Tag: carbon capture and storage

ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements

Ms. Cat

ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements

With an annual total capital expenditure and exploration expense projection ranging between US$23 billion to US$25 billion, ExxonMobil is set to allocate US$22-$27 billion annually toward project spending until 2027. This includes a commitment to emerging ventures in lithium and low-carbon initiatives, with an 18% increase in spending in these areas.

Emphasizing its dedication to the energy transition, ExxonMobil’s Low Carbon Solutions division is expected to witness an increase in budget from US$17 billion to US$20 billion between 2022 and 2027, contingent upon government support.

The company plans to ramp up annual share buybacks to $20 billion by 2025, an increase from the current US$17.5 billion, following the completion of the Pioneer merger. Additionally, ExxonMobil continues its divestment strategy for refining operations.

Related:

US Strategic Oil Reserve Refill Is Limited Despite Low Prices

Climate Activism Isn’t About the Planet. It’s About the Boredom of the Bourgeoisie | Opinion

Ms. Cat

Disclaimer: The views expressed herein are solely those of the author and may or may not reflect those of Ms. Cat’s Chronicles.

The downfall of capitalism will not come from the uprising of an impoverished working class but from the sabotage of a bored upper class. This was the view of the Austrian economist Joseph Schumpeter in 1942. Schumpeter believed that at some point in the future, an educated elite would have nothing left to struggle for and will instead start to struggle against the very system that they themselves live in.

Climate Activism Isn’t About the Planet. It’s About the Boredom of the Bourgeoisie | Opinion

Bill Gates and the Secret Push to Save Biden’s Climate Bill

Ms. Cat

Bill Gates and the Secret Push to Save Biden’s Climate Bill

Gates started wooing Manchin and other senators who might prove pivotal for clean-energy policy in 2019 over a meal in Washington DC. “My dialogue with Joe has been going on for quite a while,” Gates said. “Almost everyone on the energy committee” — of which Manchin was then the senior-most Democrat — “came over and spent a few hours with me over dinner.”

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Also at Manchin’s insistence, automakers also will see new strings attached to electric vehicle tax incentives so they will have to be made in North America and, by 2024, can’t use batteries sourced from China. Labor leaders bemoaned that the final package doesn’t contain much support for workers who lose their jobs in the green transition.

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There’s been such whiplash from 2016 when, as Gates puts it, green spending from the US government “had dropped to near zero.” Six years later, American climate finance has been “reinvigorated,” and Gates now sees innovation “going way faster than I expected. That’s why I’m optimistic that we will solve this thing.”

The working class is going to be thrown under the bus, but at least Bill Gates is happy. 🤷🏼‍♀️

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

Ms. Cat

One of Biden’s top energy aides confirmed Friday the administration won’t extend the oil releases from the Strategic Petroleum Reserve that are scheduled to end this fall.

‘We can’t be an oil supplier’: Biden’s adviser says oil reserve releases must end

Related:

Soaring U.S. Production Can’t Keep LNG Prices In Check

Europe has displaced Asia as the top destination for U.S. LNG, and now receives 65% of total exports.

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According to a report by the Oil & Gas Journal, 10-year LNG contracts are currently priced at ~75% above 2021’s rates, with tight supplies expected to persist as Europe aims to boost LNG imports.

Who’s telling the truth about prices?!