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French energy giant <keyword id="11344358" type="General" weightage="20" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword> has invested USD 300 million in a <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> <keyword id="6373972" type="General" weightage="20" keywordseo="joint-venture" source="Orion">joint venture</keyword> with <keyword id="4343578" type="General" weightage="20" keywordseo="adani-green" source="Orion">Adani Green</keyword> Energy Ltd. In a statement, AGEL said it completed "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects." This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) &amp; under development assets (250 MW) with a blend of both <keyword id="45681" type="General" weightage="20" keywordseo="solar" source="Orion">solar</keyword> and <keyword id="43948" type="General" weightage="20" keywordseo="wind" source="Orion">wind</keyword> power projects in India. "Wth this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030." It added.

TotalEnergies invests USD 300 million in Adani Energy project

<a href="https://markets.businessinsider.com/stocks/clne-stock"></a><ul class="summary-list"><li><keyword id="11383328" type="UNKNOWN" weightage="60" keywordseo="clean-energy-fuels-stock">Clean Energy Fuels stock</keyword> sank as much as 17% on Thursday.</li><li>The fall came after the company's largest shareholder, TotalEnergies, sold more than 10 million shares.</li><li>TotalEnergies still holds 53.4 million shares of <keyword id="11383330" type="UNKNOWN" weightage="60" keywordseo="clean-energy-fuels">Clean Energy Fuels</keyword>.</li></ul><a href="https://markets.businessinsider.com/stocks/clne-stock">Clean Energy Fuels</a> stock sank as much as 17% on Thursday after regulatory filings revealed the company's largest shareholder, <a href="https://markets.businessinsider.com/stocks/tot-stock">TotalEnergies SE</a>, cut its stake by more than 10 million shares.TotalEnergies owned 53.44 million shares, 26.7% of shares outstanding, according to an <a href="https://www.sec.gov/Archives/edgar/data/1368265/000119312521186832/d170220dsc13da.htm">SEC 13D filing</a> released on Wednesday.That's compared to the 64.04 million shares, 32% of shares outstanding, the company owned as of Monday, according to a <a href="https://www.sec.gov/Archives/edgar/data/1368265/000119312521184042/d173255dsc13da.htm">separate filing</a>.Clean Energy Fuels investors might also be concerned about disappointing quarterly results from the company's clean energy peer, FuelCell Energy, which posted a larger than expected loss and saw revenues sink 26% year-over-year in its fiscal second-quarter report Thursday morning.Clean Energy Fuels stock has been on quite the run of late. The price jump began last Thursday when social media chatter about the firm <a href="https://markets.businessinsider.com/news/stocks/clean-energy-fuels-stock-price-extends-gains-social-media-chatter-2021-6-1030495819">spiked 445%</a>, causing shares to surge as much as 36% on the day.This week, Clean Energy Fuels was swept up in the <a href="https://markets.businessinsider.com/news/stocks/wendys-clean-energy-fuels-contextlogic-new-reddit-meme-stocks-rising-2021-6-1030507701">meme stock fervor</a>, with shares rising as much as 50% on Wednesday as the Reddit crowd piled in.The stock was among the top-trending companies on Reddit investing threads like r/wallstreetbets this week, according to <a href="https://app.hypeequity.com/">HypeEquity data</a>, with the phrase "short squeeze" being a common theme.<keyword id="10656986" type="UNKNOWN" weightage="60" keywordseo="reddit-traders">Reddit traders</keyword> have been targeting companies with high short interest rates hoping to force a short squeeze, which can rapidly drive up stock prices resulting in quick gains for shareholders.According to data from <a href="https://shortsqueeze.com/shortinterest/stock/CLNE.htm">ShortSqueeze.com</a>, Clean Energy Fuels currently has a short interest rate of 6.59%. However, the percentage of shares sold short has dropped dramatically since the Reddit crowd targeted the company.Wall Street analysts were mostly bullish about Clean Energy Fuels before it gained Reddit darling status. Most recently, on May 11, Needham &amp; Company maintained its "buy" rating and $12 price target for the Newport Beach-based firm. Shares of Clean Energy Fuels traded down 14.32% as of 12:27 p.m. ET on Thursday.<div type="image" title="CLNE chart 3" height="652" width="827" msid="83411842" hostid="261"></div>

