Author Archive: Tom Sanzillo

Director of Financial Analysis Tom Sanzillo has 30 years of experience in public and private finance, including as a first deputy comptroller of New York State, where he held oversight over a $156 billion pension fund and $200 billion in municipal bond programs.

Retrasos, daños y mal servicio: los dos primeros meses de LUMA Energy ponen de relieve los defectos de la privatización

Los puertorriqueños enfrentan desafíos en los primeros meses de la adquisición de LUMA, lo que pone al relieve la necesidad de una supervisión más fuerte

16 de agosto de 2021 (IEEFA EE. UU.)—Las dolencias y frustraciones identificadas en los primeros dos meses de la operación de LUMA Energy de la red de energía de Puerto Rico resaltan las fallas subyacentes con el contrato de privatización, según un análisis del Instituto de Economía Energética y Análisis Financiero. Desde la transición del […]

IEEFA: Despite strong Q2, ExxonMobil upstream continues to underwhelm

Exxon’s U.S. upstream division makes up little ground in the Permian Basin

August 9, 2021 (IEEFA) – ExxonMobil’s U.S. upstream operations have yet to regain their footing after a decade of turmoil. While the second quarter of 2021 was the company’s best in years, ExxonMobil has invested $61.5 billion on U.S. upstream capital projects since 2013, only to report $5.3 billion in cumulative losses. These losses may […]

IEEFA: Months after tumultuous ExxonMobil annual meeting, no substantial change expected

Despite pressure, old leadership and old habits haven’t changed at ExxonMobil

The ExxonMobil shareholder meeting this year will go down in the annals of business as either the start of a new era of progress on climate change or evidence of a tired, ineffectual system of shareholder rights that governs U.S. companies.  The jury is out on the long-term impact, but for the moment there has […]

August 6, 2021 Read More →

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

IEEFA U.S.: Texas confronts decline in oil and gas industry

Analysis of long-term trends indicates slower growth, fewer jobs and lower tax contributions

July 28, 2021 (IEEFA) ⎼ Texas policymakers, regulators and public opinion have long held that “what’s good for oil is good for Texas.” But Texas’s economy has become more broad-based and the oil and gas sector’s proportionate contribution has declined. State leaders face a new set of facts on the ground about the future of […]

IEEFA U.S.: Prices are up—but the oil industry’s return is more complicated

Rising oil prices fail to mask long-term fundamental weaknesses for oil business

Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]

IEEFA: Uncertainty surrounds U.S. liquefied natural gas export projects in emerging Asia

Significant market risks and shifting U.S. policies could undermine LNG project ambitions in the region

July 8, 2021 (IEEFA) ⎼ Potential trade and climate policy shifts in the U.S. are raising questions about the viability of several ambitious liquefied natural gas (LNG) projects planned for emerging Asian markets, according to a recent report by the Institute for Energy Economics and Financial Analysis (IEEFA). New LNG import project sponsors in the […]

IEEFA: Institutional investors have a major role to play in carbon emissions reduction

IEA Net Zero by 2050 report lays out roadmap for successful economic transition

The recently released International Energy Agency (IEA) roadmap to a net-zero economic transformation by 2050 not only lays out an energy-and-beyond vision, but also sets forth key steps needed to achieve it.  The situation is dire, and the message for institutional investors, particularly public funds, is stark. Maintaining returns that meet financial targets—and protecting the […]

June 15, 2021 Read More →

IEEFA: Keystone XL project became another pipeline to nowhere

Demise of Keystone XL should spur regulators, investors to reconsider massive pipeline projects

As the Federal Energy Regulatory Commission (FERC) reviews the public comments it recently received on its proposal to reconsider how it determines whether a gas pipeline should be granted a certificate of public convenience and necessity, it would do well to consider the cautionary tale of a massive fossil fuel infrastructure project, the Keystone XL […]

IEEFA: Proposed budget for Puerto Rico’s electricity system fails test of balance, compliance and transparency

FOMB approval highlights five years of its failure to solve budget problems

The Federal Oversight and Management Board (FOMB) and the Puerto Rico Energy Bureau (PREB) have each approved budgets for the electrical system for the fiscal year 2022.  The FOMB’s budget demonstrates its abject failure since its inception to produce a transparent budget that demonstrates progress on savings initiatives and meeting the commonwealth’s renewable energy goals.  […]