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☆ ‘Backtracking:’ A year of climate failures ahead of a crucial summit
▼ + stars: | 2023-11-30 | by ( Laura Paddison | ) edition.cnn.com time to read: +11 min

And yet, even as the climate crisis inserts itself viscerally into people’s lives, experts say the year has seen alarming backsliding on climate action. Green policies have been watered down, huge new oil and gas projects have been greenlit and coal has had something of a resurgence. As countries gather in Dubai for the UN’s COP28 climate summit, there are “high expectations,” said Harjeet Singh, the head of global political strategy at nonprofit Climate Action Network International. It sent worrying signals about climate backtracking, said Elisa Giannelli, a senior policy advisor at climate think tank E3G. Around 50% of its total capital spending needs to go toward clean energy projects by 2030, according to the report.

Persons: ”, Harjeet Singh, Kaveh Guilanpour, Singh, Biden, “, Erik Grafe, Joe Biden, Countess, Norway —, Elisa Giannelli, “ It’s, Rishi Sunak, Joeri Rogelj, Flora Champenois, It’s, Bernd Lauter, ” Rogelj, Darren Woods, Bernard Looney, Fatih Birol, Guilanpour, Claire Fyson, ” Fyson, “ we’re, ” CNN’s Ella Nilsen, Ivana Kottasová, Gan Organizations: CNN, United Nations, Action, “, Climate, Energy Solutions, US Department of Interior, Imperial College London, Global Energy Monitor, GEM, Getty, BP, Chevron, ExxonMobil, Shell, Exxon, IEA, Climate Analytics Locations: Canada, Libyan, Dubai, Alaska, Washington ,, Australia, Norway, Europe, Germany, China, Asia, Ukraine, Eschweiler, COP28

☆ Big Oil Bets on Hot Air in Climate Talks
▼ + stars: | 2023-11-29 | by ( Carol Ryan | ) www.wsj.com time to read: 1 min

The closing plenary at the COP27 climate summit in Sharm El Sheikh, Egypt, last year. Photo: MOHAMED ABD EL GHANY/REUTERSOil-and-gas companies are banking on a glacial pace of progress on cutting fossil-fuel use in this year’s round of climate negotiations—and they may well get it. Climate Change Conference, COP28, begins Thursday with an oily twist. It is being hosted by the United Arab Emirates, which pumps more than 3 million barrels of oil a day. is a member, will have a pavilion at the climate summit for the first time.

Persons: Sharm El Sheikh, MOHAMED ABD EL GHANY Organizations: REUTERS, United Arab Emirates, of, Petroleum Locations: Sharm El, Egypt

☆ Insight: Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +10 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. A CCF official said energy and fossil fuels stocks make up between 3.5% and 6% of archdiocese investment funds, and that CCF uses its shareholder status to press for corporate environmental improvements. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Dan DiLeo, Peter Marlow, Remo Casilli, Anne, Marie Welsh, William Lori, Bernard Hebda, Saint, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Minneapolis, Catholic Community Foundation of Minnesota, CCF, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Saint Paul, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ Defying Pope's calls for climate action, US Catholic bishops cling to fossil fuels
▼ + stars: | 2023-11-29 | by ( Richard Valdmanis | ) www.reuters.com time to read: +9 min

The ongoing investments in the U.S. reflect a long-running rift between U.S. Catholic bishops and the pope on how to address global warming. The pope's Laudato Si encyclical urged immediate action against climate change, declaring that "highly polluting fossil fuels need to be progressively replaced without delay." The Vatican bank, which is separate from APSA, also does not invest in fossil fuels, a bank official said. Notably absent are any dioceses in the U.S.Reuters reviewed the financial reports published by two dozen of the nation's more than 170 Catholic dioceses, including several of its largest, and found that few provide details on specific investments. He called the enormous financial gains by oil companies "immoral profits."

