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
8 December 2025
The Caribbean country’s role in the global oil market is significantly diminished, but disruptions caused by outright conflict would still have implications for US Gulf Coast refineries
5 December 2025
Mistaken assumptions around an oil bull run that never happened are a warning over the talk of a supply glut
4 December 2025
Time is running out for Lukoil and Rosneft to divest international assets that will be mostly rendered useless to them when the US sanctions deadline arrives in mid-December
3 December 2025
Aramco’s pursuit of $30b in US gas partnerships marks a strategic pivot. The US gains capital and certainty; Saudi Arabia gains access, flexibility and a new export future
