What to expect as Big Oil reports second-quarter earnings

Published

4 years ago

July 26, 2021

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An oil pump jack operates at the Inglewood Oil Field in Culver City, California, U.S., on Sunday, July 11, 2021.

Kyle Grillot | Bloomberg | Getty Images

LONDON — Oil and gas majors are likely to report bumper second-quarter earnings in the coming days, energy analysts have told CNBC, following a brutal 12 months by virtually every measure.

The expected upswing would build on a surprisingly strong showing in the first quarter and lend further support to the oil and gas industry’s efforts to pay down debt and reward investors.

“Big Oil” companies, referring to the world’s largest oil and gas majors, still face significant challenges and uncertainties, however.

These include the remarkable success of shareholder activism in recent months, a “tremendous degree” of ongoing investor skepticism and intensifying pressure to massively reduce fossil fuel use in order to meet the demands of the climate emergency.

“Europe’s integrated oil sector already enjoyed surprisingly strong earnings in 1Q, but 2Q is set to show further improvement as commodity prices took another step up,” analysts at Morgan Stanley said in a research note.

International benchmark Brent crude futures rose to an average of $69 a barrel in the second quarter, the Wall Street bank said, up from an average of $61 in the first three months of the year. The oil contract was last seen trading at around $73.57.

Oil companies that ignore climate in their earnings calls will be seen as laggards. Long-term investors will conclude they are financially risky.

Kathy Hipple

Finance professor at Bard College

Analysts at Morgan Stanley noted that energy major share prices continue to be anchored by their dividend distributions. Notwithstanding substantial increases to free cash flow forecasts, the bank said Big Oil dividend expectations remain “rather static.”

“The energy transition confronts investors with much uncertainty, and the sector’s capital allocation track record has been mixed at best over the last decade. Hence, investors are only valuing the cash flow paid to them, with little credit given for cash flow retained within companies,” they said.

“As the dividend outlook has not improved much, and dividend yields in aggregate are already low by historical standards, share prices have trailed the earnings outlook considerably.”

In Europe, Royal Dutch Shell and TotalEnergies will report second-quarter earnings on July 29, with BP scheduled to follow on Aug. 3. Stateside, ExxonMobil and Chevron are expected to publish their latest figures on July 30, while ConocoPhillips will report second-quarter earnings on Aug. 3.

Fuel prices on a sign at a BP gas station in Louisville, Kentucky, on Friday, Jan. 29, 2021.

Luke Sharrett | Bloomberg | Getty Images

Rene Santos, manager for North America supply at S&P Global Platts Analytics, told CNBC via email that he expects second-quarter earnings from U.S.-based energy companies to be “significantly higher” when compared to the same period in 2020.

This is “mainly due to much higher oil prices,” he added. “In addition, the majors, large and mid-cap companies have kept capital discipline and have continued to focus on paying down debt and increasing free cash flow instead of increasing activity [drilling and completion] despite higher oil prices.”

Santos said S&P Global Platts Analytics also foresee an increase in the reporting of ESG activity, noting that it “looks like pressure from environmental groups and fear of more regulations from the current administration is persuading many companies to do more to decrease emissions.”

Growing climate risk

The oil and gas industry was sent into a tailspin last year as the coronavirus pandemic coincided with a historic fuel demand shock, plunging commodity prices, unprecedented write-downs and tens of thousands of job cuts. The torrent of bad news prompted the head of the International Energy Agency to suggest it may come to represent the worst year in the history of oil markets.

Oil prices have since rebounded to multi-year highs and all three of the world’s main forecasting agencies — OPEC, the IEA and the U.S. Energy Information Administration — now expect a demand-led recovery to pick up speed in the second half of 2021.

Clark Williams-Derry, energy finance analyst at IEEFA, a non-profit organization, said he expects oil and gas companies to try to claim a clean bill of health after a bumper second quarter. “That’s the mantra that we will hear,” he told CNBC via telephone.

However, while energy majors will likely have had the opportunity to pay down some debt after generating a significant chunk of cash from their operations, Williams-Derry said that this hides the fact that these companies have not invested much in future production.

Members of the environmental group MilieuDefensie celebrate the verdict of the Dutch environmental organisation’s case against Royal Dutch Shell Plc, outside the Palace of Justice courthouse in The Hague, Netherlands, on Wednesday, May 26, 2021. Shell was ordered by a Dutch court to slash its emissions harder and faster than planned, dealing a blow to the oil giant that could have far reaching consequences for the rest of the global fossil fuel industry.

