MADRID—A few dozen activists had packed a cramped meeting room at the UN climate negotiations, where executives from Shell Oil, Chevron and BP were to speak about their plans to tackle carbon emissions. Just as Shell executive Duncan van Bergen took the mic, the activists stood up solemnly and put their hands over their ears, slowly filing out of the room in protest of what they saw as false solutions.
Van Bergen was talking about the company’s high-profile but controversial new initiatives to invest in natural ecosystems to help reduce its own carbon footprint and that of its customers. The company has also signed on to a new “markets for natural climate solutions,” spearheaded by the International Emissions Trading Association (IETA), a trade association representing many of the world’s biggest polluters (including the three aforementioned oil giants).read more
Just 20 energy companies account for one-third of greenhouse emissions since 1965, according to a new study.
The Climate Accountability Institute’s Richard Heede tallied up all the fossil fuels extracted by every company through 2017 and calculated the emissions. The data is public, the math is straightforward and the emissions are indisputable.
The top 10 companies, in order, are, predictably, Saudi Aramco, Chevron, Gazprom, Exxon Mobil, National Iranian Oil Co., BP, Royal Dutch Shell, Coal India and PEMEX. More details are available online at http://climateaccountability.org/carbonmajors.html.read more
The carbon bubble “continues to inflate,” according to a new report from Carbon Tracker. And yet no major oil company has aligned its operations with the goals set out in the Paris Climate Agreement.
This is not just a matter of bad corporate behavior. The oil industry is charging ahead with oil and gas projects that completely defy climate targets, which means that they are taking on serious financial risk. “Companies who continue to sanction higher-cost projects which do not fit with a lower demand scenario risk destroying significant shareholder value through the creation of stranded assets,” Carbon Tracker warned. The more companies delay, the greater risk they take on.read more
The world’s largest oil and gas companies need to slash their production by more than a third by 2040 to meet global climate targets, according to a new report.
The seven listed oil majors – including ExxonMobil, BP and Shell – would need to cut the total amount of oil and gas they produce every day by 35% to avoid driving temperatures 1.5C higher than pre-industrialised levels.
Global governments would also need to stop issuing new oil and gas licences for fossil fuel exploration, according to the report.read more
Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019.
That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.
Shares of the Anglo-Dutch oil company are down more than 1% when compared to the same period in 2018.
Oil giant Royal Dutch Shell reported weaker-than-expected third-quarter net profit on Thursday, citing lower energy prices and chemicals margins.
Net income attributable to shareholders on a current cost of supplies (CCS) basis, used as a proxy for net profit, and excluding identified items, came in at $4.767 billion for the third quarter of 2019. That compared with a profit of $5.624 billion in the same quarter a year ago and $3.462 billion in the second quarter.read more
Oil major investors bracing for bad news as headwinds gather
by Bloomberg: 28/10/2019, 7:05 am Updated: 28/10/2019, 8:12 am
The so-called supermajors — Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., Total SA and BP Plc — are expected to disclose a 42% plunge in third-quarter earnings, on average, when they post results this week. That drop-off is too steep to blame on the 18% decline in crude oil prices, which means executives will have some explaining to do.
Exxon, Shell, and BP already have already taken steps to manage shareholder expectations by releasing limited data points on things like refinery repairs, asset sales and hurricane impacts on offshore oil production. Nonetheless, investors will be watching for additional color on what to expect for the remainder of 2019.read more
This week brings quarterly results from the world’s biggest energy companies. Some will beat expectations, some will miss, and after a brief flurry of algo-driven share price adjustment your average investor will carry on hating oil stocks, regardless.
John Browne, the former BP chief, said last week that it felt like the energy transition was “collapsing in time”, with changes towards cleaner energy that were once expected to take decades now being demanded by the public — and increasingly investors — within years.read more
What seemed like the perfect route to a low-carbon world now looks like a risky bet, writes John Collingridge
What do the former Redcar steelworks on Teesside, a university in the Midlands and forests in the Scottish Highlands have in common? Answer: Big Oil is praying they hold the key to its future.
