Each of us can make a positive difference stepping up & doing our best / Becoming Planet Citizens
CNBC Interview: Exxon CEO says no new gas cars globally by 2040
Via Electrek -- CNBC
June 26, 2022
Every new passenger car sold in the world will be electric by 2040, according to Exxon Mobil CEO Darren Woods, in an interview aired this weekend by CNBC.
The interview also covered the company’s climate ambitions, putting a flashy coat of paint on an organization that is the world’s 5th largest historical polluter and has pushed climate denial at a high level for half a century.
Exxon Mobil CEO Darren Woods sat down with CNBC’s David Faber for a long interview about climate change. The full interview is 35 minutes long (on top of a previous hour-long interview) and mostly discusses climate change and Exxon’s carbon capture and storage desires....
The oil giant is predicting that by 2040, every new passenger car sold in the world will be electric, CEO Darren Woods told CNBC’s David Faber in an interview. In 2021, just 9% of all passenger car sales were electric vehicles, including plug-in hybrids, according to market research company Canalys. That number is up 109% from 2020 says Canalys.
In light of its modeling, Woods said Exxon Mobil is evaluating how the decline in gasoline sales could impact its business. Exxon Mobil is one of the largest publicly traded international gas companies and a leader in the industry. Its website boasts that it is the largest “refiner and marketer of petroleum products,” as well as a chemicals company.
Woods, who spent a part of his career on the chemical side of the company’s operations, says chemicals will be key to keeping the company profitable during the clean energy transition. The plastics that Exxon Mobil produces can be used in the manufacturing of electric vehicles.
ExxonMobil’s calculations predicted that oil demand in 2040 would be equivalent to what the world needed in 2013 or 2014. Woods explained to CNBC that the company was still profitable at that time.
Woods seemed unfazed by the prediction, saying “that change will not make or break this business or this industry quite frankly.”
Oil Price Continues to Surge
- * https://www.greenpolicy360.net/w/File:Daniel_Yergen_talks_oil-gas-fracking-energy-renewables..._war_and_geopolitics.png
Big Oil/Gas Companies: Profits Up
Russia-Ukraine War Brings Disruptions and Sanctions: Oil/Gas/Fuel Prices Surge in 2022
(2021 Report) The largest oil and gas companies made a combined $174bn in profits in the first nine months of the year as gasoline prices climbed in the US, according to a new report.
The bumper profit totals, provided exclusively to the Guardian, show that in the third quarter of 2021 alone, 24 top oil and gas companies made more than $74bn in net income. From January to September, the net income of the group, which includes Exxon, Chevron, Shell and BP, was $174bn.
- Climate News
- Oil Production 2020 / National Top Producers / Barrels per Day / Change Year on Year
Introduction: This report analyzes fossil fuel financing from the world’s 60 largest commercial and investment banks — aggregating their leading roles in lending and underwriting of debt and equity issuances — and finds that these banks poured a total of $3.8 trillion into fossil fuels from 2016–2020.
- 1. Fossil fuel financing dropped 9% last year, parallel to the global drop in fossil fuel demand and production due to the COVID-19 pandemic.
- 2. And yet 2020 levels remained higher than in 2016, the year immediately following the adoption of the Paris Agreement.
"Despite the economic recession induced by the coronavirus pandemic, more money went into the industry in 2020 than in 2016"
The world’s 60 biggest banks have financed the fossil fuel industry to the tune of nearly $4 trillion in the five years since the Paris climate agreement, according to a report released March 24th by a coalition of environmental organizations.
The report was authored by Rainforest Action Network, BankTrack, Indigenous Environmental Network, Oil Change International, Reclaim Finance, and Sierra Club, and is endorsed by over 300 organizations from 50 countries around the world.
Conoco Buys Concho
Doubling down on the Permian Basin
Both companies have lost more than 40% of their value in 2020
Conoco is focusing on the West Texas/South New Mexico Permian Basin, the shale and fracking hotbed that made the United States the world's largest oil producer. Concho is viewed as one of the best Permian operators and brings along a large amount of expertise on the region.
The move will also make Conoco even more exposed to the same forces that have swiftly moved against fossil fuels.
"It is a bit of a contrarian move to double down on oil and gas at a time when it's unpopular in the investment community," said Pavel Molchanov, energy analyst at Raymond James Financial in Clearwater, Florida. "Many investors are turned off by the commodity volatility, regardless of what they think about climate," said Molchanov.
