Big Oil Recovers, Aided by Higher Prices, Stronger Demand
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SUGAR LAND, TEXAS--May 5, 2021--Written by John Egan for Industrial Info Resources (Sugar Land, Texas)--Big Oil is back. Most of the world's largest integrated super majors reported much stronger financial results compared with the year-earlier quarter. Results were propelled by higher prices and higher demand, though earnings for some were dented by non-recurring events like Winter Storm Uri, which sharply cut into oil and gas production in Texas and Oklahoma in February. Several of these super majors used excess cash to lower debt, increase their dividend or initiate stock buyback programs.
