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BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

BP and Shell could be takeover targets if Exxon and Chevron snatch opportunity for ‘industry arbitrage’ – Citi

proactiveinvestors.co.uk

Jamie Ashcroft: Wed 25 Jan 2023

BP PLC (LSE:BP.) and Shell PLC (LSE:SHEL, NYSE:SHEL) may find themselves at the negotiating table as American peers Exxon Mobil Corporation (NYSE:XOM) or Chevron Corporation (NYSE:CVX) could come calling, that’s the view of analysts at Citigroup.

A megamerger between either London-listed oil major and either of America’s largest oilers appears increasingly attractive, on valuation terms at least, according to the Wall Street bank. read more

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Shell and BP’s plans to reduce carbon emissions will overshoot 1.5°C warming limit in the Paris Agreement by a ‘significant margin’

Daily Mail

Shell and BP’s plans to reduce carbon emissions will still overshoot the 1.5°C warming limit in the Paris Agreement by a ‘significant margin’, study warns

  • Fossil fuel firms’ projections don’t fit with Paris Agreement targets, study claims

  • Projections from the firms show ‘delayed reductions in fossil fuel consumption’ 

  • The Paris Agreement is a legally binding international treaty on climate change 

Fossil fuel companies’ plans to reduce carbon emissions will still overshoot the 1.5°C warming limit in the Paris Agreement by a ‘significant margin’, a new study warns.

Researchers have studied the ‘decarbonisation scenarios’ outlined by vast energy companies Shell, BP and Equinor. read more

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Shell safety consultant quits over ‘double-talk on climate’

UPI

Shell safety consultant quits over ‘double-talk on climate’

By Sheri Walsh: 23 MAY 2022

May 23 (UPI) — A Shell safety consultant has resigned over what she calls the oil company’s “extreme harms” to the environment and “disregard for climate change risks.”

Caroline Dennett submitted her resignation to Shell executives and 1,400 employees Monday in an email and public video, accusing the U.S. company of “failing on a massive planetary scale” and blasting the oil giant’s plans to expand fossil fuel extraction. read more

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Shell profits soar to $9.1bn amid calls for windfall tax

The Guardian

Shell profits soar to $9.1bn amid calls for windfall tax

Record quarter piles pressure on government to issue one-off levy to curb rising energy bills

Alex Lawson: Thu 5 May 2022 02.55 EDT

Shell has reported a record quarterly profit of $9.1bn (£7.3bn) for the first three months of the year, piling more pressure on the government to implement a windfall tax to fund measures to tackle soaring household energy bills.

The first-quarter profit was boosted by a sharp rise in oil and gas prices, and compared with $6.3bn of profits in the final three months of 2021 and $3.2bn during the first quarter of last year. It was above analysts’ expectations of first-quarter adjusted earnings of $8.7bn.

Campaigners have called for a one-off levy on companies benefiting from soaring oil and gas prices to fund government initiatives to reduce the burden of rising bills.

Shell’s update comes after BP reported its highest quarterly profit in more than a decade on Tuesday. Its profits more than doubled to $6.2bn, and sparked a clamour for a windfall tax.

The government has resisted calls for such a levy. Boris Johnson has said it would discourage oil and gas producers from making investments into domestic energy.

But BP’s chief executive, Bernard Looney, has admitted none of the £18bn UK investments the company is planning would be dropped if a windfall tax were imposed. read more

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Shell and BP set for bumper payouts despite windfall tax threat

THE SUNDAY TIMES

Shell and BP set for bumper payouts despite windfall tax threat

01 May 2022

BP and Shell are set to unveil bumper payouts for shareholders this week as the government threatens to levy a windfall tax if the oil giants do not reinvest profits into the North Sea and clean energy projects.

At BP’s first quarter results this Tuesday, analysts from RBC expect the £77 billion company to announce a $1.5 billion (£1.2 billion) share buyback off the back of first-quarter profits of $5.1 billion. RBC said political pressure meant BP would likely wait until later in the year to ramp up payouts, forecasting share buybacks of $4.75 billion over the following two quarters. read more

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Shell to write off up to $5bn on Russia exit

Yahoo!news

Shell to write off up to $5bn on Russia exit

: Thu, April 7, 2022, 8:41 AM

Energy stalwart Shell (SHEL.L) has warned that its exit from Russia could cost it as much as $5bn (£3.8bn) in the first three months of this year.