Europe is moving the opposite direction
The broader challenge to the deal is the climate crisis.
The mood is so glum in the oil industry that European oil majors are pivoting away from oil and gas in favor of renewables and low-carbon solutions.
BP revealed plans in August to slash its oil production by 40% and pour billions of dollars into clean energy as it attempts to deliver net-zero emission by 2050. The UK company also warned that world demand for oil may have peaked last year.
ExxonMobil, once the world's most valuable company, was recently surpassed in market capitalization by wind and solar company NextEra Energy.
Exxon Mobil replaced by software stock after 92 years in Dow is 'sign of the times'
Exxon Mobil's been in the Dow in some form since 1928, but its tenure as the longest-serving component is coming to an end.
S&P Dow Jones Indices announced the largest changes to the 30-stock benchmark in seven years.
Exxon will be replaced by Salesforce. Amgen and Honeywell International are replacing Pfizer and Raytheon Technologies.
May / April 2020
Down, Down, Down
Bank/Lender Takeovers Shock the Shale/Oil Patch
U.S. Shale Bust Like No Other
Oil Price Spiral Puts Fracking Industry in the Crosshairs
“It’s a financial bloodbath,” said Clark Williams-Derry, an analyst at the Institute for Energy Economics and Financial Analysis. “With oil prices at the current level, there’s a real risk many of them will simply go bankrupt.”
Fracking now makes up 63% of U.S. oil production, the Energy Information Administration estimates. That figure was set to increase as oil/gas drilling grew faster in the U.S. than any other country, and 90% of that is dependent on fracking, according to a report by scientists at more than a dozen environmental groups.
Ten million barrel cut and/or performance art?
Brett McGurk, Energy policy 'spasms'
Oil/Gas Stock Prices Continue to Plunge
Gasoline Demand Falls ... Covid Times
'Oil prices plunge to 17-year lows as demand drop threatens to overwhelm storage facilities
Crude oil prices tank as continued fears over the Covid / Coronavirus pandemic slam energy demand.
West Texas Intermediate (WTI) the US benchmark dropped below $20 a barrel in Asian trading while Brent crude hit $23.03, its lowest price since 2002.
The ongoing price war between producers Russia and Saudi Arabia alongside concerns over storage capacity has sunk prices.
BP pledges to cut emissions, NetZero by 2050, as memories of the Deepwater Horizon Gulf of Mexico disaster continue
BP 'Reimagining Energy' ... Our purpose is reimagining energy for people and our planet. We want to help the world reach net zero and improve people’s lives.
- We will aim to dramatically reduce carbon in our operations and in our production, and grow new low carbon businesses, products and services.
- We will advocate for fundamental and rapid progress towards Paris and strive to be a leader in transparency.
- We know we don’t have all the answers and will listen and work with others.
- We want to be an energy company with purpose; one that is trusted by society, valued by shareholders and motivating for everyone who works at BP.
- We believe we have the experience and expertise, the relationships and the reach, the skill and the will, to do this.
This will mean tackling around 415 million tonnes of emissions – 55 million from our operations and 360 million tonnes from the carbon content of our upstream oil and gas production. Importantly these are absolute reductions, to net zero, which is what the world needs most of all. We are also aiming to cut the carbon intensity of the products we sell by 50% by 2050 or sooner.
The world’s carbon budget is finite and running out fast; we need a rapid transition to net zero. -- Bernard Looney, chief executive officer
Famous Money Advisor - Author - TV Personality, Jim Cramer, is down on fossil fuel companies
I'm done with fossil fuels. They're done... We're in the death-knell phase.
- (Video interview)
Real Money's Jim Cramer explains...
ExxonMobil Down Again
(CNN Business) ExxonMobil used to have bragging rights as the world's most valuable public company. Now, America's largest oil company is in steady decline... $184 billion has been wiped off Exxon's market valuation since its 2014 peak...
Exxon's (XOM) stock plunged to nine-year lows Tuesday after posting dreadful results that suggest a turnaround is unlikely any time soon.
(CNN) At the World Economic Forum in Davos, Switzerland
U.S. president touts US oil/gas production -- and dismisses concerns about CO2 greenhouse gas emissions
President Donald Trump attacked climate activists as "perennial prophets of doom" on Tuesday while addressing the World Economic Forum in Davos, Switzerland, where the agenda is focused on tackling the climate crisis.
