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Bloomberg ($): As the European Union gets serious about fighting climate change, experts are fielding more calls than ever from polluters seeking help to trap, process and store their carbon emissions. The business of capturing emissions from industrial plants that make everything from cement to energy will get a push from the European Commission’s ambitious […]
IEEFA
Bloomberg ($): New Jersey regulators approved two massive wind farms in the Atlantic Ocean that together will power more than 1 million homes, calling it an unprecedented step toward its climate goals. The Board of Public Utilities awarded a combined 2.7 gigawatts of capacity to Orsted’s Ocean Wind II project and the Atlantic Shores Offshore […]
IEEFA
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 […]
IEEFA
The Guardian: Six climate activists and two environmental NGOs have taken Norway to the European court of human rights (ECHR), arguing the Nordic country’s plans to drill for oil in the Arctic are harming young people’s futures. The activists, Greenpeace and Young Friends of the Earth, want the court to rule that Oslo’s 2016 decision […]
IEEFA
Reuters: Royal Dutch Shell is reviewing its holdings in the largest U.S. oil field for a potential sale, people familiar with the matter told Reuters, marking a key moment in its shift away from fossil fuels as it faces growing pressure to slash carbon emissions. The sale could be for part or all of Shell’s […]
Vibhuti Garg
Global shift of funds away from fossil fuels is accelerating
The International Energy Agency’s (IEA) Net Zero Emissions (NZE) roadmap by 2050 is compatible with the Paris goal of restricting the temperature increase to below 1.5 degree Celsius. As per the NZE roadmap, the use of unabated fossil fuels declines sharply to just over a fifth of the total energy supply. More than two-thirds of […]
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. […]
IEEFA
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 […]
IEEFA
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, […]