It shows the oil industry's gradual embrace of climate change as a problem the government should address.Dec 11, 2019 - Energy & Environment
Our dependence on fossil fuels has remained about the same for 30 years.Aug 26, 2019 - Energy & Environment
The number was essentially zero before 2015.Aug 2, 2019 - Energy & Environment
Big Tech is making splash with its aggressive carbon reduction goals, but some of its employees and climate activists are criticizing Google, Microsoft and Amazon for nonetheless partnering with fossil fuel companies to use artificial intelligence to find hidden hydrocarbons and bring them to market.
Why it matters: Big oil companies are some of the richest, most resourceful enterprises in the world. They collect multiple terabytes of data daily but don't have the capacity to analyze and efficiently utilize that volume of facts without AI.
BP's new emissions pledge could create more pressure on U.S.-based giants Exxon and Chevron.
Why it matters: European oil behemoths have been more active on climate than their U.S. counterparts.
The International Energy Agency's monthly market analysis released Thursday says global oil demand will fall by 435,000 barrels per day during this quarter compared to the same period a year ago.
Why it matters: It's the first quarterly contraction in over a decade.
BP said Wednesday that it is reorienting its business with new climate targets — including first-time emissions commitments for its products' use in the economy — and a new team to help countries, cities and other companies cut carbon.
Why it matters: It's the latest sign of how multinational oil-and-gas giants — especially European-headquartered players — are expanding climate pledges under intense pressure from activists and investors.
Oil prices are at their lowest levels in a year as coronavirus hits demand, and one side effect of the public health crisis is that it's afflicting the OPEC-Russia relationship.
Driving the news: Russia has yet to endorse recommendations from an OPEC+ technical panel to deepen the groups' production-limiting pact by 600,000 barrels per day.
The world's oil and natural gas companies are drilling their way into financial and social hell.
Driving the news: The industry's stocks are in the toilet, and climate change is fast becoming a mainstream investor worry. These problems overlap and neither is going away anytime soon — if ever.
Only a very small handful of oil companies have laid out any kind of targets around Scope 3 emissions, which make up the vastly larger pollution from the use of their products in the economy, but that's quickly changing amid rising activist and investor pressure on oil giants over global warming.
Driving the news: Oil-and-gas giant Equinor rolled out on Thursday new climate plans that include a pledge to cut carbon intensity (that is, emissions per unit of output) by at least 50% by 2050 — a commitment that will cover Scope 3.
CNBC money pundit Jim Cramer is an unlikely new avatar for climate activists with his take on Big Oil's future.
What he's saying: Cramer made waves Friday with his response to ExxonMobil's and Chevron's glum earnings reports. "I’m done with fossil fuels. They’re done," he said, later adding, "We are in the death knell phase" and citing divestments by "a lot of different funds."
OPEC's possible responses to the spreading coronavirus that's hurting oil demand and prices are starting to come into view.
Why it matters: Besides killing more than 360 people so far, the outbreak is severely curtailing airline and economic activity in China, the world's largest oil importer and second-largest oil consumer.
EQT Corp., the largest U.S. natural gas producer, plans to take a fourth-quarter write-down of up to $1.8 billion.
Why it matters: EQT, which has major Appalachian operations, is the latest company to write down the value of U.S. assets amid a glut of supply and very low prices.