Posts under ‘Chevron’

The New York Times

Shell, the Oil Giant, Will Sell Renewable Energy to Texans

The European oil company has been expanding into green energy even as many U.S. energy giants have kept their focus on fossil fuels.

By Clifford Krauss and Ivan Penn: June 7, 2022 Updated 3:13 p.m. ET

HOUSTON — Shell said on Tuesday that it would begin selling electricity generated from renewable sources to residents and businesses in Texas, a move that brings the European oil company’s shift to green energy to the U.S. market.

The announcement underscores a widening gulf between the strategies of European and U.S. oil companies as elected leaders and consumers demand that the energy industry do more to tackle climate change. European businesses including Shell, BP and TotalEnergies are seeking to expand into renewable energy, electric vehicle charging and other fast-growing businesses as U.S. companies like Exxon Mobil and Chevron mostly keep their focus on oil and gas while investing in capturing carbon from industrial plants and biofuels.

Shell, which already has electricity businesses in nine countries, plans to double the amount of electricity it sells by 2030. The company, which is based in London, is Europe’s largest oil and gas business by revenue and has operations in more than 70 countries, including gas stations, refineries and oil and gas fields. read more

The Guardian

Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown

Exclusive: Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If governments do not act, these firms will continue to cash in as the world burns

by Damian Carrington and Matthew Taylor: Wed 11 May 2022

The world’s biggest fossil fuel firms are quietly planning scores of “carbon bomb” oil and gas projects that would drive the climate past internationally agreed temperature limits with catastrophic global impacts, a Guardian investigation shows. read more

CNBC

Big Oil braces for shareholder revolt over climate plans in proxy voting season

Sam Meredith@SMEREDITH19 PUBLISHED WED, MAY 11 2022

• Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks.
• The forthcoming proxy season comes amid intensifying pressure on Big Oil to set short- and medium-term targets in line with the landmark Paris Agreement.
• At present, not a single oil and gas major is aligned with the Paris Agreement’s goal of curbing global heating to 1.5 degrees Celsius above pre-industrial levels.

LONDON — Some of the world’s largest corporate emitters face the prospect of a shareholder rebellion this month, with climate-related votes poised to spike throughout the proxy season.

Oil and gas majors on both sides of the Atlantic are scheduled to hold their annual general meetings in the coming weeks. Existing climate strategies are up for votes alongside a range of investor-led resolutions targeting emissions reductions. read more

Fortune

Shell CEO points out loopholes in Russian oil sanctions after announcing record profits

Planned embargoes on Russian oil may be thwarted due to the way the global crude supply chain works, Shell’s CEO explained on Thursday.

Speaking after Shell reported record quarterly profits, Ben van Beurden, the oil giant boss, told reporters that the framework of the world’s crude network left loopholes open in Western government bans on Russian oil.

This is because imported fuels like gasoline, which might have been made from Russian oil but refined outside of Russia, cannot always be traced back to their natural source. read more

The Guardian

The great greenwashing scam: PR firms face reckoning after spinning for big oil

A comprehensive study confirms that oil companies are largely all talk and no action when it comes to clean energy initiatives

Amy Westervelt: @amywestervelt: Fri 18 Feb 2022 11.00 GMT

This week a peer-reviewed study confirmed what many have suspected for years: major oil companies are not fully backing up their clean energy talk with action. Now the PR and advertising firms that have been creating the industry’s greenwashing strategies for decades face a reckoning over whether they will continue serving big oil. The study compared the rhetoric and actions on climate and clean energy from 2009 to 2020 from the world’s four largest oil companies – ExxonMobil, Chevron, Shell and BP. read more

The Telegraph

Oil and gas trade body drops ‘oil and gas’ from its name

By Matt Oliver: 31 January 2022 • 4:20pm

The trade group that represents UK oil and gas companies is dropping the words “oil and gas” from its name to reflect the ongoing rise of green energy.

Oil and Gas UK will be renamed Offshore Energies UK from February 14, the body said on Monday.

It follows a year-long strategic review by the group, which said the change reflects “the evolving nature of the industry”.

OGUK said its members, which include BP, British Gas owner Centrica, Shell and Chevron approved the name change in December. read more

The Guardian

Oil industry board members to testify to Congress on climate disinformation

Officials from Exxon, Shell, Chevron and BP have been summoned to appear before the House oversight committee in February

Reuters: Fri 21 Jan 2022 14.34 GMT

A US congressional committee has invited board members at four large oil companies to testify in February about the industry’s role in the climate crisis and spreading “disinformation”, turning up the heat on big oil after lawmakers grilled their CEOs last year. read more

THE TIMES

Break up big oil, says former BP boss Lord Browne

Emily Gosden, Energy Editor: Thursday January 06 2022, 12.01am

Oil majors should break themselves up into separate fossil fuel and low-carbon businesses to accelerate investment in the energy transition, the former boss of BP has said.

