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.
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: 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: 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. […]
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 […]