Supermajors

ExxonMobil is boosting its capital investments over the next five years around the world, prioritizing the Permian Basin, Brazil, Guyana and LNG, with a “sizable increase” in lower-emissions initiatives, executives said Thursday. The corporate plan through 2027 would hold annual capital expenditures (capex) at $20-25 billion, while growing lower-emissions investments by nearly 15% to $17…

Strong demand for natural gas, combined with soaring realizations, helped drive record breaking profits for ExxonMobil in the third quarter.  Natural gas realizations jumped 22% because of European supply concerns and efforts to build inventory ahead of winter. That more than offset decreasing crude realizations, which fell 12% on modest supply increases.  The “strong gas…

Shell plc CEO Ben van Beurden, who joined the supermajor 39 years ago, is stepping down at the end of the year, with Wael Sawan, who directs Integrated Gas, Renewables and Energy Solutions, tapped as the new chief.  Van Beurden took the helm in 2014. He plans to remain a board adviser until mid 2023.…

Commodity prices are likely to remain high into 2023 with tight global natural gas and oil supply, strong demand and short refining capacity, Shell plc CEO Ben van Buerden said Thursday. Strong natural gas and power trading, along with higher refining margins, lifted the London-based major to its second consecutive record quarter in 2Q2022. Van…

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…

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…

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…

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…

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…