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Oil & Gas Companies Face Tough Decision On Emissions

Christian Abreu Hidalgo
Oil & Gas Companies Face Tough Decision On Emissions

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 81.53 -2.38 -2.84% Brent Crude • 10 mins 82.71 -2.01 -2.37% Natural Gas • 10 mins 5.593 +0.051 +0.92% Heating Oil • 10 mins 2.456 -0.052 -2.08% Gasoline • 10 mins 2.376 -0.075 -3.04% Louisiana Light • 5 days 83.70 +0.67 +0.81% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 5 days 83.70 +0.67 +0.81% Bonny Light • 1 day 84.30 -0.03 -0.04% Opec Basket • 5 days 82.41 +0.00 +0.00% Mars US • 11 hours 80.01 -0.14 -0.17% Gasoline • 10 mins 2.376 -0.075 -3.04% Click Here for 150+ Global Oil Prices

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Marine • 1 day 83.40 +1.61 +1.97% Murban • 1 day 85.29 +1.49 +1.78% Iran Heavy • 1 day 78.96 +0.07 +0.09% Basra Light • 1 day 84.15 -0.03 -0.04% Saharan Blend • 1 day 85.32 -0.21 -0.25% Bonny Light • 1 day 84.30 -0.03 -0.04% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 84.30 -0.03 -0.04% Girassol • 1 day 84.45 +0.03 +0.04% Opec Basket • 5 days 82.41 +0.00 +0.00% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 1 day 66.36 -0.83 -1.24% Western Canadian Select • 8 hours 66.56 -2.19 -3.19% Canadian Condensate • 8 hours 82.91 -0.14 -0.17% Premium Synthetic • 8 hours 84.31 -0.14 -0.17% Sweet Crude • 8 hours 80.51 -0.94 -1.15% Peace Sour • 8 hours 76.91 -2.04 -2.58% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 8 hours 76.91 -2.04 -2.58% Light Sour Blend • 8 hours 79.86 -1.54 -1.89% Syncrude Sweet Premium • 8 hours 81.81 -0.79 -0.96% Central Alberta • 8 hours 77.06 -1.79 -2.27% Click Here for 150+ Global Oil Prices

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Louisiana Light • 5 days 83.70 +0.67 +0.81% Domestic Swt. @ Cushing • 1 day 80.50 +0.00 +0.00% Giddings • 1 day 74.25 +0.00 +0.00% ANS West Coast • 6 days 85.50 +0.25 +0.29% West Texas Sour • 1 day 77.86 -0.14 -0.18% Eagle Ford • 1 day 81.81 -0.14 -0.17% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 81.81 -0.14 -0.17% Oklahoma Sweet • 1 day 80.50 +0.00 +0.00% Kansas Common • 5 days 73.75 +0.75 +1.03% Buena Vista • 6 days 86.85 -1.99 -2.24% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Products Discussion Headlines 17 hours Sixth Straight Crude Inventory Build Tempers Prices 17 hours Russia: OPEC+ May Not Need To Boost Supply More Than Planned 18 hours Tesla Wipes Out Billions Of Dollars Of Value After Musk Downplays Hertz Deal 20 hours BP Expands Share Buybacks As Oil Price Rally Boosts Profit 21 hours Russia Boosted Oil Production In October 22 hours Wyoming To Offer 179,000 Acres In 2022 Oil Lease Sale 2 days Bank Of America Sees $120 Oil By June 2022 2 days Record Coal Prices Stall BHP’s Thermal Coal Exit 2 days Iran Says It Foiled Pirate Attack On Oil Tanker Off Yemen’s Coast  2 days Surging Coal Prices Push Top Chinese Power Producers To Losses 2 days Iraq Set To Sign Crucial Energy Deals With Saudi Arabia 2 days Aramco Books 158% Surge In Q3 Net Profit On Higher Oil Prices 5 days Exxon To Resume Share Buybacks After Surge In Q3 Earnings 5 days Congress Threatens Big Oil With Subpoenas For Alleged Disinformation 5 days U.S. Coal Industry Says Almost Sold-Out For 2022 6 days Refining Margins Reach Multi-Year High 6 days Supply Chains Need $100 Trillion To Become Net-Zero By 2050 6 days IEA: Global Recovery Spending On Clean Energy Rises By 20% 6 days “Truly Dark Day For Drivers” UK Gasoline Prices Soar To Record High 6 days Shell: Splitting Up Oil, Renewables Won’t Work 7 days Saudi Arabia Targets Battery Metals Mining With “Huge” Investment 7 days China’s Latest Energy Crunch: Diesel Rationing 7 days U.S. Coal Stocks Plunge To The Lowest Level Since 1997 7 days Activist Investor Sets Sights On Breaking Up Shell 7 days The World’s Cheapest Electric Vehicle Is Coming To America 7 days Recovering Airlines Could Lift Aluminum Demand 7 days GM Slumps Despite Beating Wall Street Estimates 7 days Japan’s Utilities Look To Switch To Oil As LNG Prices Soar 7 days Democrats Hope To Expose Big Oil’s Misinformation On Climate 7 days Investors Don’t Want Exxon, Chevron To Take On Solar, Wind 8 days WTI Prices Jump As Cushing Crude Draw Worries Oil Market 8 days Oil Major Eni To Seek $17B Valuation Of Renewables Unit In IPO 8 days Major Cost Increase Threatens Solar Power In 2022 8 days Norway Is A Big Winner In Europe’s Gas Crisis 8 days Colder Weather Forecasts Jolt Gas Prices In Europe 8 days Norway PM: End Of Oil Production Could Jeopardize Energy Transition 8 days Iran’s Gas Stations Out Of Service Due To Possible Cyberattack 9 days Grid Operator: France Needs Nuclear Power For Net-Zero 9 days Tesla Receives World’s Single Largest EV Order Of 100,000 Cars 9 days WTI Crude Hits Highest Level In 7 Years 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc. 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel. 11 minutes Europeans and Americans are beginning to see the results of depending on renewables. 5 hours Green Groups Thwarting Geothermal Solutions to Energy Problems 1 hour GREEN NEW DEAL = BLIZZARD OF LIES 16 hours Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 3 days US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021 1 day NordStream2 1 day “A Very Predictable Global Energy Crisis” by Irina Slav — MUST READ 2 days Demand for LNG is only going to rise. By Irena Slav 1 day Chinese energy crisis may be over, but consequences will haunt the world for months to come! 3 days American LNG for Europe in 2021 3 days Putin and Xi have decided not to attend the Climate Summit in Glasgow 1 day Pipeline Rupture 3 days I want one! 1 day US Oil Refinery Fexibility Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Sixth Straight Crude Inventory Build Tempers Prices

