NEW YORK, Oct 30 — Profits at ExxonMobil and Chevron rebounded in the third quarter on strengthening oil and natural gas prices, according to results released yesterday that underscored the industry’s improved financial position compared with the darkest days of the pandemic. After US oil...
NEW YORK, Oct 30 — Profits at ExxonMobil and Chevron rebounded in the third quarter on strengthening oil and natural gas prices, according to results released yesterday that underscored the industry’s improved financial position compared with the darkest days of the pandemic.
The latest surge in oil and gas prices comes as the industry faces increased pressures from investors to build up low-carbon businesses amid rising worries over climate change. But the company maintained its outlook for overall capital investment of between US$20 to US$25 billion annually. Woods and Chevron Chief Executive Mike Wirth participated Thursday in a six-hour congressional hearing in which Democrats grilled industry leaders over their record on climate change, with some lawmakers arguing against further petroleum investment.
In recent years, mainstream investors have also been skeptical of heavy capital spending in conventional areas like oil and gas drilling and production, a stance that hardened when commodity prices slumped during the pandemic.The current natural gas supply crunch in Europe is the result, in part, of underinvestment, according to Woods.
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