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☆ Exxon and Chevron investors shoot down climate proposals after a year a record profits
▼ + stars: | 2023-06-01 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Investors shot down proposals urging Exxon and Chevron to set more ambitious climate targets. Climate-minded investors blame Big Oil's soaring profits and Republicans' criticism of ESG. "It's incomprehensible why investors are accepting this when they have more to worry about than the profits of Big Oil. Exxon in December said more than 70% of its capital investments in the coming years would flow to fossil-fuel development. "To be fair, we have seen change at Exxon in the last two years.

Persons: Big, Mark van Baal, Critics, Andrew Logan Organizations: Exxon, Chevron, Service, ExxonMobil, BlackRock, Vanguard, Big, Big Oil Locations: Ukraine

☆ Exxon shareholders reject climate proposals from activist in annual meeting
▼ + stars: | 2023-05-31 | by ( Sabrina Valle | ) www.reuters.com time to read: 1 min

Sustainability category · May 31, 2023 · 2:41 PM UTCMore than 1,600 companies identified by non-profit platform CDP as having the biggest impact on the environment are not disclosing environmental data, it said as it launched its latest campaign to get firms to provide the information.

☆ Morgan Stanley's best stock picks to play the transition to clean energy
▼ + stars: | 2023-05-31 | by ( Brian Evans | ) www.cnbc.com time to read: +4 min

The transition to clean energy won't be equal across sectors, according to Morgan Stanley Research. The Wall Street bank broke down segments of the energy transition that will benefit and others that will be challenged by the transition to clean energy. For this list, CNBC picked stocks Morgan Stanley thinks stand to benefit from the move toward clean energy, with a special focus on shares with overweight and equal weight ratings. The stocks in this list fall into one of four categories: — Energy storage and fuel cells. "Not all incumbent utilities will gain from the energy transition," Byrd wrote Wednesday.

Persons: Morgan Stanley, Stephen Byrd, Stocks, Byrd, Morgan Stanley's Organizations: Morgan Stanley Research, CNBC, Products, Chemicals Inc, Linde PLC, Air Products, Chemicals, Energy, Occidental Petroleum, Exxon Mobil, Chevron, Oil, Pacific Gas and, Edison International Locations: California, U.S

☆ World's biggest investment fund says firms mismanaging climate risk could face exclusion from next year
▼ + stars: | 2023-05-31 | by ( Sam Meredith | ) www.cnbc.com time to read: +4 min

Bloomberg | Bloomberg | Getty ImagesNorway's $1.4 trillion sovereign wealth fund says it is prepared to start dropping companies for mismanaging climate risk starting next year, adding to the decarbonization pressure that activist shareholders are already piling on firms. It comes shortly after the world's the biggest investment fund said it would vote for shareholder proposals at Chevron and Exxon Mobil's respective annual meetings on Wednesday. Norway's oil fund had refused to back similar shareholder proposals tabled in recent weeks at European oil majors, such as BP and TotalEnergies. Palpable frustrationNorway's oil fund has invested in more than 9,000 companies in 70 countries around the world and acknowledges that "companies care how we vote at AGMs." Bloomberg | Bloomberg | Getty Images

Persons: Carine Smith Ihenacho, Carine Smith, Ihenacho Organizations: Bloomberg, Getty, Chevron, Exxon Mobil's, Norges Bank Investment Management, CNBC, Protesters, Salle Locations: U.S, Paris

Climate investors aren’t expecting a triumphant repeat of what happened two years ago, when Engine No. 1, a San Francisco-based activist hedge fund, stunned the corporate world by landing three of its eco-conscious nominees on Exxon’s board. Mark van Baal, founder of the activist shareholder group Follow This, was more blunt. The hedge fund, he said, was “the biggest disappointment in the fight against climate change.”Engine No. But critics say that green investments are still a tiny percentage of Exxon’s spending, and that the company remains committed to fossil fuels.

