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Inflation Reduction Act’s tax credits include technologies favoured by fossil fuel sector
Netherlands says it will end extraction at Groningen this year despite pressure from EU states
New division will be aimed at ‘driving commercial intensity’ for US oil and gas company
Profit growth was already starting to decelerate in the fourth quarter
Also in today’s newsletter, scepticism surrounds a new discovery of rare earths
Results show scale of windfall from high oil prices following invasion of Ukraine
Five western supermajors forecast to earn $150bn in 2023, down by a quarter from record year
The conglomerate’s research on climate change was much more accurate than its public messaging
Record haul during Ukraine war marks reversal of fortunes after pandemic demand crash
Supermajor says Brussels exceeded legal authority by imposing levy set to raise up to €25bn
Investors have flocked to Big Oil this year while fleeing Elon Musk’s electric-car maker
Shareholder resolutions filed calling on companies to cut emissions more aggressively
The boom-to-bust nature of the energy industry means high prices come and go
US group also expects to increase capital spending but at lower levels than forecast pre-pandemic
Shares of BP and Shell trade at sharp discounts to American peers after energy commodity rally
ExxonMobil and Chevron invest less than before pandemic in face of peak demand and Wall Street pressure
Higher oil production and natural gas prices lead to windfalls
Chief executive dismisses calls for US windfall tax, saying dividends flow to ‘the American people’
US oil supermajor may seek billions of dollars in court over loss of Sakhalin-1
Transactions by producers including EQT could drive further consolidation in fractured shale industry
ExxonMobil is countering Vladimir Putin’s decree barring companies from selling stakes
US supermajor issues ‘notice of difference’ to Moscow as it seeks to exit Sakhalin-1 oil project
Sudden reversal comes just three days after president approves sale of the oil company’s Niger Delta business
Seplat Energy will acquire four oilfields as big international groups withdraw from region
While this could well be a high point for Big Oil, it does not mean the good times are going to dry up anytime soon
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