Persons: Pope Francis, Remo Casilli, Dan DiLeo, Peter Marlow, Anne, Marie Welsh, William Lori, Joshtrom Kureethadam, Chieko Noguchi, Noguchi, USCCB, Sabrina Danielsen, Danielson, Richard Valdmanis, Philip Pullella, John Mair, Suzanne Goldenberg Organizations: Catholic, drillers, U.S . Conference of Catholic Bishops, Catholic Church, Reuters, Justice, Peace, Creighton University in, Vatican, Opportunity Fund, Collective Investment, Archdiocese, Development, American Petroleum Institute, Christian Brothers Investment Service, Investment, BP, Shell, Creighton University, U.S, Thomson Locations: United States, Dubai, Creighton University in Nebraska, U.S, APSA, Vatican, Ireland, Germany, Archdiocese, Boston, Chicago, San Francisco, Erie , Pennsylvania, Texas, San Antonio, Austin, Fort Worth . Erie, Erie, Baltimore, Paris, Saudi Aramco, PetroChina, India, Vatican City, Berlin, Sydney

☆ White House puts corporate 'price gouging' front and center: 'We see American families hurting'
▼ + stars: | 2023-11-29 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Companies should pass those savings on to consumers," White House Press Secretary Karine Jean-Pierre told reporters aboard Air Force One, en route to Colorado. "That's why taking on price gouging has been part of the President's economic agenda." But drawing a direct line from corporate pricing practices to how voters feel about the economy could prove challenging for the Biden White House. "Whether it's junk fees, whether it's price gouging, whether it's calling out big pharma, whether it's calling out big oil, we're going to continue to do that," Jean-Pierre said Tuesday. "Because of the price gouging, we see American families hurting," she said.

Persons: Joe Biden, Joe Biden's, Karine Jean, Pierre, Biden, Jean Organizations: Warehouse Union, Pacific Maritime Association, White, Companies, House Press, Air Force, Black, Biden White, Consumers Locations: Washington ,, Colorado

Greenhouse gas emissions from burning fossil fuels are the biggest cause of climate change. "We have a world which has more fossil fuels than ever," said Ani Dasgupta, president of the World Resources Institute, a climate NGO. U.S. officials and others are hopeful a recent climate deal between the U.S. and China may also set a positive tone for the talks. Another test is whether wealthy nations announce money for the fund at COP28 - to the tune of hundreds of millions of dollars. "Speaking from previous experience, unfortunately most of the global agreements, most of the global climate related pledges went uncompleted," said Najib Ahmed, National Consultant at Somalia's Climate Ministry.

Persons: Sultan al, Jaber, ADNOC, Ani Dasgupta, Narendra Modi, Britain's King Charles, Joe Biden, Gayane, Najib Ahmed, Valerie Volcovici, Josie Kao Organizations: OPEC, United Nations, International Energy Agency, BBC, World Resources Institute, Indian, European Union, Reuters, U.S, FINANCE, EU, Climate Ministry, “, Thomson Locations: Paris, France, WASHINGTON, BRUSSELS, Dubai, UAE, U.S, China, India

Firms like PetroChina (601857.SS) and CNOOC Gas and Power have signed long-term contracts with Shell (SHEL.L) to buy "carbon neutral" liquefied natural gas (LNG), which uses "forest offsets" to balance out carbon emissions. Greenpeace, which has long opposed fossil fuel producers counting carbon offsets toward their emissions reduction goals, said the "carbon neutral" branding was misleading the public. "For oil and gas companies in particular, carbon offsets are a smokescreen to obscure their continued, redoubled carbon emissions," said Li Jiatong, project leader with Greenpeace in Beijing. Rising sales of "carbon neutral" LNG are being driven by a surge in gas demand, particularly in Asia. While it is still a major source of greenhouse gas emissions, gas is cleaner than coal and has been described as a "bridge fuel" in the global energy transition, but anti-fossil fuel groups oppose any new gas projects.