Peter Boer | Bloomberg | Getty Images

“What I think the market is starting to signal is that it kind of likes when the oil companies shrink and aren’t going all out into new production but they are using the cash that their operations are generating to pay down debt and reward investors.”

Longer term, Williams-Derry warned there’s a “tremendous degree” of investor skepticism about the business models of oil and gas firms, citing the deepening climate crisis and the urgent need to pivot away from fossil fuels.

“We saw earlier in the year signs of a sea change in investor thinking about, frankly, the legal status of some of the supermajors,” he said, referring to a series of landmark courtroom and boardroom defeats for the likes of Royal Dutch Shell, ExxonMobil and Chevron.

“So, even if you are riding high for a quarter or two when prices are high, the reality is still that stock prices are way below the market as a whole and there’s just not the investor enthusiasm for the old business model that I think these companies probably expected to see,” he said.

Energy transition

Kathy Hipple, finance professor at Bard College in New York, told CNBC via email that she believes two key themes are likely to emerge this earnings season: Addressing investor concerns around climate risk and the outlining of new business models to survive a pivot toward renewables.

“Investors are future-oriented and will look past a short-term pop in earnings compared to last year’s dismal second-quarter results,” Hipple said. “They want to see concrete business strategies that acknowledge the energy transition that is gathering speed.”

She argued it was important to note that these earnings will be announced “against a backdrop of climate disasters around the globe,” from extreme heat in the Pacific Northwest to flooding in Europe and China.

“Oil companies that ignore climate in their earnings calls will be seen as laggards. Long-term investors will conclude they are financially risky,” Hipple said.

Environment

Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

Published

3 hours ago

November 21, 2025

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Podcast: Electricity is the base currency, Tesla Robotaxi crashes, new Porsche Cayenne EV, and more

In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss electricity becoming the base currency, Tesla Robotaxi crashes, the new Porsche Cayenne EV, and more.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET:

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Wallbox pushes new wave of EV chargers across the Mountain West

Published

3 hours ago

November 21, 2025

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Wallbox pushes new wave of EV chargers across the Mountain West

Wallbox is ramping up its partnership with distributor Codale Electric Supply to roll out more EV chargers across the Mountain West, a region that’s seeing a rapid escalation of electrification programs and regional highway corridor build-outs.

Codale has become one of Wallbox’s most active distributors over the past two years, helping contractors, developers, and fleet operators procure Wallbox gear while also providing technical support and logistics. Now the two companies are scaling both AC and DC fast charging across Utah, Idaho, Wyoming, and Nevada.

Under the new agreement, Codale will prioritize Wallbox Supernova DC fast chargers and Pulsar Family AC chargers. Codale is already coordinating upgrades of older charging systems and installing new ones across public, commercial, and multifamily sites. Early projects include collaborations with several charge point operators and large commercial portfolios, some of which are rolling out Supernova units in Q4.

The Mountain West has become a hotspot for charging expansion, and Wallbox and Codale say their partnership is designed to keep pace by streamlining installation and improving network reliability.

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Ignasi Alastuey, Wallbox’s chief business officer, said, “This partnership combines Wallbox’s innovation with Codale’s on-the-ground capabilities to rapidly scale charging networks across the Mountain West and set a new benchmark for EV infrastructure growth.”

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Black Friday savings keep growing with up to 80% off EcoFlow power stations, Samsung smart appliances, Autel EV charger/solar cams, more

Published

5 hours ago

November 21, 2025

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Black Friday savings keep growing with up to 80% off EcoFlow power stations, Samsung smart appliances, Autel EV charger/solar cams, more

Following suit from yesterday’s edition, today’s Green Deals are packed with better-than-ever full holiday savings, led by EcoFlow’s next phase of its Black Friday Sale event with up to 80% discounts on backup power solutions, complete with bonus savings, free gifts, and new low prices – all starting from $149 + the phase’s first 48-hour flash sale. There’s also Samsung’s Black Friday appliance sale that can save you hundreds to thousands on smart energy-conscious washer/dryers, refrigerators, ovens, dishwashers, and more – starting from $269, as well as a new low price on Autel’s 50A MaxiCharger AC Lite EV Charging Station at $398 (plus the latest solar-powered security cameras). There’s also Black Friday roundups of DJI equipment, EGO Power+ tools, smart ambient lighting devices, a collection of one-day-only Best Buy deals, like Greenworks’ STEALTH electric mini-bike, and more waiting for you below. And don’t forget about the hangover deals that are collected together at the bottom of the page, like yesterday’s increased Anker SOLIX Black Friday savings, Segway’s new Navimow robotic lawn mower lows + increased Ninebot EV savings, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

