With No Cuts Left to Make, Big Oil Sits and Waits for a Recovery

Posted on AllSides October 30th, 2020
From The Left
ANALYSIS

It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp., who summarized the attitude of the whole industry after Big Oil ended reporting another dismal set of quarterly earnings: “Prices will have to rise.”

After months of low oil and gas prices driven by weak demand, the world’s largest international oil companies have largely exhausted their financial defenses, leaving little room to maneuver if they’re dealt further blows. Exxon Mobil Corp., Chevron Corp., Royal Dutch Shell Plc, Total SE and BP Plc have already reduced 2021 spending probably...

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https://www.bloomberg.com/news/articles/2020-10-31/with-no-cuts-left-to-make-big-oil-sits-and-waits-for-a-recovery

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