Oil companies

The big picture

Big Oil lobby showing subtle shifts on climate change

It shows the oil industry's gradual embrace of climate change as a problem the government should address.

Dec 11, 2019 - Energy & Environment
Why climate change is so hard to tackle: Our stubborn energy system

Our dependence on fossil fuels has remained about the same for 30 years.

Aug 26, 2019 - Energy & Environment
The U.S. is exporting oil to 31 countries

The number was essentially zero before 2015.

Aug 2, 2019 - Energy & Environment
The age of American oil

Thanks to the end of a 40-year-old crude oil export ban, a shale boom and a host of geopolitical changes.

Mar 13, 2019 - Energy & Environment

All Oil companies stories

Saudi Aramco plans for potential international listing

Photo: FAYEZ NURELDINE/AFP via Getty Images

It's back! Or ... Maybe it's back. Or could eventually be back. Possibly.

The latest: Bloomberg reports that Saudi Aramco is "starting early preparations" for a potential listing in an international stock exchange at some point, which comes after its long-awaited debut on the Saudi exchange late last year.

Coronavirus fears are causing oil prices to slide

Data: Factset; Chart: Axios Visuals

Oil prices have resumed their slide in recent days, signaling renewed fears of how much the novel coronavirus will eat into demand.

Why it matters: It's a barometer of how the spreading and sometimes deadly illness is curbing global economic activity.

Cracks emerge in the oil lobby over climate change

Illustration: Eniola Odetunde/Axios

European-based oil giants' evolving steps on climate change are cracking — but not yet rupturing — the industry's lobbying and advocacy relationships in the U.S.

Driving the news: This morning BP said it's leaving three groups over differences on climate policy: American Fuel & Petrochemical Manufacturers, the Western States Petroleum Association, and the Western Energy Alliance.

Report: BP abandoning trade groups in climate split

BP CEO Bernard Looney speaks during an event in London on Feb. 12. Photo: Daniel Leal-Olivas/AFP via Getty Images

Oil-and-gas giant BP is planning to leave at least two industry trade groups due to differences over climate change policy, The Washington Post reported Tuesday night.

Driving the news: BP is expected to leave American Fuel & Petrochemical Manufacturers (AFPM), and the Western States Petroleum Association (WSPA), they report. The WSPA confirmed to Axios that BP is leaving.

JPMorgan Chase to pull support for some fossil fuels

Illustration: Sarah Grillo/Axios

JPMorgan Chase said Monday that it won’t directly finance new oil and gas development in the Arctic and will significantly curtail its financing of the extraction and burning of coal.

Why it matters: JPMorgan is the world’s largest funder of fossil-fuel companies, according to a report by the Rainforest Action Network (RAN). The announcement follows similar moves by other big banks and investment firms, including Goldman Sachs and BlackRock.

Climate activists target Big Tech over fossil fuel work

Illustration: Aïda Amer/Axios

Big Tech is making splash with its aggressive carbon reduction goals, but some of its employees and climate activists are criticizing Google, Microsoft and Amazon for nonetheless partnering with fossil fuel companies to use artificial intelligence to find hidden hydrocarbons and bring them to market.

Why it matters: Big oil companies are some of the richest, most resourceful enterprises in the world. They collect multiple terabytes of data daily but don't have the capacity to analyze and efficiently utilize that volume of facts without AI.

BP's climate move could mean new pressure on Exxon and Chevron

Illustration: Rebecca Zisser/Axios 

BP's new emissions pledge could create more pressure on U.S.-based giants Exxon and Chevron.

Why it matters: European oil behemoths have been more active on climate than their U.S. counterparts.

Coronavirus throws oil demand into reverse for first time in a decade

The International Energy Agency's monthly market analysis released Thursday says global oil demand will fall by 435,000 barrels per day during this quarter compared to the same period a year ago.

Why it matters: It's the first quarterly contraction in over a decade.

BP vows to "fundamentally" change with net-zero emissions target

Photo: Lance King/Getty Images

BP said Wednesday that it is reorienting its business with new climate targets — including first-time emissions commitments for its products' use in the economy — and a new team to help countries, cities and other companies cut carbon.

Why it matters: It's the latest sign of how multinational oil-and-gas giants — especially European-headquartered players — are expanding climate pledges under intense pressure from activists and investors.

Coronavirus outbreak strains relationship between OPEC and Russia

Oil prices are at their lowest levels in a year as coronavirus hits demand, and one side effect of the public health crisis is that it's afflicting the OPEC-Russia relationship.

Driving the news: Russia has yet to endorse recommendations from an OPEC+ technical panel to deepen the groups' production-limiting pact by 600,000 barrels per day.

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