Clean Energy Fuels stock sinks 17% after the company's largest shareholder cuts its stake by 10 million shares

<ul class="summary-list"><li>The 100 largest Western companies still operating in Russia posted $13 billion in profits in 2022, per Novaya Gazeta.</li><li>Profits jumped 54% from 2021 and the firms contributed $3.5 billion in corporate taxes in 2022.</li></ul>A rash of Western companies <a href="https://www.businessinsider.com/list-all-the-companies-pulling-out-of-russia-ukraine-war-2022-3">announced their exits</a> from Russia following the invasion of Ukraine, but a few of them stayed on and made bank.The top 100 Western companies that remained in Russia made so much money that they contributed nearly 288 billion rubles, or $3.5 billion, in corporate taxes in 2022, according to a June 8 report from <a href="https://novayagazeta.eu/articles/2023/06/08/vse-ushli-oni-ostalis" target="_blank" rel="noopener">Novaya Gazeta Europe</a>.For their report, the independent Russian news outlet reviewed financial statements from Russian-registered legal entities that were either wholly or partially owned by Western entities The bonanza for Russia's war chest came after the largest 100 Western companies still operating in Russia posted 1.1 trillion rubles in net profits collectively in 2022 — a 54% jump from 2021, per Novaya Gazeta.The tax revenue contributed to Moscow represents 1% of Russia's budget revenue, per the media outlet. The biggest taxpayers were US, UK, and French companies who paid 40 billion, 47 billion, and 55 billion rubles, respectively.Companies that made huge profits last year include French energy giant TotalEnergies, Austria's Raiffeisen Bank, and British oil giant BP, according to Novaya Gazeta. TotalEnergies <a href="https://apnews.com/article/russia-ukraine-europe-business-government-and-politics-france-9dda7f2a5c6f519630eeab164539d433" target="_blank" rel="noopener">continued with some business in Russia</a> even after the invasion but finally announced in <a href="https://totalenergies.com/media/news/press-releases/russia-totalenergies-decides-withdraw-its-directors-novatek-and-will-no" target="_blank" rel="noopener">December 2022</a> it has "gradually started to withdraw from its Russian assets while ensuring that it continues to supply gas to Europe."Austria's Raiffeisen Bank almost quadrupled its net profit to 141 billion rubles, per Novaya Gazeta. However, the lender is trying to spin off its operations in Russia, according to a <a href="https://www.reuters.com/markets/deals/austrias-raiffeisen-attempts-last-ditch-russian-spin-off-sources-2023-05-23/" target="_blank" rel="noopener">May 23 report from Reuters,</a> citing three people familiar with the matter.Insider could not independently verify the net profits.<h2>Breaking up with Russia is a complicated process.</h2>Like TotalEnergies, BP, and Raiffeisen Bank, many Western companies are still trying to leave Russia. But the break-up can be a long-drawn process. More than a year after Russia invaded Ukraine, just 525 companies have made a clean break with the country, <a href="https://som.yale.edu/story/2022/over-1000-companies-have-curtailed-operations-russia-some-remain" target="_blank" rel="noopener">according to an ongoing study</a> from Yale University. That's despite 1,000 companies announcing they were voluntarily cutting back on operations merely two months after the Ukraine war started.And it's not for lack of trying: More than 2,000 companies were seeking approval to exit the Russian market, the <a href="https://www.ft.com/content/77368014-1397-4a08-901d-1f996e66d627" target="_blank" rel="noopener nofollow">Financial Times</a> reported in March, but the progress was slow due to logistical delays. Others who have varying degrees of active operations in Russia cannot simply pack up and go for a variety of business and non-business-related reasons, including <a href="https://www.businessinsider.com/russia-exit-foreign-company-difficulties-ukraine-war-explainer-2023-3">operational, ethical, and policy challenges,</a> Insider reported in March.TotalEnergies, BP, and Raiffeisen Bank did not immediately respond to Insider's requests for comment sent outside regular business hours.

