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The invasion of Ukraine forced the global supermajors to sever most of their ties with Moscow, while also sending oil and gas prices soaring.
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by Bloomberg
|Thursday, February 04, 2021
Big Oil earnings show an industry still living beyond its means, Bloomberg asserts.
(Bloomberg) Big Oil has spent a year in survival mode taking an ax to spending and cutting dividends. But even after a rally in crude prices the industry is still living beyond its means.
On Thursday, Royal Dutch Shell Plc added itself to the growing list of supermajors to post a disappointing set of fourth quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.
The earnings came as an unpleasant surprise to a market that had been expecting a tailwind after crude recovered from last year’s historic lows. But with Covid-19 lockdowns in countries around the world still depressing fuel sales and refining margins, the industry’s finances remain fragile.