Persons: aren’t, DealBook, Vivienne Walt, ”, Mark Kramer, “, Danielle Fugere, Mark van Baal Organizations: Exxon, Legal, General Investment Management, Harvard Business School Locations: San Francisco, Berkeley, Calif, Texas, New Mexico

☆ Exxon, Chevron shareholders soundly reject climate-related petitions
▼ + stars: | 2023-05-31 | by ( Sabrina Valle | ) www.reuters.com time to read: +3 min

HOUSTON, May 31 (Reuters) - Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) shareholders on Wednesday overwhelmingly rejected calls for stronger measures to mitigate climate change, dismissing more than a dozen climate-related proposals at their annual meetings. His group, which represents some 9,500 shareholders in oil and gas companies, had requested Exxon set medium-term targets for meeting customer emissions reduction goals that seeks to keep global temperature increase below 1.5° Celsius. That resolution received less than half of the support 11% of vote cast compared with 27% from the group's emission reduction proposal last year. Exxon holders rejected all 12 shareholder proposals, the majority of which dealt with climate-related issues. Chevron investors also rejected proposals on customers' emissions reduction target, creating a board committee on decarbonization risk, and a report on worker and community impact from facility closures and energy transitions.

Persons: Mark van Baal, Darren Woods, Woods, Sabrina Valle, Arathy, Mrinalika Roy, Sourasis Bose, Jon Boyle, Marguerita Choy Organizations: HOUSTON, Exxon Mobil Corp, Chevron Corp, Shell PLC, BP PLC, Exxon, Chevron, Thomson Locations: Ukraine, Guyana, Houston, Bengaluru

☆ Operation to empty Yemen Safer oil tanker set to begin, UN says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 30 (Reuters) - Operations to salvage 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast will soon begin after a technical support ship arrived on site on Tuesday, the United Nations said. U.N. officials have been warning for years that the Red Sea and Yemen's coastline was at risk as the Safer tanker could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska. The Ndeavor tanker, with a technical team from Boskalis/SMIT, is in place at the Safer tanker off the coast of Yemen's Ras Isa, the U.N. Humanitarian Coordinator in Yemen David Gressley said on Twitter from on board the Ndeavor. The war in Yemen caused suspension of maintenance operations on the Safer in 2015. Additional funding is still important to finish the process," the U.N said on its Yemen Twitter account.

Persons: U.N, SMIT, Yemen's Ras Isa, Yemen David Gressley, Muhammad Yusuf The, Nayera Abdallah, Lisa Barrington, Bill Berkrot Organizations: United Nations, Boskalis, Twitter, REUTERS, Thomson Locations: DUBAI, Alaska, Yemen's, Yemen, Ras Issa, China, Iran, Saudi Arabia, Riyadh, Tehran

☆ Environmental platform urges more than 1,600 high-emitting firms to disclose data
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

The companies targeted in the 2023 campaign include repeat non-disclosers such as Exxon Mobil(XOM.N), Glencore (GLEN.L) and Caterpillar (CAT.N), CDP said in a statement. Since it launched in 2017, CDP has expanded the universe of companies it targets for data disclosure. That has meant the number of non-disclosing companies targeted this year is higher than in its 2022 campaign. Despite the progress, disclosure remains a problem in high-emitting sectors and getting laggards to submit data will prove tricky, she acknowledged. Overall, about 50% of companies across sectors disclose environmental data, Elsdon told Reuters.

Persons: Glencore, Claire Elsdon, Elsdon, laggards, Tommy Reggiori Wilkes, Sharon Singleton Organizations: Exxon Mobil, Caterpillar, European Union, Reuters, Sumitomo Life Insurance, General Investment Management, Thomson Locations: United Kingdom, Canada

ET (1900 GMT), to discuss the debt ceiling bill. "The market is cautiously pricing in that the deal has been done," said Thomas Hayes, chairman at Great Hill Capital LLC. Nvidia Corp (NVDA.O) jumped 4.8% in premarket trading after it said on Monday it was building Israel's most powerful AI supercomputer to meet soaring customer demand for AI applications. Other chipmakers including Advanced Micro Devices Inc (AMD.O), Marvell Technology Inc (MRVL.O) and Intel Corp (INTC.O) added about 3% each. May consumer confidence data is due shortly after markets open, while the Labor Department's closely watched nonfarm payrolls data for May is due on Friday.