Western companies still operating in Russia were so profitable in 2022 that their corporate taxes contributed almost $4 billion to the country's revenues

<keyword id="10336110" type="General" weightage="80" keywordseo="adani-total-gas" source="Orion">Adani Total Gas</keyword> Ltd (<keyword id="12300749" type="General" weightage="100" keywordseo="atgl" source="Orion">ATGL</keyword>), a joint venture between Adani Group and <keyword id="11344358" type="General" weightage="20" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword>, said on Monday that it has won licences to expand its City Gas Distribution (CGD) network to 14 new 'Geographical Areas'. The company won the licences in the recently concluded 11th round of CGD bidding by the Petroleum and Natural Gas Regulatory Board. With an increasing basket of products and services in the clean energy sector, the city gas distribution company will invest Rs 12,000 crore in these additional locations. With the fresh investment, the company's total commitment in the clean energy sector will go up to Rs 20,000 crore. "ATGL is committed to provide convenient and environment-friendly natural gas for cooking and water heating to more than nine million households, and economic transport fuel for vehicles by establishing around 2,000 CNG stations, and clean fuel to industrial and commercial consumers," it said. The city gas distribution company at present caters to 52 geographical areas, covering 124 districts across 18 states and 3 UTs. "ATGL will now cater to 10 per cent of the country's population with cleaner fuel for households as well as for transportation. Therefore, ATGL is fully committed to play a pivotal role in meeting the clean energy needs of India, and this strategic expansion is fully aligned with our commitment of nation building," said Suresh Manglani, CEO, Adani Total Gas. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/adani-wilmar-is-looking-to-acquire-southern-players-in-edible-oil-fmcg-industry/articleshow/89080514.cms">Fortune oil maker Adani Wilmar is looking to acquire southern players in edible oil, FMCG industry</a>

Adani Total Gas to invest ₹12,000 crore to expand its city gas network

<ul class="summary-list"><li><keyword id="11893879" type="UNKNOWN" weightage="60" keywordseo="ray-dalio" source="Orion">Ray Dalio</keyword>'s <keyword id="12521722" type="UNKNOWN" weightage="60" keywordseo="bridgewater" source="Orion">Bridgewater</keyword> holds 18 short positions against European companies worth about $5.7 billion, Bloomberg reports.</li><li>The hedge fund is set to profit from a decline in European <keyword id="11893878" type="UNKNOWN" weightage="60" keywordseo="stocks" source="Orion">stocks</keyword>, but it could also be part of a hedging strategy.</li></ul>Ray Dalio's Bridgewater Associates is betting at least $5.7 billion that European stocks will fall, making the hedge fund the largest short-seller in the region, <a href="https://www.bloomberg.com/news/articles/2022-06-16/bridgewater-builds-5-7-billion-bet-against-european-stocks">according to Bloomberg</a>.The wager includes a $1 billion position against semiconductor company ASML Holding as well as a $752 million bet against TotalEnergies.In total, Bridgewater has 18 short bets against European companies, but Bloomberg noted the positions could be even larger, as investment firms aren't required to disclose smaller bets. In addition, the positions could be part of a broader hedging strategy for the firm, as it isn't yet clear if the goal is purely to profit from slumping stocks. Bridgewater's European short-selling follows even bigger wagers in recent years. In 2020, it made a $14 billion bet against stocks there after building a $22 billion short position in 2018.In the current market environment, Dalio has urged investors to<a href="https://markets.businessinsider.com/news/stocks/ray-dalio-cash-is-still-trash-stocks-worse-fed-inflation-2022-5"> stay away from cash amid high inflation</a>, and also warned that stocks looked even less promising. "Of course <a href="https://markets.businessinsider.com/news/stocks/ray-dalio-cash-is-still-trash-stocks-worse-fed-inflation-2022-5">cash is still trash</a>," Dalio told CNBC in May. He added, "equities are trashier," and that "real-return assets" are the best investments.In a Thursday interview with newspaper La Repubblica, Dalio explained that he's turning to assets that can protect against <keyword id="11894140" type="UNKNOWN" weightage="60" keywordseo="inflation" source="Orion">inflation</keyword>, while avoiding debt assets and countries that could be hit by geopolitical turmoil.

