Environment

Shell said last month that windfall taxes imposed by the European Union and U.K. following the surge in profits would cost the group about $2 billion. Paul Ellis | Afp | Getty Images British oil giant Shell on Thursday posted its highest-ever annual profit, bolstered by soaring fossil fuel prices and robust demand since Russia’s

Residents fetch water from a well contaminated by oil pollution at Ogale Town, Eleme in southeast Nigeria, on June 13, 2015. Afp Contributor | Afp | Getty Images Over 13,000 residents from two Nigerian communities are seeking damages from Shell in the High Court in London, calling for the energy giant to clean up residual

In the race to find cleaner fuels, the heavy duty transportation sector is woefully behind because batteries don’t have enough juice to power trucks and ships. Enter ammonia. New technology and new companies are working on turning ammonia into hydrogen to power tractors, trucks and even ships. The heavy duty trucking industry alone accounts for

In this article XOM CVX Follow your favorite stocksCREATE FREE ACCOUNT If you want a quick outlook on whether U.S. gas prices are likely to return to pre-Covid levels, a good place to start is earnings reports from Chevron and Exxon in the last week. The outlook: Don’t count on it. In their fourth-quarter earnings

Norway’s sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country’s oil and gas sector. Bloomberg | Bloomberg | Getty Images Norway’s sovereign wealth fund on Tuesday reported a record loss of 1.64 trillion Norwegian kroner ($164 billion) for the whole of 2022, citing “very unusual” market conditions. The

A maze of crude oil pipe and equipment is seen with the American and Texas flags flying in the background at the Strategic Petroleum Reserve in Freeport, Texas. Richard Carson | Reuters WASHINGTON — The U.S. House of Representatives passed a bill Friday aimed at limiting the president’s ability to draw down the nation’s Strategic

U.S. President Joe Biden has previously singled out Exxon Mobil for making “more money than God” last year. Brandon Bell | Getty Images Some of the world’s largest oil and gas companies are poised to report record annual profits, raking in extraordinary revenues following a year of volatile fossil fuel prices amid Russia’s onslaught in

President Joe Biden cheered the news of higher than expected GDP growth and slammed Republican plans to impose a national sales tax in a speech Thursday at a steamfitters union hall in Springfield, Va., his first major economic speech of the new year. “I’m not sure the news could have been any better – economic

Norway is making more money from oil and gas exports than ever. Ole Berg-rusten | Afp | Getty Images Norway’s skyrocketing oil and gas wealth is expected to climb to new heights this year, boosted by higher fossil fuel prices in the wake of Russia’s nearly year-long onslaught in Ukraine. The ballooning petroleum profits of

In this article CVX Follow your favorite stocksCREATE FREE ACCOUNT Chevron last month reported its second-highest quarterly profit ever. Justin Sullivan | Getty Images News | Getty Images Energy giant Chevron announced a $75 billion stock buyback program and a dividend hike on Wednesday evening. Shares of Chevron were up more than 2% in extended

Oil-field-services firm Halliburton (HAL) reported better-than-expected fourth-quarter results Tuesday, bolstering the Club’s long-term investment case in the energy stock. Total revenue climbed by 30.5% year-over-year, to $5.58 billion, largely in line with analysts’ forecasts. Earnings-per-share (EPS) doubled on an annual basis, to 72 cents a share, ahead of expectations for EPS of 67 cents a

The sun rises over frost-covered houses in December 2022 in London, England. Cold weather has returned in January, causing the U.K. power supplier to offer financial incentives for households to cut use at peak times. Leon Neal | Getty Images News | Getty Images LONDON — More than a million British households and businesses are

The CEO of Ukrainian state energy giant Naftogaz said the company is working toward resolving its debt default problems quickly. Oleksiy Chernyshov told CNBC’s Hadley Gamble at the World Economic Forum in Davos on Tuesday that he is in the final stages of getting the company back on track. “By the end of this month,

U.N. Secretary-General Antonio Guterres said that without further action, humanity was on course for a global temperature increase of 2.8 degrees Ceslius. Sean Gallup | Getty Images News | Getty Images U.N. Secretary-General Antonio Guterres on Wednesday condemned fossil fuel giants for ignoring their own climate science, accusing the oil and gas industry of seeking

Just weeks before crypto lender Genesis filed for bankruptcy, three former employees of the company claimed they had secured millions of dollars for a new crypto hedge fund, according to correspondence viewed by CNBC. Matt Ballensweig, who left Genesis in September after more than five years at the firm, sent a message to a prospective

The chief of the world’s largest oil company is worried about global crude supplies. Current market dynamics — such as China’s slowdown and an aviation sector that is still recovering from the Covid-19 pandemic — have kept demand relatively subdued, but that is set to change soon. Saudi Aramco CEO Amin Nasser fears the world