It shows the oil industry's gradual embrace of climate change as a problem the government should address.
Dec 11, 2019 - Energy & EnvironmentOur dependence on fossil fuels has remained about the same for 30 years.
Aug 26, 2019 - Energy & EnvironmentThe number was essentially zero before 2015.
Aug 2, 2019 - Energy & EnvironmentThanks to the end of a 40-year-old crude oil export ban, a shale boom and a host of geopolitical changes.
Mar 13, 2019 - Energy & EnvironmentMultiple analysts are accelerating their projections of when oil demand will stop growing.
16 hours ago - Energy & EnvironmentThe oil giant, like the rest of the industry, has been battered by the coronavirus pandemic.
21 hours ago - Energy & EnvironmentIllustration: Rebecca Zisser/Axios
The Trafigura Group, a giant trader of oil and other commodities, is forming a new company to invest in renewables and energy storage projects worldwide.
Driving the news: Nala Renewables is a joint venture with the fund manager IFM Investors. They hope to develop 2 gigawatts worth of projects over the next five years.
Illustration: Sarah Grillo/Axios
The oil-and-gas producers Devon Energy and WPX Energy are merging in a roughly $2.6 billion all-stock transaction that comes as U.S. producers are struggling with depressed prices and demand.
Why it matters: The deal between two companies active in the prolific Permian Basin of Texas and New Mexico will help create economies of scale and improved margins, they said this morning.
Illustration: Aïda Amer/Axios
The oil sector is facing risks from all sides.
Why it matters: Risk in the industry is nothing new. But these are especially turbulent and uncertain times. The industry's market clout has waned, the future of demand is kind of a mystery, and future U.S. policy is too, just to name three.
A new survey of oil and gas executives offers data points that explain why U.S. oil production won't approach its record pre-pandemic level anytime soon — if ever.
Driving the news: The Dallas Fed's quarterly survey asked 108 companies the U.S. oil price that would really juice new drilling. As you can see from the chart above, it's well above $39.90 where it's at this morning.
Photo by Erin Schaff - Pool/Getty Images
North Carolina GOP Sen. Thom Tillis, facing a tight re-election race, said President Trump is expanding his recent offshore drilling ban to include the coast of his state.
Driving the news: The administration told Tillis that the state "will be included in a Presidential Memorandum withdrawing new leasing for offshore oil and gas developments for the next 12 years," his office said.
Kara Hurst in Seattle.
Partnering with oil and gas producers is necessary for Amazon and other companies to achieve their climate goals, the tech giant's chief of sustainability, Kara Hurst, said during an Axios virtual event on Thursday.
The big picture: Amazon aims to hit carbon neutrality in 2040, 10 years earlier than the Paris climate accord. The company plans to reach its goal in part by helping companies develop climate-friendly technologies through a $2 billion venture fund. The first recipients were announced on Thursday.
Sudden changes in world politics can bring about permanent changes in oil-and-gas use, per a recent Morgan Stanley report.
Driving the news: Geopolitical unrest in the late '70s and early '80s — the Iranian Revolution and start of the Iran-Iraq war — disrupted a lot of oil supply that, in turn, sent prices skyrocketing. That sudden jolt to the global oil system permanently cut oil consumption per capita that’s stayed with the world ever since, says Martijn Rats, managing director for equity research for Morgan Stanley.
Photo: Aleksander Kalka/NurPhoto via Getty Images
BP is providing more info this week about its decades-long plan to diversify away from its dominant fossil fuel business — including expectations for the first few years.
Why it matters: European-based global oil giants are all vowing some kind of decades-long pivot toward more climate-friendly products and deep emissions cuts.