EcoFlow launches next Black Friday Sale phase with up to 80% off expanded lineup – starts from $149

EcoFlow has officially switched to its next Black Friday Sale phase of deals with up to 80% discounts, plenty of FREE gifts, bonus savings, and more. Among the new lineup, we spotted EcoFlow’s DELTA Pro Portable Power Station bundled with 2x 220W solar panels and a FREE protective bag at $1,699 shipped, which is not only being exclusively offered direct from the brand, but is also dropping things lower than ever. One thing to note here is that, sadly, the extra savings code isn’t valid on this bundle. It would normally run you $5,199 for everything (including the $99 bag), with the bagless bundle at Amazon keeping lower at a starting rate of $3,999 and only dropping to $1,999 right now. This deal comes in $100 under its previous offer during the brand’s Halloween Sale, giving you a total $2,300 off the going rate ($3,500 off the MSRP) for the best new price that we have tracked anywhere. Be sure to head below to check out the newest phase of full Black Friday deals.

EcoFlow’s DELTA Pro power station is among the most beloved and highly rated backup power solutions from under the brand’s flag, and this solar bundle is quite the setup to grab now that it’s fallen so low in price. Covering away-from-home trips, as well as at-home emergencies, this station starts at a 3,600Wh LiFePO4 capacity that you can expand up to its 25kWh max with further investments. Your devices and appliances can receive up to 3,600W of regular power through the 14 output ports, with it even surging as high as 7,200W for those larger appliances that need more. You’ll be 440W closer to reaching its 1,600W max solar input, thanks to the bundled panels, with additional options for recharging from an AC outlet, as well as your car’s auxiliary port (or by using a compatible alternator charger).

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***Note: EcoFlow is continuing the usage of the promo code 25EFBFAFF at checkout for an extra 5% savings off your cart’s total, with none of the prices below having it factored in. Keep in mind that a number of offers are ineligible to receive the extra savings, but be sure to try it at checkout to ensure you’re getting the best possible savings during EcoFlow’s Black Friday Sale!

EcoFlow’s other direct Black Friday website-only deals/bundles:

RAPID Mag Qi2 10,000mAh 15W magnetic power bank: $55 (Reg. $90)
RAPID Mag Qi2.2 10,000mAh 25W magnetic power bank with built-in cable: $70 (Reg. $100)
DELTA 2 (2,048Wh) with extra battery and 2x 110W panels: $899 (Reg. $2,646)
DELTA 2 Max (2,048Wh) with 2x 220W panels: $1,214 (Reg. $3,197)
DELTA 2 Max (4,096Wh) with extra battery and FREE bag: $1,499 (Reg. $3,298)
DELTA Pro (3,600W) with 2x 220W panels and FREE bag: $1,699 (Reg. $5,199)
DELTA Pro Ultra (6.1kWh) with 2x 400W rigid panels, SMP2, and FREE monitor: $5,999 (Reg. $8,996)
DELTA Pro Ultra X (12.2kWh) power station: $7,999 (Reg. $10,597)
DELTA Pro Ultra X (12.2kWh) with Smart Gateway 200A: $9,999 (Reg. $12,596)
DELTA Pro Ultra X (12.2kWh) with Smart Home Panel 3: $10,899 (Reg. $13,896)

EcoFlow’s best Black Friday Amazon deals:

RIVER 3 (245Wh) with 60W panel: $255 (Reg. $378)
RIVER 2 Pro (768Wh) power station: $299 (Reg. $529)
RIVER 3 Plus (286Wh) with 45W panel: $327 (Reg. $359)
DELTA 2 (1,024Wh) power station: $349 (Reg. $699)
DELTA 3 Classic (1,024Wh) power station: $378 (Reg. $599)
DELTA 3 Classic (1,024Wh) with 200W panel: $529 (Reg. $1,248)
DELTA 2 Max (2,048Wh) with 400W panel: $1,180 (Reg. $1,999)
DELTA 3 Ultra (3,072Wh) with 400W panel: $1,499 (Reg. $3,299)

EcoFlow’s best Black Friday Sale picks:

DELTA 3 Max (2,048Wh) power station: $699 (Reg. $1,499) | matched at Amazon
DELTA Pro (3,600Wh) power station: $1,329 (Reg. $3,699) | matched at Amazon
DELTA Pro 3 (8,192Wh) with extra battery: $3,279 (Reg. $6,298) | matched at Amazon
DELTA Pro Ultra (6.1kWh) power station: $3,799 (Reg. $6,098) | matched at Amazon
DELTA Pro Ultra X (12.2kWh) power station: $7,999 (Reg. $10,597)

