Many global companies such as oil major Shell have pledged to reach net-zero emissions, and said they will seek to use some nature-based credits, to help compensate for emission reductions they are unable to cut from their operations.
The 2022 first-quarter performance was driven by what BP said was an “exceptional” performance in its oil and gas trading division. CFO Murray Auchincloss said volatility in oil and gas prices was the most BP had seen.
Devon Energy and Coterra Energy reported more than a four-fold rise in quarterly income on May 2, while Diamondback Energy's profit rose more than three-fold. All three shale producers increased their dividends.
Shares of both companies fell on the day, with Chevron losing 3% while Exxon Mobil dropped 2.6% on an overall down day for Wall Street.
While the volatility in commodity prices makes its exact valuation uncertain, BKV Corp. may be worth up to $2 billion, including debt, when it lists, sources say.
Suncor said it will study Elliott’s recommendations and looks forward to engaging with the firm but added that it is “confident” in its strategy and “will continue to execute” on it.
In a call with analysts, CEO Patrick Pouyanne said TotalEnergies—which has maintained assets in Russian gas projects—would continue to fulfill its contracts there unless sanctions demand otherwise.
Plans for energy security and ESG must be balanced, Lisa Epifani, manager of ESG and sustainability for Chevron, said at Hart Energy’s Energy ESG Conference.
The Hannathon acquisition adds roughly 18,600 net acres largely contiguous to the company’s existing Signal Peak position in the Permian Basin where Chairman and CEO Jack Hightower said HighPeak began its strategic expansion last August.