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On Friday, as ExxonMobil announced its first loss in more than three decades, CEO Darren Woods expressed a determined confidence that the NARUTO SHIPPUDEN SASUKE SAGE Cover iPhone 6 / 6S Plus global energy sector would soon see a cover s9 calamita, HAUNTED MANSION Cover Samsung Galaxy S9 return to the natural order of China 3 in 1 Protect Mobile Phone Cover Cell Phone Case for iPhone things.

”I know there are a lot of different views OAKLAND RAIDERS DEREK CARR Cover iPhone 6 / 6S Plus of what the future holds, but I want to SNOOPY PEANUTS Cover iPhone 6 / 6S Plus be clear about how we see it,” he said. ”The GRATEFUL DEAD BONES AND ROSES Cover iPhone 6 / 6S Plus long term fundamentals that drive our business have not changed.”

His certainly rests on an estimated boom in Magnetico pelle Portafoglio Custodia Slot Scheda Flip Cover per the MARIMEKKO Cover iPhone 6 / 6S Plus OEM Compatibile – Cover Iphone 7 Custodia Full Body Nero In Gomma global population over the next twenty years, and with it, the arrival of billions into CELLY Custodia a portafoglio con cover staccabile per iPHONE 5/5S the middle class, where cover s9 ronaldo, HONDA CIVIC SI EMBLEM Cover Samsung Galaxy S9 a larger appetite for silicone cover s9, KAKASHI NARUTO 3 Cover Samsung Galaxy S9 energy will reflect their changed lifestyles. Economies, Woods said, unieuro cover s9, GREEN LANTERN DC Cover Samsung Galaxy S9 would once again grow.

”Of course, there are likely to KAKASHI NARUTO FACE Cover iPhone 6 / 6S Plus be some bumps in the road in the short term,” he said.

For the world’s energy companies, those bumps already look like they will be historically large. They may also, according to Woods’ fellow energy company CEOs, not be particularly short.

That figure, which reflects only up to March 31, is likely to be just a flicker of what is to come in the second quarter. and Iran, which pushed the Brent future price to a multi month high of $68.90/barrel and only the leading edge of a plunge that briefly pushed the WTI oil futures contract into deep negative territory in late April.

Woods’ optimism was tempered by acknowledgements of dramatic production OAKLAND RAIDERS BRALEY Cover iPhone 6 / 6S Plus cuts and efforts to preserve cash across the business, which operates in 45 countries around the ROMERO BRITTO LOVE 2 Cover iPhone 6 / 6S Plus world. Analyst estimates predict oil demand will fall between 4 cover s9 calamita, HUF MARIJUANA Cover Samsung Galaxy S9 and 12 million barrels per day, Woods said Exxon’s own forecast expects the fall to be on the ”higher end” of the range.

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The company’s own cuts to its production will TARIK COHEN CHICAGO BEARS Cover iPhone 6 / 6S Plus take MAGPULL SILVER LOGO Cover iPhone 6 / 6S Plus 400,000 b/d off unieuro cover s9, KATE SPADE GREEN STRIPE Cover Samsung Galaxy S9 the market, as the industry as a whole has grappled with not just low prices, but dwindling options for where to store excess oil; Woods also reiterated the company would cut spending by $10 billion this year, saying it would be a summer.

He also defended the company’s decision to continue issuing its dividend. Facing a question about whether protective standing cover s9, HAMMER OF THOR Cover Samsung Galaxy S9 the decision by Shell earlier this week to eliminate its dividend for the first time since World War II following the lead set by Norway’s Equinor gave other companies ”cover” to make the same cut, Woods Vakoo PU-Pelle Cover Heat Dissipation Protective Iphone 7 6 6S Plus 6 7 Cool Back Cover per iPhone 6S Cover per iPhone 6 balked.

”I don’t really look to what Shell is doing to decide our investment policy, frankly.”

The new normal

Friday marked an end to what has already DARK SOULS ARTORIAS 3 Cover iPhone 6 / 6S Plus been a bruising earnings season for the world’s largest oil companies. While Exxon’s outright loss stood out among the largest publicly traded oil companies, hits to profit at other major companies were also stark: Shell profits dropped 46%; BP’s about 66%. Only Chevron bucked the trend, with profits rising 38% year on year, on the back of sales of assets in the Philippines and Azerbaijan.

But cuts to production and spending were widespread across the industry, reflecting stark takeaways: global lockdowns mean demand for oil has largely evaporated, even as production has, until USA PATRIOTIC EAGLE FLAG 2 Cover iPhone 6 / 6S Plus very recently, continued to grow. shale sector, rose by 56% year on year.

The long term repercussions, multiple executives said, were still unclear. Cuts to production and exploration will likely have long term implications for output worldwide, as the last price rout in 2014 did. That is expected to hit smaller companies far harder than energy giants, which have deep pockets and supply chains that stretch up and down the length of the world’s energy markets. Indeed, the independent shale sector entered the crisis heavily leveraged and vulnerable: the first major bankruptcy announcement was on April 1.

READ Migrants, refugees are the human price of coronavirus politics, mavens say

But unlike 2014, there are also now questions of whether global oil production truly can or even should return BATMAN MIDDLE FINGER Cover iPhone 6 / 6S Plus to its pre pandemic heights.

In Shell’s unieuro cover s9 , KATE SPADE SWAN Cover Samsung Galaxy S9 earnings call, CEO Ben van Beurden warned that ”there will be changes, after the pandemic, and that the company must be he added that it was ”hard to say” Recensione: TERYEI CUSTODIA IPHONE 7 COVER IPHONE7 ULTRA whether demand would ever go back to Pressed Real Flower iPhone 7 Plus Case Clear iPhone 7 Cover iPhone where it was, but conceded that the likelihood that oil would peak this decade had gone up.

On Tuesday, BP’s CEO Bernard Looney said in an interview with the Wall Street Journal that ”the pandemic only adds to the challenge of oil in the future,” and said that the extreme behavioral changes caused by the pandemic could persist after it ends.

”Therefore the question has to be, will consumers consume less and silicone cover s9, J COLE WENT PLATINUM Cover Samsung Galaxy S9 I think there’s a real possibility of that,” Looney said.

A different future

There is another important, cover s9 Top 10 Best Apple iPhone 7 Cases And Covers sito, JEEP A LOT Cover Samsung Galaxy S9 and growing divide, between the world largest public oil companies. BP and Shell are facing a different future than they were a few months ago, regardless of global lockdowns: this year, BOSTON BRUINS 2 Cover iPhone 6 / 6S Plus both committed to a target of ”net zero” emissions by 2050, a goal that will require both to dramatically black rock cover s9, JOHN DEERE CAMO Cover Samsung Galaxy S9 alter the very core of their Chicago Cubs Mlb Icon Cover iPhone 6 / 6S Plus businesses. Exxon has made no such commitment.

But even beyond energy companies, there is the question of whether a return to normality is an option, or whether the pandemic will have permanently altered our lives and societies.

On Thursday, the CEO of Delta Air, Ed Bastian, told Fortune that the aviation industry may never be like it once was, noting that ”I’m not sure you are going to see travel at scale the way we have come to know in our industry.”

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Woods, for his part, pointed to signs that demand from China is already starting to occur as the country opens up. The desire to become more prosperous is simply human nature, he pointed out and with that desire, demand for energy black rock cover s9, INFINITI 2 Cover Samsung Galaxy S9 will inevitably rise….

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