BP

IEEFA Research

IEEFA U.S.: ExxonMobil touts Permian Basin success but achieves mixed results

IEEFA U.S.: ExxonMobil touts Permian Basin success but achieves mixed results

Data suggests that ExxonMobil is underperforming in the Permian Basin

June 9, 2021 (IEEFA) – ExxonMobil’s claims that its Permian Basin oil and gas reserves are world-class will need the immediate attention of the new board, according to a new analysis by the Institute for Energy Economics and Financial Analysis (IEEFA). In recent investor presentations, ExxonMobil has highlighted the superior performance of its oil wells […]

IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors

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 update: ExxonMobil’s financials indicate slide under CEO Darren Woods’s leadership

IEEFA update: ExxonMobil’s financials indicate slide under CEO Darren Woods’s leadership

Profits, cash and shareholder return slip compared with rivals using company’s own performance metrics

October 28, 2020 (IEEFA) — A close look at ExxonMobil’s financial performance metrics compared with its peers reveals significant slippage during Chairman & CEO Darren Woods’s tenure (2017-2019) even before the coronavirus pandemic, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). IEEFA analysts found that the […]

IEEFA U.S.: Plummeting oil and gas prices leave New Mexico’s budget short by hundreds of millions of dollars

IEEFA U.S.: Plummeting oil and gas prices leave New Mexico’s budget short by hundreds of millions of dollars

Industry problems hit before the pandemic, were made worse by it and will persist even after the economy improves

October 20, 2020 (IEEFA) — After years of benefitting from record oil and gas revenues, global markets are signaling the beginning of the end of New Mexico’s financial reliance on fossil fuels. Leases, royalty payments and taxes from the oil and gas industry have directly accounted for as much as 30 percent of the state’s […]

IEEFA: ExxonMobil financial performance slides from industry leader to laggard

IEEFA: ExxonMobil financial performance slides from industry leader to laggard

Company’s own metrics reveal slippage compared with oil major peers

October 15, 2020 – An analysis released today by the Institute for Energy Economics and Financial Analysis (IEEFA) reveals lagging performance by ExxonMobil under the leadership of Chairman & CEO Darren Woods. IEEFA analysts detail how the company racked up deeper or more rapid declines based on three critical financial metrics it has long used […]

IEEFA brief: Second quarter results show that shareholder dividends pushed oil supermajors deep into red

IEEFA brief: Second quarter results show that shareholder dividends pushed oil supermajors deep into red

ExxonMobil, recently kicked out of the Dow Jones Industrial Average, posted the worst performance among supermajors in Q2

August 25, 2020 (IEEFA)— One day after ExxonMobil was kicked out of the Dow Jones Industrial Average, a new analysis shows that the company suffered through one of its worst quarters in years, characterized by sharply negative free cash flows and massive borrowing to sustain its shareholder dividends. Overall, the five global oil and gas […]

IEEFA report: Pandemic, price collapse may be final straw that sends Argentina’s ailing “Dead Cow” to slaughter

IEEFA report: Pandemic, price collapse may be final straw that sends Argentina’s ailing “Dead Cow” to slaughter

Reduced investment plans by foreign partners make bad situation worse for struggling Patagonia oil and gas reserve

June 24, 2020 (IEEFA Argentina) — Once seen as a silver bullet to solve the country’s economic and energy problems, development of the vast Argentine oil and gas shale reserves known as Vaca Muerta (“Dead Cow”) in Patagonia has sputtered to a near-halt, according to a new report by the Institute for Energy Economics and […]

Informe de IEEFA: El colapso de los precios provocado por la pandemia podría ser la gota que rebalse el vaso y termine definitivamente con la debilitada «gallina de los huevos de oro» de Argentina

Informe de IEEFA: El colapso de los precios provocado por la pandemia podría ser la gota que rebalse el vaso y termine definitivamente con la debilitada «gallina de los huevos de oro» de Argentina

La reducción de los planes de inversión de los socios extranjeros empeora la ya mala situación de la reserva de petróleo y gas no convencional de Patagonia

24 de junio de 2020 (IEEFA, Argentina) — Según un nuevo informe del Instituto de Economía Energética y Análisis Financiero (IEEFA, por sus siglas en inglés), la explotación de las inmensas reservas de gas y petróleo no convencional conocidas como Vaca Muerta, que solía ser consideradas como panacea para resolver los problemas económicos y energéticos […]

IEEFA update: Oil majors paid $216 billion more to shareholders than they earned directly from business over the past decade

IEEFA update: Oil majors paid $216 billion more to shareholders than they earned directly from business over the past decade

“Deficit spending” widens as companies continue to borrow heavily and sell off assets