Strikes by schoolchildren, the rise of “flight-shaming” and an exodus of investors have left the energy industry reeling. Oil giants’ multibillion-pound bet — that gas will power the global economy into a low-carbon future — now looks risky.
As the mood changes, Big Oil is making increasingly ambitious — and desperate — attempts to clean itself up and reduce or trap carbon emissions. For giants including Shell, Total and BP, that means carbon capture and storage (CCS) at Redcar, promoting hydrogen as an alternative fuel, such as a pilot at Keele University — and even planting forests in Scotland.read more
The oil industry is facing a series of legal cases that are expected to examine what companies knew about the potential impact of climate change, when they knew it, and what they did with that information. (Kyle Bakx/CBC)
How much did the oil industry know about the impact of fossil fuel emissions on the climate? When did they know it? And what did they do with that knowledge?
Those are the central questions in a series of court cases attempting to hold companies accountable for their role in climate change.
It’s been called Big Oil’s “Big Tobacco” moment, echoing the famous litigation that exposed how tobacco companies deliberately generated scientific uncertainty even though they knew that cigarettes cause cancer.read more
Oil lobby’s reach into EU politics – The five biggest oil and gas companies – BP, Shell, Chevron, ExxonMobil and Total – and their industry groups have spent at least €251m (£217m) lobbying the EU over climate policies since 2010. Researchers say the figure represents the tip of the iceberg, as in some years companies made no declarations of spending in the voluntary EU transparency register. Pascoe Sabido, researcher at Corporate Europe Observatory, said the oil and gas lobby had “delayed, weakened and sabotaged EU action on the climate emergency thanks to their hefty lobby spending. A cool quarter of a billion over the last decade buys a lot of access and influence in Brussels.”read more
Oct. 22 (UPI) — The Supreme Court on Tuesday declined to stay the city of Baltimore’s lawsuit against a group of oil companies it accuses of contributing to climate change.
The high court’s decision clears the way for the U.S. 4th Circuit Court of Appeals to determine whether the case should proceed in state court. The oil companies — including BP, Chevron, ExxonMobil and Royal Dutch Shell — requested the stay, seeking to have various state-level lawsuits moved into federal court to eliminate the “costs and burdens of duplicative litigation.”read more
The group of companies includes BP, Chevron, ExxonMobil and Royal Dutch Shell.
BY HARPER NEIDIG – 10/22/19 02:02 PM EDTThe city of Baltimore’s lawsuit against a group of 26 major oil companies over their role in climate change will proceed after the Supreme Court rejected the energy giants’ request for a stay on Tuesday.
The oil companies had asked for the Supreme Court to intervene after a federal judge ruled that Baltimore’s lawsuit could proceed in state court. The companies had sought to move the litigation to federal court in order to avoid potentially expensive litigation.
The group of companies includes BP, Chevron, ExxonMobil and Royal Dutch Shell.
Baltimore sued the energy giants last year, arguing that the companies are responsible for contributing to climate change and that the city is especially vulnerable to the resulting rise in sea level.
The companies tried to get the case moved out of Maryland’s state court system and into federal district court. The district court denied the motion and the oil giants appealed to the 4th Circuit Court of Appeals.
Citing multiple similar cases playing out in other states, the energy companies said that without a stay from the Supreme Court, they “would be unable to recover the cost and burdens of duplicative litigation.”
The 4th Circuit will hear oral arguments in the appeal in December.
SOURCE
MEXICO CITY — U.S.-based Chevron Corp said on Friday it signed an agreement with a unit of Royal Dutch Shell to buy a 40% stake in three deepwater blocks in the Mexican Gulf that the Anglo-Dutch firm won in auctions under the nation’s energy reform.
The deal was approved earlier this week by Mexico’s oil regulator, the National Hydrocarbon Commission.
