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Oil Majors Are Paying The Price For Investing In Renewables

Oil Majors Are Paying The Price For Investing In Renewables

By Alex Kimani – Nov 19, 2020, 7:00 PM CST

Big Oil has been frequently lambasted for trying to burnish its green credentials through half-hearted investments in renewables. That might have been true for much of the past decade, but it appears to be changing as the oil and gas majors have started putting down big money into clean energy. For instance, European oil majors including BP Plc. (NYSE:BP), Royal Dutch Shell (NYSE:RDS.A), Eni SpA (NYSE:E), Total SA (NYSE:TOT), and Norwegian national oil company Equinor ASA (NYSE:EQNR) have already invested billions of dollars in renewable energy and made big clean energy commitments.Yet, Big Oil just can’t seem to catch a break, with stocks of oil and gas companies that are investing heavily in renewables being punished by the markets. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Covid-19 Is Big Oil’s Asteroid Strike

Covid-19 Is Big Oil’s Asteroid Strike

By Julian Lee | Bloomberg: Oct. 11, 2020 at 1:54 p.m. GMT+1

Covid-19 may do for Big Oil what the Chicxulub asteroid did for the dinosaurs when it struck Earth 66 million years ago.

BP Plc plans to cut 10,000 jobs, equivalent to 14% of its workforce; Shell will shed 9,000 workers, or 11%; and Chevron will reduce its payroll by 6,000, a 13% reduction. 

Much like the “terrible lizards,” Big Oil was already in decline before the novel coronavirus hit. The world in which they thrived is changing around them and they face multiple threats to their future health. But the outbreak’s impact has accelerated the process. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell Plans to Cut Thousands of Jobs

Shell Plans to Cut Thousands of Jobs Amid Shift to Carbon Neutrality: What Investors Need to Know

Shell’s job cuts are just the latest unsettling news for Wall Street’s least-loved oil major (shares of Shell are down more than any other integrated oil and gas company so far this year).

BY Daniel Foelber:(TMFpalomino2) Oct 10, 2020 at 7:54AM

The case for why the job cuts are the right decision for investors.

To say it’s been an off-year for big oil would be an understatement. Shockwaves of volatility and lower energy demand have rippled through global markets. An added threat is the increasing role of renewables in the energy mix as wind and solar companies continue to gain market share — and oil companies lose it. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Fossil Fuel Firms Not Doing Enough on Emissions, Funds Say

Bloomberg: Fossil Fuel Firms Not Doing Enough on Emissions, Funds Say

Laura Hurst: Wed., October 7, 2020, 8:55 a.m. GMT+1

(Bloomberg) — None of Europe’s largest oil, gas and coal companies are on track to limit global warming to within 2 degrees Celsius, according to a report by money managers overseeing more than $22 trillion.

Energy and mining companies have been under increasing pressure, from both environmental groups and their own investors, to demonstrate how their business models align with the Paris climate agreement and to show they’re taking action to curb their emissions. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Op-ed: A $100 billion Big Oil divestiture plan is coming

Op-ed: A $100 billion Big Oil divestiture plan is coming

Tore Guldbrandsøy, senior vice president, and Ilka Haarmann, analyst, at Rystad Energy   KEY POINTS
  • The largest oil and gas companies, including ExxonMobil, Royal Dutch Shell, Chevron and BP, are projected to sell a combined $100 billion in oil and gas assets around the world as they focus on top-performing regions, particularly the U.S. shale, according to a new analysis from consulting firm Rystad Energy.
  • Climate change and renewable energy investments are forces that these Big Oil firms need to respond to strategically, but their own carbon divestiture campaigns will be motivated by factors distinct from the push from climate activists. 

Energy transition has climbed towards the top of the agenda in the boardrooms of the world’s largest oil and gas companies. With electrification and renewable energy on the rise, Big Oil is striving to adapt to a transformation that could eventually render their business obsolete if they don’t latch on to the opportunities it brings. The result could be a massive sell-off of assets as the biggest petroleum players concentrate their oil and gas production to the countries where oil and gas is cheapest and easiest to produce. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

19,000 Shell Jobs Axed During BVD Reign

Shell on Wednesday announced a major reorganization that will see thousands of jobs lost. The last major reorganization dates back to 2016 when Shell cut 10,000 jobs after the acquisition of BG Group.

English translation of an article published by the Dutch equivalent of the Financial Times.

