“Courts, customers and Wall Street delivered rebukes to Exxon Mobil, Chevron and Shell”… Oh my!

Guest “it just doesn’t get any dumber than this” by David Middleton

‘Powerful signal’: In a single day, Big Oil suffers historic blows on climate
Courts, customers and Wall Street delivered rebukes to Exxon Mobil, Chevron and Shell.

By LORRAINE WOELLERT, BEN LEFEBVRE and AMERICA HERNANDEZ

05/26/2021

The oil industry, long a political heavyweight in Washington, suffered a series of extraordinary blows on Wednesday after shareholders, customers and the courts turned on the industry out of concern over climate change.

In the space of a few hours, Exxon Mobil Corp. was bested by an upstart shareholder seeking to shake up the company’s board. Chevron Corp. investors instructed the company to cut its greenhouse gas emissions. A Dutch court ordered Royal Dutch Shell to slash emissions by 45 percent.

[…]

“Game-changer is an overused metaphor, but surely this is one,” Environmental Defense Fund President Fred Krupp said of the day’s events. “The policy environment for companies has already changed and will change more.”

[…]

The speed of events — taking place in an industry that typically measures change in decades — means that companies and even entire regions, including West Texas, will have to face a reality in which will there be less demand for their product, said Mark Jones, a political science fellow at Rice University in Houston.

“There’s no going back,” Jones said of the boardroom and courtroom actions. “There’s no going back to where things were for oil and natural gas.”

The action started early Wednesday when a Dutch court said European energy giant Royal Dutch Shell had helped drive “dangerous climate change” and ordered the company to cut its own CO2 emissions and those of its suppliers and customers by 45 percent by the end of 2030 from 2019 levels.

[…]

Politico

In related news, “courts, customers and Wall Street” also demanded:

  • Flying horses
  • Unicorns
  • Repeals of the Laws of Thermodynamics.
  • Pixie dust

In no particular order of idiocy…

The speed of events — taking place in an industry that typically measures change in decades — means that companies and even entire regions, including West Texas, will have to face a reality in which will there be less demand for their product, said Mark Jones, a political science fellow at Rice University in Houston.

“There’s no going back,” Jones said of the boardroom and courtroom actions. “There’s no going back to where things were for oil and natural gas.”

Politico
“There’s no going back”… Bwahahaha!

Clearly a political science professor would obviously conclude that this “powerful signal” has irreversibly reduced demand for oil & natural gas, because…

A Dutch court ordered Royal Dutch Shell… to cut its own CO2 emissions and those of its suppliers and customers by 45 percent by the end of 2030 from 2019 levels.

Politico

I have no doubt that a Dutch judge thinks he can order me to not purchase gasoline from Shell gas stations… Who could have guessed that the solution to the climate crisis emergency catastrophe collapse was so simple?

Let’s say that Shell decides to divest its extremely attractive Gulf of Mexico deepwater portfolio… Does the brilliant Dutch judge believe that Shell will just shut in the production and reef the facilities? Those assets would be snapped up in a heartbeat by independent operators.

The other two legs of the “powerful signal” are not even wobbly.

Hours later, Exxon Mobil lost a fight with its own shareholders. Engine No. 1, a small investor group focusing on long-term returns, convinced a majority of shareholders to install at least two of its nominees, Gregory Goff and Kaisa Hietala, on the oil company’s board. Engine No. 1 candidate Anders Runevad was not elected, and Exxon said it was reviewing the votes on a fourth, Alexander Karsner.

Politico

Engine No. 1 believes that ExxonMobil is not fully accounting for the risk that the climate crisis emergency catastrophe collapse will force a sudden collapse in oil & gas demand at some point in the future. ExxonMobil is very proactively defending itself against that particular fantasy.

Things went nearly as badly for Exxon rival Chevron, which held its own annual meeting earlier in the day. A shareholder resolution that would force the company to cut its scope 3 emissions — greenhouse gases released by the use of the oil, gas and other products it sells — passed with 61 percent of the vote.

Politico

CO2-equivalent emissions are categorized into one of three scopes. Scope 1 & 2 emissions are the direct or indirect result of oil & gas exploration, drilling, production, transportation and refining. Scope 3 emissions are what comes of the tailpipe of motor vehicles and other end users of finished products. 100 percent of Chevron’s shareholders could have voted for me to reduce the CO2-equivalent emissions from my Jeep or to stop purchasing gasoline from Chevron & Texaco gas stations and I would… continue to gas up at Chevron and Texaco gas stations and drive my Jeep.

