Big Oil Puts Debt Reduction Ahead of New Investments

The world's biggest oil and gas companies have posted another strong quarter, with just Europe's top six majors booking a collective $38 billion for the July-to-September quarter. Adding Exxon and Chevron, the figure swells considerably. But the supermajors are in no rush to start spending that windfall. The oil and gas industry is having the exact opposite year to 2020.

The war between the United States and Israel, and Iran has pushed oil and gas prices to the highest in years. The war between Russia and Ukraine, meanwhile, has driven refining margins to all-time highs, adding to refining disruption in the Middle East.