To paraphrase Mark Twain, news of their demise is greatly exaggerated.
“ demand for oil and gas for transportation, power generation and plastics is
not disappearing overnight. Wisely managed money will be made there.”
All this being said, it will also be a transition for those that see the names
of oil companies, and presume that whatever the subject, it must be evil.
The transition has been happening for awhile - Total’s purchase of the largest
EV charging network in the UK is one example.
Yet many are dabbling, or even committed and providing new leadership to an
energy transition, but not fast enough. Shell is a great example.
- Mark
Sent from my Fuel Cell powered iPhone
> On Jun 2, 2021, at 7:47 AM, Peri Hartman via EV wrote:
>
> Here's another article about the demise of petroleum extraction.
>
> The ‘Mean Greens’ Are Forcing Exxon to Clean Up Its Act
> https://www.nytimes.com/2021/06/01/opinion/exxon-mobil-board.html
>
> ...
> One that most glaringly did not is the one that in 2013 was the biggest
> public company in the world! It’s ExxonMobil.
> ...
> Exxon lost over $20 billion last year, suffered a credit rating downgrade,
> might have to borrow billions just to pay its dividend, has seen its share
> price over the last decade produce a minus-30 percent return and was booted
> from the Dow Jones industrial average.
> But last week — finally — Exxon got the memo, in the form of a shareholder
> revolt in what was one of the most consequential weeks in the history of the
> oil and gas industry and shareholder capitalism.
> ...
> At Exxon’s annual meeting, Engine No. 1 offered up a slate for four new
> members of Exxon’s 12-member board. The four represent deep energy expertise
> and climate solutions. The slate committed to push the oil giant to a
> net-zero emissions strategy by 2050, more investments in clean energy systems
> and more transparency about Exxon’s energy transition, with metrics and
> milestones, as well as disclosure of its lobbying payments and partners,
> suspected of undermining the science around climate change.
> ...
> Exxon’s existing board was noteworthy for one thing: Other than the C.E.O.,
> it had one member — appointed only this year — who I would call an energy
> expert, and none steeped in climate expertise that could help the company
> adapt.
> ...
> Karsner, the other Engine No. 1 nominees and Engine No. 1 itself are out to
> strengthen Exxon, not destroy it. They view it as one of the world’s greatest
> collections of scientific and engineering talent.
> ...
> they think Exxon has got to stop betting that the good ole days of oil and
> gas profits will return ... not only investing more in future carbon capture,
> batteries and other renewables, but also using its engineering prowess to
> invent that future — while it still has an income stream from oil and gas.
> ...
>
>
> Peri
>
>
>
> << Annoyed by leaf blowers ? https://quietcleanseattle.org/ >>
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