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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
