(AOF) – Occidental Petroleum reported a profit above consensus after benefiting from higher oil production for the quarter ended March 31: 63 cents per share versus forecasts of 60 cents per share. The oil and gas company reported net revenue of $6.01 billion, down from $7.26 billion a year earlier. Analysts had expected $6.78 billion.
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Biogas to green activities
Obtained through the decomposition of waste, it falls into the category of green energy. It is part of the strategy of many countries, particularly in Europe, to reduce their dependence on hydrocarbon imports. Oil groups have strong ambitions in the field, as two recent operations reveal. The British BP took over the American Archaea Energy for 4.1 billion dollars. Then, the Anglo-Dutch Shell announced the acquisition of the Danish Nature Energy for $2 billion. These operations display high valuation levels, highlighting the strong potential of the sector. TotalEnergies had already taken a stake in the American Clean Energy Fuels Corp in 2018, of which it now holds 19%. It recently joined forces with Veolia to recover biomethane from waste treatment facilities.