Supermajors

ExxonMobil Hikes Low-Carbon Spending to $15B, a Four-Fold Hike to 2027

ExxonMobil Hikes Low-Carbon Spending to $15B, a Four-Fold Hike to 2027

ExxonMobil has boosted its annual spending on low-carbon ventures to $3 billion a year over the next five years, four times higher than initially planned, with expanded emissions targets set to be issued later this year, CEO Darren Woods said Friday. Woods detailed the $15 billion capital now earmarked during a wide-ranging conference call. Analysts…

October 29, 2021
Shell Fails to Gain from High Natural Gas Prices in 3Q, and Faces Investor Call to Split Up

Shell Fails to Gain from High Natural Gas Prices in 3Q, and Faces Investor Call to Split Up

Royal Dutch Shell plc CEO Ben van Beurden came out swinging on Thursday against activist calls to break up the company to improve financial and environmental performance. Van Beurden and CFO Jessica Uhl helmed a conference call to discuss the third quarter results. Shell’s strategy has come under fire from climate activists and courts, but…

October 28, 2021
Shell-Led Group Pioneering Large-Scale Storage to Advance Global Liquid Hydrogen Trade

Shell-Led Group Pioneering Large-Scale Storage to Advance Global Liquid Hydrogen Trade

A consortium of public, private and academic experts led by Royal Dutch Shell plc has been tapped to develop large-scale liquid hydrogen (LH2) storage for international trade applications. The Department of Energy (DOE) Hydrogen and Fuel Cell Technologies Office, which awarded the project, wants the group to demonstrate that a large-scale LH2 tank, with capacity…

October 14, 2021
Shell Forecasting Lower LNG Volumes for 3Q, with Ida Hitting Upstream Output

Shell Forecasting Lower LNG Volumes for 3Q, with Ida Hitting Upstream Output

Big swings in natural gas and electricity prices, along with the devastating impact from Hurricane Ida, will impact Royal Dutch Shell plc’s bottom line in the third quarter, the integrated major said Thursday. In a preview of its quarterly results, the Anglo-Dutch producer said the Integrated Gas segment, which includes its substantial liquefied natural gas…

October 7, 2021
ExxonMobil’s Houston Area CCS Project Wins Support from 11 Big Energy Operators

ExxonMobil’s Houston Area CCS Project Wins Support from 11 Big Energy Operators

A landmark proposal by ExxonMobil to capture and store millions of tons of carbon emissions  from Houston area petrochemical facilities has won the support of nearly a dozen oil and gas companies, including fellow supermajor Chevron Corp. Last April ExxonMobil said it was looking for local, state and federal support to build a $100 billion…

September 17, 2021
ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

ExxonMobil Grabs Golden Ring as Profits Soar, Ethane Demand Climbs

With natural gas and liquids prices soaring, along with ethane demand, ExxonMobil hit on all cylinders during 2Q2021.  The supermajor unveiled its quarterly report on Friday, offering investors some encouraging news following a volatile run over the past few quarters. The gains were keyed to higher commodity prices and a stellar performance by the Chemicals…

July 30, 2021
ExxonMobil Looks to Add Jobs, Cut Emissions at Louisiana Refinery Complex in Baton Rouge

ExxonMobil Looks to Add Jobs, Cut Emissions at Louisiana Refinery Complex in Baton Rouge

ExxonMobil on Wednesday sanctioned a $240 million-plus investment to improve its Baton Rouge, LA, refinery operations, which include installing technology to reduce emissions. Project construction is expected to begin later this year at the refinery, which has crude capacity of about 517,000 b/d.  The new suite of projects are geared toward improving processing capability, flexibility…

June 10, 2021
Shell Profits on Stronger Natural Gas, Liquids Prices, Growing Global Energy Demand

Shell Profits on Stronger Natural Gas, Liquids Prices, Growing Global Energy Demand

Royal Dutch Shell plc saw better-than-expected profits in the first quarter as global demand for oil and natural gas soared along with prices. CEO Ben van Beurden during a conference call to discuss quarterly performance, said Shell was in a “pole position to benefit from the economic recovery” after posting the strong start for the…

April 29, 2021
Corporate America Calls for Invoking 25th Amendment; Chevron Urges Orderly Biden Transition

Corporate America Calls for Invoking 25th Amendment; Chevron Urges Orderly Biden Transition

Calls were escalating Thursday from lawmakers and major business groups, including the National Association of Manufacturers (NAM), for President Trump to step down from office before his term ends on Jan. 20. A mob of Trump supporters on Wednesday stormed the U.S. Capitol, wreaking havoc and terror inside the hallowed halls of democracy. Four people…

January 7, 2021
Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permian Oil Drilling Permits Climb, while Lower 48 Natural Gas Stronger

Permits for new oil and gas wells rose 25% month/month in July, with “significant” growth in the Permian Basin, but overall activity was down by two-thirds from a year ago, according to Evercore ISI. The analyst team led by James West each month compiles federal and state permitting data, which provides a window into what…

August 13, 2020
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