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Greentech Media: The state of New York has awarded 2.5 gigawatts of offshore wind projects to developers Equinor and BP, the largest yet in the state’s massive offshore wind build-out and one of the single largest U.S. renewable energy contracts yet awarded. Wednesday’s award, announced by New York Gov. Andrew Cuomo during his 2021 State […]
Tim Buckley
The first emerging markets bank to announce a progressive coal exit policy
Malaysia’s CIMB Group Holdings (CIMB) has announced a comprehensive coal exit policy with a commitment to phase out both project and general corporate financing of thermal coal mining and coal-fired power generation across its portfolio by 2040. This is a first in several ways. CIMB is the first Malaysian bank to act on a formal […]
IEEFA
Reuters: The world’s top energy companies have slashed the value of their oil and gas assets by around $80 billion (60.05 billion pounds) in recent months after revising lower the long-term outlook for fuel prices in the wake of the coronavirus epidemic and the energy transition. Exxon Mobil, the largest U.S. oil company, announced on […]
IEEFA
Bloomberg: Two of Europe’s largest energy companies, BP Plc and Orsted A/S, said they’d join to develop an industrial-scale electrolyzer to make hydrogen as a green fuel at a major oil refinery in Germany. If it gets financial backing, the plant at the BP’s Lingen refinery in northwestern Germany would draw 50 megawatts of electricity […]
Kathy Hipple, Clark Williams-Derry, Tom Sanzillo and Seth Feaster
Cash results disappoint, raising questions about dividends
ExxonMobil today posted third quarter cash results that were significantly worse than those of its four peers, Shell, Total, BP and Chevron. These disappointing results challenge the company’s repeated claims that the fundamentals of the oil and gas industry have not changed. “ExxonMobil needs a business model that manages decline, generates stable profits and contributes […]
Press Release, Tom Sanzillo and Kathy Hipple
Profits, cash and shareholder return slip compared with rivals using company’s own performance metrics
October 28, 2020 (IEEFA) — A close look at ExxonMobil’s financial performance metrics compared with its peers reveals significant slippage during Chairman & CEO Darren Woods’s tenure (2017-2019) even before the coronavirus pandemic, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). IEEFA analysts found that the […]
Tom Sanzillo and Suzanne Mattei
Industry problems hit before the pandemic, were made worse by it and will persist even after the economy improves
October 20, 2020 (IEEFA) — After years of benefitting from record oil and gas revenues, global markets are signaling the beginning of the end of New Mexico’s financial reliance on fossil fuels. Leases, royalty payments and taxes from the oil and gas industry have directly accounted for as much as 30 percent of the state’s […]
Press Release and Tom Sanzillo
Company’s own metrics reveal slippage compared with oil major peers
October 15, 2020 – An analysis released today by the Institute for Energy Economics and Financial Analysis (IEEFA) reveals lagging performance by ExxonMobil under the leadership of Chairman & CEO Darren Woods. IEEFA analysts detail how the company racked up deeper or more rapid declines based on three critical financial metrics it has long used […]
IEEFA
Reuters: Nearly two-thirds of U.S. energy company executives polled by the Federal Reserve Bank of Dallas believe U.S. crude oil production has peaked, according to a survey released on Wednesday. The COVID-19 pandemic has knocked global oil demand and prices, prompting deep cuts in drilling this year by shale oil producers. The United States last […]
IEEFA
Bloomberg Green: Hydrogen, long touted as the fuel of the future, had a bit of a coming-out party at this week’s S&P Global Platts Asia Pacific Petroleum Conference, as some of the world’s biggest refiners, drillers and traders extolled it as key to fighting climate change. The efforts are emblematic of an oil industry trying […]
IEEFA update: ExxonMobil’s financials indicate slide under CEO Darren Woods’s leadership
Profits, cash and shareholder return slip compared with rivals using company’s own performance metricsOctober 28, 2020 (IEEFA) — A close look at ExxonMobil’s financial performance metrics compared with its peers reveals significant slippage during Chairman & CEO Darren Woods’s tenure (2017-2019) even before the coronavirus pandemic, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). IEEFA analysts found that the […]