Analysis: Shrink to fit: the year Big Oil starts to become Small Oil | Reuters
Europe's Big Oil companies are planning to spend their windfall from high energy prices on becoming Small Oil.
Surging oil and gas prices in 2021 delivered billions of dollars in profits to top oil companies, in stark contrast to the previous year when energy prices collapsed as the coronavirus pandemic hit travel and economic activity.
Typically, companies would invest the lion's share of that cash in long-term projects to boost oil and gas production and reserves after the previous year's deep cuts.
But unlike any other time in their history, BP, Royal Dutch Shell(RDSa.L), TotalEnergies , Equinor (EQNR.OL) and Italy's Eni are focusing on returning as much cash as possible to shareholders to keep them sweet as they begin a risky shift towards low-carbon and renewable energy.
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