It shows the oil industry's gradual embrace of climate change as a problem the government should address.
Dec 11, 2019Our dependence on fossil fuels has remained about the same for 30 years.
Aug 26, 2019Thanks to the end of a 40-year-old crude oil export ban, a shale boom and a host of geopolitical changes.
Mar 13, 2019Photo: Bruce Bennett/Getty Images
Refining giant Marathon Petroleum Corp. announced late Sunday that it's selling its Speedway retail gasoline stations and convenience stores to 7-Eleven, Inc. in a $21 billion cash deal.
Why it matters: It's the year's biggest energy deal thus far, the Wall Street Journal notes.
The two largest U.S.-based multinational oil-and-gas giants both announced billions of dollars in second-quarter losses Friday in results that show the pandemic's toll on the industry.
Driving the news: ExxonMobil, citing "global oversupply and COVID-related demand impacts," reported a $1.1 billion loss, compared to $3.1 billion in profits the same period last year.
Photo: Patrick Pleul/picture alliance via Getty Images
Shell and Total SA announced mammoth earnings declines Thursday that reflect the pandemic's toll on energy prices and demand, but the companies nonetheless beat expectations and eked out profits.
Driving the news: Shell announced second-quarter adjusted net earnings of $638 million, an 82% decline from the same period last year.
President Trump will tout his policy of "restoring energy dominance" in Texas oil country Wednesday, but market forces, OPEC and a raging pandemic are complicating his plans.
Driving the news: Trump's swing through the state today includes a visit in Midland to a Double Eagle Energy oil rig and speech on energy, and a fundraiser in Odessa.
Illustration: Aïda Amer/Axios
A Texas carbon capture project hailed as a key solution to climate change has been "mothballed" over low oil prices, E&E News reported on Tuesday evening.
Our thought bubble: The news is unsurprising but nonetheless emblematic of the complex relationship between climate policies and oil prices, which collapsed along with oil demand in the wake of the pandemic.
This week brings the heart of Big Oil's earnings season and it's not going to be a pretty picture for the industry.
Why it matters: The second-quarter results will bear the heavy imprint of the collapse in demand and prices in recent months — and could reveal more about steps that companies are taking in response.
Illustration: Sarah Grillo/Axios
Big Oil's second-quarter financials are going to be a rough scene, but this morning brought a surprise when Equinor announced $350 million in adjusted earnings for the quarter.
Why it matters: The Norway-based multinational's profit was far below the $3.15 billion from the same period a year ago, but analysts had been expecting a loss, Reuters reports.
Biking in America’s biggest cities has dropped due to the coronavirus pandemic, but the decline is less than for driving, according to new data exclusively shared with Axios.
Why it matters: Skyrocketing bike sales and anecdotal evidence suggests cycling could emerge a winner in the pandemic. But this data suggests a bike boom is — so far — unlikely to materialize or make a dent in oil demand.
Illustration: Sarah Grillo/Axios
Big Oil's aggregate lobbying dipped in the second quarter, newly available public filings show.
Why it matters: They provide a guide to specific bills and topics companies lobbied on, and an overall look at money spent.
The burning of natural gas at oil production sites rose last year to its highest level since 2009, per newly released World Bank estimates based on satellite data.
Why it matters: Flaring the gas associated with oil production, rather than capturing it, emits lots of greenhouse gas emissions, even though the oil sector has made progress on a per-barrel basis.