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Shell agrees to pay $1 million in fines over junior trader’s allegedly manipulative trading
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Shell agrees to pay $1 million in fines over allegedly manipulative trading
Oil Companies Rejected by Supreme Court on Moving Climate Fight
Bloomberg Green
Oil Companies Rejected by Supreme Court on Moving Climate Fight
By Greg Stohr: 14 June 2021, 14:32 BST
The U.S. Supreme Court rejected an appeal by oil companies including BP Plc and Exxon Mobil Corp., leaving intact an important procedural ruling favoring two California cities suing for billions of dollars to address the impact of climate change.
The justices, without comment, refused to consider the industry’s bid to shift the lawsuit into federal court, where companies tend to fare better than they do before state tribunals.
Investors should beware the rising tyranny of social media campaign groups
Investors should beware the rising tyranny of social media campaign groups
Article by Oliver Shah. The Sunday Times May 16, 2021. Page 9 Business Section
EXTRACT
On Tuesday, Shell investors will vote on a resolution from Dutch activist Follow This calling for the oil major to set “inspirational” targets for cutting carbon emissions in line with the Paris Agreement. Shell, run by Ben van Beurden, cut its dividend last year and has seen its shares slump by more than a third since January 2020. Follow This chalked up a big victory against Shell’s US rival ConocoPhillips last Tuesday, with 58% of investors backing its resolution that the company should take responsibility for so-called scope 3 emissions – the pollution created by users of its fuels.
Shell Urges Shareholders to Reject Activist Climate Plan
Shell Urges Shareholders to Reject Activist Climate Plan
(Bloomberg) — Royal Dutch Shell Plc’s board has urged shareholders to reject a climate resolution filed by Dutch activist investor Follow This in favor of its own energy transition plan, which the company will put to a vote next month.
The Anglo-Dutch major said that the Follow This resolution, which asks Shell to set and publish targets consistent with the goals of the Paris climate agreement, is “redundant” given its own “more comprehensive strategy,” according to a company notice.
Oil companies defeat New York City appeal over global warming
Oil companies defeat New York City appeal over global warming
NEW YORK (Reuters) -A federal appeals court on Thursday rejected New York City’s effort to hold five major oil companies liable to help pay the costs of addressing harm caused by global warming.
Ruling in favor of BP Plc, Chevron Corp, ConocoPhillips, Exxon Mobil Corp and Royal Dutch Shell Plc, the 2nd U.S. Circuit Court of Appeals in Manhattan said the regulation of greenhouse gas emissions should be addressed under federal law and international treaties.
Oil titans vow climate collaboration with White House
Oil titans vow climate collaboration with White House
, March 23, 2021Updated: March 23, 2021 8:24 a.m.Chief executives of some of the largest U.S. oil companies promised to collaborate with the Biden administration in its campaign against climate change during a meeting Monday with White House National Climate Adviser Gina McCarthy.
The oil industry leaders pledged support for federal regulations explicitly limiting emissions of methane from wells and other oilfield equipment — a declaration that dovetails with President Joe Biden’s vow to clamp down on leaks of the potent greenhouse gas.
How the Oil Lobby Learned to Love Carbon Taxes
How the Oil Lobby Learned to Love Carbon Taxes
The American Petroleum Institute may come out in favor of a carbon price, a sign of Washington’s dramatic move toward climate-friendly policy.
By Jennifer A Dlouhy and Leslie Kaufman: 4 March 2021, 07:00 GMT
Few saw the surprise disclosure earlier this week that the American Petroleum Institute is considering endorsing a price on carbon dioxide emissions and thought the fierce fossil fuel lobby was suddenly becoming climate-friendly. Rather, seasoned industry-watchers say it’s the clearest sign yet that fossil fuel companies see Washington’s shift on climate policy as a real and significant threat.
Big Oil’s future could be smaller than its past
Big Oil’s future could be smaller than its past
Paul Takahashi, . 6, 2021
Oil companies have crisscrossed the world for more than a century, drilling on nearly every continent and in ever deeper oceans to prospect for fossil fuels that power the global economy.
While they did, the biggest six or seven companies collectively known as Big Oil reshaped international politics and economies, bending them to their will. Oil executives became statesmen in their own right, negotiating deals with foreign leaders to extract oil from the tar sands of Canada, the deserts of the Middle East, off the coasts of South America and Africa and in the shale formations of the U.S.
Debt-laden oil majors retreat amid rally
Debt-laden oil majors retreat amid rally
, Feb. 5, 2021Updated: Feb. 5, 2021 7:57 a.m. The wreckage of 2020 still looms large in the boardrooms of Big Oil as executives last week laid out deep spending cuts and plans to repay stubbornly-high debt even as crude rallies to the highest in more than a year.Royal Dutch Shell on Thursday added itself to the growing list of supermajors to post disappointing fourth-quarter results. Like many of its peers, the Anglo-Dutch company reported weak cash flow and net income that fell short of expectations.