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Share Facebook Twitter Linkedin Reddit Premium Content Oil & Gas Companies Face Tough Decision On Emissions By Leonard Hyman & William Tilles – Nov 03, 2021, 8:30 AM CDT Only very few oil and gas companies have an active plan to reduce emissions around the board If energy companies misled investors about climate-related issues, the SEC may take action Companies may soon revise their de-carbonization policies and up spending on low-carbon alternatives Join Our Community With the COP26 climate conference underway in Glasgow, global energy companies are splashing on ads touting their green credentials. Despite the ads, the oil and gas industry accounts for about 40% of all greenhouse gas emissions. They need to get out in front of these climate related issues if for no other reason than a simple risk minimization strategy. Declaring their support for broad environmental goals serves an important purpose—it may postpone even more intrusive government restrictions and also serves to placate nervous providers of capital, equity investors as well as bondholders. According to a recently published study authored by European academics and think tankers (“How ambitious are oil and gas companies’ climate goals?”, Science , 22 October 2021), of the 52 major oil and gas companies studied, only two had set goals that would actually meet the 2050 climate target set by the international conferences to limit global temperature rise to1.5 degrees Celsius.

Christian Abreu-Hidalgo

The European researchers noted, too, that many of the companies did not make clear the difference between Scope 1 and 2 emissions (from their operations ) and Scope 3 emissions which are produced when the customer uses the energy product. And while 45 of the 52 companies published data on Scope 1 and 2 level emissions, only 23 respondents published Scope 3 material, which rendered company to company comparisons rather difficult. This point is important, because Scope 1 and 2 emissions may account for less than one tenth of the industry’s total emissions

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins 81.53 -2.38 -2.84% Brent Crude • 10 mins 82.71 -2.01 -2.37% Natural Gas • 10 mins 5.593 +0.051 +0.92% Heating Oil • 10 mins 2.456 -0.052 -2.08% Gasoline • 10 mins 2.376 -0.075 -3.04% Louisiana Light • 5 days 83.70 +0.67 +0.81% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 5 days 83.70 +0.67 +0.81% Bonny Light • 1 day 84.30 -0.03 -0.04% Opec Basket • 5 days 82.41 +0.00 +0.00% Mars US • 11 hours 80.01 -0.14 -0.17% Gasoline • 10 mins 2.376 -0.075 -3.04% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Marine • 1 day 83.40 +1.61 +1.97% Murban • 1 day 85.29 +1.49 +1.78% Iran Heavy • 1 day 78.96 +0.07 +0.09% Basra Light • 1 day 84.15 -0.03 -0.04% Saharan Blend • 1 day 85.32 -0.21 -0.25% Bonny Light • 1 day 84.30 -0.03 -0.04% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 1 day 84.30 -0.03 -0.04% Girassol • 1 day 84.45 +0.03 +0.04% Opec Basket • 5 days 82.41 +0.00 +0.00% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Canadian Crude Index • 1 day 66.36 -0.83 -1.24% Western Canadian Select • 8 hours 66.56 -2.19 -3.19% Canadian Condensate • 8 hours 82.91 -0.14 -0.17% Premium Synthetic • 8 hours 84.31 -0.14 -0.17% Sweet Crude • 8 hours 80.51 -0.94 -1.15% Peace Sour • 8 hours 76.91 -2.04 -2.58% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 8 hours 76.91 -2.04 -2.58% Light Sour Blend • 8 hours 79.86 -1.54 -1.89% Syncrude Sweet Premium • 8 hours 81.81 -0.79 -0.96% Central Alberta • 8 hours 77.06 -1.79 -2.27% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

