Bloomberg: Exxon, Chevron, BP, Shell, and TotalEnergies produced 11.6 million barrels of oil equivalent daily during the second quarter.
This was the lowest production rate for the big five in at least 15 years and a fifth lower than their 2010 production rate.Join Our Community
Once again, the supermajors and the large independents were betting on shareholder returns over production growth, sticking to their new, post-pandemic, mid-transition approach. The conclusion in the above report might seem confusing given Bloomberg’s copious reporting on climate change and the success of the energy transition. Yet facts are that oil and gas are still consumed on a massive scale globally. And if less oil and gas is being produced, that’s bad news for pretty much everyone.In fairness, BP and Shell have both made a sort of a U-turn on their net-zero commitments this year.
BP’s Bernard Looney made a similar statement in February when the company reported record profits for 2022, boosted by the oil and gas price shocks. At the presentation of these results Looney Given Looney’s previous exclusive focus on growing in areas like wind, solar, and EV charging and scaling back BP’s core business to embrace the energy transition, the revised target marks a significant departure from previous priorities.
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