All Oil companies stories

Ben Geman, author of Generate
Oct 13, 2020 - Energy & Environment

Coronavirus pandemic speeds up oil's long goodbye

Reproduced from IEA; Chart: Axios Visuals

The coronavirus pandemic is altering the long-term future of oil, but global thirst for the fuel will nonetheless remain large for decades, the International Energy Agency said a sprawling new report released Tuesday.

Why it matters: Its the IEA's deepest effort yet to game out how COVID-19 is changing the future of oil, and energy systems overall in the years ahead.

Amy Harder, author of Generate
Oct 13, 2020 - Energy & Environment
Column / Harder Line

BP’s climate reinvention dodges politics

BP CEO Bernard Looney is leading the biggest transformation in the oil industry’s 160-year history, but he's staying quiet on the thorniest part: the politics.

Driving the news: In our recent interview for “Axios on HBO,” Looney made a scripted case for BP’s big plan to pivot to renewable energy and survive — and even thrive — while doing it.

Ben Geman, author of Generate
Oct 12, 2020 - Energy & Environment

Oil's chilly season

Data: Federal Reserve Bank of Kansas City; Chart: Axios Visuals

Oil prices can't seem to reach escape velocity, spelling more pain for producers as the COVID-19 pandemic continues to weigh on demand.

Why it matters: The chart above provides a glimpse at why prices remain too low to pull the U.S. sector — which is seeing rising bankruptcies — out of jeopardy.

Ben Geman, author of Generate
Oct 9, 2020 - Economy & Business

Oil giant Total invests in hydrogen truck startup Hyzon Motors

Image courtesy of Hyzon Motors

The huge multinational oil-and-gas company Total SE is investing in the hydrogen fuel cell truck and bus startup Hyzon Motors, the companies announced this morning.

Why it matters: It's the latest sign of increasing interest in hydrogen-powered heavy vehicles amid moves by startups and legacy automakers alike. It also shows how European-headquartered oil giants are boosting their alternative energy portfolios, even though hydrocarbons remain their dominant business lines.

Ben Geman, author of Generate
Oct 9, 2020 - Energy & Environment

Big law firms are facing new climate pressure from students

Illustration: Aïda Amer/Axios

Activists say they'll deliver on Friday signatures from more than 600 law students pledging to boycott the firm Paul, Weiss, Rifkind, Wharton & Garrison unless it ditches Exxon as a client.

Why it matters: It signals the evolving tactics of climate advocates. Another example of the widening scope are campaigns in recent years to pressure tech giants over their emissions and work with oil companies.

Ben Geman, author of Generate
Oct 6, 2020 - Energy & Environment

Exxon to slash up to 1,600 jobs in Europe

Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images

ExxonMobil is planning to shed up to 1,600 jobs in Europe by the end of next year as it looks to cut costs, the oil-and-gas giant said Monday.

Why it matters: It shows how the pandemic, which has battered prices and cut oil demand, is affecting the world's most powerful energy companies.

Ben Geman, author of Generate
Oct 5, 2020 - Energy & Environment

The oil industry is facing a long jobs slump

Illustration: Aïda Amer/Axios

The oil, gas and chemicals industry shed 107,000 U.S. jobs in March–August as the pandemic hit prices and the wider economy, marking the fastest rate of layoffs in industry history, Deloitte analysts said.

Why it matters: Their new report released Monday warns that the sector's employment may remain depressed for a long time.

Amy Harder, author of Generate
Oct 5, 2020 - Economy & Business
Column / Harder Line

In a pandemic winter, dinner comes with a side of propane

Illustration: Sarah Grillo/Axios

Americans' plans to socialize outside in colder weather — when COVID-19 will still be a threat to indoor gatherings — are prompting an expensive and environmentally questionable rush on outdoor heaters.

Why it matters: Heating outdoor patios is a big new cost for businesses, and the energy sources are almost always fossil fuels that contribute to climate change.

Ben Geman, author of Generate
Updated Oct 2, 2020 - Energy & Environment

Oil drops after Trump's COVID bombshell

Illustration: Sarah Grillo/Axios

Oil prices plunged after President Trump's overnight announcement that he tested positive for COVID-19 and federal data this morning that showed a slowdown in U.S. hiring.

Why it matters: Oil prices were already under downward pressure from the virus' persistence and, per Reuters, the U.S. impasse over stimulus talks.

Ben Geman, author of Generate
Oct 2, 2020 - Energy & Environment

Oil lobby launches swing-state ad push in final stretch to Election Day

Illustration: Sarah Grillo/Axios

The American Petroleum Institute is launching a digital ad barrage in the closing weeks of the election that promotes natural gas and industry access to drilling in areas Joe Biden would place off-limits.

Why it matters: API is the industry's most powerful lobbying group. The seven-figure buy shows how the industry sees the threat from Democratic climate proposals — including a ban on new oil-and-gas leases on federal lands.