Louisiana Light • 5 days 83.70 +0.67 +0.81% Domestic Swt. @ Cushing • 1 day 80.50 +0.00 +0.00% Giddings • 1 day 74.25 +0.00 +0.00% ANS West Coast • 6 days 85.50 +0.25 +0.29% West Texas Sour • 1 day 77.86 -0.14 -0.18% Eagle Ford • 1 day 81.81 -0.14 -0.17% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 1 day 81.81 -0.14 -0.17% Oklahoma Sweet • 1 day 80.50 +0.00 +0.00% Kansas Common • 5 days 73.75 +0.75 +1.03% Buena Vista • 6 days 86.85 -1.99 -2.24% Click Here for 150+ Global Oil Prices

Start Trading CFDs Over 2,200 Different Instruments

Click Here for 150+ Global Oil Prices

1D 1M 3M 1Y All Charts Products Discussion Headlines 17 hours Sixth Straight Crude Inventory Build Tempers Prices 17 hours Russia: OPEC+ May Not Need To Boost Supply More Than Planned 18 hours Tesla Wipes Out Billions Of Dollars Of Value After Musk Downplays Hertz Deal 20 hours BP Expands Share Buybacks As Oil Price Rally Boosts Profit 21 hours Russia Boosted Oil Production In October 22 hours Wyoming To Offer 179,000 Acres In 2022 Oil Lease Sale 2 days Bank Of America Sees $120 Oil By June 2022 2 days Record Coal Prices Stall BHP’s Thermal Coal Exit 2 days Iran Says It Foiled Pirate Attack On Oil Tanker Off Yemen’s Coast  2 days Surging Coal Prices Push Top Chinese Power Producers To Losses 2 days Iraq Set To Sign Crucial Energy Deals With Saudi Arabia 2 days Aramco Books 158% Surge In Q3 Net Profit On Higher Oil Prices 5 days Exxon To Resume Share Buybacks After Surge In Q3 Earnings 5 days Congress Threatens Big Oil With Subpoenas For Alleged Disinformation 5 days U.S. Coal Industry Says Almost Sold-Out For 2022 6 days Refining Margins Reach Multi-Year High 6 days Supply Chains Need $100 Trillion To Become Net-Zero By 2050 6 days IEA: Global Recovery Spending On Clean Energy Rises By 20% 6 days “Truly Dark Day For Drivers” UK Gasoline Prices Soar To Record High 6 days Shell: Splitting Up Oil, Renewables Won’t Work 7 days Saudi Arabia Targets Battery Metals Mining With “Huge” Investment 7 days China’s Latest Energy Crunch: Diesel Rationing 7 days U.S. Coal Stocks Plunge To The Lowest Level Since 1997 7 days Activist Investor Sets Sights On Breaking Up Shell 7 days The World’s Cheapest Electric Vehicle Is Coming To America 7 days Recovering Airlines Could Lift Aluminum Demand 7 days GM Slumps Despite Beating Wall Street Estimates 7 days Japan’s Utilities Look To Switch To Oil As LNG Prices Soar 7 days Democrats Hope To Expose Big Oil’s Misinformation On Climate 7 days Investors Don’t Want Exxon, Chevron To Take On Solar, Wind 8 days WTI Prices Jump As Cushing Crude Draw Worries Oil Market 8 days Oil Major Eni To Seek $17B Valuation Of Renewables Unit In IPO 8 days Major Cost Increase Threatens Solar Power In 2022 8 days Norway Is A Big Winner In Europe’s Gas Crisis 8 days Colder Weather Forecasts Jolt Gas Prices In Europe 8 days Norway PM: End Of Oil Production Could Jeopardize Energy Transition 8 days Iran’s Gas Stations Out Of Service Due To Possible Cyberattack 9 days Grid Operator: France Needs Nuclear Power For Net-Zero 9 days Tesla Receives World’s Single Largest EV Order Of 100,000 Cars 9 days WTI Crude Hits Highest Level In 7 Years 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc. 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel. 11 minutes Europeans and Americans are beginning to see the results of depending on renewables. 5 hours Green Groups Thwarting Geothermal Solutions to Energy Problems 1 hour GREEN NEW DEAL = BLIZZARD OF LIES 16 hours Monday 9/13 – “High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year” by Irina Slav 3 days US intel warns China could dominate advanced technologies By NOMAAN MERCHANT October 22, 2021 1 day NordStream2 1 day “A Very Predictable Global Energy Crisis” by Irina Slav — MUST READ 2 days Demand for LNG is only going to rise. By Irena Slav 1 day Chinese energy crisis may be over, but consequences will haunt the world for months to come! 3 days American LNG for Europe in 2021 3 days Putin and Xi have decided not to attend the Climate Summit in Glasgow 1 day Pipeline Rupture 3 days I want one! 1 day US Oil Refinery Fexibility Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Sixth Straight Crude Inventory Build Tempers Prices

