Author Archive: Trey Cowan
Oil & Gas Industry Analyst Trey Cowan is a former equity researcher who has focused on U.S. upstream oil & gas activities and global energy markets. Recently, he was a senior analyst at S&P Global Platts covering rigs, permitting, drilling and production.
IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors
Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decade
March 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]
IEEFA: Capital markets are shifting decisively towards cleaner investments
Small-but-rising renewable opportunities soar while big-and-falling legacy shares fall hard
The president of the American Petroleum Institute recently hinted that the transition from fossil fuels to renewable energy could lead either to economic upheaval or to economic revival—but the revival scenario would require the oil and gas companies as full participants in a new energy boom. Yet the capital market’s rotation into clean energy stocks […]
IEEFA: Frackers produce positive cash flows in 2020 with deep capital expenditure cuts
Beleaguered fracking sector generates $1.8 billion cash flow, but only after $20 billion cuts in capex
March 24, 2021 (IEEFA)—A cross-section of 30 shale oil and gas producers marked the first full year of positive free cash flows since the fracking boom began—but only after deep cuts to capital expenditures that raise troubling questions about the industry’s future. The report by the Institute for Energy Economics and Financial Analysis (IEEFA) found […]