It shows the oil industry's gradual embrace of climate change as a problem the government should address.Dec 11, 2019
Our dependence on fossil fuels has remained about the same for 30 years.Aug 26, 2019
The number was essentially zero before 2015.Aug 2, 2019
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
Chevron is making a Series A investment in the three-year-old nuclear fusion startup Zap Energy, marking the latest foray by an oil-and-gas giant into companies outside a core business.
Why it matters: It's the first nuclear power investment from Chevron Technology Ventures, the company's in-house VC arm that's spreading money around a range of energy technologies.
The International Energy Agency has again lowered its projected global oil demand estimates, "reflecting the stalling of mobility as the number of COVID-19 cases remains high."
Why it matters: The agency's analysis Thursday is the first time in several months that IEA deepened its projection of the extent of the pandemic-driven demand collapse.
This week is bringing new snapshots of how hard the pandemic hit the U.S. oil patch earlier this year and the difficult path ahead, even as demand is now haltingly returning and prices have recovered somewhat.
Driving the news: The U.S. Energy Information Administration yesterday offered its latest downward revision of its domestic crude oil production forecast.
Occidental Petroleum, a huge U.S.-based oil producer, posted an $8.35 billion second-quarter loss Monday afternoon as it took huge write-downs on its asset values.
Why it matters: The whole industry is under pressure, but Occidental's problems are compounded by the additional debt it assumed when it beat out Chevron to acquire Anardarko in 2019.
Equinor on Monday named company veteran Anders Opedal to replace CEO Eldar Sætre this fall and vowed to accelerate its diversification into climate-friendly energy.
Why it matters: The Norway-based company is among the world's largest multinational oil-and-gas companies — though smaller than super-majors like Exxon, Shell and BP.
The pandemic is accelerating a divide between European and American oil companies over climate change and clean energy.
Why it matters: Bottom lines and investor returns will be vastly different across the corporate spectrum depending on how aggressively the world tackles climate change in the coming decades.
U.S. oil production's nearly 2 million barrel per day decline in May was the steepest monthly drop since at least 1980, the federal Energy Information Administration said in a short report.
Why it matters: The agency's monthly production data, which is more robust than weekly snapshots but arrives with a lag, starkly shows the toll the pandemic took on U.S. output after the price collapse caused a major pullback. Some of the lost output has recently returned as prices improved, but production is expected to remain depressed.
WTI, the benchmark U.S. oil future, traded Wednesday morning at its highest since early March — highlighting how the worst of shale's crisis is seemingly over, though more bankruptcies likely lie ahead.
Why it matters: Its price at the time — $43 — is still too low for many producers to do well, though it varies from company to company.
BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.
Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.
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.