Shell will write off between $4bn and $5bn in the value of its assets, but the post-tax impairments will not impact the company’s earnings, it said in an update ahead of its earnings announcement in May.

Thursday’s announcement offers a first glimpse of the potential financial hit to western oil companies withdrawing from the country following its invasion of Ukraine. read more

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Energy giant Shell to end partnership with Russia’s Gazprom as Ukraine conflict intensifies

CNBC

Energy giant Shell to end partnership with Russia’s Gazprom as Ukraine conflict intensifies

Fred Imbert@FOIMBERT KEY POINTS
  • Shell said it’s selling a 27.5% stake in Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, as well as a 50% interest in Salym Petroleum Development N.V.
  • “We are shocked by the loss of life in Ukraine, which we deplore, resulting from a senseless act of military aggression which threatens European security,” Shell CEO Ben van Beurden said in a statement.
  • The company said that it had about $3 billion in “noncurrent assets” through its Gazprom ventures at the end of 2021.

Shell said Monday it is ending an “equity partnership” with Gazprom, a Russian state-owned energy company, as the Russia-Ukraine conflict continues.

Shell said it’s selling a 27.5% stake in Sakhalin-II, an integrated oil and gas project located on the Sakhalin island in Russia, as well as a 50% interest in Salym Petroleum Development N.V., “a joint venture with Gazprom Neft that is developing the Salym fields in the Khanty-Mansiysk Autonomous District of western Siberia.” The company also said it’s ending its involvement in the Nord Stream 2 pipeline project. read more

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U.N. pact may restrict plastic production. Big Oil aims to stop it

REUTERS

U.N. pact may restrict plastic production. Big Oil aims to stop it

By John Geddie, Valerie Volcovici and Joe Brock: Fri., February 18, 2022

A global explosion of disposable plastic, which is made from oil and gas, is increasing carbon emissions, despoiling the world’s oceans, harming wildlife and contaminating the food chain. More than 50 countries, including all 27 members of the European Union, are calling for the pact to include measures targeting plastic production.

That’s a problem for big oil and chemical companies. The industry is projected to double plastic output worldwide within two decades. read more

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Campaign Behind Landmark Case Against Shell Targets More Energy Groups

OilPrice.com

Campaign Behind Landmark Case Against Shell Targets More Energy Groups

By Tsvetana Paraskova – Jan 13, 2022, 10:30 AM CST

Milieudefensie, the Dutch chapter of Friends of the Earth activists who won a landmark climate case against Shell in 2021, now urge more than two dozen other multinationals, including BP, Exxon, Vitol, and LyondellBasell, to implement plans to slash emissions by at least 45 percent by 2030 from 2019 levels.

In a letter sent on Thursday to 29 “big polluters”, including Shell, BP, Exxon, Vitol, LyondellBasell, RWE, Unilever, Uniper, Stellantis, Schiphol, ABN AMRO, and others, Milieudefensie asks the companies to respond how they plan to cut their Scope 1, 2, and 3 emissions by at least 45 percent by 2030. read more

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UK oil and gas giants raked in £10BILLION in just THREE months as energy bills soar

Mirror

UK oil and gas giants raked in £10BILLION in just THREE months as energy bills soar

By Ben Glaze Deputy Political Editor: Pippa Crerar Daily Mirror Political Editor: 7 Jan 2022

Shell and BP reported the combined profits, dividends and buybacks just as wholesale gas prices began to soar. The two firms have had £660 million in tax credits in the last five years

The UK’s biggest oil and gas companies raked in £10.2billion in just three months last year, figures reveal.

Shell and BP reported the combined profits, dividends and buybacks just as wholesale gas prices began to soar. read more

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There are no calls to break up BP’s ‘cash machine’, says Bernard Looney

The Times

There are no calls to break up BP’s ‘cash machine’, says Bernard Looney

Emily Gosden: Wednesday, November 03 2021, 12.01 am

BP is not facing calls to break itself up, such as those aimed at Royal Dutch Shell, its boss has said.

Bernard Looney said that the energy transition required integrated companies that could use oil profits to fund green investment.