Politico and all of the idiots quoted in this article have earned Billy Madison Lifetime Achievement Awards.

Snatching victory from the jaws of defeat…

While it is impossible for Shell, ExxonMobil and Chevron to force drivers to stop driving or purchase EV’s, at least one oil company is confident it can produce “Scope 3 carbon negative” oil…

Chris Kendall, Denbury’s President and CEO, commented, “We are thrilled to continue progress on our Cedar Creek Anticline EOR project in 2021. This will be one of the largest EOR projects ever undertaken in the United States, using 100% industrial-sourced CO2 to recover over 400 million barrels of oil. Additionally, the oil produced will be Scope 3 carbon negative, as the amount of industrial-sourced CO2 that will be permanently injected to produce each barrel of oil will be greater than the combined emissions associated with the development and operation of the field, including the refining and combustion of the finished petroleum products. We believe that this carbon negative oil, which we have labeled “blue oil,” will ultimately be a preferred commodity as it assists end users in reducing their own carbon footprint. Today, approximately 20% of Denbury’s production is blue oil, and we expect that proportion to increase to 25% once the Beaver Creek and Big Sand Draw acquisition closes in March. We are committed to increasing the proportion of industrial-sourced CO2 used in our EOR operations, with the objective of reaching an overall Company Scope 3 carbon negative position by the end of this decade.

“We are also extremely excited about the great potential we see for Denbury to lead in the emerging CCUS industry. Denbury’s extensive, highly reliable, high-capacity CO2 transmission infrastructure is perfectly located in the heart of the Gulf Coast industrial corridor, with significant available capacity and expansion potential. With the final rules on the IRS 45Q tax credit issued in mid-January, the stage is now set for a new era of carbon capture, and we believe that multiple new capture projects could be sanctioned beginning this year. Coupled with over twenty years of experience in designing, building, and operating CO2 transportation, processing, and injection systems, we believe that Denbury is in a strong position to make a significant impact in this emerging and important industry.

“Going forward, we will continue our fundamental focus on safety and operational excellence. As underscored by our decision to move forward with the CCA EOR development, we will continue to invest in EOR operations, while positioning the Company to be a leader in what we believe will be a high value, high growth CCUS business. We believe that Denbury’s strategic focus and asset base uniquely position us for strong performance through the energy transition.”

Denbury

This is the first time I’ve seen the phrase “energy transition” used in a way that isn’t Billy Madison-stupid. There has never been an “energy transition” in the sense that it is usually employed.

Bjorn Lomborg, LinkedIn

We’ve never transitioned from one form of energy to another; we just pile new sources on top of the old sources and use them more efficiently, with less impact on the environment. We burn almost as much biomass now as we did when we started burning coal; we just no longer rely on whale oil as a major component of that biomass.

The current “energy transition” is nothing more than a political and financial environment that is hostile toward life itself (carbon). Denbury views its leadership in CCUS as a means of thriving in this hostile environment. It appears that “Blue Oil” is a hit on Wall Street…

Denbury (blue) vs ExxonMobil, Shell, Chevron and BP. MarketWatch

Granted, Denbury only recently emerged from bankruptcy, with a clean balance sheet and “fresh start accounting.” So, Wall Street’s embrace of “Blue Oil” might just be a passing fad. However, this will likely become a reality in the very near future…

The promise of carbon capture and storage, and a Texas-sized call to action

Joe Blommaert
04.19.2021

ExxonMobil believes, and experts agree, that carbon capture and storage (CCS) will need to play a critical role if the United States and other countries are to meet the emissions-reduction goals outlined in the Paris Agreement.

[…]

For the past three years, ExxonMobil has been assessing the concept of multi-user CCS “hubs” in industrial areas located near geologic storage sites, such as depleted oil and gas reservoirs. We believe the time is right for a large-scale collaboration in the United States between government at every level, private industry, academia and local communities to create an “Innovation Zone” approach to dramatically accelerate CCS progress.

And we think Houston is the perfect place for such a concept.

