Oil firms back in the black
Investors want to see oil companies striving for value rather than volume in the year ahead
This year's progressive rise in worldwide oil and gas mergers and acquisitions activity has built on 2016's recovery from the depths of the 2015 oil-price crash. The industry as a whole has shown increased discipline as oil prices have more than doubled since their early-2016 nadir. Companies are broadly aiming to be cash-positive at prices over $50 a barrel, targeting returns in the mid-teens for new projects and over 20% for brownfield expansion and consolidation projects. The mood is one of "cautious optimism", according to Wood MacKenzie corporate analyst Tom Ellacott. "I don't think you're going to see a surge of investment next year," he says. "You may see a small improvement." Investo
Also in this section
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