Thousands of jobs at stake in Shell reorganization, not spared

Bert van Dijk

IN BRIEF

Shell on Wednesday announced a major reorganization that will see thousands of jobs lost. The restructuring is also reportedly hitting the top layers of management. The restructuring is needed to reduce costs as oil prices have fallen sharply and the outlook has deteriorated. Shell is also working on it. a new strategy. This will be revealed early next year. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Shell prepares for major production cuts to refocus on green strategy

Shell prepares for major production cuts to refocus on green strategy

Kumutha Ramanathan: Contributor: Yahoo Finance UK

Royal Dutch Shell (RDSB.L) is looking to cut up to 40% off its costs related to producing oil and gas as it focuses on the renewable energy and power markets.

That’s according to a source who spoke exclusively to Reuters.

The project is known internally as Project Reshape and is expected to be completed by the end of this year, said Monday’s report. There will be three main divisions of the business that are impacted by the cuts and they will reportedly be in addition to a $4bn (£3.1bn) target set in the wake of the COVID-19 crisis. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

Exclusive: Shell launches major cost-cutting drive to prepare for energy transition

LONDON (Reuters) – Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets, sources told Reuters.

Shell’s new cost-cutting review, known internally as Project Reshape and expected to be completed this year, will affect its three main divisions and any savings will come on top of a $4 billion target set in the wake of the COVID-19 crisis. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s green makeover

Big Oil’s green makeover

By Steven Mufson: September 15, 2020 at 1:00 p.m. GMT+1

Every so often, corporations confront questions of life or death.

IBM did it in the 1990s, when its hulking mainframe computers faced the challenge of next generation PCs. A new chief executive successfully shifted IBM to services and software. Netflix did it — three times. It first played the role of disrupter, offering movie DVDs by mail and then mastering the business of online streaming. Then it changed again, generating its own content.

Now, BP, one of the world’s largest oil and gas companies, is aiming to ride the waves of disruption instead of being crushed under them. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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 Randall Chase | AP: 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. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil just isn’t as big as it once was

Big Oil just isn’t as big as it once was

ExxonMobil’s expulsion from the Dow Jones industrial average is just the latest sign that major oil companies aren’t as important to the economy as they used to be

By Dino Grandoni: September 4, 2020 at 12:00 p.m. GMT+1

A dozen years ago, ExxonMobil was the bluest of blue-chip companies. Raking in record-breaking profit, it spent every quarter of 2008 as the world’s most valuable publicly traded company.

Not anymore. The oil giant’s market value today is a third of what it was in 2008, when it was worth over $500 billion. That slide culminated last month with Exxon ending its 92-year run on the Dow Jones industrial average. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Big Oil’s patchy deals record casts shadow over green makeover

Big Oil’s patchy deals record casts shadow over green makeover

When Shell bought BG Group for $54 billion in 2016 in the midst of the price crash, Chief Executive Ben van Beurden made a compelling case to investors…: Speaking in July, Shell’s CEO stood by the deal. “The company did get stronger, but indeed the company was not able to withstand the onslaught of COVID if we wanted to adopt a prudent stance … I remain convinced it was the right move,” van Beurden told reporters. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Europe’s Big Oil Companies Aim To Become Big Energy

Europe’s Big Oil Companies Aim To Become Big Energy

By Haley Zaremba – Aug 19, 2020, 12:00 PM CDT

Big Oil’s most profitable business is no longer oil. This attention-grabbing headline published by Oilprice.com earlier this month may be dramatic, but it’s not hyperbole – it’s the truth. “Even as oil demand and prices have recovered, the tried and true economic model is no longer a failsafe option for oil and gas companies,” reads the article. “Pumping crude just isn’t paying the bills.” read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

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 groundBut 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. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

Oil companies wipe $87bn off value of fossil fuel reserves as demand plunges during pandemic

With oil prices expected to stay low, big producers are grappling with lower profits and the prospect of a quicker transition to renewable energy

Ben Chapman @b_c_chapman: 18 August 2020

Seven of the world’s largest oil firms have wiped almost $90bn (£69bn) off the value of their fossil fuel reserves as the coronavirus pandemic sent demand plunging.

Royal Dutch Shell, BP, Total, Chevron, Repsol, Eni and Equinor have written down their oil and gas assets by $87bn over the past nine months, with $55bn coming in the latest financial quarter, analysis by climate think tank Carbon Tracker found. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.
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