Shell scores high against backdrop of lower oil & gas prices while ConocoPhillips’ earnings take a hit
Shell scores high against backdrop of lower oil & gas prices while ConocoPhillips’ earnings take a hit - Offshore Energy
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Shell scores high against backdrop of lower oil & gas prices while ConocoPhillips’ earnings take a hit
Two more oil majors – Shell and ConocoPhillips – have joined their peers in posting results for the first quarter of 2023 that were hampered by the downward trend and volatility, which has befallen the oil and gas prices after the elevated levels observed last year during the heights of the global energy crisis. While the UK-headquartered giant still managed to tuck significant profit under its belt, the U.S.-based player appears to have been less fortunate in getting to grips with the downturn, as its earnings have suffered a bigger impact.
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Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
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On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”