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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

13 mins ago - World

In reversal, Pentagon now says drone strike killed 10 Afghan civilians

Caskets for the dead are carried towards the gravesite as relatives and friends attend a mass funeral for members of a family that is said to have been killed in a U.S. drone airstrike, in Kabul on Aug. 30. Photo: Marcus Yam/Los Angeles Times via Getty Images

A U.S. drone strike launched on Aug. 29 killed 10 civilians in Afghanistan, including seven children, rather than the Islamic State extremists the Biden administration claimed it targeted, the Pentagon said Friday.

Why it matters: U.S. Central Command said at the time that officials "know" the drone strike "disrupted an imminent ISIS-K threat" to Kabul's airport, and that they were "confident we successfully hit the target."

UN warns of "catastrophic" climate change failure without more emissions cuts

UN Secretary-General António Guterres at a news conference. Photo: Fabrice Coffrini/AFP

A United Nations report released Friday warned that the planet will likely warm by more than 2.7 degrees Celsius by the end of the century unless governments take extra steps to curb greenhouse gas emissions.

Why it matters: The report, released just months ahead of November's UN Climate Summit, highlights the growing pressure on global leaders to crack down on emissions to avert the worst effects of climate change.

Updated 2 hours ago - Politics & Policy

Pentagon approves request for 100 National Guard troops for "Justice for J6" rally

Security fencing has been reinstalled around the Capitol. Photo: Drew Angerer/Getty Images

Defense Secretary Lloyd Austin has approved a request from Capitol Police to provide 100 D.C. National Guard troops in case law enforcement requires additional support at Saturday's "Justice for J6" rally at the Capitol.

Why it matters: Security preparations have ramped up ahead of the pro-Trump demonstration, where hundreds of protesters sympathetic to the Jan. 6 Capitol attack are expected to gather.