IOCs put on show of strength in bond markets
Majors have issued bonds and cut expenditure in equal measure, ensuring a buoyant market for their debt
Recent debt issuance by IOCs could be seen as a muscle-flexing exercise as much as a move to bolster balance sheets. Italy’s Eni became the latest company to approve the issue of bonds on 23 April, worth up to $4.3bn, while revealing a 30pc reduction in capex for 2020 and a 30-35pc cut for 2021. The dividend issue was kicked down the road, with the company saying it would provide an update in July. BP, Spain’s Repsol and Shell had already issued bonds in April, with an RBC research note suggesting BP could spend the next 20 months reducing a debt-to-capital ratio that reached 36pc in the first quarter. ExxonMobil and Chevron have eschewed the debt markets so far this year, although the latte
Also in this section
14 March 2025
Gas production slumped to an eight-year low in 2024, but new discoveries and partnership with Cyprus paint a more positive outlook
13 March 2025
Gas will become a more important part of the energy mix longer-term, raising the alarm for much-need investment as supply struggles to keep up with demand
13 March 2025
The spectre of Saudi Arabia’s 2020 market share strategy haunts a suffering OPEC+ as Trump upends the energy world
12 March 2025
Petronas-Eni eyes joint venture to prioritise key gas developments, with huge opportunities for growth in Indonesia and a steady Malaysia portfolio