Trump's remarks underscored the chasm between his denialist view of climate change and the overwhelming scientific consensus driving the rest of the developed world to action. Speaking shortly after the teenage climate activist Greta Thunberg accused world leaders of not taking action, Trump rejected calls for urgent action and encouraged the world to instead embrace "optimism."
"To embrace the possibilities of tomorrow, we must reject the perennial prophets of doom and their predictions of the apocalypse," Trump said.
Royal Dutch Shell Capital Investments on New Production Set to Rise
- Time to add in 'Environmental Full-Cost Accounting'
US Gas-Oil Production Dominates
When it comes to these new oil and gas fields, production from the US is set to eclipse the rest of the world.
Norway’s $1tn wealth fund set to cut oil and gas stocks
Norway’s $1tn sovereign wealth fund is set to sell out of a host of oil and gas companies but stop short of abandoning the biggest energy majors such as BP and ExxonMobil as it prepares for one of the largest divestments of fossil fuel assets.
The Norwegian oil fund, which is the world’s largest sovereign investor, would dispose of about $7.5bn of oil and gas companies that are focused purely on exploration and production under the proposal from the centre-right government in Oslo.
The move is designed to reduce the dependence of Norway — western Europe’s biggest petroleum producer — on an industry that is facing growing questions about its long-term future. Global oil demand is forecast by many experts to peak by the 2030s while climate targets are speeding up efforts to reduce dependence on fossil fuels.
Financial Times: "Shockwaves through the energy sector"
Energy Priorities, Geo-politics & Fracking in the U.S.
Production Up, Priorities Go to Fossil Fuels
- New Fracking Production Technology Changes Near-term Projections
- Costs of Environmental Impacts Put Off by the Trump Administration
Let's Talk Coal
Elon Musk Talks Need for Alternatives to Fossil Fuels
"The greater the change to the chemical composition of the physical, chemical makeup of the oceans and atmosphere [due to increased carbon emissions], the greater the long-term effect will be... [W]hy would you run this crazy experiment to see how bad it'll be? We know it's at least some bad, and the overwhelming scientific consensus is that it'll be really bad."
“Even if you put the environmental consequences of dramatically changing the chemical composition of the oceans and atmosphere aside, we will eventually run out of oil...
"If we don’t find a solution to burning oil for transport, and we then run out of oil, the economy will collapse and civilization will come to an end as we know it. And so if we know that we have to ultimately get off oil no matter what — we know that is an inescapable outcome, it’s simply a question of when, not if...
"Then, why would you run this crazy experiment of changing the chemical composition of the atmosphere and oceans by adding enormous amounts of CO2 that’ve been buried since the pre-Cambrian era? That’s crazy. That is the dumbest experiment in history, by far. Can you think of a dumber experiment? I honestly cannot. What good could possibly come of it?”
Fossil Fuel Bubbles
World Oil Report
International Climate Policy Plans
Strategic Demands / Gas/Oil, Global Conflict
Costs of War
Oil, Power, and War follows the oil industry from its heyday when the first oil wells were drilled to the quest for new sources as old ones dried up. It traces the rise of the Seven Sisters and other oil cartels and exposes oil’s key role in the crises that have shaped our times: two world wars, the Cold War, the Great Depression, Bretton Woods, the 2008 financial crash, oil shocks, wars in the Middle East, the race for Africa’s oil riches, and more. And it defines the oil-born trends shaping our current moment, such as the jockeying for access to Russia’s vast oil resources, the search for extreme substitutes for declining conventional oil, the rise of terrorism, and the changing nature of economic growth.
(The Chelsea 2018 English edition book has been translated from the French title, Or Noir)
The author, Matthieu Auzanneau, is the director of The Shift Project, a European think tank focusing on energy transition and the resources required to make the shift to an economy free from fossil fuel dependence, and also from greenhouse gas emissions. Previously he was a journalist, based in France, and mostly writing for Le Monde. He continues to write his Le Monde blog, Oil Man, which he describes as “a chronicle of the beginning of the end of petroleum.” The original French edition of this book, Or Noir: La grande histoire du pétrole, was awarded the Special Prize of the French Association of Energy Economists in 2016.
