RE:RE:RE:Peak ESG is now behind usYes, he often bends the story from reality and cherry picks to suit his narrative. I can't trust anything he says.
Regarding the decline in gas consumption in the EU year over year, he seems to ignore the fact that the cutoff of Russian gas supply and skyrocketing price of gas due to the war in anticipation of winter caused gas to exceed over $1000/bbl oil equivalent.
That decimated the energy intensive industrial and manufacturing base of Europe that rely on nat gas, resulting in mass closures of steelmaking, fertilizers, bakeries, petrochem, and many other sectors. Most of these are bankrupt, and will never recover.
The broad losses forced Germany into a recession as it reels from the fallout, and it will continue to suffer.
To attribute it entirely to the adoption of renewables is quite a reach and misleading.
The fact that the fossil fuel majors are doing a 180 by reducing their renewable directions and returning focus back to oil and gas production should be evidence enough.
These big players with far more insight and information on long term oil supply and demand are seeing something that most of the market is not.
Even the Saudi announcement to cut 1 million bpd in July and onwards, and at the same time raising their OSP pricing says something about what they see coming soon. They have far better information about the market than everyone else, and act accordingly. I see it as a calculated move to force the market to quickly absorb the few extra bbls currently floating around so that we transition to a supply deficit condition which would raise oil prices as fast as possible without lingering in the $70 zone for long. A mere $7 increase would make up for a 10% cut in production. I'll bet they are targeting higher than that.
mrbb wrote: mrbb wrote:
MigraineCall wrote: The worst of the ESG storm the oil industry has had to endure these last years has passed.
After nearly going off the rails, fundamentals and the maximization of return on capital are returning to the majors once again.
Javier Blass on Twitter:
Shell hikes dividend by 15%; announces capex cut.
After BP, Shell also goes back to oil (and gas): Shell abandons its plan to cut oil production annually by 1%-2%; now aims to "stabilising liquids production to 2030".
And this is a brutal statement by Shell CEO Wael Sawan, effectively erasing the legacy of his predecessor who made a big bet on shifting toward renewables:
"We will invest in the models that work – those with the highest returns that play to our strengths"
The capex cut is rather significant. It goes from $23-$27bn in 2023 (mid-point $25bn)... .. to $22-$25bn in 2024-25 (mid-point $23.5bn). https://www.shell.com/media/news-and-media-releases/2023/capital-markets-day-2023-media-release.html
yes but misinformation from EV zealots will continue on.
Here is one that
- mocks the CEO of Exxon aboujt renewables
- twisting words onf UAE speech about eventual decline of fossil fuel usage
- claiming EU demand for NG had drop due to buildup of renewables
My comments on statements made by Electric Viking
- when CEOs of Exxon, chevron, shell, Aramco speak, i do try to listen instead making fun of them. Exxon CEO was saying stop shoving money into renewable, just let the best energy form win. Viking then made an unsubstantiated claim that oil/gas companies are surviving because of $billions of subsidies.
- UAE speech didn't give time frame for the demise of petroleum, oil/gas is a non renewable resources, it will be phase out due to depletion. Duh.
- EU is using less NG because EU was blessed with a warm winter due to global warming plus shut off of russian gas. Viking didn't mention germans, polish, etc were also chopping down trees and burning more coal to backfill the expensive NG. Soon they will be getting more amercian LNG.
reposting youtube link