☆ Stocks making the biggest moves midday: Nvidia, Tesla, Coinbase and more
▼ + stars: | 2023-05-30 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Visitors at the Nvidia stand at the 2022 Apsara Conference in Hangzhou, China, Nov 3, 2022. Nvidia — Shares of the chipmaker and artificial intelligence beneficiary popped nearly 6%, building on its recent gains on the heels of a blowout quarter. Tesla — Shares gained 6% following a Reuters report a private jet used by CEO Elon Musk arrived in China, his first visit in three years. ChargePoint — Shares rose nearly 11%. Devon Energy , Diamondback , Chevron , ExxonMobil — Energy stocks were under pressure Tuesday as prices for oil and natural gas slid.

The annual shareholder meetings of Exxon Mobil and Chevron, scheduled for Wednesday, are set to be largely sedate, as they will be held virtually. Despite the drama, however, climate-focused shareholder activists are being forced to rethink their approach, two years after the tiny hedge fund Engine No. 1 won a stunning victory over Exxon, Vivienne Walt writes for DealBook. Activists have failed to win more than 50 percent in many key proxy votes since then. And it comes despite major investors backing shareholder activists’ efforts: Norway’s $1.4 trillion sovereign wealth fund, for instance, has pledged to side with them on climate issues on the ballot at Exxon and Chevron.

☆ A portfolio manager who runs 3 of the 10 best large-cap funds in the past year shares his surprisingly simple investing strategy — and the 4 places he's putting his money now
▼ + stars: | 2023-05-24 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

Leading fund manager Matt Fruhan found success this year by continuing to prioritize valuations. Two of those standout funds, the Fidelity Mega Cap Stock Fund (FGRTX) and the Fidelity Advisor Mega Cap Stock Fund (FGTAX), are virtually identical, except for their class and ticker. The fund manager told Insider that he applies the same investing process and principles across all of his funds. "Some investors are kind of reactive to the market and let the market tell them what to think," Fruhan said. And that's how you get separation from the stock market over time."

☆ HSBC sees Chevron jumping more than 20% as oil prices recover
▼ + stars: | 2023-05-23 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

HSBC thinks oil giant Chevron stands to benefit from a recovery in oil prices. The firm upgraded shares of Chevron to buy from hold, with a $189 price target, which represents about 24% upside from Monday's close. Chevron shares are down nearly 10% this month. HSBC analyst Kim Fustier thinks that's mainly due to a drop in oil prices — U.S. crude oil is down 6% in May — noting it opens a buying opportunity. Meanwhile, the International Energy Association recently warned of a pending oil shortage that could lift prices higher in its monthly report for May .

Persons: Kim Fustier, that's, Fustier, Brent, — CNBC's Michael Bloom Organizations: HSBC, Chevron, Exxon, International Energy Association Locations: Chevron

☆ Nigeria to commission Dangote refinery, crude supply a concern
▼ + stars: | 2023-05-22 | by ( Macdonald Dzirutwe | ) www.reuters.com time to read: +3 min

Despite being Africa's biggest oil producer, Nigeria imports petrol, diesel and processed petroleum products because its refineries were run down over the years. The refinery needs a constant supply of crude but Nigeria's oil production has been declining due to oil theft, vandalism of pipelines and underinvestment. Lower production would affect state-owned oil company NNPC Ltd's ability to fulfil an agreement to supply Dangote refinery with 300,000 bpd of crude, said economist Kelvin Emmanuel, who authored a report on oil theft last year. "There are risks with supply of crude oil feedstock. Energy Aspects, however, said in the long run, the Dangote refinery could end Nigeria's gasoline deficit, reshape the Atlantic basin gasoline market and export diesel that meets European Union specifications.