Ray Dalio's hedge fund is now the biggest short-seller of European stocks as Bridgewater bets $5.7 billion

<ul class="summary-list"><li>More than 30,000 people attending the UN's climate summit are hearing about the need for action.</li><li>Yet much of the activity in Africa is from big energy and big banks developing fossil-fuel projects.</li></ul>SHARM EL-SHEIKH, Egypt – Each day, the more than 30,000 people attending the United Nations' climate summit in Egypt hear about the need to curb greenhouse-gas emissions. Yet across Africa, where people who did almost nothing to worsen the global climate crisis are especially vulnerable to its fallout, it's a fossil-fuel bonanza.In the past two weeks — essentially the time of the COP27 summit — three oil-and-gas deals were announced for Africa alone, in <a href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/electric-power/110422-germany-egypt-sign-lng-and-renewable-hydrogen-partnership">Egypt</a>, <a href="https://www.energyvoice.com/oilandgas/africa/457048/nigeria-nnpc-lng-oil/">Nigeria,</a> and <a href="https://www.bloomberg.com/news/articles/2022-11-07/tanzania-to-sign-key-40-billion-lng-project-accords-next-month?leadSource=uverify%20wall&amp;sref=T2pWWwBf">Tanzania</a>.For years, large oil-and-gas companies and the financial institutions that bankroll them have spent billions to develop new reserves and infrastructure across the continent, <a href="https://dont-gas-africa.org/cop27-report?_hsmi=233681314&amp;_hsenc=p2ANqtz-_EBS9yLBZl6i_3mIpiz5rWH_DZn8OizOrLC0UubWk5oBrpdsL7DMWag6cnAXz8F0JhYqMJyjjUyy_t4LKf7hrt9sAyiQ&amp;utm_content=233681314">according to analyses</a> <a href="https://www.urgewald.org/en/shop/who-financing-fossil-fuel-expansion-africa">by civil-society groups</a>. A global energy crisis sparked by Russia's war in Ukraine has created more appetite in Europe for African oil and gas. That demand is evident even in announcements that purportedly support renewable energy. The US and Germany, for example, pledged at COP27 to spend more than $250 million financing Egypt's transition to clean energy. But, <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2022/11/11/fact-sheet-president-biden-announces-new-initiatives-at-cop27-to-strengthen-u-s-leadership-in-tackling-climate-change/">the White House said</a>, the move could "free up" gas, likely for export to Europe. Huge demand for fossil-fuel production is galvanizing activists from Uganda and Tanzania to Mozambique and South Africa, which last week led one of the only protests inside the COP27 conference area to demand a renewable-energy transition instead. "All projects coming to the continent are for exploitation. It's very colonial," Omar Elmawi, the executive director of the Kenya-based Muslims for Human Rights, told Insider. "Despite Africa's renewable-energy potential, we're not seeing investors or banks look at it as an opportunity. Africa is becoming a petrol station that feeds the interests of the 'global north.'"Elmawi and his fellow campaigners are up against officials from some African nations and the fossil-fuel industry, who argue the continent should be able to use gas as a transition fuel to expand electricity access <a href="https://www.iea.org/reports/africa-energy-outlook-2022/key-findings">to the 600 million Africans</a> who lack it and to industrialize their economies just as Europe and the US did. The interests of the fossil-fuel industry are well represented at the UN summit, where some 636 registrants <a href="https://www.globalwitness.org/en/press-releases/over-100-more-fossil-fuel-lobbyists-last-year-flooding-crucial-cop-climate-talks/">are either directly affiliated with oil-and-gas giants</a> or attending as part of delegations that act on behalf of the fossil-fuel industry, according to Global Witness, an environmental watchdog group. That figure is a 25% increase over last year's meeting in Glasgow, Scotland. Dozens of oil-and-gas companies — the majority of which are foreign — are searching for new reserves in 45 African countries, including areas in Egypt's Red Sea region where the UN talks are underway.In September, Egyptian President Abdel Fattah el-Sisi <a href="https://energycapitalpower.com/eni-egypt-gas-lng-exports-renewables/">met with the CEO of the Italian oil giant Eni</a> to discuss boosting Egypt's natural gas production to export to Europe. Eni was also key to the 2015 <a href="https://www.eni.com/en-IT/operations/egypt-zohr.html#:~:text=Zohr%20is%20located%20within%20the,is%20responsible%20for%20operations%20there.">discovery and ensuing development</a> of the Zohr gas field off Egypt's Mediterranean coast that is now producing the equivalent of 706 million barrels of oil each day.Africa is the "cornerstone" of Eni's business model, <a