Persons: Stringer, Li Jiatong, PetroChina, COP28, Polly Hemming, Hemming, David Stanway, Andrew Hayley, Emily Chow, Sonali Paul Organizations: REUTERS, Rights, Greenpeace, CNOOC, Power, Shell, International Energy Agency, Energy, Australia Institute, Thomson Locations: Nantong, Jiangsu province, China, Rights SINGAPORE, Beijing, Asia

☆ Big Oil has a place in ESG funds, says Deutsche Bank CIO
▼ + stars: | 2023-11-21 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

Fossil fuel stocks have boomed (.dMIWO0OG00PUS) since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted (ORSTED.CO) and First Solar (FSLR.O) have also fallen sharply this year as higher interest rates and inflationary pressures squeeze profitability. European oil and gas companies including BP (BP.L) and Shell (SHEL.L) have increased renewable energy investment, although they are expanding production of dirtier energy too. Sustainability-minded investors, Müller said, needed more disclosures from firms about their plans for shifting to lower-carbon models, and regulatory clarity on labelling transition-focused funds. Morningstar estimates that 45% of funds have exposure to traditional energy, totalling 7 billion euros ($7.6 billion).

Persons: Markus Müller, Müller, Tommy Reggiori Wilkes, Susan Fenton Organizations: Deutsche Bank's Private Bank, Reuters, BP, Shell, ISR, Morningstar, Investors, Deutsche, Investment Office, Thomson Locations: Ukraine, France, Europe

☆ Big Oil Producer Lines Up African Carbon Deals Ahead of Climate Talks
▼ + stars: | 2023-11-14 | by ( Saeed Shah | ) www.wsj.com time to read: 1 min

The headquarters of the U.A.E.’s state-run Abu Dhabi National Oil Co. Photo: Kamran Jebreili/Associated PressOne of the world’s biggest exporters of fossil fuels, the United Arab Emirates, is attempting to position itself as a leader in establishing global carbon markets as it prepares to host annual United Nations climate talks this month. Those efforts are coming under scrutiny as a company owned by one of the U.A.E.’s royal families prepares to secure rights to produce carbon credits from a giant expanse of African forest.

Persons: Kamran Jebreili Organizations: Abu, Abu Dhabi National Oil Co, United Arab, United Nations Locations: Abu Dhabi, United Arab Emirates, United

☆ Trump is wooing oil and gas tycoons to financially support his 2024 campaign, report says
▼ + stars: | 2023-11-11 | by ( John L. Dorman | ) www.businessinsider.com time to read: +5 min

Former President Trump is working to ramp up his support among energy executives, WaPo reported. Support from oil and gas executives would be crucial to his 2024 reelection campaign. Harold Hamm, the billionaire founder and chairman of Continental Resources, for instance, told Trump during a phone conversation earlier this year that he should end his presidential bid, per The Financial Times. "Trump was good on energy, and I think energy policy under Trump would be fine," Eberhart, the DeSantis supporter, told The Post. AdvertisementAdvertisementThe extent of Trump's pitches to energy executives is not a shock to environmental groups, as they battled with the administration over regulations throughout his entire time in the White House.

Persons: Trump, WaPo, —, Donald Trump, Joe Biden, Harold Hamm, Hamm, Ron DeSantis, Nikki Haley, Dan Eberhart, DeSantis, Kenny Troutt, Rick Bowmer, Barack Obama, Biden, bonafides, Tiernan Sittenfeld, Steven Cheung Organizations: Service, The Washington Post, Trump, Continental Resources, Gov, Post, White, Canary LLC, AP, Keystone XL, Wildlife, Green New, League of Conservation Voters, Big Locations: Trump, Florida, South Carolina, Trump's, Lago, Texas, Helper , Utah, Paris, Alaska, United States, ANWR

☆ Why Are Oil Prices Falling While War Rages in the Middle East?
▼ + stars: | 2023-11-09 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +5 min

Yet, after a few days of anxiety following the bloody Oct. 7 raids by Hamas militants in Israel, energy markets have been slumping. Mr. Alkadiri said that traders are unlikely to bid up prices unless they see “actual barrels removed” from the market. Saudi Arabia and other producers have been trying to support prices by reducing their oil output. Forecasters are warning that 2024 could be a difficult year in the oil markets. Haves and Have-notsAs the fighting continues, traders have figured out that when it comes to oil there are haves and have-nots in the Middle East.

