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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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The Guardian: Major Australian insurer Suncorp will end any financing or insuring of the oil and gas industry by 2025, adding to the group’s existing ban on support for new thermal coal projects. The insurer revealed on Friday it had already stopped insuring, underwriting or directly investing in new oil and gas projects and would […]
IEEFA
Reuters: Norway’s $1 trillion wealth fund is excluding some of the world’s biggest commodities firms from its portfolio, including Glencore and Anglo American, because of their use and production of coal. Underlining the growing role of climate considerations for long-term investors, the fund is also excluding German utility RWE, South African petrochemicals firm Sasol and […]
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Canada’s National Observer: Norway’s municipal employees pension fund, the country’s largest, has sold its last remaining stakes in companies with operations in Canada’s oil sands, saying holding them does not align with efforts to keep global heating below internationally agreed-upon targets. The fund, Kommunal Landspensjonskasse (KLP), last year dumped stocks that drew more than 30 […]
IEEFA
From The Economist: Oil companies have been incensed by the idea that they may be the next Lehman Brothers. Ben van Beurden, chief executive of Royal Dutch Shell, talks of financial regulators trying to “weaponise financial markets against oil and gas”. Patrick Pouyanné, the boss of Total, has urged Mr Carney to “take care of […]
IEEFA
Bloomberg reports this morning on the declining prospects for Canadian tar-sands development as the price of oil falls. Excerpts from the article by Joe Carroll: “Dangerous and difficult oil fields that looked like goldmines when crude fetched more than $100 a barrel have turned into money pits.” “Even before the oil market collapse began in […]
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SNOWMOBILE SALES AND HOUSE PRICES ARE DOWN IN FORT MCMURRAY, ALBERTA, Reuters reports, as residents of the heart of Canada’s tar-sands region grow uneasy about whether the industry can deliver as promised. Nia Williams reports a “sense of unease” across the economy as lower global oil prices cast the future of tar-sands development in doubt. […]
Deborah Lawrence
By DEBORAH ROGERS The tar-sands industry faces numerous vulnerabilities, none of which appears insurmountable on its own. Taken as a whole, however, these vulnerabilities create a daunting constellation of risks, as we explained last week in a report we published. That report, which we published with Oil Change International, examined the top 10 large tar-sands […]
Tom Sanzillo
By TOM SANZILLO The bottom line on the financial analysis we published last week around Canadian tar-sands development is that public opposition has cost and will continue to cost the industry billions of dollars in lost revenues. These are not untold billions. Our analysis shows that half of these lost revenues from 2010-2030 — $17 […]
IEEFA
IEEFA IS OUT THIS MORNING WITH A REPORT ON THE GROWING “Constellation of Risks” facing the oil-production development of tar sands. The full report is posted just below this item. Here’s the text of the press release: Report: Tar Sands Producers Face a Growing ‘Constellation of Risks’ as Public Opposition Hits Industry’s Bottom Line
$31 Billion […]
Our Tar-Sands Outlook, Part 2: Weak Fundamentals
By DEBORAH ROGERS The tar-sands industry faces numerous vulnerabilities, none of which appears insurmountable on its own. Taken as a whole, however, these vulnerabilities create a daunting constellation of risks, as we explained last week in a report we published. That report, which we published with Oil Change International, examined the top 10 large tar-sands […]