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ExxonMobil released today an analysis for how its oil and natural gas resources would fare in a carbon-constrained world.

Why it matters: The analysis is the latest in a string of moves by publicly traded oil companies in response to investor pressure to disclose the risks that action on climate change poses to their fossil-fuel products.

Highlights:

  • Less than 5% of Exxon’s total value is represented by oil and gas resources that “may not be attractive investments” in a world that cuts greenhouse gas emissions the necessary amount to keep temperatures below a 2-degrees Celsius, the analysis says.
  • Low-cost producers are likely to fare better than others in a carbon-constrained world, said an analyst who has reviewed the report.
  • “This may validate the company’s historically strict capital discipline relative to some of its bigger-spending brethren,” said the analyst, who spoke on the condition of anonymity as the report was just being released.

The big picture: There’s growing concern about the potential for oil and gas companies’ assets to become stranded in a world that drastically cuts greenhouse gas emissions, and in fact some environmentalists are pushing for this. Some oil executives reject this notion, but it’s nonetheless a key component of an overall debate about how fossil-fuel companies handle a transition to a lower-carbon world.

Go deeper:

Go deeper

Updated 16 mins ago - Science

Volcanic eruption in Tonga caused "significant" damage

This satellite image of the eruption on Jan. 15 taken by Himawari-8, a Japanese weather satellite operated by Japan Meteorological Agency and released by National Institute of Information and Communications Technology (NICT). Photo: NICT via AP

Significant damage has been reported in Tonga following an undersea volcanic eruption on Saturday, which covered the Pacific nation in ash and cut off communication lines.

Driving the news: The eruption triggered tsunami warnings across Tonga's islands and in other regions, including the West Coast of the U.S. and New Zealand.

Updated 2 hours ago - Politics & Policy

Trump dogs "dull" DeSantis ahead of potential 2024 matchup

Photo illustration: Sarah Grillo/Axios. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Donald Trump is trashing Ron DeSantis in private as an ingrate with a "dull personality" and no realistic chance of beating him in a potential 2024 showdown, according to sources who've recently talked to the former president about the Florida governor.

Why it matters: The two are among the most popular Republicans in the country, and as the former president eyes another run in 2024, he's irked by DeSantis' popularity and refusal to rule out running against him.

Updated 2 hours ago - Politics & Policy

Omicron dashboard

Illustration: Brendan Lynch/Axios

  1. Health: Concerns grow over CDC's isolation guidelines — Experts warn of more COVID-19 variants after Omicron — WHO recommends 2 new treatments — What "mild" really means when it comes to Omicron.
  2. Vaccines: America's vaccination drive runs out of gas— Puerto Rico expands booster shot requirements— Supreme Court blocks Biden's vaccine mandate for large employers.
  3. Politics: Vivek Murthy calls SCOTUS vaccine mandate block "a setback for public health" — Focus group says Biden weak on COVID response, strong on democracy.
  4. Economy: America's labor shortage is bigger than the pandemic— — CDC COVID guidance for cruise ships to be optional starting Saturday — The cost of testing.
  5. States: America struggles to keep schools open — Youngkin ends mandates for masks in schools and COVID vaccinations for state workers.
  6. World: Beijing reports first local Omicron case weeks before Winter Olympics — Teachers in France stage mass walkout over COVID protocols.
  7. Variant tracker