Are Big Oil companies prepared for a prolonged market downturn?

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Financial Times 20h ago

Are Big Oil companies prepared for a prolonged market downturn? - Financial Times

Quick Summary:

Some also seized opportunities, such as Shell’s 2015 takeover of BG Group and Chevron’s acquisition of Noble Energy in 2020.“We’re better positioned than others to respond to market challenges and, in fact, take advantage of the opportunities they present,” noted Woods of Exxon.

Shell added that it had not, so far, changed its spending plans.“We’re not asking our businesses to stop on projects,” Sinead Gorman, chief financial officer, said on the company’s earning call.

We pressure-test our plans and the financial outcomes with scenarios that are more severe than our Covid experience,” Woods said, referring to the 2020 slump that accompanied the pandemic.“No other international oil company even comes close.