Houston has two features that make it an ideal site for CCS: It has many large industrial emission sources, and it’s located near geologic formations in the Gulf of Mexico that could store large amounts of CO2 safely, securely and permanently. The U.S. Department of Energy estimates that storage capacity along the U.S. Gulf Coast is enough to hold 500 billion metric tons of CO2 — more than 130 years of the country’s total industrial and power generation emissions, based on 2018 data.

ExxonMobil believes the United States could establish a CCS Innovation Zone along the Houston Ship Channel and surrounding industrial areas with the potential to effectively capture all the CO2 emissions from the petrochemical, manufacturing and power generation facilities located there. The CO2 would be piped into natural geologic formations thousands of feet under the sea floor.

[…]

Big idea, big benefits

It would be a huge project, requiring the collective support of industry and government, with a combined estimated investment of $100 billion or more.

But the benefits could be equally big: early projections indicate that if the appropriate policies were in place, infrastructure could be built in Houston to safely capture and permanently store about 50 million metric tons of CO2 annually by 2030. By 2040, it could be 100 million metric tons.

This concept could be a game-changer for deployment of CCS, benefitting not just Houston and its ambition to be carbon-neutral by 2050, but the United States as a whole. In addition to having the potential to effectively decarbonize one of the country’s largest sources of industrial emissions, the concept could generate tens of thousands of new jobs and protect thousands of existing jobs. Importantly, CCS also promises the potential of significant impact at lower societal costs compared to other emissions reduction technologies, especially for the manufacturing sector.

Lessons learned from this Houston CCS Innovation Zone could be replicated in other areas of the country where there are similar concentrations of industrial facilities located near suitable CO2 storage sites, such as in the Midwest or elsewhere along the U.S. Gulf Coast.

[…]

Joe Blommaert is president of ExxonMobil Low Carbon Solutions.

Energy Factor by ExxonMobil

ExxonMobil is currently lobbying the Harris-Biden Dominion and Congress on the merits of this idea. While the idea has broad bipartisan support, I don’t picture ExxonMobil and the Federal government moving quickly on anything.

On the other hand, the State of Texas is already moving on this. The Bureau of Economic Geology has been vigorously mapping and surveying the CO2 storage capacity in offshore depleted oil & gas fields and saline aquifers since 2010. That storage capacity is HUGE, particularly in the saline aquifers.

The General Land Office is currently establishing a leasing protocol for CO2 storage repositories…

In September 2020, the Texas GLO received approval to begin the lease development process for CO2 storage projects off Jefferson County (southeastern Texas). In April 2021, the GLO formally opened a RFP process for applications for lease development16 . These recent developments have initiated CO2 storage hub development in the Port Arthur region (Fig. 4). In addition, large corporations have made significant announcements intending to develop the greater Houston area into a low-carbon hub, with perhaps as much as 100 Mta CCS anticipated in the future. Other regions now considering similar hub development include Lake Charles, LA, Corpus Christi, TX, and Brownsville, TX.

Meckel, Bump, Hovorka & Trevino, 2021

The State Legislature has recently approved a measure giving the Texas Railroad Commission sole regulatory authority over CO2 injection wells in Texas, including our State Waters in the Gulf of Mexico. This measure has been sent to Governor Abbott’s desk for his signature.

This will happen very quickly, the growth will be explosive and it will enable Texas and Louisiana oil & gas companies to thrive for the duration of the “energy transition” war on life.

Reference

Meckel, T., Bump, A., Hovorka, S. and Trevino, R. (2021), Carbon capture, utilization, and storage hub development on the Gulf Coast. Greenhouse Gas Sci Technolhttps://doi.org/10.1002/ghg.2082

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John Garrett
May 28, 2021 2:15 pm

The ExxonMobil vote demonstrates beyond any shadow of doubt that morons are now in control of the United States.

On the same day that a Dutch court orders Royal Dutch Shell to curtail its business, it is obvious that pseudoscience and superstition have prevailed in the West.

Xi Jinping and Vladimir Putin are laughing their asses off.

Giordano Milton
Reply to  John Garrett
May 28, 2021 4:35 pm

There was never any real doubt.

