It's those kinds of profits, however, that also have politicians in several countries eyeing, or implementing, windfall taxes on oil companies. Last year, Suncor cut its debt by more than $2.5 billion (leaving a balance of $13.6 billion), while giving investors more than $8 billion through dividends and buying back shares. (Kyle Bakx/CBC)įor most oilpatch companies around the world, the financial priorities for the year ahead are unchanged from 2022, as they keep expenses in check, pay down debt and give much of the spare cash to investors. Critics say the industry could use its profits to address environmental liabilities. There are tens of thousands of orphan and inactive oil and gas wells in Canada that are in need of reclamation. World consumption will climb by two million barrels a day, the IEA said, to an average of 101.9 million a day. The organization expects oil consumption to jump in 2023, mainly the result of China's economy revving up as COVID-19 pandemic restrictions are lifted. In total, the global industry's profits last year reached about $4 trillion US, according to the International Energy Agency (IEA), compared with an average of $1.5 trillion in recent years. This week, Canadian oilsands heavyweights Suncor Energy and Cenovus Energy became the latest companies to post exorbitant profit levels, as both Calgary-based firms rode towering oil prices throughout last year. ![]() "As these companies see these profits, there's not a motivation to suddenly go and say, 'Let's go spend a bunch of money here now and potentially not make these profits over the next few years.'" Big money for Big Oil ![]() "I suspect we're going to keep seeing those results going forward," said McCrea, who is based in Calgary. Instead, they are enjoying the jumbo profits - while they last. Analysis BP walks back climate pledges as earnings show 2022 was most profitable year ever for Big Oil
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |