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
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
The U.S. is exporting oil to 31 countries

The number was essentially zero before 2015.

Aug 2, 2019
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

All Oil companies stories

Chevron's venture capital arm buys stake in nuclear fusion startup Zap Energy

Photo Illustration: Walid Berrazeg/SOPA Images/LightRocket via Getty Images

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.

IEA cuts oil demand forecast, citing "stalling" mobility

Illustration: Eniola Odetunde/Axios

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.

EIA revises forecast to steeper crude production drop

Data: EIA; Chart: Andrew Witherspoon/Axios

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's $8 billion perfect storm shows pressure on U.S. oil industry

A headquarters of Occidental Petroleum. Photo: Jay L. Clendenin/Los Angeles Times via Getty Images

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.

Oil giant Equinor names new CEO as it vows faster green shift

A view of Equinor headquarters. Photo: Cem Ozdel/Anadolu Agency via Getty Images

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.

Coronavirus hastens Big Oil's Atlantic divide on climate change

Illustration: Aïda Amer/Axios

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 saw biggest decline since 1980 in May

Data: EIA; Chart: Axios Visuals

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.

Shale's struggles will persist despite a rise in oil prices

Illustration: Sarah Grillo/Axios

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's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

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.

Marathon to sell Speedway gas stations to 7-Eleven for $21 billion

Photo: 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.

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