He said that BP was a “cash machine” after the oil price soared in the third quarter, helping it to deliver underlying net profits of $3.3billion, up from only $86 million in the same period last year and beating forecasts of $3.1 billion. read more

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U.S. House panel subpoenas Big Oil in climate deception probe

U.S. House panel subpoenas Big Oil in climate deception probe

By 

WASHINGTON, Nov 2 (Reuters) – The head of a U.S. House panel on Tuesday subpoenaed four major oil companies and two lobbying groups for documents related to their actions on global warming as part of a year-long probe into potential climate deception by the energy industry.

Representative Carolyn Maloney, a Democrat and the chairwoman of the House Committee on Oversight and Reform, issued subpoenas to Exxon Mobil Corp (XOM.N), Chevron Corp (CVX.N), BP America (BP.L) and Shell Oil (RDSa.L), and to industry body the American Petroleum Institute (API) and the U.S. Chamber of Commerce. read more

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Big Oil to attend U.S. House climate disinformation hearing

Reuters

Big Oil to attend U.S. House climate disinformation hearing

WASHINGTON, Oct 22 (Reuters) – Top executives from Exxon Mobil Corp, BP America, Chevron Corp and Shell Oil will testify on Oct. 28 at a congressional hearing examining whether the fossil fuel industry led an effort to mislead the public and prevent action to curb climate change warming, a House panel said on Friday.

Reporting Valerie Volcovici, Timothy Gardner and Doina Chiacu; Editing by Bill Berkrot read more

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Vermont sues 4 oil companies, alleges false info on climate

The Washington Post:

Vermont sues 4 oil companies, alleges false info on climate

By Wilson Ring | AP: 14 Sept 2021 at 2:22 p.m. EDT

BURLINGTON, Vt. — Vermont on Tuesday became the latest state to sue some of the country’s top fossil fuel companies by alleging they misled the public about the impact their products have on climate change.

The suit names ExxonMobil Corporation, Shell Oil Company, Sunoco LP, CITGO Petroleum Corporation and other corporations.

“They have known for decades that the Earth’s climate has been changing because of emissions of CO2 and other greenhouse gases, and that the fossil fuels they sell are the primary source of those emissions,” the lawsuit said. read more

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Code red for humanity?

CITY A.M.com

Shell and BP: why we’re hopeful for a sensible transition to renewables

Sue Noffke: Monday 6 September 2021 9:13 am

The devastating effects of unchecked global warming were laid bare by this week’s landmark report from the Intergovernmental Panel on Climate Change (IPCC).

UN secretary-general António Guterres described the report’s findings as “a code red for humanity”.

The world’s major energy companies were already on the front line of the climate change battle, but following this week’s report public scrutiny of the industry can only intensify. read more

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U.S. Gulf of Mexico oil producers consolidation accelerates

REUTERS

U.S. Gulf of Mexico oil producers consolidation accelerates

HOUSTON (Reuters) – Oil and gas producers in U.S. Gulf of Mexico have consolidated at a faster rate during the pandemic, new government data shows, as crashing prices squeezed out smaller drillers who had been seen as the industry’s future.

The top 10 producers – led by Royal Dutch Shell, BP Plc and Chevron – this year pumped 86% of the region’s 1.6 million barrels per day (bpd), up about 11 percentage points since 2017, data from regulator Bureau of Safety and Environmental Enforcement (BSEE) shows. read more

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Revealed: Fossil fuel companies lobby UK government for gas ‘compromise’ ahead of COP26

channel4.com

Revealed: Fossil fuel companies lobby UK government for gas ‘compromise’ ahead of COP26  

Washington Correspondent: 7 July 2021

Some of the world’s largest fossil fuel companies have lobbied the UK government to support a gas “compromise” ahead of the COP26 UN conference, Channel 4 News can reveal.

Last year, representatives from ExxonMobil, Shell, Chevron, Equinor and BP met with the then UK trade minister for a private dinner in Texas where natural gas was championed as a “vital part of the solution” to tackling climate change, according to a freedom of information request obtained by Greenpeace UK’s investigations unit Unearthed and shared exclusively with this programme. read more

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Shell buys BP’s stake in North Sea field, scrapping previous deal

REUTERS

Shell buys BP’s stake in North Sea field, scrapping previous deal

LONDON, June 25 (Reuters) – Royal Dutch Shell (RDSa.L) said on Friday it had agreed to acquire BP’s (BP.L) 27.5% stake in the Shearwater North Sea gas field, raising its stake in the field to 55.5%.