The earnings came as an unpleasant surprise to investors that had been expecting a tailwind after crude recovered from last year’s historic lows. But with Covid-19 lockdowns still depressing fuel sales and refining margins, the industry’s focus is on playing defense rather than on taking advantage of a rally that’s pushing Brent crude toward $60 a barrel.
Royal Dutch Shell sees huge loss as pandemic hits oil demand
Royal Dutch Shell sees huge loss as pandemic hits oil demand
Shell announced that up to 9,000 jobs would go worldwide as the company responded to the effects of the pandemic.
Thu, February 4, 2021, 10:20 AM
Oil giant Royal Dutch Shell sank to a net loss of $21.7bn (£16bn) last year after the coronavirus pandemic caused demand to slump.
The announcement comes after two of its rivals, BP and Exxon, posted similar big losses.
Looking ahead, Shell said “significant uncertainty” would continue to have a negative impact on demand for oil and gas products.
Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says
Exxon, Shell Face Rating Cuts on Greater Climate Risk, S&P Says
Javier Blas and Laura Hurst:
(Bloomberg) — Big Oil suffered a fresh setback after one of the most influential rating companies warned it may cut the credit score of Exxon Mobil Corp., Royal Dutch Shell Plc and a plethora of other major energy companies due to “greater industry risk” associated with climate change.
The move by S&P Global Ratings comes as the oil and gas industry is on the ropes, unloved by equity investors and facing pressure from multiple policy makers after U.S. President Joe Biden put climate change at the center of his agenda.
Investing in oil: I wonder if a BP-Shell merger could be a possibility?
Investing in oil: I wonder if a BP-Shell merger could be a possibility?
With the crude oil price stagnating around $40 for the past few months and no solution to Covid-19 yet in sight, investing in oil is a risky business and oil companies are out of favour with investors.
Premier Oil is merging with Chrysaor, and rumours abound that Tullow Oil might be next in line for a takeover. No less than 36 US oil and gas companies had declared bankruptcy by August. But with pressure piling on, even the majors are in trouble and as both Royal Dutch Shell (LSE:RDSB) and (LSE:BP) appear to be struggling, could a merger be on the cards?
Shell Offshore files plans to return to Alaska’s North Slope
Shell Offshore files plans to return to Alaska’s North Slope
Author:
A supermajor oil company is looking to advance its position on Alaska’s North Slope.
Shell Offshore Inc. has applied to form the West Harrison Bay Unit in state waters just offshore from the National Petroleum Reserve-Alaska with plans to drill the area in search of oil in the coming years, according to documents submitted to the state Division of Oil and Gas.
If the Dutch oil industry giant can secure a partner to share in the costs and risks of remote offshore North Slope exploration, it expects to drill exploration wells in the West Harrison Bay Unit with at least one sidetrack each in 2023 and 2024, Shell’s initial unit plan of exploration states.
Delaware joins list of states and localities suing Big Oil
Delaware joins list of states and localities suing Big Oil
Defendants in the lawsuit include Exxon Mobil, Chevron, ConocoPhillips, BP, Royal Dutch Shell and the American Petroleum Institute.
By September 10, 2020
DOVER, Del. — Delaware has joined the list of state and local governments that have sued the petroleum industry in an attempt to hold oil producers accountable for costs related to climate change.
The attorney general’s office joined forces with a California law firm that has sued the industry on behalf of other state and local governments in filing a Superior Court complaint Thursday.
The Beginning Of The End Of Oil & Gas Exploration?
By Alex Kimani – Aug 17, 2020, 7:00 PM CDT
Booms and bust cycles are very much a part of investing in the fossil fuel sector. In previous energy downturns, prices frequently experienced serious slumps, but oil and gas companies mostly kept faith in their biggest asset: Oil and gas reserves buried deep in the ground. But things are markedly different this time around.
Faced with pandemic-driven demand destruction and a relentless call for climate-conscious and ethical investing, oil executives are resigning themselves to the uncomfortable fact that a significant amount of their vast oil and gas reserves will end up totally worthless.
How the Pandemic Is Changing the Outlook for Peak Oil
By July 3, 2020 at 5:56 p.m. GMT+1
One big question emerging from the pandemic is whether it will speed up the global shift away from oil. Life under lockdown gave a taste of a world that burns less petroleum, with consumption down by about a quarter and city dwellers from Los Angeles to New Delhi relishing the cleaner air. As restrictions eased, things weren’t exactly returning to normal. Many workers had given up on commuting and there was talk that air travel might never recover. On the other hand, rock-bottom oil prices and the desire to avoid crowded public transport had some people driving to work for the first time or taking road trips instead of flying.
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A head-cut image of Alfred Donovan (now deceased) appears courtesy of The Wall Street Journal.