of the world’s biggest investors including Norway’s oil fund and a Canadian pension giant have failed in a bid to push Samsung’s de facto holding company to increase dividends and share buybacks....
...Worse, banks have cut specialised loans to oil and gas companies as a direct result of the tax....
...At BP, Auchincloss suggested to analysts that while he would not pursue any oil and gas deals with the oil price above $80, he might take an interest in cheaply valued low carbon assets....
...Datapoints Big Oil has boomed under Biden as company profits skyrocketed to unprecedented levels. So why does the oil industry hate him?...
...A dozen of the world’s biggest oil and gas companies are expanding a satellite monitoring campaign to detect methane emissions in emerging economies following detection of 26 large leaks of the planet-warming...
Wagers on rising prices point to concerns over potential supply disruptions
...Chesapeake declined to comment, while the other companies did not respond to requests for comment....
...But for Canada’s oil companies, it means diversifying sales that have long been yoked to refineries in US Midwest and Gulf Coast states....
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