{"id":556943,"date":"2021-10-31T13:37:40","date_gmt":"2021-10-31T13:37:40","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/big-oil-stuck-between-dividend-payouts-and-capex-spending-employees-arent-tempted-by-higher-wages\/"},"modified":"2021-10-31T13:37:40","modified_gmt":"2021-10-31T13:37:40","slug":"big-oil-stuck-between-dividend-payouts-and-capex-spending-employees-arent-tempted-by-higher-wages","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/big-oil-stuck-between-dividend-payouts-and-capex-spending-employees-arent-tempted-by-higher-wages\/","title":{"rendered":"Big Oil stuck between dividend payouts and capex spending + Employees aren\u2019t tempted by higher wages"},"content":{"rendered":"

<\/a> Big Oil isn\u2019t too big on capex spending \u2014 even amid the spiraling energy crisis:<\/strong> Oil majors Exxon Mobil, Royal Dutch Shell, and Chevron are funneling their excess liquidity into share buybacks and dividend payouts next year, rather than ramping up supplies, Bloomberg<\/a>reports. Wary of repeating the early-2010s scenario, when fossil fuel shortages prompted a massive boom in capital spending that led to a lack of cost control and surplus in production, oil players are slashing capital spending to 20-30% of pre-covid levels.<\/p>\n

The move towards renewables and the Paris Agreement\u2019s pledge to <\/strong>slash<\/a><\/strong> greenhouse<\/strong> gas emissions puts further pressure on the companies<\/strong>, who are \u201cstuck between two extreme populations \u2014 the ESG crowd and cashflow hungry shareholders,\u201d one analyst told Bloomberg. Exxon will devote 15% of its budget to low-carbon investments, while Shell is devoting less than half of its budget to oil, directing the bulk towards gas, renewables and power.<\/p>\n

\n

The supply chain crunch is causing staffing shortages and more costly wages <\/strong>as<\/strong> the US labor<\/strong> market tightens<\/strong>, the Financial Times<\/a> reports. Employers in all sectors are struggling to meet rising consumer demand as \u201clabor inflation\u201d hits US companies, the salmon-colored paper says. With markets reopening and supply chains backed up, companies are rushing to make new hires to get operations back on course in the wake of the country\u2019s \u201dGreat Resignation.\u201d<\/a> McDonald\u2019s, Starbucks, and Amazon all saw wage costs increase, with all of them reporting difficulties in \u201crecruiting and retaining workers.\u201d Both Amazon<\/a> and Starbucks<\/a> reported weaker-than-expected 3Q2021 results last week on the back of labor market woes and supply chain shortages. According to the US Bureau of Labor Statistics<\/a>, wages and benefits rose 1.3% in 3Q2021 \u2014 the fastest uptick since 2001 \u2014 as employers offer higher wages to incoming staff and adjusted wages to existing employees as the market reopens.<\/p>\n

\u2026 which is in turn leading companies to slash their advertising budgets amid<\/strong> concerns that they can\u2019t meet increased demand in 4Q2021<\/strong>, according to the Wall Street Journal<\/a>. The budget cuts come ahead of the holiday season \u2014 advertising\u2019s most lucrative quarter. Large media organizations, including Facebook and Snap, are feeling the impact of the supply chain shortages, reporting advertising pauses from clients including fast-food chains, car manufacturers and telecommunications companies.<\/p>\n","protected":false},"excerpt":{"rendered":"