Persons: Brent, hasn’t, ”, Richard Bronze, Raad Alkadiri, Alkadiri, Helima Croft, Croft, “, Biden, “ It’s Organizations: Eurasia Group, U.S . Energy Information Administration, ”, Group, American, RBC Capital Markets, Central Intelligence Agency Locations: Israel, London, China, Saudi Arabia, United States, East, Gaza, Iraq, Iran, Saudi, Hormuz, Ukraine, ”, Persian

☆ U.S. investors rebuff big oil climate shareholder resolutions
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based activist group Follow This was created first to target Shell (SHEL.L) and subsequently expanded to file climate resolutions at other western majors including BP (BP.L), Exxon Mobil (XOM.N), Chevron (CVX.N) and TotalEnergies (TTEF.PA). According to the data published by it and investors, giant U.S. investors BlackRock (BLK.N), Vanguard, State Street (STT.N) and JPMorgan (JPM.N) all voted against the Follow This resolutions this year. "Investors hold the key to tackling the climate crisis with their shareholder voting power at Big Oil. Amundi, Allianz, and UBS use their voting power to mitigate the climate crisis,” said Follow This founder Mark van Baal. This mirrors big shareholder proxy voting firm Glass Lewis and ISS, which changed some of their recommendations for this year to the detriment of Follow This, including withdrawing support for the activist resolution at Chevron.

Persons: Morgan Chase, Mike Segar, France's, ”, Mark van Baal, Glass Lewis, Shadia Nasralla, Jan Harvey Organizations: Co, New York City, REUTERS, Companies Allianz, Big U.S, Shell, BP, Exxon Mobil, Chevron, BlackRock, Vanguard, State, JPMorgan, Paris, Britain's HSBC, HSBA.L, UBS, Germany's Allianz, Big Oil, Amundi, Allianz, Britain's, General, Exxon, ISS, Thomson Locations: New York, Big, Paris, Netherlands, Chevron's

☆ In a Warming World, Clean Energy Stocks Fall While Oil Prospers
▼ + stars: | 2023-11-03 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +1 min

But the stock market doesn’t seem to have gotten the memo. Instead, the shares of a broad range of clean energy companies have been crushed lately, in a rout that encompasses just about every alternative energy sector, including solar, wind and geothermal power. At the same time, rather than weaning themselves off oil, Exxon Mobil and Chevron, the two biggest U.S. oil companies, are doubling down. The evidence that carbon emissions are warming the planet is persuasive. Yet the stock market, which is supposed to be forward-looking, is treating alternative energy companies with disdain and big oil companies with respect.

Persons: Hess Organizations: Exxon Mobil, Chevron, Exxon, Natural Resources

☆ Chuck Schumer and Elizabeth Warren want FTC to probe blockbuster Exxon, Chevron mergers
▼ + stars: | 2023-11-01 | by ( Matt Egan | ) edition.cnn.com time to read: +3 min

New York CNN —Senate Majority Leader Chuck Schumer, Sen. Elizabeth Warren and nearly two dozen other Democrats are demanding federal regulators probe the mega takeovers inked last month by ExxonMobil and Chevron. Exxon, already America’s biggest oil company, reached a deal in October to buy rival Pioneer Natural Resources for $60 billion. In the letter, the Senate Democrats argue past mergers that helped create Exxon and Chevron “enabled anticompetitive coordination” that hurt consumers by limiting supply of oil. “The oil-and-gas industry is still dominated by a handful of corporate giants, led by the top-two players Exxon and Chevron. The Senate Democrats note that Pioneer owns more drilling acreage than any other Permian producer and Exxon is also a top producer there.

