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IEEFA Research

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 […]

IEEFA report: Oil majors live beyond their means ‒ can’t pay for dividends, buybacks

IEEFA report: Oil majors live beyond their means ‒ can’t pay for dividends, buybacks

Companies resort to asset sales and new borrowing to cover chronic shortfalls in free cash flows

January 16, 2020 (IEEFA) ‒ Since 2010, the world’s largest oil and gas companies have failed to generate enough cash from their primary business – selling oil, gas, refined products and petrochemicals – to cover the payments they have made to shareholders. In a report released Thursday, analysts from the Institute for Energy Economics and […]

IEEFA report: BlackRock’s fossil fuel investments wipe US$90 billion in massive investor value destruction

IEEFA report: BlackRock’s fossil fuel investments wipe US$90 billion in massive investor value destruction

Investors need to ask why

August 1, 2019 (IEEFA Asia Pacific)  ̶  BlackRock, the world’s largest fund manager with US$6.5 trillion of assets under management – bigger in value than the third largest economy in the world – continues to ignore the serious financial risks of putting money into fossil fuel-dependent companies, a new report has found. Produced by the […]

More News and Commentary

New York awards 2.5GW of offshore wind projects to Equinor and BP

Greentech Media: The state of New York has awarded 2.5 gigawatts of offshore wind projects to developers Equinor and BP, the largest yet in the state’s massive offshore wind build-out and one of the single largest U.S. renewable energy contracts yet awarded. Wednesday’s award, announced by New York Gov. Andrew Cuomo during his 2021 State […]

January 14, 2021 Read More →
IEEFA: Malaysia’s CIMB announces coal financing phase-out by 2040 as Asia’s fossil fuel divestment drive accelerates

IEEFA: Malaysia’s CIMB announces coal financing phase-out by 2040 as Asia’s fossil fuel divestment drive accelerates

The first emerging markets bank to announce a progressive coal exit policy

Malaysia’s CIMB Group Holdings (CIMB) has announced a comprehensive coal exit policy with a commitment to phase out both project and general corporate financing of thermal coal mining and coal-fired power generation across its portfolio by 2040. This is a first in several ways. CIMB is the first Malaysian bank to act on a formal […]

December 8, 2020 Read More →

Oil industry writedowns top $80 billion mark in past year

Reuters: The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition. Exxon Mobil, the largest U.S. oil company, announced on […]

December 2, 2020 Read More →

BP, Orsted team up on German green hydrogen project

Bloomberg: Two of Europe’s largest energy companies, BP Plc and Orsted A/S, said they’d join to develop an industrial-scale electrolyzer to make hydrogen as a green fuel at a major oil refinery in Germany. If it gets financial backing, the plant at the BP’s Lingen refinery in northwestern Germany would draw 50 megawatts of electricity […]

November 13, 2020 Read More →
IEEFA update: ExxonMobil’s dismal third quarter
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IEEFA update: ExxonMobil’s dismal third quarter

Cash results disappoint, raising questions about dividends

ExxonMobil today posted third quarter cash results that were significantly worse than those of its four peers, Shell, Total, BP and Chevron. These disappointing results challenge the company’s repeated claims that the fundamentals of the oil and gas industry have not changed.  “ExxonMobil needs a business model that manages decline, generates stable profits and contributes […]

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

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
and

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
and

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 […]

Fed survey finds most oil and gas executives think U.S. oil production has peaked

Reuters: Nearly two-thirds of U.S. energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday. The COVID-19 pandemic has knocked global oil demand and prices, prompting deep cuts in drilling this year by shale oil producers. The United States last […]

September 24, 2020 Read More →

Oil companies see climate change benefits, potential profits in hydrogen transition

Bloomberg Green: Hydrogen, long touted as the fuel of the future, had a bit of a coming-out party at this week’s S&P Global Platts Asia Pacific Petroleum Conference, as some of the world’s biggest refiners, drillers and traders extolled it as key to fighting climate change. The efforts are emblematic of an oil industry trying […]

September 17, 2020 Read More →