EcoFlow’s 1-2kWh Black Friday Sale deals:

DELTA 3 1000 Air (960Wh) power station: $299 (Reg. $499)
DELTA 2 (1,024Wh) with 200W panel: $549 (Reg. $1,648) | matched at Amazon
DELTA 2 (2,048Wh) with extra battery and 2x 110W panels: $899 (Reg. $2,646)
DELTA 2 Max (2,048Wh) power station: $899 (Reg. $1,899) | matched at Amazon
DELTA 3 Plus (2,048Wh) with extra battery: $999 (Reg. $1,448) | matched at Amazon
DELTA 3 Max Plus (2,048Wh) power station: $1,049 (Reg. $1,899) | matched at Amazon
DELTA 2 Max (2,048Wh) with 2x 220W panels: $1,214 (Reg. $3,197)

EcoFlow’s 3-6kWh Black Friday Sale deals:

DELTA 3 Ultra (3,072Wh) power station: $999 (Reg. $2,499) | matched at Amazon
DELTA 3 Ultra Plus (3,072Wh) with DELTA 3 Max Plus extra battery: $1,899 (Reg. $4,298)
DELTA Pro 3 (4,096Wh) power station: $2,099 (Reg. $3,699) | matched at Amazon
DELTA Pro (7,200Wh) with extra battery: $2,349 (Reg. $6,498) | matched at Amazon
DELTA Pro Ultra (6.1kWh) with Smart Home Panel 2: $4,699 (Reg. $7,997) | matched at Amazon
DELTA Pro Ultra (12.2kWh) with extra battery: $5,698 (Reg. $9,397) | matched at Amazon

EcoFlow’s outdoor adventure power deals:

EcoFlow solar panel deals:

EcoFlow’s other add-on accessory deals:

Samsung smart appliance washer and dryer installed in wall with clothes hanging around it

Save thousands for Black Friday on Samsung smart washer/dryers, refrigerators, ovens, and more starting from $269

As part of Samsung’s ongoing Black Friday Sale event, we’re seeing deals that can save you hundreds to thousands of dollars on the smartest home appliance upgrades, including the Bespoke AI All-in-One Ventless Washer/Dryer Combo at $1,999 shipped, which is actually going for $110 less at Best Buy. There’s also the newer Vented Bespoke AI All-in-One Combo at $1,999 shipped, which you won’t find at Best Buy. The ventless model normally fetches $3,299 without discounts ($3,099 for the vented counterpart) direct from the brand, and starts lower at $2,970 at Best Buy, with 2025 having seen it more often down at $2,199 during sales. While we have seen it go lower in the past, especially 2024, you’re otherwise looking at the best prices we have tracked this year, letting you upgrade to a smarter way to do laundry with up to $1,300 savings, or save more by going with Samsung’s open-box option for $1,599 on the washer/dryer’s sale page down on the right-side options.

Alongside the washer/dryer combos above, we’ve curated a full list of Samsung’s best Black Friday appliance deals on other washers, dryers, refrigerators, ovens, dishwashers, and more that you can browse by checking out our original coverage of this sale here.

man uses Autel EV charger with electric vehicle

Autel’s MaxiCharger AC Lite level 2 EV charger grants up to 50A speeds at new $398 Black Friday low (Save $171)

As part of Amazon’s ongoing Black Friday Sale event, Autel’s official storefront is offering its MaxiCharger AC Lite Home 50A Level 2 EV Charging Station for $398.20 shipped, matching the price we’re seeing direct from the brand’s website. Normally going for $569 outside of discounts, we’ve seen this model go as low as $450 in 2025, with today’s deal giving you a total $171 markdown off the full rate that beats out last year’s Black Friday pricing by $1 for a new all-time low.

You can learn more about this higher-powered EV charging solution by checking out our original coverage of this deal here. You can also find the brand’s latest solar-powered 2-cam and 4-cam Outdoor Wireless Security Camera kits that sport some unique features and currently start from $249.

DJI Power 2000 power station in living room in front of couch with sleeping man

Govee Matter Outdoor Lamp Post illuminating yard

Best Fall EV deals!

