Investors across the world will be keeping a close eye on the energy giants this week.
With Brent crude, the European benchmark, trading above US$100 for the past three months, oil prices are expected to drive earnings when the big players report second-quarter results in the next few days.
This will also be a time of self-examination.
ConocoPhillips, the third-biggest oil company in the US, announced this month it would split its exploration and production operations from its refining arm to form two companies.
The move brings an end to a 15-year stretch of acquisitions and mergers that led to the creation of the supermajors - huge companies whose ranks include ExxonMobil and BP.
The decision by ConocoPhillips raises questions about the future growth of these organisations, which are involved in every stage of oil delivery, from well-boring to lubricant sales in petrol stations.
"Every big oil company will like to review their strategy," says Louis Besland, a vice president at the consultancy AT Kearney. "At a time when there are new sources of energy - like solar, like nuclear - the oil becomes more and more expensive to get [out of the ground]."
The actions of the oil giants will have an impact on the Middle East region - and in particular Abu Dhabi, where four of the world's five biggest energy companies, ExxonMobil, Shell, BP and Total, hold stakes in enormous concessions.
The emirate was also the site of a withdrawal by ConocoPhillips, which won the rights to develop the Shah sour gas field in 2008 but pulled out last year because of the tough financial terms.
Its replacement, announced this year, was not one of the supermajors but Occidental, a US company that focuses on exploration and production.
That underlines a study by AT Kearney of 50 energy companies showing that the specialised players performed better for shareholders than their larger counterparts.
"The market, rightly or wrongly, favours clear models," says Mr Besland. "They prefer models where you have a clear upstream company, where there's a clear focus."
Against that backdrop, The National looks at the challenges oil companies face in the second half of the year.
ayee@thenational.ae
How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
EA Sports FC 25
Developer: EA Vancouver, EA Romania
Publisher: EA Sports
Consoles: Nintendo Switch, PlayStation 4&5, Xbox One and Xbox Series X/S
Rating: 3.5/5
SPECS
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Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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Scoreline
Abu Dhabi Harlequins 17
Jebel Ali Dragons 20
Harlequins Tries: Kinivilliame, Stevenson; Cons: Stevenson 2; Pen: Stevenson
Dragons Tries: Naisau, Fourie; Cons: Love 2; Pens: Love 2
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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