Trimmed Maersk Oil plans to cut costs by 30 percent
Contrary to projections from former CEO Jakob Thomasen, Maersk Oil succeeded in lowering the break-even price of oil to USD 40. The slimming down of the company can potentially go even further, says Maersk Group CEO Søren Skou.
BY JENS NIELSEN
A 21 percent reduction in cost levels compared to the same period last year gave Maersk Oil a surprisingly low break-even oil price at below USD 40 per barrel. And the trimming of the company's costs is not over yet.
The multinational commodity trader navigated through a turbulent market in fiscal 2022, which ended in September, but nonetheless closed the year with a record result. Challenging conditions will carry on into 2023.
Serious dissatisfaction is emanating from European capitals regarding the Energy Charter Treaty for protecting fossil energy investments, thus prompting the EU Commission to assess its options for a collective exit.