Reporting by Ron Bousso, editing by Louise Heavens SOURCE
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The Unintended Consequences Of Punishing Big Oil

OILPRICE.com

The Unintended Consequences Of Punishing Big Oil

By Tsvetana Paraskova – Jun 23, 2021, 12:00 PM CDT

The ‘day of reckoning’ for Big Oil, when events at boardrooms and courtrooms issued last month the starkest warning to oil majors’ license to operate yet, was hailed as a huge victory for climate activists. But the climate celebration may be a bit premature.

Rebel shareholder votes at Exxon and Chevron and a court ruling against Shell delivered a blow to Big Oil in a single day, and environmentalists are ecstatic. read more

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Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

CBS SF

Supreme Court Allows San Francisco, Oakland Lawsuits Against Big Oil Companies To Proceed

SAN FRANCISCO (CBS SF) – Two more ambitious lawsuits would be hard to image: in 2017 the cities of Oakland and San Francisco filed separate public nuisance lawsuits against five of the world’s biggest energy companies, seeking to hold them responsible for the local effects of sea level rise.

On Monday, the U.S. Supreme Court declined to throw the suits out of court, although the cases still face many daunting obstacles ahead. read more

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Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

OilPrice.com

Forget Activism: Chronic Underperformance Is Big Oil’s Biggest Problem

By Alex Kimani – Jun 06, 2021, 7:00 PM CDT

Just last week, some of the world’s largest integrated energy companies faced the wrath of furious investors and climate activism. Exxon Mobil (NYSE:XOM) lost three board seats to Engine No. 1, an activist hedge fund, in a stunning proxy campaign, while a good 61% of Chevron (NYSE:CVX) shareholders voted to further cut emissions at the company’s annual investor meeting a week ago.

Engine No. 1 has told the Financial Times that Exxon will need to cut fossil fuel production for the company to position itself for long-term success, “What we’re saying is, plan for a world where maybe the world doesn’t need your barrels,” Engine No.1 leader Charlie Penner has told FT.

Meanwhile, a Dutch court has ordered Royal Dutch Shell (NYSE:RDS.A) to cut its greenhouse gas emissions harder and faster than it had previously planned.

Whereas climate change issues are the presumptive reasons behind the latest wave of investor revolts at the oil and gas giants, lurking beneath the surface is a growing sense of apprehension about Big Oil’s strategy and failure to generate adequate returns for shareholders in recent decades. read more

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U.S. Supreme Court backs energy companies over Baltimore in climate case

U.S. Supreme Court backs energy companies over Baltimore in climate case

WASHINGTON (Reuters) – The U.S. Supreme Court on Monday ruled in favor of BP PLC, Chevron Corp, Exxon Mobil Corp, Royal Dutch Shell PLC and other energy companies contesting a lawsuit filed by the city of Baltimore seeking monetary damages from them due to costs caused by global climate change.

The 7-1 ruling, authored by conservative Justice Neil Gorsuch, came on a technical legal issue that could help the companies in their effort to have the case heard in federal court, as they would prefer, instead of state court, which the city favors as it is seen as a more amenable venue. read more

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New York City sues Exxon, BP, Shell in state court over climate change

New York City sues Exxon, BP, Shell in state court over climate change

By Reuters Staff: April 22, 2021

(Reuters) – New York City is suing three major oil companies and the top industry trade group in state court after a federal appeals court this month rejected its effort to hold the companies liable to help pay the costs of harm caused by global warming.

The lawsuit filed on Thursday said Exxon Mobil Corp, BP Plc, Royal Dutch Shell and industry group the American Petroleum Institute “have systematically and intentionally misled consumers” about “the central role their products play in causing the climate crisis.” read more

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Will Big Oil’s Huge Carbon Capture Bet Pay Off?

Will Big Oil’s Huge Carbon Capture Bet Pay Off?

By Tsvetana Paraskova – Apr 21, 2021, 1:00 PM CDT

“We’re sending carbon back where it came from,” Norway’s energy giant Equinor says, describing its efforts to make carbon capture and storage (CCS) commercially viable in a future decarbonized energy system. Equinor is a joint venture partner with two other oil majors, Shell and Total, in developing the Northern Lights project in Norway, which is planned to deliver carbon storage as a service to help third-party industries to reduce emissions. read more

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Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them

Energy Giants Ditch Oil and Coal Projects. Smaller Rivals Want Them.