“This agreement further strengthens the company’s upstream Mexico portfolio and advances its growth strategy in deepwater exploration,” Chevron’s spokesman, Ray Fohr, said in a statement.read more
*While Chevron, Exxon, Occidental and other oil majors are eagerly ramping up shale acquisitions and production, Shell has been more reserved in this regard.
*Shale resources may help companies improve on upstream production volumes and reserves, but profitability is questionable, leading to potentially net negative trade-off for investors.
*The ethane plant in Pennsylvania is an example of Shell wisely making use of lower natural gas prices, rather than being on the upstream side, losing money.
Much has been made lately of the deep dive into shale that the likes of oil majors such as Chevron (NYSE:CVX) and Exxon (NYSE:XOM) decided to take in the past few years. A fight over Anadarko (NYSE:APC) between Chevron and Occidental (NYSE:OXY) was perhaps the most emblematic symbol of this industry-changing trend. Analysts and investors quickly jumped to the conclusion that it is imperative for all oil majors to jump in and compete with each other on acquiring and developing shale assets. Exxon and Chevron are currently planning to increase shale production to 1 mb/d each. Shell (NYSE:RDS.A) (NYSE:RDS.B) has been more timid in this regard, and given the profitability profile of the overall shale industry, I am fully satisfied with its position in this regard. Shell’s downstream investments, such as the Pennsylvania ethane plant, meant to take advantage of low shale prices, seems to make far more sense than rushing to produce the low-priced natural gas. Nor does it seem all that wise to rush to produce shale oil, which requires extremely high capital expenses to produce. Some investors may believe that it is more important to maintain reserves and production by diving into the shale patch. I personally think that it is not worth diluting Shell’s overall profitability profile by producing shale oil and gas for the sake of maintaining the company’s overall production numbers.read more
Reporting by Ron Bousso, additional reporting by Jennifer Hiller in Houston; Editing by Susan Fenton and Louise Heavens: Sept 6, 2019
LONDON (Reuters) – Major oil companies have approved $50 billion of projects since last year that will not be economically viable if governments implement the Paris Agreement on climate change, think-tank Carbon Tracker said in a report published on Friday.
The analysis found that investment plans by Royal Dutch Shell (RDSa.L), BP (BP.L) and ExxonMobil (XOM.N) among other companies will not be compatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5 degrees Celsius.read more
The $20 billion fund says oil companies including ExxonMobil and Royal Dutch Shell are not doing enough to meet goals set out in the Paris Agreement. But the fund has ruled out a blanket ban on fossil fuel companies.
5 Sept 2019
A Danish pension fund has said it would sell its stake in major oil companies as their business models are incompatible with the goals set out in the Paris climate agreement.
MP Pension, a $20 billion (€18 billion) pension for Danish M.A’s, M.Sc.’s and Ph.D’s who are employed in public sector universities and upper secondary schools, said it would dump its stakes in 10 of the world’s largest oil companies, including ExxonMobil, BP, Chevron, PetroChina, Rosneft and Royal Dutch Shell.read more
BG Alumni: It's about time Bonus Group and Bogus Group moved on. This website is repaidly becoming all baout the bitter and twisted.I can't imagine how that idea was fostered.
Bonus Group: For a further example of outstanding performance by BG Group Alumni, London Lad need look no further than Sound Energy where the share price has plummeted from £0.935 in February 2017 to £0.0335 December this year. This remarkable performance, however, does not detract from the Directors' and the Senior Managers' whopping salaries and bonuses. One can barely hear oneself think above the slurping and grunting at the trough.
Bogus Group: Interesting news article. “Network Rail are well into devolving and restructuring the organisation so that all activities and roles are closer to passengers in order to drive up train performance”. In 2018, many UK train commuters had a tough time with timetable schedules, journeys that didn’t leave or arrive on-time and delays due to major projects.
Could this revival be attributed to the previous chief executive and one of the former Shell and BG Group ‘chosen few’, stepping down from his role?
