The energy supermajors are about to release dismal quarterly reports as low oil prices are compounded by refining losses
For the first time since the West’s five energy supermajors were created in the early 2000s, all of them are set to post a quarterly loss. Once a money-making machine, Big Oil is now relying on ever-increasing amounts of debt, raising the pressure on highly prized dividends. BP Plc may cut its payout for the first time since the Deepwater Horizon disaster a decade ago. Nick Note: demand is not returning and they can rev up the spin machine but it does not change the facts we are going back into lockdowns.