Debt-Laden Oil Majors in Retreat Mode Even as Crude Rallies
- Supermajors deliver disappointing fourth-quarter results
- Industry is cutting investment in future oil production
Photographer: Andrey Rudakov/Bloomberg
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The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives this week laid out deep spending cuts and plans to repay stubbornly-high debt even as crude rallies to the highest in more than a year.
Royal Dutch Shell Plc on Thursday added itself to the growing list of supermajors to post disappointing fourth quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.