href="https://www.eni.com/en-IT/eni-worldwide/africa.html">its website states</a>. The company is the third-largest developer of new oil-and-gas production on the continent behind France's TotalEnergies and Algeria's state-owned company, Sonatrach, <a href="https://www.urgewald.org/en/shop/who-financing-fossil-fuel-expansion-africa">according to an analysis by Urgewald</a>, an environmental and human-rights nonprofit, and 46 other civil-society groups, the majority of which are based in Africa.TotalEnergies also has a stake in the controversial East African crude oil pipeline that would run from Uganda to Tanzania; the European Union has called for the plan to be halted. Some 42 financial institutions have also declined to back the project, <a href="https://www.stopeacop.net/banks-checklist">including Citi and JPMorgan Chase</a>. Still, those two banks were among the top financiers of other new fossil-fuel development in Africa since January 2019, the Urgewald analysis estimated. Some 352 banks have provided $98 billion in loans and underwriting during that period. <a href="https://www.iea.org/news/pathway-to-critical-and-formidable-goal-of-net-zero-emissions-by-2050-is-narrow-but-brings-huge-benefits">The International Energy Agency last year</a> said there should be no new oil-and-gas development. The world has already warmed about 1.2 degrees Celsius since preindustrial times and <a href="https://www.businessinsider.com/climate-crisis-chaos-un-secretary-general-egypt-cop27-2022-11">is on a 2.4 degree trajectory</a>, according to the UN.A spokesperson for JPMorgan said via email that over the next 10 years, the bank plans to spend $1 trillion on green initiatives, including renewable energy and clean transportation has already spent $100 billion. The bank is taking "pragmatic steps" <a href="https://www.jpmorganchase.com/impact/sustainability/es-commitments#paris-aligned">to cut what it describes as the "emissions intensity" of its oil-and gas-portfolio</a> while helping the world meet its energy needs "securely and affordably." Emissions intensity refers to the greenhouse gases emitted for every unit of output. A TotalEnergies spokesperson said in an email that the company plans to be a "major player" in renewable energy in Uganda and that the country is following a path it chose. "To stop Uganda from exploiting its natural resources in order to develop as a country on the grounds that we, as Europeans, have over-polluted or are over-polluting could be regarded as paternalistic, cynical, and selfish to the say least," the spokesperson said.A Citi spokesperson said in a statement that the company's net-zero plan calls for a balanced approach. "Citi believes that an orderly, responsible, and equitable transition, which accounts for the immediate economic needs of communities, workers, environmental justice, and broader economic development concerns, is essential to the retention of political and social support to move to a low-carbon economy."Representatives from Eni didn't respond to a request for comment.Wael Aboulmagd, an Egyptian ambassador and the special representative to the COP27 president, said there is no "one-size-fits-all" approach for the energy transition. "No one will challenge the need to move away from fossil fuels, but the expectations for a country that's built wealth after decades of using fossil fuels should differ" from an impoverished island or African country, he said. It will also differ between Egypt, where nearly all of the population has access to energy, and other countries, where fewer than 20% of people do.Rich economies like those of the US and Europe Union <a href="https://www.cgdev.org/media/who-caused-climate-change-historically">are responsible for 80% of emissions</a> since the dawn of the industrial age, although China more recently has risen to be the world's top polluter. Meanwhile, the entire African continent has contributed just 3% of emissions.Elmawi said fossil fuels aren't the answer to energy poverty in Africa, especially if much of what is produced is destined for Europe. Plus, the projects are more expensive than building out renewable energy like solar.He <a href="https://www.iea.org/news/global-energy-crisis-shows-urgency-of-accelerating-investment-in-cheaper-and-cleaner-energy-in-africa">cited an IEA report that estimated</a> all Africans could access affordable energy with about $25 billion in annual investment through 2030, with the majority flowing to renewables and some natural gas. That is the same amount needed to build just one liquefied natural gas terminal used to import and export the fuel."If we really want to improve the lives of people, we need to invest in community renewable energy," Elmawi said.This story was originally published on November 16, 2022.