Bonus Group: To put London Lad's rather naive comments into context. In the final days before the Executive Chairman, Andrew Gould 'pulled the plug' on the whole shooting match, at a Town Hall Meeting, the Chief Operating Officer, Sami Iskander, stood up and announced, to anyone who could be bothered to listen, that the company had spent £200MM assuring work which later cost them £2Bn because it was wrong. An absolutely, stellar performance. The people responsible for this are now deeply embedded within Shell's matrix organisation. An excellent result for the shareholders. Perhaps, a Bridge too Far?
Bonus Group: London Lad, Good to hear from you. I hope that you enjoyed your recent trip to Aberdeen. Having also been employed by Shell, I consider myself fortunate that I was not one of the 'Chosen Few'. The 'Chosen Few' are the most corrupt of the corrupt and will fit in well with your ilk. In respect of the slur about my performance, BG were involved in what can only be described as a stupendous multi-billion dollar technical fraud against Petrobras based upon a corrupt workflow which was both Functionally Approved through their Assurance Team and signed-off by the relevant Discipline Functional Head. They refused to correct their workflow and that resulted in a technical fraud. They tried to make me complicit in this fraud, but I refused. That is called integrity, something which I have no doubt that you know little of. You clearly relish brushing shoulders with fraudsters and liars.
LondonLad: I can only assume from the continuous moaning from “Bonus Group” that he/she was not one of the “chosen few” from the BG group and hence the vindictiveness. Poor performance = limited or no job opportunities which applies to both Shell and ex-BG staff. As a share holder I wouldn’t want it differently.
Bonus Group: Further to Bogus Group's post of Thursday 21st November. BG Group the failed Internet Cafe, cappucino and Belgian chocolate lifestyle company had an established reputation for: constructive dismissal, lack of transparency and corrupt 'do as I say, not as I do' line management. The acceptance of the 'Chosen Few' from BG by Shell into its upper echelons can only lead to further corruption. After all what was on the BG Portal in terms of Company Policy was of course also law, or at least that is what they would have you believe. As employers they were a complete disgrace and the company a complete shambles from top to bottom. Visitors to this site can look forward to more revelations of incompetence in due course as they unfold.
Bogus Group: I was lured by the Michael Coates (Associate General Counsel at Shell) interview by Lawyer Monthly, and the question……. what is the most challenging aspect of your job and how do you overcome this? His response “There are a number of interesting challenges but I will share one internal challenge, the management of our in-house legal team”
The acquisition of BG Group and the infiltration of “the chosen few” from that company’s in-house legal team, may have bestowed a challenge he could never have imagined.
LondonLad: Well “Theo” when you say that “I know for sure the following” followed by a former director said “Black Gold we are digging up” then I think perhaps you are making this up. Most directors of an oil company (even including Shell) would not use the word “digging”! “Drilling” or “producing” yes but certainly not “digging” - exception being the muppets in the HR departments perhaps. In addition your last two sentences are irrelevant to the usual attacks on Shell and are somewhat waffle and insulting to most readers here. You clearly have a problem. I await the onslaught!!
Bogus Group: There are normally two sides to every story, but Mike Curless’ version of his termination employment under the pretext of the takeover of BG reorganisation could hold some credence. However, if there was a fair and transparent succession strategy, Sarah Franklin’s self-promotion, see previous post and article, https://www.accdocket.com/articles/tips-and-insights-a-world-class-combination.cfm must have made her a good candidate for one of the “vacant” roles within the Shell legal team. Time will tell if the relevant due diligence was done on Ms Franklin, considering her escapades with a previous company.
Theo Benschop: I know for sure the following. A former director of Royal Dutch Shell had said: it is a simple problem with the Black Gold that we are digging up and selling. All what the government has to do is fix the price of the Black Gold at a level nobody will notice. Maybe add something. But there you have the money to pay for the transition to a more sustainable energy. So actually what everybody wants in the agreements in Paris.