BP, Rio Tinto and others sell assets for financial and environmental reasons, in possible boon for those who still embrace fossil fuels

By David Hodari: April 21, 2021 5:30 am ET

For all the talk of a transition away from fossil fuels, players in the energy sector are still willing to bet there is more money to be made in oil and coal.

Major oil companies such as BP PLC and Royal Dutch Shell PLC are selling billions of dollars of assets to bolster their finances and reduce carbon emissions, while mining companies including Anglo American PLC and Rio Tinto PLC have exited coal projects. read more

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Activists gear up for a fight over green-washing at AGMs

Activists gear up for a fight over green-washing at AGMs

: April 20, 2021

Spring is the season for annual general meetings and this year they provide a test of environmental credentials. Activist non-government organisations (NGOs) have tabled ambitious resolutions to several UK-listed companies and they are keen to remind asset managers with voting rights of their stewardship responsibilities to investors and the planet.

Barclays (BARC)Rio Tinto (RIO)BP (BP.) and Royal Dutch Shell (RDSB) are subject to resolutions from NGOs seeking ambitious commitments in keeping with the Paris Climate Agreement. Its objective is to limit global temperature increases to two degrees Celsius above pre-industrial levels, with strenuous efforts to keep the rise to just one-and-a-half degrees. read more

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A great deception’: oil giants taken to task over ‘greenwash’ ads

Damian Carrington Environment editor: Mon 19 Apr 2021 06.01 BST

Some of the world’s biggest fossil fuel companies have used advertising to “greenwash” their ongoing contribution to the climate crisis, according to files published by the environmental lawyers ClientEarth. They describe the practice as “a great deception”.

The files compare the adverts produced by ExxonMobil, Aramco, Chevron, Shell, Equinor and others with the companies’ operations and products, overall climate impact and progress toward climate-safe business models. read more

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The World Still Needs Hundreds Of Billions Of Barrels Of Oil

The World Still Needs Hundreds Of Billions Of Barrels Of Oil

By Haley Zaremba – Apr 14, 2021, 2:00 PM CDT

Has peak oil demand already come and gone? That’s an exceptionally hard question to answer. There are some experts that say unequivocally, yes. They claim that peak oil is already upon us, thanks to the crushing blow that the Covid-19 pandemic dealt to global oil demand as well as the ever-escalating worldwide transition toward clean energy. But there are just as many who say that the world’s thirst for oil still has a long way to go before we hear its swan song. read more

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Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Houston, We Have A Problem. Oil Reserves Have Fallen Below 10 Years

Tim TreadgoldAsia: Apr 12, 2021

Big oil has a big problem. It’s running out of oil.

Years of under-investment in exploration and a decline in project development has blown a hole in the reserves of the major international oil companies (IOCs), a group that includes ExxonMobil, Chevron and Royal Dutch Shell.

Since 2015 the average reserves of the oil majors has fallen by 25% to now stand at less than 10 years of annual production.

Reserves in the ground is a critical measure of an oil company with a decline seen as a negative by investors. read more

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Oil Giants Win Climate Suit as Judges Push For Political Fix

Oil Giants Win Climate Suit as Judges Push For Political Fix

Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

Bloomberg News: Chris Dolmetsch and Erik Larson: Publishing date: Apr 01, 2021(Bloomberg) — New York City failed to persuade a federal appeals court to reinstate a climate-change lawsuit against Exxon Mobil Corp., BP Plc and three other oil companies, with the judges saying the problem demands political rather than legal solutions.

The Friday ruling by the U.S. Court of Appeals in New York is a setback for those trying to use the courts to hold the industry responsible for costs associated with rising seas and other consequences of a warming planet.

Chevron Corp., Royal Dutch Shell Plc and ConocoPhillips were also sued in the case.

The court said global warming “is a uniquely international concern” that requires the federal government to step in rather than judges. Only the U.S. Environmental Protection Agency has the authority to regulate domestic greenhouse gas emissions, the unanimous three-judge panel held. read more

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Shell To Tie Executive Bonus Pays With Energy Transition Goals

Shell To Tie Executive Bonus Pays With Energy Transition Goals

By Tsvetana Paraskova – Mar 29, 2021, 11:30 AM CDT

Oil and gas supermajor Shell is set to tie the bonuses for its top executive directors more closely to the group’s performance in reaching its net-zero goals, if shareholders approve the plan at the annual general meeting in May, Reuters reported on Monday.

