Industry Trends ///

U.S. companies committed to 100% renewables still rely on fossil fuels

U.S. companies with contracts to buy only renewable power are still relying heavily on fossil fuels because of a lack of clean-energy supplies, a Columbia University study has shown.

Oil industry CEOs warn energy transition depends on fossil fuel investment

Buoyed by high oil prices, the bosses of the biggest explorers this week laid out a vision for the energy transition that hinges on more fossil-fuel investment rather than less.

WPC 2021: Baker Hughes sees ample oil supply, countering Halliburton’s prediction

A day after Halliburton Co. warned of an imminent oil shortage, larger oilfield rival Baker Hughes Co. offered a sunnier outlook.

WPC 2021: Oil and gas technology holds key to meeting world’s green energy goals

As deadlines on ambitious green-energy targets draw nearer, the infrastructure and expertise of the fossil fuel industry has a critical role to play in reaching the world’s decarbonization goals.

WPC 2021: ConocoPhillips CEO says U.S. government holds back oil supply

In the debate over why U.S. oil producers haven’t added additional supply, the boss of ConocoPhillips lays the blame squarely with the government.

WPC 2021: Halliburton sees a future of oil scarcity as spending falls

Halliburton Co., the oil industry's largest frac services provider, warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.

World Petroleum Congress: Oil CEOs warn higher prices jeopardize energy transition

High fossil-fuel prices may jeopardize efforts to pivot to cleaner renewable energy sources, the leader of one of Europe’s largest oil companies warned.

World’s biggest banks stand behind fossil fuels as climate pressure grows

With the ink hardly dry on a landmark pledge by the finance industry to fight climate change, the world’s biggest banks are making clear they plan to stand by their fossil-fuel clients.

Natural gas traders worry prices could plunge after volatile winter

It’s been a roller-coaster ride for natural gas this year, with most of the time spent climbing to newer heights. The worst is far from over with frigid winter weather on the horizon for many parts of the world, while fears remain that the market may stay out of balance through much of next year.

Exxon plans below-inflation U.S. pay raises despite rebound in earnings

Exxon Mobil Corp. will award U.S. employees below-inflation pay increases in early 2022 despite a strong rebound in earnings over the past 12 months.

OPEC to proceed with plans to increase January oil output

OPEC and its allies agreed to proceed with their next oil-production hike, while signaling they could revisit the decision at any moment as the risk to demand from the omicron variant of Covid-19 becomes clearer.

Oil prices surge before critical OPEC meeting as volatility spikes

Oil rebounded from another sharp drop as OPEC ministers prepared to meet amid booming volatility.

IEA boss blames “deliberate policies” of energy producers for price spikes

Energy producers -- not the transition to a greener economy -- are a key reason for soaring natural gas and power prices in Europe, according to International Energy Agency Executive Director Fatih Birol.

OPEC expected to take cautious approach to oil demand at December meeting

The oil producers’ group OPEC+ will likely take a cautious stance when deciding this coming week whether to go ahead with planned output increases after the emergence of a new coronavirus variant sent crude prices tumbling, according to Vitol Group.

Oil crashes more than 10% as new Covid variant strikes fear in global markets

Oil crashed more than 10% in both London and New York as a new coronavirus strain sparked fears that renewed lockdowns will threaten the global recovery in demand.

Biden wants the world to go green, while pushing for cheap gasoline at home

President Joe Biden wants Americans to dramatically scale back their use of gasoline. And he wants that fuel to be as cheap as he can get it. If you sense a contradiction there, you’re hardly alone.

The fine print: How a coordinated oil reserve release works

After many weeks of signaling and speculation, a group of major oil consumers including the U.S. has announced a coordinated plan to tackle soaring energy costs by releasing crude from strategic reserves. The question now is whether it’s going to work.

“Short-sighted policy”: Oil companies and trade groups weigh in on Biden’s SPR move

The Biden administration’s unprecedented, coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the oil industry.

U.S. considering a ban on crude oil exports, says House Democrat

A House Democrat who’s urging the White House to reduce oil prices by banning exports of U.S. crude oil says he’s been told the idea is under consideration.

”This is not going to solve much”: Oil prices climb after crude release announcement

Oil prices recovered earlier declines as the U.S. and other consuming nations announced a landmark move to tap their strategic reserves.