April 6, 2020 (IEEFA U.S.) ‒ The world’s five largest publicly traded oil and gas companies shelled out a total of $71.2 billion in dividends and share buybacks last year, while generating only $61.0 billion in free cash flow. This “deficit spending” points to a deeper crisis in the increasingly volatile industry, according to a […]

IEEFA brief: Oil majors’ shrinking capital expenditures (capex) signal ongoing decline of sector

IEEFA brief: Oil majors’ shrinking capital expenditures (capex) signal ongoing decline of sector

Capex at lowest levels since 2007

February 26, 2019 (IEEFA U.S.) ‒ Faced with a convergence of market forces, the world’s five leading integrated oil and gas companies are reducing historically robust levels of capital spending, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). The five largest integrated oil and gas companies […]

More News and Commentary

Vestas 15-megawatt turbines to power New York Empire Wind project

offshoreWind.biz: Empire Offshore Wind, a joint venture between Equinor and bp, has named Vestas as the preferred turbine supplier for the 2.1 GW Empire Wind 1 and Empire Wind 2 offshore wind projects in New York, USA. Vestas will provide 138 V236-15.0 MW turbines for Empire Wind 1 and 2, located 15-30 miles off the […]

October 19, 2021 Read More →

Colorado steel mill to run on 240MW solar farm

Colorado Public Radio: The official launch of a massive solar array that will power the steel mill in Pueblo was held Wednesday on top of a hill with a view that framed the array, mill and power station connecting the two. The Bighorn solar project, financed, built and operated by Lightsource BP, will generate electricity […]

October 14, 2021 Read More →

United Arab Emirates becomes first Gulf petrostate to pledge net zero

Bloomberg ($): The United Arab Emirates has become the first of the Persian Gulf’s petrostates to commit to eliminating planet-warming emissions within its borders. “We are committed to seize the opportunity to cement our leadership on climate change within our region and take this key economic opportunity to drive development, growth and new jobs,” said […]

October 8, 2021 Read More →

Shell sells Permian interests to ConocoPhillips for $9.5 billion

Texas Tribune: Energy giant Royal Dutch Shell sold its oil and gas business in the Permian Basin, the country’s largest oilfield, to ConocoPhillips for $9.5 billion cash on Monday. The deal is a major move for Shell, which produces more than 175,000 barrels of oil per day in the Permian Basin, as it faces pressure […]

September 21, 2021 Read More →

Lightsource BP secures $1.8 billion in funding for 25GW by 2025 solar buildout

ReNews.biz: Global solar player Lightsource BP has secured a new $1800m credit and trade finance facility that it said will help fuel a new growth strategy of developing 25GW by 2025. The funding, provided by ten global financial institutions, underpins its execution strategy to accelerate the deployment of solar across the EMEA, Americas and Asia […]

September 20, 2021 Read More →

Stranded assets pose $135 billion threat to European power by 2040

Bloomberg ($): European power companies could be burdened with debt and face credit rating downgrades if they fail to take action to reach climate neutrality by the middle of the century, a new study says. The European Union plans to reach net zero emissions by 2050 as part of efforts to curb global temperature rises […]

September 9, 2021 Read More →

Chevron plans more ambitious climate approach to thwart hedge funds

Wall Street Journal ($): Chevron Corp. CVX +0.03% is preparing to defend itself against a potential challenge from activist investors like the one that roiled Exxon Mobil Corp. XOM -0.38% earlier this year, according to people familiar with the matter. In recent weeks, Chevron executives met with representatives of Engine No. 1, the investment firm […]

September 3, 2021 Read More →

Australia considers legislation to allow offshore wind farms

Renew Economy: Australia may soon be host to a new source of renewable energy after long awaited legislation that will enable offshore wind projects to be built in commonwealth waters was finally tabled in parliament on Thursday by federal energy minister Angus Taylor. Offshore wind has stunned many in the industry for its ability to […]

September 2, 2021 Read More →

CNOOC sets renewable energy target of 5,000 megawatts by 2025

South China Morning Post: After making a foray into offshore wind power, CNOOC now plans to develop onshore solar and wind farms as part of its diversification from oil and gas. The Chinese offshore oil and gas giant was actively pursuing renewable energy projects with a goal to build up annual capacity of at least […]

August 20, 2021 Read More →

Houston technology conference “bellwether for entire fossil fuel industry”

Houston Chronicle: The energy transition is well underway at the Offshore Technology Conference in Houston, and everyone in the fossil fuel industry should pay attention. Following the cancellation of last year’s OTC due to the COVID-19 pandemic, the four-day conference of energy suppliers, producers and supporters will be much smaller. Fewer panels, fewer technical discussions […]

August 19, 2021 Read More →