Big Oil isn\u2019t too big on capex spending \u2014 even amid the spiraling energy crisis: Oil majors Exxon Mobil, Royal Dutch Shell, and Chevron are funneling their excess liquidity into share buybacks and dividend payouts next year, rather than ramping up supplies, Bloombergreports. Wary of repeating the early-2010s scenario, when fossil fuel shortages prompted a […]<\/p>\n","protected":false},"author":1,"featured_media":556944,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7215],"tags":[147,393,633,638,91,296],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-for-your-commute","tag-climate-change","tag-cop26","tag-enterprisepm","tag-for-your-commute","tag-oil-and-gas","tag-qatar","wpautop","entry"],"acf":{"mongo_id":"ec2bde75-d9f3-402a-bbc3-83d18e30b9d3","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/10\/494.jpg","photo_position":"above","related_issue":[556939],"teaser":"","voice_url":""},"yoast_head":"\nBig Oil stuck between dividend payouts and capex spending + Employees aren\u2019t tempted by higher wages - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/10\/31\/big-oil-stuck-between-dividend-payouts-and-capex-spending-employees-arent-tempted-by-higher-wages\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Big Oil stuck between dividend payouts and capex spending + Employees aren\u2019t tempted by higher wages\" \/>\n<meta property=\"og:description\" content=\"Big Oil isn\u2019t too big on capex spending \u2014 even amid the spiraling energy crisis: Oil majors Exxon Mobil, Royal Dutch Shell, and Chevron are funneling their excess liquidity into share buybacks and dividend payouts next year, rather than ramping up supplies, Bloombergreports. 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The central bank\u2019s 100 bps cut in February was a step in the right direction, but was nowhere near enough to spur capex spending by a business community stuck\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2017\/3\/395.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":569950,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/energy-companies-in-egypt-are-adapting-to-the-new-realities-in-the-oil-markets\/","url_meta":{"origin":556943,"position":1},"title":"Energy companies in Egypt are adapting to the new realities in the oil markets","author":"enterpriseam admin","date":"12 March 2020","format":false,"excerpt":"The collapse in oil prices is forcing energy companies in Egypt onto the defensive: Energy companies operating in Egypt, including Pharos Energy and TransGlobe Energy, are responding to oil market volatility by slashing spending and adjusting production metrics in 2020, Energy Voice reports. Pharos plans to spend USD 45 mn,\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/3\/155.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":602115,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/19\/maridive-oil-services-turned-in-net-profit-of-usd-14-mn-in-fy2018\/","url_meta":{"origin":556943,"position":2},"title":"Maridive Oil Services turned in net profit of USD 14 mn in FY2018","author":"enterpriseam admin","date":"19 March 2019","format":false,"excerpt":"Maridive Oil Services turned in a net profit of USD 14 mn (-40% year-on-year) in FY2018 on revenues of USD 208 mn (-13%) in a year in which \u201cE&P spending bottomed out and daily charter rates in our industry hit historic lows,\u201d the company said in a regulatory filing (pdf).\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":554174,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/12\/22\/share-buybacks-soar-but-capex-spending-is-still-lagging-in-the-us-of-a\/","url_meta":{"origin":556943,"position":3},"title":"Share buybacks soar but capex spending is still lagging in the US of A","author":"enterpriseam admin","date":"22 December 2021","format":false,"excerpt":"What\u2019s hot in the US? Share buybacks. What\u2019s not? Capex spending: Share buybacks in S&P 500 companies more than doubled y-o-y to reach a record USD 234.6 bn in 3Q2021, with an uncertain outlook leading corporates to help secure returns for their shareholders by buying back their own stock, Bloomberg\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592602,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/08\/aramco-ups-its-dividend-despite-falling-oil-earnings\/","url_meta":{"origin":556943,"position":4},"title":"Aramco ups its dividend despite falling oil earnings","author":"enterpriseam admin","date":"8 August 2023","format":false,"excerpt":"The Saudi oil firm will pay out nearly USD 30 bn in dividends","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/354.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561923,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/26\/what-the-markets-are-doing-on-26-april-2021\/","url_meta":{"origin":556943,"position":5},"title":"What the markets are doing on 26 April 2021","author":"enterpriseam admin","date":"26 April 2021","format":false,"excerpt":"Higher crude prices won't give Big Oil its swagger back: Although the recent recovery of Brent crude prices is helping the world\u2019s top oil and gas producers compensate for their 2020 losses, Big Oil is unlikely to reap benefits. After taking on debt last year to keep up with the\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=556943"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/556943\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/556939"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/556944"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=556943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=556943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=556943"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=556943"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=556943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}