• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
The climate news that makes a difference.
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
  FEATURED
BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022 January 31, 2023
Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB January 31, 2023
Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty January 31, 2023
Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds January 31, 2023
Danske Bank Quits New Fossil Fuel Financing January 23, 2023
Next
Prev

Five Colossal Fossils Lose $76 Billion in 2020 as Energy Transition Speeds Up

March 1, 2021
Reading time: 1 minute

Laurent Vincenti/wikimedia commons

Laurent Vincenti/wikimedia commons

10
SHARES
 

Five top colossal fossils—ExxonMobil, BP, Shell, Chevron, and Total—lost a combined US$76 billion last year, almost all of it due to an accelerating transition off fossil fuels, analysts at Rystad Energy reported last month.

The companies’ combined output fell by 900,000 barrels of oil per day, or about 5%, Saudi Gazette reports. But out of the total loss, $69 billion “can be attributed to asset impairments and write-offs as the supermajors re-evaluated their strategy to focus on energy transition and become less dependent on petroleum.”

  • Be among the first to read The Energy Mix Weekender
  • A brand new weekly digest containing exclusive and essential climate stories from around the world.
  • The Weekender:The climate news you need.
New!
Subscribe

ExxonMobil posted the biggest loss, at $22.4 billion, while Shell and BP dropped more than $20 billon each, the news story states. Total and Chevron had a great year by comparison, losing just $5 to $6 billion each.

“Last year has certainly tested oil and gas majors like never before. Some recovery can be expected in the near future as demand rebounds and oil prices cross the $60 mark,” said Rystad upstream analyst Rahul Choudhary. “However, the key to success for the five majors over the next decade will be to strengthen their business in more resilient regions, restructure and resize to match the market needs, and pay back their high debt levels.”

By the end of the year, the five companies had cut spending by $26 billion, or 32%, and their new investments fell $30 billion, or 90%, Rystad found. Exxon and Chevron took on new debt totalling $19 and $18 billion, respectively, prompting the Standard & Poors rating agency to downgrade its assessment of their creditworthiness.



in Climate & Society, Community Climate Finance, Energy / Carbon Pricing & Economics, Fossil Fuels, International Agencies & Studies, Oil & Gas

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

Mike Mozart/Flickr
Ending Emissions

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
12
Gina Dittmer/PublicDomainPictures
Canada

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
8
CONFENIAE
Ending Emissions

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
4

Comments 2

  1. Five Colossal Fossils Lose $76 Billion in 2020 as Energy Transition Speeds Up – The Energy Mix – RGRichardson Interactive says:
    2 years ago

    […] Source: Five Colossal Fossils Lose $76 Billion in 2020 as Energy Transition Speeds Up – The Energy Mix […]

    Reply
  2. Five Colossal Fossils Lose $76 Billion in 2020 as Energy Transition Speeds Up – The Energy Mix – West Coast Muse says:
    2 years ago

    […] Source: Five Colossal Fossils Lose $76 Billion in 2020 as Energy Transition Speeds Up – The Energy Mix […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

RL0919/wikimedia commons

Danske Bank Quits New Fossil Fuel Financing

January 23, 2023
2.3k
Weirton, WV by Jon Dawson/flickr

IRON OXIDE: New Battery Brings Long-Duration Storage to Grids, 750 Jobs to West Virginia

January 30, 2023
580
Joshua Doubek/Wikipedia

No New Jobs Came from Alberta’s $4B ‘Job Creation’ Tax Cut for Big Oil

October 6, 2022
483
United Nations

Salvage of $20B ‘Floating Time Bomb’ Delayed by Rising Cost of Oil Tankers

January 27, 2023
105
@tongbingxue/Twitter

Extreme Warming Ahead Even as Worst-Case Scenarios Grow ‘Obsolete’

January 23, 2023
325
EcoAnalytics

Albertans Want a Just Transition, Despite Premier’s Grumbling

January 23, 2023
291

Recent Posts

Mike Mozart/Flickr

BP Predicts Faster Oil and Gas Decline as Clean Energy Spending Hits $1.1T in 2022

January 31, 2023
12
Gina Dittmer/PublicDomainPictures

Canada Needs Oil and Gas Emissions Cap to Hit 2030 Goal: NZAB

January 31, 2023
8
CONFENIAE

Ecuador’s Amazon Drilling Plan Shows Need for Fossil Non-Proliferation Treaty

January 31, 2023
4
Ken Teegardin www.SeniorLiving.Org/flickr

Virtual Power Plants Hit an ‘Inflection Point’

January 31, 2023
8
/snappy goat

Rainforest Carbon Credits from World’s Biggest Provider are ‘Largely Worthless’, Investigation Finds

January 31, 2023
12
Victorgrigas/wikimedia commons

World Bank Climate Reforms Too ‘Timid and Slow,’ Critics Warn

January 31, 2023
4
Next Post
Julia Kilpatrick, Pembina Institute/flickr

‘Future Belongs to Renewables’ as Norwegian Wealth Fund Blacklists Four Alberta Fossils

The Energy Mix - The climate news you need

Copyright 2023 © Energy Mix Productions Inc. All rights reserved.

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Proudly partnering with…

scf_withtagline
No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}