February 2, 2021 Read More →

Morgan Stanley: End of coal for power ends by 2033

CNBC:

Big Oil endured a brutal 12 months by virtually every measure last year and the global oil and gas industry faces significant challenges and uncertainties as it seeks to recover.

In 2020, the coronavirus pandemic coincided with a historic demand shock, falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.

“Last year was just dreadful and so even if they just go back … to the middle of the pack, that is a step up,” Clark Williams-Derry, energy finance analyst at IEEFA, a non-profit organization, told CNBC via telephone.

His comments referred to the energy sector closing out 2020 in last place on the S&P 500. It has placed at the bottom of the stock market index in five out of the last seven years.

“The energy sector could do better this year than it did last year, who knows,” Williams-Derry said. “At the same time, what we are identifying are long-term threats that the supermajors are facing, and the global oil and gas industry are now facing.” 

[Sam Meredith]

More: An industry ‘operating on borrowed time’: Energy experts on the increasing risks ahead for Big Oil

Posted in: IEEFA In the News

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