that oil and coal companies have reaped over the past year as the prices of the stuff they produce have gone through the roof. Glencore, BP and Shell, among others, have all coined it. Vladimir Putin’s invasion of Ukraine has helped, which is hardly their fault but will raise eyebrows about their profits.
“That was a critical aspect for preparing for any downturn. There are some fears out there that we are facing another global recession and our balance sheet is in rude health. It’s recession-ready,” he said. The company, he said, also remained focused on reducing its cash costs and reiterated that it was striving to be “economically viable” even at $45 a barrel.
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