The comments by Lord Browne of Madingley will fuel debate over the strategies of Britain’s oil giants with Shell already facing calls from Third Point, the US activist investor, to break itself up.

Both Shell and BP have thus far argued that they are better off remaining as single companies so they can use the proceeds of their oil businesses to fund green investments. read more

Forbes:

Want To Stop Climate Change?

Buy Big Oil Stock

Jeroen Kraaijenbrink: Contributor: Leadership Strategy: 3 JAN 2022

EXTRACTS

In an age in which stock trading is no longer reserved to Wall-Street and a climate crisis is becoming a reality, sustainability-driven shareholder activism was bound to happen. And we see it happening, with increasing impact—especially in Big Oil, responsible for the largest share of the world’s greenhouse gas emissions.

“Thanks to the votes of institutional investors for the Follow This climate resolutions, Shell, Equinor, BP, Phillips 66, and Chevron have reluctantly set climate ambitions covering Scope 3 already.” And, as Follow This announced in their recent investor briefing, they will file no less than eight climate resolutions in 2022, at Shell, BP, Chevron, ConocoPhillips, Phillips 66, Occidental Petroleum, ExxonMobil, and Marathon Petroleum. read more

Was Shell’s response to Cambo reasonable?

SOME THOUGHTS FROM A LONG-TERM CONTRIBUTOR TO THIS WEBSITE, A RETIRED SENIOR SHELL OFFICIAL, BILL CAMPBELL

Given that US and China dominate the world’s CO2 emissions you have to ask the question was the Shell response to Cambo reasonable?

UK with its total CO2 emissions just under 3% of the World with the oil and gas sector in the UK contributing circa 25% of UK emissions, but with transport and electricity generation accounting for just over 52%, it makes you wonder since the UK may have to import more oil in the near to medium future (increasing transport emissions) in so doing.  read more

FORTUNE

Shell’s decision to leave the Netherlands is about keeping investors on its side in difficult times

The Dutch government is scrambling to find a way to make Royal Dutch Shell remain royal and Dutch after the oil and gas giant announced Monday that it had decided to up sticks from its home in the Hague and move its headquarters to London.

The Dutch government’s eagerness to retain the giant firm is not surprising—and exactly how Dutch Prime Minister Mark Rutte and his cabinet are trying to do so says a lot about which of Shell’s stated reasons for moving is the most important one. read more

CNBC

Governments and Big Oil were first. The next wave of climate lawsuits will target banks and boards

GLASGOW, Scotland — Financial institutions and individual board members could be the next targets of climate litigation cases, according to the campaigners who helped to secure a landmark courtroom victory against oil giant Royal Dutch Shell.

It comes at a time when countries are scrambling to reach consensus in the final days of the COP26 climate summit. Negotiators from 197 countries are taking part in discussions with the goal of keeping the all-important global target of 1.5 degrees Celsius alive. read more

CNBC

Bill Gates predicts oil companies ‘will be worth very little’ in 30 years — here’s why

If you’re looking for an extremely long-term stock pick from billionaire Bill Gates, here it is: Avoid Big Oil.

As the world moves away from fossil fuels and adopts more clean and renewable energy sources, oil giants that have dominated markets for more than a century could be in trouble, the Microsoft co-founder said in a briefing at the COP26 climate summit in Glasgow, Scotland, on Thursday. read more

The Washington Post

Break-up calls and congressional hearings: Big Oil faces growing pressure to change

Ahead of the COP26 Summit, oil executives made a historic appearance on Capitol Hill and Shell faced a hedge funds’s call to split up its business.

On the eve of a pivotal global climate summit, the world’s oil giants have been swamped by calls from activists, investors and lawmakers to move faster to transform their businesses, cut down greenhouse gas emissions and take responsibility for their role in the climate crisis. read more

CNBC

Democrats call on oil companies to testify on climate disinformation

• The committee called on top executives at ExxonMobil, BP, Chevron, Shell and lobbying groups American Petroleum Institute and the U.S. Chamber of Commerce to testify before Congress next month.
• The committee also requested documents on the reported role of the oil and gas industry in a long-term campaign to spread climate disinformation and undermine climate policy.

The House Oversight Committee on Thursday expanded its investigation into the fossil fuel industry’s involvement in spreading disinformation about the role fossil fuels play in causing climate change.

Committee Chairwoman Carolyn Maloney, D-N.Y., and Subcommittee on the Environment Chairman Ro Khanna, D-Calif., called on top executives at ExxonMobil, BP, Chevron, Shell and lobbying groups American Petroleum Institute and the U.S. Chamber of Commerce to testify before Congress next month. read more

The New York Times

House Panel Expands Inquiry Into Climate Disinformation by Oil Giants