Persons: Chuck Schumer, Sen, Elizabeth Warren, Hess, Schumer, Sens, Bernie Sanders, Amy Klobuchar, Exxon, White, Michael Kikukawa, ” Organizations: New, New York CNN, ExxonMobil, Chevron, Federal Trade Commission, Oil, Exxon, Natural Resources, FTC, Democrats, CNN Locations: New York, Chevron, Warren

WASHINGTON (AP) — Senate Majority Leader Chuck Schumer and 22 other Democratic senators are urging federal regulators to investigate multibillion-dollar acquisitions by oil giants ExxonMobil and Chevron, saying the deals could lead to higher prices at the gas pump. “These deals are likely to harm competition, risking increased consumer prices and reduced output throughout the United States,'' the senators wrote. Chevron, Exxon and other oil companies have announced huge profits from strong energy prices and demand since Russia’s invasion of Ukraine in February 2022. Exxon reported $9.1 billion in profits in the quarter that ended Sept. 30, while Chevron reported $6.5 billion in profits. Environmental groups hailed the call for an investigation of what some called “merger mania” within the oil industry that threatens competition.

Persons: Chuck Schumer, Exxon's, Chevron’s, Minnesota Sen, Amy Klobuchar, Elizabeth Warren of Massachusetts, Bernie Sanders, Chevron, Hess, Lukas Ross, ”, ” API's Bethany Williams, Schumer Organizations: WASHINGTON, ExxonMobil, Chevron, Federal Trade Commission, Natural Resources, Hess Corp, Exxon, FTC, Resources, Big Oil, American Petroleum Institute, Senate Commerce, Science, Transportation Locations: United States, Minnesota, Sens, Vermont, Ukraine, Texas, U.S, New York

☆ US Senator Schumer urges FTC to probe Exxon, Chevron mega-deals
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

Earlier this month, Exxon proposed to buy Pioneer Natural Resources (PXD.N) for $60 billion and Chevron agreed to acquire Hess (HES.N) for $53 billion. The Democratic Senate leader said in a letter that the two of the largest oil and gas deals of this century are "likely to harm competition." Chevron and Exxon have accumulated huge profits from strong energy prices and demand since Russia's invasion of Ukraine. The oil industry last went through an era of major consolidation in the late 1990s when Exxon, Shell (SHEL.L), BP (BP.L) and France's TotalEnergies (TTEF.PA) merged with rivals to create huge integrated companies. The acquisitions followed a collapse in oil prices that weakened many companies.

Persons: Dado Ruvic, Charles Schumer, Hess, Schumer, France's, Tanay Dhumal, Arunima Kumar Organizations: ExxonMobil, Pioneer, REUTERS, U.S, Wednesday, U.S . Federal Trade Commission, Exxon Mobil, Chevron Corp, Exxon, Natural Resources, Chevron, Democratic, Shell, BP, FTC, Big, Thomson Locations: Ukraine, United States, Bengaluru

☆ Morning Bid: Refunding relief stokes bond-led bounce
▼ + stars: | 2023-10-31 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 23, 2023. But relief in Treasuries, the villain of the piece for several weeks, is probably the most significant marker for the remainder of the year. And there were further soothing noises for world bonds, even if not for global growth, from surprisingly weak Chinese business surveys for October. Overall, the picture pointed to another positive day for Wall Street stocks, with futures marginally positive ahead of the open as the Fed meeting gets underway. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, Hubbell, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Bank of, Federal Reserve, U.S . Treasury, Nikkei, Big Oil, BP, Wall, pharma, Pfizer, Caterpillar, General Motors, United Auto Workers, Detroit Three, Dallas Fed, Federal, AMD, Global, Franklin Resources, Equity, GE Healthcare, WEC Energy, Treasury, Reuters, Thomson Locations: New York City, U.S, Bank of Japan, Treasuries, California, Israel, Gaza, Europe, Chicago, Amgen, MSCI, Eaton, Franklin, AMETEK, Echolab

