Energy Transition

Chevron CEO Cautious on Biden Climate Actions, but ‘Onerous’ Conditions May Push Investments Overseas

Chevron CEO Cautious on Biden Climate Actions, but ‘Onerous’ Conditions May Push Investments Overseas

Chevron Corp. CEO Mike Wirth on Friday was optimistic that the supermajor could navigate near-term under a potential cap on federal leasing in the United States but he warned that if conditions were to deteriorate, “we have other places to take our dollars.” Wirth helmed a conference call with CFO Pierre Breber on Friday to…

January 29, 2021
March Debuts with Thud; Natural Gas Futures Fall After Storage Withdrawal Fails to Impress

March Debuts with Thud; Natural Gas Futures Fall After Storage Withdrawal Fails to Impress

Natural gas futures faltered Thursday following a bearish storage report and a key weather model pointing to lighter heating demand than previously expected, ending a rally. On its first day as the prompt month, the March Nymex gas futures contract shed 3.8 cents day/day and settled at $2.664. It ended a three-day run of solid…

January 28, 2021
Ovintiv to ‘Carefully Review’ Investor’s Board Nominees

Ovintiv to ‘Carefully Review’ Investor’s Board Nominees

Private investor Kimmeridge Energy Management Co., which owns a 2.5% stake in Ovintiv Inc., has nominated three people to stand for board election as Kimmeridge looks to upend oversight of the Denver-based independent. Earlier this month Kimmeridge warned Ovintiv that the exploration and production (E&P) company needed to improve performance or face a reckoning.  “Given…

January 28, 2021
EDF-Led Study Finds ‘Exceptionally High’ Methane Emissions in Mexico Oil, Gas Operations, Exceeding Government Estimates

EDF-Led Study Finds ‘Exceptionally High’ Methane Emissions in Mexico Oil, Gas Operations, Exceeding Government Estimates

Processing facilities in Mexico’s oil and natural gas patch are emitting “exceptionally high levels of methane pollution” at 10 times the rate being reported by the government, according to a new study led by the Environmental Defense Fund (EDF). The study tracked emissions of the potent greenhouse gas across the states of Chiapas, Tabasco, Veracruz…

January 28, 2021
GM Eyes All-Electric Vehicle Future, with 40% of U.S. Models Running on Batteries by Mid-Decade

GM Eyes All-Electric Vehicle Future, with 40% of U.S. Models Running on Batteries by Mid-Decade

General Motors on Thursday set a goal to become carbon neutral by 2040, with a vision of an all-electric future and aspirations to eliminate tailpipe emissions from new light-duty vehicles by 2035.  The goal is to offer 30 all-electric models globally by mid-decade, with 40% of the U.S. models battery electric by the end of…

January 28, 2021
U.S. Oil, Natural Gas Industry Sounds Alarm as Biden Order Halts Federal Leasing

U.S. Oil, Natural Gas Industry Sounds Alarm as Biden Order Halts Federal Leasing

The U.S. oil and gas industry reacted with dismay and the first of perhaps multiple lawsuits Wednesday ahead of an executive order (EO) by President Biden directing the Department of the Interior (DOI) to pause new oil and natural gas leasing on federal lands and offshore waters. The EO published Wednesday afternoon follows a 60-day…

January 28, 2021
Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Sees ‘Very Large’ Pent-Up Bakken Potential as Production Beats Expectations

Hess Corp. executives see the Bakken Shale continuing to drive significant cash flow for almost another decade, despite a moratorium on federal oil and natural gas leasing by the Biden administration. CEO John Hess told investors on Wednesday only 2% of the company’s Bakken acreage is on federal lands. The exploration and production (E&P) company…

January 28, 2021
ExxonMobil Activist Investor Nominates Four Independent Board Members

ExxonMobil Activist Investor Nominates Four Independent Board Members

An activist investment firm prodding ExxonMobil to boost its alternative energy holdings and improve management oversight on Wednesday formally nominated four people to the board, in time for consideration ahead of this year’s annual meeting. San Francisco-based Engine No. 1 LLC last month said it wanted to squeeze more value from ExxonMobil through “active ownership”…

January 27, 2021
INGAA Decarbonizing Gas Transmission, Storage, Aiming to Hit Net Zero Emissions by 2050

INGAA Decarbonizing Gas Transmission, Storage, Aiming to Hit Net Zero Emissions by 2050

The Interstate Natural Gas Association of America (INGAA) on Tuesday made a bold commitment to work toward achieving net zero carbon emissions from their members’ domestic gas transmission and storage assets by 2050. The work, which builds on other efforts by INGAA’s members to combat climate change, is not tied to President Biden’s ambitious climate…

January 27, 2021
CME to Launch Global Emissions Offset Futures Contract

CME to Launch Global Emissions Offset Futures Contract

CME Group plans to launch a futures contract in March that would provide a regulated, market-based solution to manage global emissions risk. The Global Emissions Offset (GEO) futures contract, which is pending relevant regulatory reviews before a launch on March 1, was jointly developed with Xpansiv CBL Holding Group, a data and technology firm focused…

January 26, 2021