Also I know for sure that beloved sister Rep. Ilham Omar was perfectly right in her conclusion that a few guilty criminals did something to create the chaos of nine eleven, so not the rest of the world.
So that about 7 Billion simple descendants of the first human beings not being a monkey are supporting her for keep on being the one and only first president of all sovereign or not sovereign United Nations.
jaun carlos: Good day
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON. EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.
ROYAL DUTCH SHELL LIVE NEWS FEED
Apple is no longer the most valuable company in the world 11 Dec 2019 19:04 Metro Cafe Apple, whose CEO is Tim Cook, was replaced by Aramco, within the fist few moments the latter was on the stock market (Picture: Getty)Saudi Arabia’s oil company Aramco has overtaken Apple as the most valuable listed company in the world.
Owned by the Saudi …
Saudi oil firm breaks market records 11 Dec 2019 18:38 world.wng.org The Saudi Arabian oil company Aramco reached a value of $1.88 trillion on Wednesday, its first day of trading on the Saudi Tadawul stock exchange, surpassing Apple as the largest listed company in the world. That makes it worth more than the world’s top …
Chevron Ushers in Oil’s Era of the Sober-Major 11 Dec 2019 18:35 The Washington Post Chevron joins the ranks of Exxon Mobil Corp. — which paid $35 billion for XTO Energy Inc. less than a year before the Atlas deal and has been haunted by it ever since — and ConocoPhillips, which bought Rockies gas producer Burlington Resources Inc. way …
Chevron’s move to exit Kitimat LNG project a dash of ‘cold water’ for gas industry 11 Dec 2019 17:51 Global News The decision by Chevron Corp. to try to sell its 50 per cent stake in the Kitimat LNG project on the B.C. coast throws a symbolic dash of “long-dated cold water” on growth in the Canadian natural gas industry, an analysis says.
The California-based company …
Saudi Aramco soars 10% on market debut 11 Dec 2019 17:11 Taipei Times Saudi Arabian Oil Co (Aramco) shares yesterday began trading for the first time, gaining 10 percent in the first moments on the market and pushing its capital to US$1.88 trillion, making it the most valuable listed company in the world.
The state-owned oil …
IPO makes Aramco the world’s most valuable listed company 11 Dec 2019 16:31 Business Day Dubai/London — Saudi Aramco shares surged after the oil producer’s initial public offering (IPO), valuing the company at a record $1.88-trillion in the culmination of a four-year effort by the kingdom to list its crown jewel.
The stock jumped the daily …
Sam Meredith: 31 Oct 2019
Financial Times: Energy majors eye swifter shift to green
The oil industry is facing a series of legal cases that are expected to examine what companies knew about the potential impact of climate change, when they knew it, and what they did with that information. (Kyle Bakx/CBC)
By 
The group of companies includes BP, Chevron, ExxonMobil and Royal Dutch Shell.
Oct 4, 2019
Reporting by Ron Bousso, additional reporting by Jennifer Hiller in Houston; Editing by Susan Fenton and Louise Heavens: Sept 6, 2019
The $20 billion fund says oil companies including ExxonMobil and Royal Dutch Shell are not doing enough to meet goals set out in the Paris Agreement. But the fund has ruled out a blanket ban on fossil fuel companies.
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EBOOK TITLE: “SIR HENRI DETERDING AND THE NAZI HISTORY OF ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON
EBOOK TITLE: “JOHN DONOVAN, SHELL’S NIGHTMARE: MY EPIC FEUD WITH THE UNSCRUPULOUS OIL GIANT ROYAL DUTCH SHELL” – AVAILABLE ON AMAZON.
EBOOK TITLE: “TOXIC FACTS ABOUT SHELL REMOVED FROM WIKIPEDIA: HOW SHELL BECAME THE MOST HATED BRAND IN THE WORLD” – AVAILABLE ON AMAZON.