Africa is hosting the UN climate summit. It's also home to 3 oil-and-gas deals announced in just two weeks.

While 93 percent of employees in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> say they are productive at work, a whopping 91 percent of leaders feel the shift to hybrid work has made it challenging to have confidence in employees being productive, a <keyword id="10387" type="General" weightage="80" keywordseo="microsoft" source="Orion">Microsoft</keyword> study showed on Thursday. This hyper-focus on productivity is impacting health and wellbeing as 47 percent of employees and 58 percent of leaders in India report that they're already burnt out at work. Nearly 93 percent of leaders in India say getting employees back to the office in person is a concern. The data makes it clear that hybrid work has created a growing disconnect between employees and leaders. They're at odds about what constitutes productivity, how to maintain autonomy while ensuring accountability, the benefits of flexibility and the role of the office, according to India findings of Microsoft's '2022 <keyword id="15118154" type="General" weightage="50" keywordseo="work-trend-index-pulse-report" source="Orion">Work Trend Index Pulse Report</keyword>'. However, more than 9 in 10 (91 per cent) of Indian employees are willing to work from the office if they can socialise with co-workers. To bridge the gap, "a new approach is needed that recognises work is no longer just a place, but an experience that needs to keep employees engaged and connected, no matter where they are working from", said Bhaskar Basu, <keyword id="15118155" type="General" weightage="20" keywordseo="country-head-modern-work" source="Orion">Country Head-Modern Work</keyword>, <keyword id="28250" type="General" weightage="50" keywordseo="microsoft-india" source="Orion">Microsoft India</keyword>. The data showed that only 44 per cent of companies rarely, if ever, collect employee feedback. Only 56 per cent of employees in India can confidently say that their company solicits employee feedback at least once a year. "This means that just under half of the companies in India hear about their employees' experiences at work (44 per cent versus a global average of 57 per cent)," the findings showed. Nearly 60 per cent of employees in India say there are not enough growth opportunities in their company to stay long term, according to the report. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-greens-54-rally-tempts-totalenergies-to-book-profits/articleshow/94529227.cms">Adani Green’s 54% rally this year tempts TotalEnergies to book profits</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/world-heart-day-2022-silent-attacks-account-for-45-of-heart-attacks-in-men-say-doctors/articleshow/94525860.cms">World Heart Day 2022: Silent attacks account for 45% of heart attacks in men say doctors</a>