☆ Exxon Joins Hunt for Lithium in Bet on EV Boom
▼ + stars: | 2023-05-21 | by ( Benoît Morenne | Collin Eaton | ) www.wsj.com time to read: 1 min

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☆ Exxon says Guyana insurance dispute could cut revenue $350 million per month
▼ + stars: | 2023-05-19 | by ( Kiana Wilburg | ) www.reuters.com time to read: +2 min

GEORGETOWN, May 19 (Reuters) - Exxon Mobil Corp (XOM.N) on Friday said an ongoing dispute with the government of Guyana over oil-spill insurance could halt production at its first offshore platform, cutting revenue by about $350 million per month. A Guyanese court this month found Exxon in breach of insurance obligations for Liza One, its first offshore oil project, and called for additional insurance adequate to protect against a catastrophic oil spill. Exxon and partners in an offshore consortium that has produced all the country's oil to date have $600 million in insurance and up to $19 billion in assets in the country, Exxon officials said at media briefing. Exxon said that if the sides are unable to agree, it could halt output from Lisa One platform and cost about $350 million in lost revenue. Guyana would incur a hit of $80 million to $88 million to earnings from its share of production, according to the country's National Resource Fund's latest quarterly report.

☆ Equinor, Shell and Exxon agree LNG project with Tanzania
▼ + stars: | 2023-05-19 | by ( Terje Solsvik | ) www.reuters.com time to read: +2 min

OSLO, May 19 (Reuters) - Equinor (EQNR.OL), Shell (SHEL.L) and Exxon Mobil (XOM.N) have agreed a deal with the government of Tanzania for the development of a liquefied natural gas (LNG) export terminal in the East African country, the two sides said on Friday. "It paves the way for the series of milestones that need to follow to realise this fantastic LNG opportunity for the country and the world," Equinor's Tanzania country manager Unni Fjaer said in a statement. Equinor and Shell are joint operators of the development while Exxon, Pavilion Energy, Medco Energi and Tanzania's national oil company TPDC are partners. Tanzania said in 2014 that the project could cost $30 billion to develop, but analysts have said cost inflation in recent years could add billions more to the investment. Shell operates Tanzania's Block 1 and Block 4, which hold 16 trillion cubic feet in estimated recoverable gas.

☆ Exxon rebuts proxy advisor, says net zero emissions scenario 'unlikely'
▼ + stars: | 2023-05-18 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario. Exxon has said the world is not on a path to achieve net-zero emissions in 2050. The 2050 net-zero emissions (NZE) scenario of the International Energy Agency (IEA) envisions a path to limit the global temperature rise to 1.5 degrees Celsius. "It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE," Exxon said in dismissing the proposal. Exxon rebutted the proxy firm's recommendation that it evaluate the impacts of a worst-case oil spill at its offshore Guyanese oil platforms.

☆ Brazil environment agency rejects Petrobras' request to drill at Amazon
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +1 min

BRASILIA, May 17 (Reuters) - The Brazilian environmental protection agency Ibama said on Wednesday it had rejected a request from state-run oil company Petrobras (PETR4.SA) to drill a well at the mouth of the Amazon river. The much-awaited decision follows a technical recommendation by the agency's experts to reject the proposal. A technical report from Ibama had previously advised against the request, citing discrepancies in environmental studies, inadequate measures for communicating with indigenous communities, and insufficiencies in Petrobras' plan to safeguard the region's wildlife. Petrobras had several opportunities to solve controversial points of its project, but it was still presenting "worrying inconsistencies" for the operation in a new exploratory frontier of "high socio-environmental vulnerability," Ibama said in a statement. Petrobras did not immediately respond to a request for comment.

LONDON, May 18 (Reuters) - Shell (SHEL.L) will likely face one of its most acrimonious annual meetings next week as it struggles to balance investor pressure to capture profits from oil and gas and a vocal minority saying it must move faster to tackle climate change. Big Oil firms posted record profits last year amid soaring energy prices following Russia's invasion of Ukraine. That resolution echoes a ruling by a Dutch court telling Shell to adjust its climate targets, which Shell has appealed. It also said it was pleased that proxy advisers ISS and Glass Lewis had recommended votes against the Follow This resolution. The measures, however, did not prevent climate activist participants from heckling and disrupting proceedings before being escorted out, some carried by security staff.