Two years ago, Shell became the first supermajor to set short-term emission reduction targets and link these targets with executive pay, yielding to growing investor pressure about establishing short-term emission goals. read more

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Chevron eyes deal for Shell oil refinery in Pacific Northwest -sources

Chevron eyes deal for Shell oil refinery in Pacific Northwest -sources

HOUSTON, March 26 (Reuters) – Chevron Corp has emerged as a leading contender to buy a Royal Dutch Shell Plc refinery in the U.S. Pacific Northwest, three people familiar with the matter said on Friday.

Shell has been trying to sell its 145,000 barrel-per-day (bpd) Puget Sound refinery in Anacortes, Washington, for at least a year. Reuters reported in January 2020 that the refinery was for sale. read more

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Andrew Mackenzie selected as chairman of Shell

Andrew Mackenzie selected as chairman of Shell

Former CEO of BHP will succeed Chad Holliday after six years in the position.

March 12, 2021

Royal Dutch Shell announced the appointment of Andrew Mackenzie as the new chairman with effect from the conclusion of Shell’s 2021 Annual General Meeting on May 18.

Mackencie will succeed Chad Holliday who will step down after six years as chairman and board director since September 2010.

Andrew Mackenzie, a British national, joined Shell’s Board in October 2020, after a distinguished career in the energy, petrochemicals and resources sector, latterly as Group CEO of BHP from 2013 to 2019. read more

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Big Oil Clashes Over Fossil Fuel Future

Big Oil Clashes Over Fossil Fuel Future

By Charles Kennedy – Mar 02, 2021, 9:00 AM CST

Executives from major oil companies clashed over the prospects of oil and gas for the future at the first virtual edition of the CERAWeek conference in Houston.

While BP’s Bernard Looney and Shell’s Ben van Beurden boasted about their shift away from their core business and into renewable energy, Baker Hughes, Hess Corp., and Spain’s Repsol were among those believing that fossil fuels have yet to leave the scene for good, the Houston Chronicle’s Paul Takahashi reports. read more

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Which Banks Are The Biggest Backers Of Oil And Gas?

Which Banks Are The Biggest Backers Of Oil And Gas?

About a month ago, BlackRock Inc.(NYSE:BLK), the world’s largest asset manager with $9 trillion in assets under management (AUM), sent shockwaves through the fossil fuel sector after it vowed to double down on climate activism by backing more shareholder resolutions on climate change and social issues in 2021.

Around the same time, the $226 billion New York State pension fund and the $5B Rockefeller Brothers Fund announced plans to divest the majority of their fossil fuel investments and also sell shares of other companies that have been actively contributing to global warming. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.

How Biden should meet his promise to cut fossil fuel emissions

How Biden should meet his promise to cut fossil fuel emissions

Full power of US Clean Air Act must be used to cut oil and gas sector’s methane output 9 FEB 2021 Extracts

It is clear, however, that the oil and gas sector’s concerns over methane emissions have reached a breaking point.

The industry’s shift follows decades of climate denial and obfuscation. The industry eventually turned to voluntary commitments such as the Oil and Gas Climate Initiative, insisting they would suffice in place of the force of law. But under immense investor and public pressure, some of the oil majors, including BP, Shell, ExxonMobil, Total, and Equinor, have now publicly announced support for government regulation of methane pollution read more

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Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

Hedge funds bet on oil’s ‘big comeback’ after pandemic hobbles producers

FILE PHOTO: A combination of file photos shows the logos of five of the largest publicly traded oil companies; BP, Chevron, Exxon Mobil, Royal Dutch Shell, and Total. REUTERS/File Photo

TORONTO (Reuters) – Hedge funds are turning bullish on oil once again, betting the pandemic and investors’ environmental focus has severely damaged companies’ ability to ramp up production. read more

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Oil giant Shell follows rivals into huge loss

Oil giant Shell follows rivals into huge loss

“2020 was an extraordinary year,” said Chief Executive Ben van Beurden. “We have taken tough but decisive actions,” he said, with Shell having already announced plans to axe up to 9,000 jobs, or more than 10 percent of its global workforce.

Published on: Friday, February 05, 2021: By AFP

LONDON: Royal Dutch Shell on Thursday became the latest oil major to reveal huge annual losses as the coronavirus pandemic slashed energy demand and prices in 2020.