Velotric Nomad 2X e-bike (camo) with DELTA 3 Plus station: $3,048 (Reg. $3,298)
Velotric Nomad 2X e-bike (sage or fig) with DELTA 3 Plus station: $2,948 (Reg. $3,298)
Velotric Nomad 2X Multi-Terrain Full Suspension e-bike w/ $96 bundle: $2,299 (Reg. $2,399)
Heybike Hero 750W Mid-Drive Carbon-Fiber All-Terrain e-bike: $2,299 (Reg. $3,099)
Rad Power Radster Road Commuter e-bike: $1,999 (Reg. $2,199)
Rad Power Radster Trail Off-Road e-bike: $1,999 (Reg. $2,199)
Lectric XPedition 2.0 35Ah Cargo e-bike w/ $893 bundle: $1,999 (Reg. $2,761)
Ride1Up TrailRush German Mid-Drive e-bike (first discount): $1,995 (Reg. $2,095)
Heybike Hero 1,000W Carbon-Fiber All-Terrain e-bike: $1,899 (Reg. $2,599)
Tenways Wayfarer e-bike with $277 bundle (launch deal): $1,899 (Reg. $2,199)
Velotric Fold 1 Plus e-bike (gray or white) with DELTA 2 station: $1,898 (Reg. $2,198)
Velotric Fold 1 Plus e-bike (mango or blue) with DELTA 2 station: $1,828 (Reg. $2,198)
Velotric Summit 1 Versatile Multi-Terrain e-bike with $160 bundle: $1,799 (Reg. $1,999)
Aventon Aventure 3 Smart All-Terrain e-bike (first discount): $1,799 (Reg. $1,999)
Aventon Aventure 3 Smart Step-Through All-Terrain e-bike (first discount): $1,799 (Reg. $1,999)
Lectric XP Trike2 750 Long-Range eTrike with $558 bundle: $1,799 (Reg. $2,357)
Rad Power RadExpand 5 Plus Folding e-bike (lowest price): $1,699 (Reg. $1,899)
Lectric XPedition 2.0 26Ah Cargo e-bike w/ $744 bundle: $1,799 (Reg. $2,543)
Aventon Level 3 Step-Over Smart Commuter e-bike (first discount): $1,699 (Reg. $1,899)
Aventon Level 3 Step-Through Smart Commuter e-bike (first discount): $1,699 (Reg. $1,899)
Lectric XPeak 2.0 Long-Range Off-Road e-bike with $583 bundle: $1,699 (Reg. $2,282)
Rad Power RadWagon 4 Cargo e-bike with extra battery: $1,599 (Reg. $1,799)
Aventon Abound Cargo e-bike: $1,599 (Reg. $1,999)
Ride1Up VORSA Modular Multi-Use e-bike: $1,595 (Reg. $1,695)
Rad Power RadRunner Cargo Utility e-bike with extra battery: $1,499 (No pirce cut)
Lectric XPeak 2.0 Standard Off-Road e-bike with $434 bundle: $1,499 (Reg. $1,933)
Lectric XP Trike2 with $257 bundle: $1,499 (Reg. $1,756)
Rad Power RadWagon 4 Cargo e-bike: $1,499 (Reg. $1,799)
Aventon Aventure 2 All-Terrain e-bike: $1,499 (Reg. $1,999)
Lectric XPedition 2.0 13Ah Cargo e-bike with $346 bundle: $1,399 (Reg. $1,745)
Aventon Level 2 Commuter e-bike: $1,499 (Reg. $1,899)
Rad Power RadRover 6 Plus Step-Thru Fat Tire e-bike: $1,399 (Reg. $1,599)
Heybike ALPHA All-Terrain e-bike with $266 bundle: $1,299 (Reg. $1,699)
Lectric XPress 750 Commuter e-bikes with $439 bundle: $1,299 (Reg. $1,703)
Lectric XP4 750 LR Folding Utility e-bikes with up to $514 bundle: $1,299 (Reg. $1,813)
Heybike Hauler Dual-Battery Cargo e-bike (new low): $1,299 (Reg. $1,899)
Rad Power RadWagon 4 Cargo e-bike: $1,299 (Reg. $1,799)
Heybike Mars 2.0 Folding Fat-Tire e-bike with extra battery: $1,199 (Reg. $1,848)
Lectric XP Lite 2.0 JW Black LR e-bike with $449 bundle: $1,099 (Reg. $1,548)
Heybike Hauler Dual-Battery Cargo e-bike with $89+ bundle: $1,099 (Reg. $1,413)
Lectric XP4 Standard Folding Utility e-bikes with $326 bundle: $999 (Reg. $1,325)
Lectric XP Lite 2.0 Long-Range e-bikes with $449 bundles: $999 (Reg. $1,448)
Heybike Mars 2.0 Folding Fat-Tire e-bike with Black Friday gift: $999 (Reg. $1,499)
Heybike Ranger S Folding Fat-Tire e-bike with Black Friday gift: $999 (Reg. $1,499)

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.