Reply to  John Garrett
May 28, 2021 6:24 pm

No surprise here. Much of the stock market is owned by pension funds, such as the monstrously huge California Public Employees Retirement System, which votes its holdings as you would expect.
https://en.wikipedia.org/wiki/CalPERS

Leo Smith
Reply to  John Garrett
May 29, 2021 2:19 am

Royal Dutch Shell is an Anglo-Dutch multinational.It will shut its Dutch operation and move it to the UK and laugh while a Dutch court tries to enforce a legal decision on an entity that no longer exists under its jursidiction

Sara
Reply to  John Garrett
May 29, 2021 8:44 am

Just a question: am I supposed to cook and heat my home with dried cow and pig dung?

Just askin’. I like to be prepared, y’see.

I suppose that have a wood-burning fireplace will be out, too, even if it’s my only means of heating my home and cooking.

Rud Istvan
May 28, 2021 2:25 pm

Dave, thanks for posting on this stuff. Means I can scrap my much less funny (because more legal and not you) partly completed version of same. For example, the Dutch ruling. True that Royal Dutch Shell is presently headquartered in the Netherlands. But it is incorporated in the UK, so by long established international convention UK law rules. Same reason most large US corporations are incorporated in Delaware, so that Delaware corporate law rules no matter where they are headquartered. (Delaware has made quite a business proposition of this over the decades.) Such factoids are taught all 2Ls when they take the required second year corporate law course. For me, HLS in 1975. And nothing has changed since.

Reply to  Rud Istvan
May 28, 2021 2:40 pm

At least two things changed: Her Outstanding Professorship Elizabeth Warren, and Her Outstanding Professorship Naomi Oreskes.

Rud Istvan
Reply to  Curious George
May 28, 2021 3:09 pm

Two reasons why I stopped all contributions to my 3x alma mater. Told major gifts they could come visit me again (deal was always I buy them lunch or dinner) AFTER Oreskes is gone.

Frank from NoVA
Reply to  David Middleton
May 28, 2021 7:48 pm

David,

You and Rud seem somewhat sanguine that the left continues to march unimpeded through the institutions, most recently in the guise of investment managers. From an economic standpoint, I don’t see any upside here. At best, a lot of capital no society can really afford to waste is going to be poured down legal and CCS ratholes. That is, of course, if the left doesn’t crater the entire economy first.

Marc
Reply to  David Middleton
May 28, 2021 9:43 pm

If you think the stock of Denbury (DEN) has gone up a lot you should check out their publicly traded warrants (DNRRW)- up 3200% from low to high since September. Apparently “carbon negative” crude oil has found a following on WS.

Leo Smith
Reply to  Marc
May 29, 2021 2:23 am

people jump on bandwagons, That doesn’t mean they believe in them.
The renewable tide is at the flood and going up the beach further than its ever been,but all tides go out.

Robert A. Taylor
Reply to  David Middleton
May 29, 2021 5:48 pm

Bubble! Bubble! Toil and trouble.

Clyde Spencer
Reply to  David Middleton
May 28, 2021 9:54 pm

… shareholders think they can dictate lifestyle changes to people who fill up at Chevron, Texaco and Shell gas stations …

I think it is less a matter of trying to change personal lifestyles than it is trying to conceal an attempt to put the companies out of business.

AndyHce
Reply to  David Middleton
May 28, 2021 11:30 pm

Equivalent to let’s bulldoze this perfectly good neighborhood to rubble so people can have jobs rebuilding it or let’s throw all our treasure into the volcano so we can live off welfare in a housing project.

philincalifornia
Reply to  Rud Istvan
May 28, 2021 2:46 pm

Big win for the Climate Crackpots. Even bigger one for the paid lawyers.

Here we go boldly into the new parrot chant “Climate Stabilisation”. Yes I think the UK invented that one the other day so it’s all-in English English.

…. although my sandwich board will say “STABILIZE THE CLIMATE” with a Zee, front and back.

Bad weather, get ready to take a hike.

Alan the Brit
Reply to  philincalifornia
May 29, 2021 12:08 am

But, but, but, when has the Earth’s climate ever been stable in the last 4.5 billion years???? My engineering geology books don’t actually say!!!!

M Courtney
Reply to  Alan the Brit
May 29, 2021 1:10 am

That’s because the regulatory systems of the climactic processes didn’t have legal backing.
Obviously.

