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Energy

Reuters | Equities.com |

Royal Dutch Shell is betting on its expertise in power trading and rapid growth in hydrogen and biofuels markets as it shifts away from oil, rather than joining rivals in a scramble for renewable power assets, company sources said.

Shell and its European rivals are seeking new business models to reduce their dependency on fossil fuels and appeal to investors concerned about the long-term outlook for an industry under intense pressure to slash greenhouse gas emissions.


Kimberly Redmond | Equities.com |

General Motors plans to phase out its production of vehicles that run on gasoline or diesel fuel over the next 14 years, replacing its fleet with all-electric cars, sport utility vehicles and light trucks.

In an announcement Thursday, the automaker said it plans to eliminate tailpipe emissions from all new light-duty vehicles by 2035, and to be net carbon-neutral by 2040, reducing the greenhouse gas pollution it produces and buying carbon offsets to make up for existing emissions.


Kimberly Redmond | Equities.com |

Although Halliburton ended 2020 with a nearly $3 billion loss for the year after demand for drilling work dried up during one of the worst oil busts in decades, company executives are hopeful they’re on the cusp of a rebound.

In its fourth-quarter earnings report released Tuesday, the Houston-based energy service firm said it had a net loss of $235 million, or $0.27 per share, during the last three months of 2020.


Reuters | Equities.com |

The French central bank said on Monday it would exit from coal and limit exposure to gas and oil in its investment portfolio by 2024 as part of a shift towards more environmentally friendly assets.

Many central banks have committed to green up their investment portfolios as part of a push to encourage the financial system to support a less environmentally damaging economy.

The Bank of France manages 22 billion euros ($26.6 billion) of its own portfolio investments separately from asset purchases related to its monetary policy operations.


Reuters | Equities.com |

Total is paying $2.5 billion for a share in Indian renewable energy firm Adani Green Energy Limited (AGEL) and a portfolio of solar power assets, marking the latest step in the French energy company’s drive to reduce its dependence on oil.

For its investment, Total will get a 20% stake in AGEL and a seat on its board, as well as a 50% share in the Indian firm’s portfolio of solar power assets, the French firm said.

AGEL is controlled by Indian conglomerate Adani Group and has a market capitalization of about 1.483 trillion Indian rupees ($20.25 billion).


Reuters | Equities.com |

Exxon Mobil Corp, under increasing pressure from investors and climate change activists, reported for the first time the emissions that result when customers use its products such as gasoline and jet fuel.

The largest U.S. oil producer said the emissions from its product sales in 2019 were equivalent to 730 million metric tons of carbon dioxide, higher than rival oil majors. The data comes as the company has drawn the ire of an activist investor focused on its climate performance.


AP News | Equities.com |

Saudi Arabia said Tuesday it will cut its oil production by one million barrels a day, taking on the burden of supporting prices in the energy market as a “goodwill gesture” after a meeting with other crude-producing countries.

The decision came after a meeting between countries that are part of the OPEC oil cartel and allies like Russia that have coordinated their production levels in recent years in an effort to sway the market. The pandemic has sowed uncertainty about when an economic recovery might arrive and boost sagging demand for energy.


Reuters | Equities.com |

OPEC sees plenty of downside risks for oil markets in the first half of 2021, its secretary general said on Sunday, a day before meeting allies led by Russia to discuss output levels for February.

“Amid the hopeful signs, the outlook for the first half of 2021 is very mixed and there are still many downside risks to juggle,” said OPEC Secretary General Mohammad Barkindo.

He was speaking at a meeting of experts of OPEC and allies, a group known as OPEC+, according to remarks published by OPEC.

OPEC+ will meet on Monday.


Reuters | Equities.com |

Exxon Mobil Corp signaled in a regulatory filing that higher oil and gas prices and improved chemicals margins would aid fourth quarter results, but the gains would be overshadowed by an up to $20 billion asset write down.

The largest U.S. oil producer has posted losses in the first three quarters of 2020 on an ill-timed spending increase that collided with a downturn in fuel demand and prices. It faces a proxy fight next year by an activist investor calling for deeper cuts, new directors and a refocusing on cleaner fuels.


Reuters | Equities.com |

U.S. gasoline prices hit a nine-month peak as drivers took to the roads on holiday travel, crude oil prices kept climbing and refiners further cut fuel production due to weak margins.

Prices at the pump topped $2.25 a gallon this week, according to the American Automobile Association, the highest since March when COVID-19 was declared a global pandemic. Supplies fell to the lowest in a month at 236.6 million barrels, according to U.S. government data released on Wednesday.