By , The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9 billion.The new measures combined with cuts in capital spending and planned cost reductions announced last month could save Shell almost $30 billion this year to help it weather the crisis and prepare for the transition to low-carbon energy.“We are living through a crisis of uncertainty,” Chief Executive Officer Ben van Beurden said. “If we had not cut the dividend ... we would have been...…By , The Anglo-Dutch energy company also suspended share buybacks and said it would reduce oil and gas output by about a quarter after its net profit almost halved in the first three months of 2020 to $2.9 billion.The new measures combined with cuts in capital spending and planned cost reductions announced last month could save Shell almost $30 billion this year to help it weather the crisis and prepare for the transition to low-carbon energy.“We are living through a crisis of uncertainty,” Chief Executive Officer Ben van Beurden said. “If we had not cut the dividend ... we would have been...WW…

By NEW YORK (Reuters) - Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal.Slideshow It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand.Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier.Brent...…By NEW YORK (Reuters) - Oil prices rose more than 4% on Friday on worries global supplies of crude and refined products could be disrupted for weeks as workers try to dislodge a giant container ship blocking the Suez Canal.Slideshow It was a rebound from a sharp decline the previous session on concerns that fresh coronavirus lockdowns in Europe would hurt demand.Brent crude rose $2.62, or 4.2%, to settle at $64.57 a barrel, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude gained $2.41, or 4.1%, to settle at $60.97 a barrel, having tumbled 4.3% a day earlier.Brent...WW…

By , LONDON (Reuters) - BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions.Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a greener future remained on track. It is aiming to ramp up renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while slashing oil output to reduce greenhouse gas emissions.Capital expenditure is set to rise to $13 billion this year, of...…By , LONDON (Reuters) - BP plunged to a $5.7 billion loss last year, its first in a decade, as the pandemic took a heavy toll on oil demand, and the energy company warned of a tough start to 2021 amid widespread travel restrictions.Despite the weak environment, however, CEO Bernard Looney told Reuters the company’s transition to a greener future remained on track. It is aiming to ramp up renewable power generation to 50 gigawatts (GW) by 2030 from 3.3 GW currently, while slashing oil output to reduce greenhouse gas emissions.Capital expenditure is set to rise to $13 billion this year, of...WW…

By LONDON (Reuters) - Last fall, European Space Agency satellites detected huge plumes of the invisible planet-warming gas methane leaking from the Yamal pipeline that carries natural gas from Siberia to Europe.Energy consultancy Kayrros estimated one leak was spewing out 93 tonnes of methane every hour, meaning the daily emissions from the leakage were equivalent to the amount of carbon dioxide pumped out in a year by 15,000 cars in the United States.The find, which has not been reported, is part of a growing effort by companies, academics and some energy producers to use space-age...…By LONDON (Reuters) - Last fall, European Space Agency satellites detected huge plumes of the invisible planet-warming gas methane leaking from the Yamal pipeline that carries natural gas from Siberia to Europe.Energy consultancy Kayrros estimated one leak was spewing out 93 tonnes of methane every hour, meaning the daily emissions from the leakage were equivalent to the amount of carbon dioxide pumped out in a year by 15,000 cars in the United States.The find, which has not been reported, is part of a growing effort by companies, academics and some energy producers to use space-age...WW…