☆ Morning Bid: Amazon and goldilocks ride to the rescue
▼ + stars: | 2023-10-27 | by ( ) www.reuters.com time to read: +6 min

Unlike the reaction to similarly decent results from some of its Big Tech peers this week, shares in the online retail giant Amazon climbed 5% after hours. And both Nasdaq and S&P500 futures were set to bounce into the weekend later after the cash markets closed at their lowest since May. With nominal U.S. growth running at close to 8%, depending on which inflation gauge you use, the heat is impressive. And even the racy headline GDP growth rate was below many assumptions of a 5%-plus print. That bond relief has perhaps flattered the overnight stocks bounce - although on aggregate the earnings season is pretty decent too.

Persons: Brendan McDermid, Mike Dolan, megacaps, Wang Yi, crumb, Sanofi, TRowe Price, Stanley Black, Decker, CBRE, Christine Lagarde, Jane Merriman Organizations: Chevron Corp, Hess Corp, New York Stock Exchange, REUTERS, Amazon, Big Tech, Nasdaq, Treasury, Federal Reserve, Fed, Big, Exxon Mobil, Chevron, Apple, of Japan, European Central Bank, Britain's NatWest, Financial, Authority, University of Michigan, Colgate, Palmolive, Xcel Energy, Charter Communications, Phillips, Central Bank, European Union Summit, Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, United States, China, Syria, Europe, Dallas, Abbvie, LyondellBasell, Brussels

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

The other tier comprises mainstream vessels that use Western services for legal oil shipments, including from Russia under the terms of the price cap. In the short term, available ghost vessels could be in particular demand, making chartering them more expensive. Even so, some analysts say removing the price cap could be the way to really punish Russia. But he said that was very unlikely because the price cap at least allows Russian oil to flow, thereby moderating international prices. "The Biden administration is already reeling from higher oil prices compounded by the unrest in Gaza, potentially spreading to a wider Middle Eastern conflict.

Persons: Alexandre Meneghini, Ioannis Papadimitriou, Mike Salthouse, FGE, Vortexa’s Papadimitriou, Richard Bronze, Adi Imsirovic, Biden, Natalie Grover, Robert Harvey, Julia Payne, Andrea Shalal, Barbara Lewis Organizations: REUTERS, Reuters, Maersk, EU, White House, United Arab, Shell, BP, Exxon Mobil, Exxon, U.S, . Treasury, Treasury, Novy Port, Surrey Clean Energy, Thomson Locations: Liberia, Russia, Matanzas, Matanzas , Cuba, Ukraine, United States, Euronav, Turkey, United Arab Emirates, U.S, India, Novy, Gaza, London, Brussels, Washington

BANGKOK (AP) — World shares and crude oil prices have slipped ahead of an update on the state of the U.S. economy in the last quarter. Uncertainty over the U.S. economic outlook, the war in the Middle East and other hazards is rippling through world markets. High yields whittle away at prices for stocks and other investments while slowing borrowing and adding pressure to the financial system. In the oil market, U.S. benchmark crude oil sank $1.23 to $84.16 per barrel in electronic trading on the New York Mercantile Exchange. However, escalations in the conflict do not necessarily cause oil prices to surge.