Companies Woodside Energy Group Ltd FollowADELAIDE, May 17 (Reuters) - Australia's vast liquefied natural gas (LNG) industry is trying to pull off something that seems almost impossible. They want to lead the transition to clean and renewable energy, while at the same time continuing to invest in, and produce fossil fuels. For example, Woodside is spending some $12 billion to develop its Scarborough natural gas field off Western Australia's coast, and has another advanced LNG project with its Browse field. But the hydrogen projects are largely still at the early stages and even if all the permitting approvals are received, they will still take several years to get up and running. It's an industry-wide problem that projects take several years, and sometimes more than a decade to go from initial proposal to actual production.

☆ Exxon says it spent more than $900 million locally in Guyana since 2015
▼ + stars: | 2023-05-16 | by ( Sabrina Valle | ) www.reuters.com time to read: +1 min

HOUSTON, May 16 (Reuters) - Exxon Mobil Corp. (XOM.N) and its contractors spent more than $400 million locally in Guyana in 2022, and more than $900 million since the company's first oil discovery in the South American country in 2015, it said on a statement on Tuesday. The government has approved on Monday Exxon's 2023 local content plan, in which the company describes its strategies to promote local industry. Exxon and contractors had employed over 5,000 Guyanese workers by the end of 2022, the company said, representing more than 65% of the overall workforce in the local oil and gas industry. Among the 2,700 personnel supporting Exxon's operations in Guyana, over 1,300 were Guyanese, it said. Reporting by Sabrina ValleOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. refiners build new oil processing as travel rises
▼ + stars: | 2023-05-16 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

HOUSTON, May 16 (Reuters) - U.S. oil refiners aim to run at up to 94% of a total 17.9 million barrels per day processing capacity this quarter, according to company forecasts and analysts, driven in part by expectations of seasonal travel demand. This quarter is traditionally one of the year's hottest for demand as companies build gasoline and jet fuel output for the summer vacation season. He estimates refiners overall will run at 94% utilization rate this quarter, matching the 2017-19 average for the period. High prices will keep U.S. refinery utilization rates at levels near last year's about 91.7% this year and next, the U.S. Energy Information Administration forecast in January. Refiners will add the capacity to process an additional 328,000 bpd in this quarter, increasing gasoline and diesel supplies this summer.

☆ Exxon settles Indonesia torture case that led to SEC official’s ouster
▼ + stars: | 2023-05-16 | by ( ) edition.cnn.com time to read: +2 min

Reuters —Exxon Mobil on Monday settled a long-running human rights lawsuit with villagers who claimed soldiers Exxon hired to guard a natural gas facility in Indonesia committed murder and torture. The two sides said in a Washington, DC federal court filing that they had resolved the 2001 case. Agnieszka Fryszman, a lawyer for the Indonesian villagers at law firm Cohen Milstein Sellers & Toll, said the terms are confidential. The lawsuit also sought to hold Exxon accountable for alleged atrocities committed by the soldiers. Oh, who did not return to the law firm after her SEC resignation, did not immediately respond to a request for comment.

☆ The ‘Skeletons’ in Big Oil’s Closet
▼ + stars: | 2023-05-16 | by ( Manuela Andreoni | ) www.nytimes.com time to read: +1 min

For years after those projections, however, Exxon continued to publicly cast doubt on climate science and cautioned against moving away from burning fossil fuels. Since then, we’ve learned that other companies, including Shell, also knew about the dangers of fossil fuels and climate change. The result has been dozens of lawsuits by organizations and governments accusing Exxon, Shell and other companies of public deception. In 2021, a court found that Shell was liable for causing climate change and ordered the company to cut its emissions. The case used the company’s early knowledge of climate science as one of its central arguments.

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