Royal Dutch Shell and BP have lost over half of their market value so far this year, with both shares hitting 25-year lows this week…
Big Oil shares capitulate to COVID, lower carbon doubts
By Ron Bousso: OCTOBER 2, 2020
LONDON (Reuters) – Royal Dutch Shell
RDSa.L and BP
BP.L have lost over half of their market value so far this year, with both shares hitting 25-year lows this week, battered by weak oil prices and investor concerns over their plans to shift to low-carbon energy.
Exxon Mobil, the largest U.S. oil company, which is set to report its third straight quarterly loss at the end of this month, has seen its shares dive 52% since the start of the year.
Oil companies are squeezed by a steep drop in oil prices due to the COVID-19 pandemic combined with growing investor pressure to align their businesses with the 2015 Paris agreement to limit global warming. read more
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