Shell dived into a net loss of $21.7 billion (18.1 billion euros) last year as factories shut and planes were grounded. read more

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Oil major Shell reports sharp drop in full-year profit, raises dividend

Oil major Shell reports sharp drop in full-year profit, raises dividend

Sam Meredith@SMEREDITH19: PUBLISHED THU, FEB 4 20212:31 AM EST UPDATED THU, FEB 4 20213:18 AM EST KEY POINTS
  • Shell reported adjusted earnings of $4.85 billion for the full-year 2020. That compared with a profit of $16.5 billion for the full-year 2019.
  • The company said it would raise its first-quarter dividend to $0.1735 per share, reflecting an increase of 4% from the previous quarter.
  • The results come as energy giants seek to reassure investors about their future profitability, following a dreadful year for the global oil and gas industry by virtually every measure.

LONDON — Oil giant Royal Dutch Shell on Thursday reported a sharp drop in full-year profit as the coronavirus pandemic took a heavy toll on the global oil and gas industry.

Shell reported adjusted earnings of $4.85 billion for the full-year 2020. That compared with a profit of $16.5 billion for the full-year 2019, reflecting a drop of 71%. Analysts polled by Refinitiv had expected full-year 2020 net profit to come in $5.15 billion. read more

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Investors see splits among energy company climate efforts

Investors see splits among energy company climate efforts

(Reuters) – Investors are judging how well energy companies have reoriented their businesses to cut emissions as they weigh activists’ calls for divestment, climate finance specialists said on Thursday.

Growing differences between oil majors have clarified when companies are positioned to achieve “net-zero” emissions, becoming more focused on renewable power and offsetting remaining greenhouse gas emissions with measures like carbon sequestration or conservation efforts, specialists said at a Reuters Next panel held online. read more

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2020 Was One of the Worst-Ever Years for Oil Write-Downs

2020 Was One of the Worst-Ever Years for Oil Write-Downs

Royal Dutch Shell’s Prelude floating facility has struggled to deliver income. PHOTO: ROYAL DUTCH SHELL AUSTRALIA/REUTERS

By Collin Eaton and Sarah McFarlane: Dec. 27, 2020 9:00 am ET

The pandemic has triggered the largest revision to the value of the oil industry’s assets in at least a decade, as companies sour on costly projects amid the prospect of low prices for years.

Oil-and-gas companies in North America and Europe wrote down roughly $145 billion combined in the first three quarters of 2020, the most for that nine-month period since at least 2010, according to a Wall Street Journal analysis. That total significantly surpassed write-downs taken over the same periods in 2015 and 2016, during the last oil bust, and is equivalent to roughly 10% of the companies’ collective market value. read more

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New York Becomes The First State To Divest From Oil And Gas

New York Becomes The First State To Divest From Oil And Gas

09/12/2020 13:10 GMT | Updated 09/12/2020 14:54 GMT

The Empire State’s pension fund is the largest to dump fossil fuel investments ― ever, in the entire world.

New York state announced plans on Wednesday to eject oil and gas stocks from its $226 billion financial portfolio, becoming the first U.S. state and the biggest pension fund anywhere to divest from fossil fuels.

By 2025, the New York State Common Retirement Fund, which disburses some $1 billion in benefits to retirees each year, will sell off its “riskiest” oil and gas stocks, following a review. The state aims to completely eliminate carbon polluters from its portfolio by 2040. read more

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Oil majors wipe $80 billion off books as epidemic, energy transition bite

Oil majors wipe $80 billion off books as epidemic, energy transition bite

By Ron Bousso:

By Ron Bousso

LONDON (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 Monday it would write down the value of natural gas properties by $17 billion to $20 billion, its biggest ever impairment following the sharp drop in energy prices this year. read more

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5 legal tactics environmentalists are using to fight climate change

“Fossil fuel companies, like tobacco companies before them, have allowed governments to pay for the harms caused by their products“…

5 legal tactics environmentalists are using to fight climate change

Activists are increasingly using litigation as a tool to influence climate action worldwide. Here’s a look at some of the main tactics they’re wielding to force change on fossil fuel firms and weak government policies.

