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Exxon’s profits leave BP and Shell in the shade

February 03, 2023 | Latest Featured Articles

By Neil Collins You may have noticed that the big oil companies had rather a good time last year. They could hardly fail to make bonanza profits given what was happening to the price of their principal products. Shares in both Shell and BP were among the best UK performers of 2022, and portfolio managers who had abandoned producers of the nasty black stuff lost out badly. Yet on a longer view, both shares look like feeble also-rans when compared to their biggest competitor, Exxon …

Shell profits double to record $40 billion as war drives up energy costs

February 02, 2023 | Company Operations, Earnings Reports

London, UK | Global energy giant Shell made a record profit of almost $40 billion in 2022, more than double what it raked the previous year after oil and gas prices soared following Russia’s invasion of Ukraine. Europe’s largest oil company by revenue reported adjusted full-year earnings of $39.9 billion on Thursday — more than double the $19.3 billion it posted in 2021 — driven by a strong performance in its gas trading business. The company’s stock was up 2.6% in London at midday. Just over 40% of Shell’s …

Billpayers struggle as UK winter energy tariffs rise by 80% to £3,549

August 26, 2022 | Commodities & Oilprice, Energy Trading & Markets

The UK’s energy regulator, Ofgem, will likely raise its tariff cap again in January UK, London | UK energy regulator Ofgem has announced its next energy tariff price cap, showing that energy bills may rise by 80% from October. Since January 2022, the tariff cap has now risen by 179%. On Friday, Ofgem announced that the energy tariff price cap will rise to $3,549 per year for gas and electricity for an average household paying via direct debit from the start of October. Many energy businesses currently …

Shell CEO defends strategy against activist investor’s bid to split company

October 28, 2021 | Company Operations

London, UK | Royal Dutch Shell Plc mounted a robust defence against activist investor Dan Loeb’s bid to split the company, and pension funds that are dumping its shares, saying the company’s integration of oil, gas and renewables is key to delivering the energy transition. The energy giant’s CEO is fighting to keep his strategy alive after suffering two major blows in a matter of days.  On Wednesday, Loeb’s Third Point Capital LLC said it had amassed a sizable stake in Shell and would push …

Why The Oil Industry Can No Longer Rely On China

June 05, 2020 | Latest Featured Articles

By Cyril Widdershoven The global oil sector is reeling from a combination of negative oil prices, storage overload, demand destruction, and calls for a renewable energy revolution in the post-COVID-19 era. US and European oil market analysts appear to be pinning their hopes on a rebound in oil demand from Asia. Even international financial institutions, such as the IMF, WB, ECB and OECD indicate that the future of economic and energy demand growth is inextricably linked to the future of China and, increasingly, India. OPEC …

Nigeria loses $750m to oil theft in 2019 — NNPC

February 19, 2020 | Company Operations, Government & Regulations, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) says the nation lost about 750 million dollars to oil theft in 2019. The NNPC Group Managing Director, Malam Mele Kyari, disclosed this in Abuja on Tuesday according to Nigerian local newspaper, The Vanguard. Kyari said this when members of the Executive Intelligence Management Course 13 of the National Institute for Security Studies (NISS) visited the NNPC Towers. He decried the growing activities of oil thieves and pirates which he described as a threat to …

Nigeria’s state oil company and partners spent $360 million on Delta cleanup: NNPC

February 19, 2020 | Health, Safety & Environment, Nigeria, Politics & Social Unrest

Yenagoa, Nigeria | –  Nigeria’s state oil company and its joint venture partners have spent $360 million on cleaning up the Niger Delta oil heartland in the past two years, the Nigerian National Petroleum Corporation (NNPC) said on Monday, but locals said little work had been done. Nigeria is Africa’s biggest crude oil exporter. Oil sales account for around 90% of its foreign currency earnings but oil spills in the southern Niger Delta region have caused pollution and angered locals. Royal Dutch Shell Plc was …

Nigeria’s NNPC hires 1,050 graduates out of 60,000 candidates

February 19, 2020 | Employment, Nigeria

Abuja, Nigeria | – The Nigerian National Petroleum Corporation (NNPC) has announced the recruitment of 1,050 Graduate Trainees, signalling the successful completion of its 2019/2020 employment exercise. A statement from the corporation’s Acting Group General Manager, Group Public Affairs, Mr. Samson Makoji, quoted the Group Managing Director, Malam Mele Kyari, as saying that the Human Resources Division of the NNPC has since commenced the issuance of provisional offers of employment to the 1,050 fresh employees. While describing the recruitment as a very important assignment for …