"How Fossil Fuel Money Made Climate Change Denial the Word of God"
In 2005, at its annual meeting in Washington, D.C., the National Association of Evangelicals was on the verge of doing something novel: affirming science. Specifically, the 30-million-member group, which represents 51 Christian denominations, was debating how to advance a new platform called “For the Health of a Nation.” The position paper—written the year before An Inconvenient Truth kick-started sense of public urgency around climate change—included a call for evangelicals to protect God’s creation, and to embrace the government’s help in doing so. The NAE’s board had already adopted it unanimously before presenting it to the membership for debate.
At the time, many in the evangelical movement were uncomfortable with its close ties to the Republican anti-environmental regulation agenda. That year, a group called the Evangelical Alliance of Scientists and Ethicists protested the GOP-led effort to rewrite the Endangered Species Act, and the NAE’s vice president of governmental affairs Richard Cizik pushed for the organization to endorse John McCain and Joe Lieberman’s cap-and-trade bill. “For the Health of a Nation,” which Cizik also pushed, was an opportunity to draw a bright line between their support of right-wing social positions on abortion and civil rights and a growing sentiment that God’s creation needed protection from industry.
“Evangelicals don’t want themselves identified as the Republican Party at prayer,” the historian and evangelical Mark Knoll said at the time in support of the platform.
He was wrong. The rank-and-file membership rejected the effort. Like the oil and utilities industries, they decided that recognizing climate change was against their political interests....
ExxonMobile: Politics & Power
- Wall Street Journal Editorial Board Meltsdown over Exxon with Bizarre Accusation: Like Cromwell Did Catholics?
- >U.S. Sen. Sheldon Whitehouse, Rhode Island Democrat, leading voice on climate change, locked in bitter brawl with Wall Street Journal editorial page over his proposal to sue fossil fuel companies for fraud
- >Money-in-Politics: Giants of the oil and gas industry spend millions in 2015 to manipulate lawmakers and public discourse on climate change
- Oil Change International ... "Exposing the true costs of fossil fuels"
- While Renewable Energy expands globally with a wide range of investments in energy alternatives to fossil fuels, ExxonMobil predicts "long-term energy demand growth", increased oil/gas profits and "gains in energy efficiency and increased use of renewable energy and lower carbon fuels such as natural gas likely will help lower by half the “carbon intensity of the global economy.”
- Paperback: 704 pages
- Publisher: Penguin - May 2013
“ExxonMobil has met its match in Coll, an elegant writer and dogged reporter… extraordinary… monumental.”
- -- Washington Post
“Fascinating… Private Empire is a book meticulously prepared as if for trial, a lawyerly accumulation of information that lets the facts speak for themselves… a compelling and elucidatory work.”
- -- Bloomberg
“Private Empire is meticulous, multi-angled and valuable… Mr. Coll’s prose sweeps the earth like an Imax camera.”
- -- Dwight Garner, NY Times
"ExxonMobil has cut a ruthless path through the Age of Oil. Yet intense secrecy has kept one of the world's largest companies a mystery, until now. Private Empire: ExxonMobil and American Power is a masterful study of Big Oil's biggest player… Coll's in-depth reporting, buttressed by his anecdotal prose, make Private Empire a must-read. Consider Private Empire a sequel of sorts to The Prize, Daniel Yergin's Pulitzer-winning history of the oil industry… Coll's portrait of ExxonMobil is both riveting and appalling… Yet Private Empire is not so much an indictment as a fascinating look into American business and politics. With each chapter as forceful as a New Yorker article, the book abounds in Dickensian characters.”
- -- San Francisco Chronicle
"Coll makes clear in his magisterial account that Exxon is mighty almost beyond imagining, producing more profit than any American company in the history of profit, the ultimate corporation in 'an era of corporate ascendancy.' This history of its last two decades is therefore a revealing history of our time, a chronicle of the intersection between energy and politics."
- -- Bill McKibben, NY Review of Books
"Groundbreaking... Masterful as a corporate portrait, Private Empire gushes with narrative."
- -- American Prospect
ExxonMobil Under Investigation
- Money-in-Politics: Giants of the oil and gas industry spend millions in 2015 to manipulate lawmakers and public discourse on climate change
Oil Change International ... "Exposing the true costs of fossil fuels"
Exxon Mobile predicts "long-term demand growth" and profits in investor report...
Today in Energy -- US Energy Information Agency -- https://www.eia.gov/todayinenergy/
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