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Bloomberg ($): BHP Group is considering getting out of oil and gas in a multibillion-dollar exit that would accelerate its retreat from fossil fuels, according to people familiar with the matter. The world’s biggest miner is reviewing its petroleum business and considering options including a trade sale, said the people, who asked not to be […]
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Reuters: Reliance Industries (RELI.NS), operator of the world’s biggest refining complex at Jamnagar in western India, will invest $10.1 billion in clean energy over three years in a pursuit to become a net carbon zero company by 2035. Reliance’s plan mirrors strategies of global oil majors such as Royal Dutch Shell Plc (RDSa.L) and BP […]
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The Barents Observer: Russian state company Rosneft is about to start the development of one of Russia’s biggest ever oil projects, and company leader Igor Sechin is eagerly seeking justification of his multi-billion dollar investments in the remote tundra of Taymyr. The Vostok Oil is to produce as much as 30 million tons of oil […]
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Houston Chronicle: The Biden administration, facing a Congress unlikely to take significant action on climate change, is considering reaching beyond environmental law to establish tough, new financial regulations that raise the capital costs of the nation’s fossil fuel industries. To accomplish the president’s agenda of dramatically lowering greenhouse gas emissions, the Securities and Exchange Commission, […]
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S&P Global Market Intelligence ($): The U.S. solar market got off to a hot start in 2021, adding 2,827 MW of utility-scale capacity in the first quarter, a 36% increase from the same period in 2020. The U.S. now has 51,966 MW of utility-scale solar power capacity, according to S&P Global Market Intelligence data, which […]
Clark Williams-Derry, Tom Sanzillo and Press Release
Data suggests that ExxonMobil is underperforming in the Permian Basin
June 9, 2021 (IEEFA) – ExxonMobil’s claims that its Permian Basin oil and gas reserves are world-class will need the immediate attention of the new board, according to a new analysis by the Institute for Energy Economics and Financial Analysis (IEEFA). In recent investor presentations, ExxonMobil has highlighted the superior performance of its oil wells […]
Clark Williams-Derry
Glut, rising costs, fickle demand and Qatar threaten U.S. LNG rebound
June 7, 2021 (IEEFA)—Like many businesses, the U.S. liquefied natural gas (LNG) industry spent most of 2020 in a state of financial quarantine. As COVID-19 spread through gas-importing nations in Europe and Asia, global LNG demand fell, prices plummeted—and major U.S. liquefaction facilities stood mostly idle for the summer, their capacity neither needed nor wanted. […]
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Financial Post: Before activist shareholder Engine No. 1 scored a major victory in forcing two directors onto the board of oil behemoth Exxon Mobil Corp., a preview of the battle played out in Calgary. Bâtirente, a Montreal-based retirement fund for union members of the Confédération des syndicats nationaux (CSN), a trade union, submitted a shareholder […]
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Renew Economy: British oil and gas supermajor BP says it has struck a deal to purchase 9GW of solar development projects in the United States from independent US solar developer 7X Energy – described as the biggest green energy deal to date. BP will pay $US220 million for the pipeline of projects, which will grow […]
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Reuters: Orsted, the world’s largest offshore wind farm developer, is ramping up its investment in renewables to $57 billion by 2027, seeking to become a global leader in green energy and fend off growing competition. The Danish firm, which sold its oil and gas business in 2017, has benefited hugely from policies to implement the […]
IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors
Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decadeMarch 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]