9 in 10 Indian leaders question employees' productivity in hybrid work

<ul class="summary-list"><li>Saudi Aramco reported net income of $30.1 billion in the second quarter.</li><li>That's down 38% from $48.4 billion seen in the same quarter last year.</li></ul><a href="https://markets.businessinsider.com/stocks/aramco-stock">Saudi Aramco</a>, the world's third largest company by market cap, reported $30.1 billion in net income for the second quarter, a 38% decline from previous year.In a <a href="https://www.aramco.com/-/media/publications/corporate-reports/saudi-aramco-h1-2023-interim-report-english.pdf" target="_blank" rel="noopener">press release</a>, the energy giant pointed to declining crude prices and industry trends. Despite the sharp drop, profits still beat the $29.3 billion expected by analysts surveyed by Bloomberg."The decrease mainly reflected the impact of lower crude oil prices and weakening refining and chemicals margins," the company wrote in the release.It's a far cry from 2022, when the state-run firm enjoyed a 90% jump in net income for the second quarter following Russia's invasion of Ukraine. Now, however, it joins other energy companies in operating amid a cooling market. <a href="https://markets.businessinsider.com/stocks/bp-stock">BP</a> saw a nearly 70% drop year-over-year, and <a href="https://markets.businessinsider.com/stocks/xom-stock">ExxonMobil</a>, <a href="https://markets.businessinsider.com/stocks/rydaf-stock">Shell</a>, and <a href="https://markets.businessinsider.com/stocks/ttfnf-stock">TotalEnergies</a> also reported sizable plunges in their latest earnings."Our mid to long-term view remains unchanged," Aramco CEO Amin Nasser said in the release. "With a recovery anticipated in the broader global economy, along with increased activity in the aviation sector, ongoing investments in energy projects will be necessary to safeguard energy security.""At the same time, we remain optimistic about the potential for new technologies to reduce our operational emissions," he continued.In an effort to prop up sagging crude prices, Saudi Arabia, the dominant player in the Organization of the Petroleum Exporting Countries, said in June it would <a href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-price-outlook-cristiano-ronaldo-newcastle-liv-golf-2023-7">slash oil production by 1 million barrels a day</a> starting in July. That announcement has since been extended into August and September, and there's a chance it goes beyond next month. Two months ago, the rest of OPEC+, including Russia, agreed at a Vienna summit to extend earlier supply cuts through the end of next year. Oil prices secured their sixth consecutive week of gains last week. On Monday, Brent crude, the international benchmark, moved 0.61% lower to $85.71 a barrel.

Oil giant Saudi Aramco points to lower crude prices as profits plunge 38% in the 2nd quarter

<ul class="summary-list"><li>Since the invasion of Ukraine last year, companies have been scrambling to cut ties with Russia.</li><li>An FT survey found that companies lost €100 billion attempting to leave the state.</li></ul>European companies have lost more than €100 billion in Russia since its invasion of Ukraine, <a href="https://www.ft.com/content/c4ea72b4-4b02-4ee9-b34c-0fac4a4033f5" target="_blank" rel="noopener">according to the Financial Times</a>. From February last year, companies have been pulling out their operations en-masse from the state in response to pressure from investors and consumers.The FT's survey of 600 firms' financial reports showed that 176 of these have faced balance-sheet losses as a result of the sale, closure, or reduction in Russian business. Most of the losses were concentrated in a few heavily-exposed sectors such as energy and utilities. Three companies – BP, Shell and TotalEnergies – faced penalties of €40.6 billion. But the losses were more than covered thanks to higher energy prices which delivered bumper profits.If energy and utilities were excluded from the survey, the largest writedowns come from Germany's chemical and automotive industries. Not all companies decided to cut ties. According to <a href="https://www.yalerussianbusinessretreat.com/" target="_blank" rel="noopener">an ongoing Yale study</a>, just over half of the 1,000 companies that pledged to leave Russia have managed to make a clean break with the country. The tracker was last updated August 7. "Even if a company lost a lot of money leaving Russia, those who stay risk much bigger losses," Nabi Abdullaev, partner at strategic consultancy Control Risks, told the FT. "It turns out that cut and run was the best strategy for companies deciding what to do at the start of the war. The faster you left, the lower your loss."<a href="https://www.businessinsider.com/russia-seize-danone-carlsberg-kremlin-friendly-businessmen-interest-vladimir-putin-2023-7">After the Kremlin's seizure of Danone and Carlsberg's assets last month</a>, experts fear that President Vladimir Putin could make it even more difficult for companies to exit Russia. The state is in the process of <a href="https://www.businessinsider.com/russia-kremlin-putin-priority-rights-shares-exiting-foreign-companies-seize-2023-7">approving a new rule</a> that puts the Kremlin first in line to seize the shares of strategic companies whose shareholders exit the country. This law may add to the increasing number of punitive measures that Putin's regime has introduced to combat companies seeking to cease operations in his country. In December 2022, Russia started forcing those companies selling their assets to dispose of them at a 50% discount, leading to a scramble among domestic businessmen for bargain-bin assets. A series of lengthy legislative measures have also curtailed the speed of companies' withdrawals.

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