US Industry and Energy Editor at the Financial Times, based in New York
If the two best-resourced companies operating in US shale, Exxon and Chevron, are cutting activity like this, and one of them is expecting a drop in production, it doesn't look like we can expect much production growth from the Permian Basin, or from tight oil in general, in 2021
The disruptive potential of offshore wind in the US; the leveling-out of American oil production; Total's view on crude prices and stranded assets in Canada; the benefits of energy trading operations for the oil majors, and more, in Energy Pulse this week.
Trying to buy a Bluetooth speaker, but it’s not easy. All the descriptions say things like “Extra Bass” and “will really get your part started!” None of them say “ideal for listening to 19th century novels on audiobook in a noisy kitchen”
A stunning chart. Four years ago, the expected world coal use to grow 39% by 2040. Now it expects just 1%. Not per year: in total
President Obama's Clean Power Plan was expected to lead to a steep fall in US coal production. Now the plan has been blocked, and coal production is expected to fall even faster than if it had come into effect:
This week Shell cut its dividend for the first time in 80 years, and Exxon reported its first loss for 32. Meanwhile Ørsted and Iberdrola reported increased earnings and investment. It was a stark demonstration of the relative resilience of renewables.
Ten years ago, the risk of stranded assets in the oil industry was barely mentioned. Today Total is raising it in its official announcement of an $8bn asset writedown.