In his first appearance as BP’s new chief executive, Tony Hayward, has pledged to oversee a turnaround at the oil giant as the company posted a drop in second-quarter profits. Hayward told reporters that rather than make optimistic predictions he would “prefer to concentrate on real delivery”. He added that “My message today is simple: … Read More
Big Oil Profits
Will BP and Shell Merge?
David Strahan, the author of The Last Oil Shock, yesterday raised the old chestnut of a BP- Shell merger that periodically does the rounds. “BP and Shell are finally set to merge. That’s if you believe the tittle-tattle in the Square Mile”, he wrote. Strahan wrote about how, although it a joined up BP – … Read More
BP: Back to Profit
Well it was on the cards that with a change in leadership came a change in direction. Tony Hayward, chief executive of BP, is planning a cultural shift at BP by playing down Lord Browne’s emphasis on the environment and refocus BP on profit. Mr Hayward and other directors have discussed the corporate mantra “Beyond … Read More
Big Oil Dominates Fortune 500
Although retail giant, Wal-Mart has reclaimed the top spot on the latest Fortune Global 500 list from Exxon, Big Oil dominates the top ten. Exxon is number two on the list, Shell is at three, BP at four, Chevron is number seven, ConocoPhillips is number nine and Total is number ten. Also in the top … Read More
Trouble in the Colonies
The Fourth of July was cool and rainy in Vermont, as it seems to be with surprising regularity. I suppose that’s why my town sets off its fireworks on the evening of July 3rd, which was perfect for pyrotechnics this year. Fireworks finished, I had all day Wednesday to contemplate this year’s version of American … Read More
Senate Passes Energy Bill
The US Senate passed a broad energy bill late yesterday that will require the first big increase in fuel mileage requirements for passenger cars in American in more than two decades. The vote, 65 to 27, was a major defeat for car manufacturers, which had fought for a much smaller increase in fuel economy standards … Read More
Hands Off Iraqi Oil Target Shell AGM
Campaigners from “Hands Off Iraqi Oil” held a demonstration outside the Shell AGM in London yesterday highlighting the key role Shell has “played in preparing the ground for the rip off of Iraqi oil”. They were joined by a ‘Hands On Iraqi Oil’ executive who read a statement including: “From our offices in London, Washington, … Read More
Democrats Target Big Oil (except in Iraq)
As US gasoline prices hit a near-record $3.05 a gallon, Democrats in Congress are promoting legislation taking aim at Big Oil – although industry experts say that the efforts aren’t likely to have any effect at all. Sen. Charles Schumer, D-N.Y, has said Congress should look into breaking up the giant companies. Sen. Maria Cantwell, … Read More
Democratic Senators Propose Oil Windfall Tax
A group of eight “freshman” Democratic senators have introduced legislation that would impose a windfall profits tax on oil companies as well as revoking some government subsidies. The legislation, proposed by Senator Robert Casey, D-Pa., would impose a 50 percent tax on profits after oil prices rise above $50 a barrel. It also repeals tax … Read More
BP Profits Down
BP’s slide from grace continues. Profits, production and prices all fell in BP’s first quarter, as the UK-based energy group said that profit before interest and tax dropped 17 per cent to some $7bn, with net replacement cost profits also down 17 per cent at $4.36bn.