CNBC
Big Oil’s bid to lure back investors with cash could ultimately fail
… a ‘death knell’ for fossil fuels
Sam Meredith: PUBLISHED WED, AUG 18 2021 1:23 AM EDT
LONDON — The world’s largest oil and gas majors are seeking to lure back investors by returning more cash to shareholders. Market participants, particularly those looking to the long term, remain highly skeptical.
It comes at a time when oil and gas companies are raking in their highest profits since the onset of the coronavirus pandemic amid a sustained period of stronger commodity prices.
In Europe… the U.K.’s BP, France’s TotalEnergies, Norway’s Equinor, Italy’s Eni and Anglo-Dutch oil giant Royal Dutch Shell all announced share buyback programs or increased dividend payouts — or both.
Energy majors are typically still overwhelmingly reliant on oil and gas revenues for their earnings — a concept that is irreconcilable to the demands of the climate emergency.
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