“I will say that a lot of the performance of the company today, but also in the future, will depend on the macro environment that we will be enjoying or suffering as the case may be, ” said Ben van Beurden, (pic) chief executive officer of Shell.
LONDON: It was Andrew Swiger, the chief financial officer at Exxon Mobil Corp, who summarised 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 to as much as they can.
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