More than 700 climate lawsuits have been filed around the world since 2015, according to the Climate Change Litigation Databases. That’s a huge increase, considering there have only been about 1,700 of these types of cases since the late 1980s, most of them in the US. read more

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Shell Wants Biden to Reverse Methane Emissions Rollback

Bloomberg: Shell Wants Biden to Reverse Methane Emissions Rollback

David Wethe:

(Bloomberg) — Royal Dutch Shell Plc will push for the reversal of President Donald Trump’s rollback of methane emissions rules and the introduction of carbon pricing when Joe Biden moves into the White House next year.

“Some of the regulatory rollbacks that we’ve seen under the current administration haven’t actually benefited our industry,” Shell U.S. President Gretchen Watkins said Tuesday on a webcast hosted by the Greater Houston Partnership. read more

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BP And Shell’s Renewables Plans – Go Woke Go Broke

BP And Shell’s Renewables Plans – Go Woke Go Broke

: Nov 2, 2020

Summary

  • No, I’m not suggesting that BP and Shell are about to go broke as a result of their plans in to renewables – that’s rhetorical use of a current trope.
  • The move does though entirely change the way we should be viewing those stocks. They become as with other companies, things to evaluate on single year horizons.
  • They used to be known as “widows and orphans” stocks, regular dividend payers safe to be held for decades – this is what has changed.

Going green is just fine

The idea of the world going green is just fine. Climate change is a real problem, we’re causing it, we need to do something about it. I’m one of the few on that free market right who has been saying this for the past decade or so and don’t I get stick for it too.

The idea of companies investing in doing that going green is just fine too. As someone on that free market right I would insist that this is the only way we will go green too. The capitalist way, people making a buck out of what people desire to be done. read more

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The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

The Big Oil Side Hustle: Where ‘Renewable’ Money Is Really Going

By Alex Kimani – Oct 20, 2020, 6:00 PM CDT

In 2016, Shell set an ambitious goal to invest $4bn to $6bn in clean energy projects by 2020, though the Guardian recently reported that it was unlikely to meet that target. So, why is Big Oil still dragging its feet…

Every time an oil and gas major announces a major foray into renewable energy, the skeptics come out like clockwork and lambast the sector for merely trying to burnish its green credentials. read more

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Big Oil’s $110 billion asset sale target could prove big ask

Big Oil’s $110 billion asset sale target could prove big ask

By Ron Bousso: October 1, 2020

LONDON (Reuters) – Leading energy companies are hoping to sell dozens of oil and gas fields and refineries worth more than $110 billion to curb both their ballooning debt and their carbon footprints.

But with the outlook for oil and gas prices uncertain because of the coronavirus pandemic and a shift to cleaner energy, finding buyers and striking deals might prove tricky.

“This is not a very good time to sell assets,” Total CEO Patrick Pouyanne said while presenting the French giant’s strategy to switch to renewables on Wednesday. read more

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U.S. and European Oil Giants Go Different Ways on Climate Change

U.S. and European Oil Giants Go Different Ways on Climate Change

While BP and other European companies invest billions in renewable energy, Exxon and Chevron are committed to fossil fuels and betting on moonshots.

By Sept. 21, 2020, 5:00 a.m. ET 

HOUSTON — As oil prices plunge and concerns about climate change grow, BP, Royal Dutch Shell and other European energy companies are selling off oil fields, planning a sharp reduction in emissions and investing billions in renewable energy.

The American oil giants Chevron and Exxon Mobil are going in a far different direction. They are doubling down on oil and natural gas and investing what amounts to pocket change in innovative climate-oriented efforts like small nuclear power plants and devices that suck carbon out of the air. read more

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A Glut of Refineries Is the Oil Industry’s Next Problem

A Glut of Refineries Is the Oil Industry’s Next Problem

New capacity in the developing world is making European plants that turn oil into gasoline and other products obsolete

By Rochelle Toplensky: Sept. 3, 2020 5:03 am ET

This year’s oil glut is already receding. It is a shame that can’t be said of the global glut of oil refineries, which is only getting worse.

Europe in particular has long had too many oil refineries, but the pandemic-induced fall in energy demand has ramped up pressure to resolve the problem. For the region’s big oil producers—already reeling after a flood of excess oil pushed some prices below zero in April—a few aging assets are likely in line for a makeover. Others could be destined for the scrap heap. read more

This website and sisters royaldutchshellplc.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, and shellnews.net, are owned by John Donovan. There is also a Wikipedia segment.