#Oil Co’s Cash from operations in 3Q21 totaled $157 billion, highest for any quarter in last 5 years (2017–21)

Primarily as a result of higher oil prices, the 87 companies analyzed suffered Net losses from hedging derivatives were $11 billion in 3Q21, totaling almost $30 billion in the first three quarters of 2021.

EIA Financial Review: Third-Quarter 2021

Release date: December 29, 2021
Next release date: March 2022

Key findings

• Brent crude oil daily average prices were 69% higher in 3Q21 than in 3Q20 and averaged $73 per barrel.
• In this study of 87 companies, the combined petroleum liquids production level increased 1% in 3Q21 from 3Q20, and natural gas production increased 4% during the same period.
• Cash from operations in 3Q21 totaled $157 billion, the highest for any quarter in the 2017–21 period, primarily as a result of higher oil prices.
• Net losses from hedging derivatives were $11 billion in 3Q21, totaling almost $30 billion in the first three quarters of 2021.

See the whole analysis from the EIA here: https://www.eia.gov/finance/review
See full report

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#Trafigura chief asks Where’s the #Gas? Where’s the #Oil?

Europe is not storing enough gas to get it through a cold winter, leading Trafigura chief to warn of rolling power outages in Europe this winter. 

As for Oil, "We are not seeing the replacement of reserves. Oil has gone from a 15-year reserve life to a 10-year reserve life in a short period of time," he said.

See the full article on the Financial Times here:  https://on.ft.com/3HCuemX

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#GreenEnergy’s First Big #Energy Shock

The Transition to #Renewables' Bumpy Road Ahead

Since May the price of a basket of oil, coal and gas has soared by 95%. 

- Britain, host of the COP26 summit, has turned its coal-fired power stations back on

- Vladimir Putin just reminded Europe that its supply of fuel relies on Russian goodwill.

- US Gas prices have hit $3 a gallon

-  Blackouts have engulfed China and India.