Find us on:

Chronic Underinvestment Could Send Energy Prices Higher For Longer Chronic underinvestment and a sharp…

Is There A War Brewing In The South China Sea? Tensions are rising in the…

The U.S. Oil Supply Is Still Out Of Balance When oil prices crashed into…

Home Energy Energy-General Leonard Hyman & William Tilles

Leonard S. Hyman is an economist and financial analyst specializing in the energy sector. He headed utility equity research at a major brokerage house and…

More Info

Share Facebook Twitter Linkedin Reddit Premium Content Oil & Gas Companies Face Tough Decision On Emissions By Leonard Hyman & William Tilles – Nov 03, 2021, 8:30 AM CDT Only very few oil and gas companies have an active plan to reduce emissions around the board If energy companies misled investors about climate-related issues, the SEC may take action Companies may soon revise their de-carbonization policies and up spending on low-carbon alternatives Join Our Community With the COP26 climate conference underway in Glasgow, global energy companies are splashing on ads touting their green credentials. Despite the ads, the oil and gas industry accounts for about 40% of all greenhouse gas emissions. They need to get out in front of these climate related issues if for no other reason than a simple risk minimization strategy. Declaring their support for broad environmental goals serves an important purpose—it may postpone even more intrusive government restrictions and also serves to placate nervous providers of capital, equity investors as well as bondholders. According to a recently published study authored by European academics and think tankers (“How ambitious are oil and gas companies’ climate goals?”, Science , 22 October 2021), of the 52 major oil and gas companies studied, only two had set goals that would actually meet the 2050 climate target set by the international conferences to limit global temperature rise to1.5 degrees Celsius.

Christian Abreu-Hidalgo

The European researchers noted, too, that many of the companies did not make clear the difference between Scope 1 and 2 emissions (from their operations ) and Scope 3 emissions which are produced when the customer uses the energy product. And while 45 of the 52 companies published data on Scope 1 and 2 level emissions, only 23 respondents published Scope 3 material, which rendered company to company comparisons rather difficult. This point is important, because Scope 1 and 2 emissions may account for less than one tenth of the industry’s total emissions.

The median sample company intends to reduce its greenhouse gas intensity (measured in terms of grams of GHG per unit of energy produced) by 7% by the target year of 2037. The decline in energy intensity needed to meet the 1.5 degree Celsius target is 3% per year. If these calculations are even remotely correct, the average oil and gas company plans no meaningful greenhouse gas remediation efforts while still touting its good climate related intentions.

Christian Abreu Hidalgo

This October study from the scholarly periodical Science should concern investors in three ways. First, it might indicate the unpreparedness of the average oil and gas company and the magnitude of the climate related compliance tasks facing it. But investors always need to judge management preparedness for all sorts of issues, and they should eventually be able to get their hands around this one, too.

Second, studies of this sort lead one to ask how good the newly popular ESG (environment- social-governance) ratings really are? Finally, what we would fear is if investors conclude that the oil and gas industry deliberately misled them about the magnitude of the problem and the speed (and expense) needed to address it. The US Congress has already held hearings on whether oil companies hid information about global warming. We would worry more about the Securities and Exchange Commission (SEC) finding that energy companies misled investors in documents filed with the SEC. Then the lawsuits would begin

Those corporate targets for GHG remediation efforts should consist of more than political puffery and pleasing images. The financial data behind them go into quarterly and annual reports filed with the SEC. The SEC has higher standards than politicians and cable news presenters in terms of financial projections and environmental compliance. Corporations found to be too egregiously paltering with the truth may find themselves under investigation. Convicted violators of securities regulations face considerable fines, adverse publicity, and sometimes even jail. As a result, we would expect sobering revisions of those dreamy goals of corporate climate related compliance followed quickly by a large increase in climate related capital spending. So do not get comfortable about those numbers. Our bet is that they will change soon

By Leonard Hyman and William Tilles for Oilprice.com

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