Penny-pinching keeps oil prices buoyant, but so do severe disruptions, like the type the market is experiencing now. As a result, investors may come to regret Big Oil’s haunting of past trauma, writes rob_cyran:
Exxon Mobil said on March 1 it would exit Russian oil and gas operations and make no new investments in the country as a result of Russia’s invasion of Ukraine.
Exxon manages a large gas and oil project on Sakhalin Island in Russia’s Far East on behalf of a consortium of Indian, Japanese and Russian companies. Exxon valued its Russian assets at just over $4 billion in its latest annual report. On March 2, Exxon Mobil said planned cost reductions of $9 billion a year would double earnings and cash flow potential by 2027 compared to 2019. It also said breakeven costs, or the price needed to cover capital investment and dividends, would decline from $41 a barrel in 2021 to about $30 in 2027.
On Chevron’s investor day on March 1, the company raised its buyback program from $3 billion to $5 billion annually, to between $5 billion and $10 billion, and said that the program would be sustainable for five years if the oil price was $50 a barrel. At $75 a barrel, the company said it could repurchase over a quarter of outstanding stock over five years. Chevron said its Russian exposure was limited compared to peers.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Oil prices surge above $100 a barrel as war on Ukraine ragesOil prices soared Tuesday and investors shifted more money into ultra-safe U.S. government bonds as Russia stepped up its war on Ukraine.
Weiterlesen »
Oil prices surge above $100 a barrel as Russian war on Ukraine ragesOil has been a key concern because Russia is one of the world’s largest energy producers.
Weiterlesen »
Russian oil trade in disarray over sanctions as prices blast through $100/bblRussian oil trade was in disarray on Tuesday as producers postponed sales, importers rejected Russian ships and buyers worldwide searched elsewhere for needed crude after a raft of sanctions imposed on Moscow over the war in Ukraine.
Weiterlesen »
Oil closes above $100 a barrel first time since 2014 as Russia’s war worsens supply concernsOil settled at more than $100 a barrel Tuesday for the first time since 2014 as the market worries over the potential loss of Russian supplies.
Weiterlesen »
Stocks fall, oil tops $100 a barrel as Ukraine war ragesAsian stock markets have slid and oil prices surged more than $5 per barrel as Russian forces stepped up attacks on Ukrainian cities.
Weiterlesen »
Stock Futures Fall, Oil Again Tops $100 Amid SanctionsU.S. stock futures and global shares slipped following days of whipsaw moves, while oil prices rose to multiyear highs.
Weiterlesen »