bigoil
British oil giant Shell reported a net profit of $6.3bn (€5.8bn) in the second quarter, surpassing analysts' expectations of $5.9bn (€5.5bn). This performance was driven by strong oil and gas prices, partially offset by lowered refinery margins. The figure represents a 25% growth from the same quarter last year but a sequential decline of 19%. Despite the positive earnings, Shell’s shares erased early gains and finished 0.5% lower on Thursday. Amid the strong results, the company announced a further $3.5bn (€3.2bn) share buyback programme for the next three months. CEO Wael Sawan said: "Shell ...
Euronews (English)
BP has reported an underlying replacement cost (RC) profit of $2.8 billion (€2.6 bn) for the second quarter, beating forecasts of $2.6bn (€2.4bn), thanks to high oil and gas prices that offset significantly reduced refining margins. The profit represented a 4% sequential increase from $2.7bn (€2.5bn) in the March quarter. The British oil giant raised its dividend by 10% to 8 US cents (€0.07) per share from 7.27 US cents, and extended the previously announced $3.5 billion (€3.2bn) share buyback programme. This brings the total investor returns to $7bn (€6.4bn) for 2024. BP shares initially rose...
Euronews (English)
The future of the oil and gas industry in the UK has been dealt another blow, following an historic ruling by the Supreme Court, which ruled that when assessing and approving new drilling sites, emissions from burning fossil fuels must be taken into account. It is the latest development in a case brought by Sarah Finch who challenged a local council's decision to allow the expansion of a site at Horse Hill in Surrey in 2019. Ms Finch was acting on behalf of the Weald Action Group, an environmental group in south east England campaigning against onshore oil and gas. The group mostly targets com...
Euronews (English)
UN Secretary-General António Guterres has called for advertising agencies and PR companies to stop working with fossil fuel companies. “Many in the fossil fuel industry have shamelessly greenwashed, even as they have sought to delay climate action – with lobbying, legal threats, and massive ad campaigns,” he said. “They have been aided and abetted by advertising and PR companies – Mad Men fuelling the madness.” During a speech to mark World Environment Day in New York on Wednesday, Guterres declared that fossil fuel advertising should be banned in the same way that tobacco ads were banned beca...
Euronews (English)
Companies would be largely free to rely on carbon offsetting to back up their claims to be climate friendly, under a leaked draft inter-governmental position on a European anti-greenwashing directive, sparking criticism that one set of standards might apply to companies and another to the products and services they sell. In an updated compromise text, dated 22 May and seen by Euronews, Belgium has made what may be its final attempt to forge an inter-governmental position on a proposed Green Claims Directive before it hands over the rotating presidency of the EU Council to Hungary in July. A ke...
Euronews (English)
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