Persons: Germany's DAX, Hang Seng, Sydney's, Taiwan's Taiex, whittle, Brent, it’s Organizations: CAC, Dow Jones, Treasury, Tokyo’s Nikkei, Federal, New York Mercantile Exchange, U.S Locations: BANGKOK, U.S, Paris, Seoul, Hong, Shanghai, Bangkok, . U.S, Israel, Iran, escalations, Gaza

☆ Europe’s oil majors are stuck as M&A party-poopers
▼ + stars: | 2023-10-26 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

Oil pump jack is seen in front of displayed U.S. dollar banknote and decreasing stock graph in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsLONDON, Oct 26 (Reuters Breakingviews) - Back in June the boss of $220 billion UK oil major Shell (SHEL.L), Wael Sawan, told investors mergers and acquisitions were not his priority. The decision of $430 billion Exxon Mobil (XOM.N) and $295 billion Chevron (CVX.N) to acquire $60 billion Pioneer Natural Resources (PXD.N) and $53 billion Hess (HES.N) respectively ought to change the game. But it would remain a stretch for either to ape their U.S. peers and buy a big oil group. Hess investors will receive 1.025 shares of Chevron for each share held, worth $171 per share based on the closing price on Oct. 20.

Persons: Dado Ruvic, Wael Sawan, Hess, Murray Auchincloss, Patrick Pouyanné, ’, Shell, Neste, Warren Buffett’s, Pouyanné, George Hay, Streisand Neto Organizations: REUTERS, Reuters, Exxon Mobil, Chevron, Natural Resources, Exxon, Shell, Occidental Petroleum, Exxon Mobil’s, Thomson Locations: Finnish, Denmark, U.S, Occidental

☆ Shell will cut 200 jobs in clean energy division
▼ + stars: | 2023-10-25 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Shell will cut 200 positions within its low-carbon solutions unit in 2024, a spokesperson confirmed to CNBC on Wednesday. The company's low-carbon division helps spearhead Shell's transition to clean energy including hydrogen, given its pledge to become a "net-zero emissions energy business" by 2050. In the meantime, according to the spokesperson, Shell is planning $10-15 billion of low-carbon energy investment over the next two years, which will include biofuels, hydrogen, carbon capture and electric vehicle charging. Last July, the company announced its investment in the creation of one of Europe's largest hydrogen energy plants. The question of how Big Oil companies like Shell can fit into a clean energy future is existential for its business.

Persons: Wael Sawan, downsize, Shell, Sawan Organizations: Shell, CNBC, Department of Energy, Big Oil, Exxon Mobil, Chevron Locations: Shell's, bullish, Louisiana, Paris, California

☆ Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns
▼ + stars: | 2023-10-25 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

Exxon Mobil and Chevron, the two largest U.S. oil companies, this month committed to spending more than $50 billion each to buy smaller companies in deals that would let them produce more oil and natural gas for decades to come. But a day after Chevron announced its acquisition, the International Energy Agency released an exhaustive report concluding that demand for oil, gas and other fossil fuels would peak by 2030 as sales of electric cars and use of renewable energy surged. The disconnect between what oil companies and many energy experts think will happen in the coming years has never been quite this stark. Big oil companies are doubling down on drilling for oil and gas and processing it into fuels for use in engines, power plants and industrial machinery. And, with only a few exceptions, they are not spending much on alternatives like wind and solar power and electric-car batteries.

Organizations: Exxon Mobil, Chevron, International Energy Agency

BANGKOK (AP) — World shares were mixed Wednesday after China pledged more spending to energize its economy. U.S. futures were mixed and oil prices turned higher. In early European trading, Germany's DAX fell 0.4% to 14,825.07 and the CAC 40 in Paris lost 0.5% to 6,864.02. A solid job market and spending by U.S. households has helped keep the economy chugging along. In the oil market, prices have dipped, taking some more pressure off inflation.

Persons: Zhu Zhongming, ” Stephen Innes, Hong, Germany's DAX, Kospi, India's Sensex, they've, they’re, Brent, it's Organizations: China, Xinhua, Agency, Management, CAC, Dow Jones, Dow, Nasdaq, Japan's Nikkei, Sydney, Stock, Treasury, Fed, U.S Locations: BANGKOK, Paris, Frankfurt, Sydney, Seoul, London, Tokyo, Hong Kong . U.S, China, Shanghai, Bangkok, U.S, Israel, Iran

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