Rud Istvan
Reply to  Rud Istvan
May 28, 2021 3:02 pm

Dave, thought I would return with the amusing Chevron angle. There were actually 3 2021 ESG proposals. The media you cite simply misreports:

  1. Annual report on petrochemical climate change risk. Rejected.
  2. Board committee on climate change. Rejected.
  3. Annual report on climate change lobbying. Accepted. (Oreskes Merchants of Doubt echos.) Simple solution is that there is no need for climate change lobbying, period. Makes for a short simple report.
Red94ViperRT10
Reply to  Rud Istvan
May 28, 2021 3:50 pm

…climate change lobbying…

So… the harder you lobby (bribe), the more Climate Change you get? Makes as much sense as anything else that Gangrene says will control the climate.

Rick C
May 28, 2021 2:51 pm

The best source of CO2 for EOR is coal power plants where the concentration in the flue gas is high and to production is near continuous. So what happens when all coal is banned? Natural gas is of course a viable alternative, but if the greenie meanies have their way, gas will become a back-up fuel for unreliables which would also hurt economic EOR use. Maybe the oil/gas companies will regret helping to kill coal some day.

Rud Istvan
Reply to  Rick C
May 28, 2021 3:19 pm

A gentle correction. The current best source is CO2 stripped from natural gas before pipelining using the wet amine process. Unfortunately as Boundary Dam unit 4 found after signing an EOR contract and after four years of tweaking, the parasitic load was 35% rather than the planned 25%, and the CC uptime was never more than 65% rather than the planned >85%. So they breached the contract and quit trying. There is NO commercially viable (even for EOR) coal plant CC that is not an experiment running on subsidies. For more gory background, see essay Clean Coal in ebook Blowing Smoke.

dk_
Reply to  Rud Istvan
May 28, 2021 3:28 pm

Rud,
There goes my idea about a leaky climate alarmist canoe and concrete blocks.

Mikehig
Reply to  Rud Istvan
May 29, 2021 1:36 am

This looks tailor-made for Allam-cycle power plants.
They use oxyfuel combustion so the exhaust is virtually all CO2. Pilot plants have been running for a while; industry-scale plants are now in construction.

mkelly
Reply to  Rud Istvan
May 29, 2021 6:18 am

Please send this info to Representative Dan Crenshaw of Texas who embraces CC as a sop to climate change fanatics p.

dk_
May 28, 2021 2:53 pm

“Framing the debate as ‘shareholder capitalism versus stakeholder capitalism’ does both parties a disservice,” James, 51, said in the statement. “Over the long term, shareholder and stakeholder interests align.”

Chris James, Engine No.1 founder
Hedge Fund Veteran Chris James to Start Impact-Investing Firm
Bloomberg, Dec 1, 2020

Is this the outlook of a window-smashing green goon ideologue, or a businessman leveraging a popular, and well-financed, public sentiment to personal financial advantage?

Give one alleged “denier” 1% of the personal financial interest that just this specific individual has in an oil company, and the goons would bury them in ridicule for having personal gain from oil revenues.

What does a hedge fund do, again?

The headline story is a media spin piece on three disconnected events that truly, individually or together, signify nothing favorable to the goon squad. The loudest rooster is first in the pot. Let ’em crow.

Reply to  dk_
May 28, 2021 3:08 pm

A hedge fund plays a zero-sum game.

dk_
Reply to  Curious George
May 28, 2021 3:25 pm

Sorry C.G. no lollipop.

Frank from NoVA
Reply to  dk_
May 28, 2021 8:01 pm

dk_

“The headline story is a media spin piece on three disconnected events that truly, individually or together, signify nothing favorable to the goon squad.”

I hope you’re right, but what it signifies to me is that these companies won’t fight on the science, and we all know that if you don’t fight, you eventually lose.

Leo Smith
Reply to  dk_
May 29, 2021 2:27 am

a hedge fund invest in future bad news as well as good 😉

BrentC
May 28, 2021 3:06 pm

All this CO2 capture, and the atmospheric CO2 levels will continue to naturally increase behind the natural increase in global temperatures. It’s a colossal waste of money and effort to store plant food, but being an oil and gas guy I completely understand that companies are “embracing” this effort in order to deflect attention, claim offsets and tax incentives, and allow them to get on with the business of producing the energy vital to our lives.

markl
Reply to  BrentC
May 28, 2021 4:07 pm

“…companies are “embracing” this effort in order to deflect attention, claim offsets and tax incentives, and allow them to get on with the business of producing the energy vital to our lives.” +1 They have their own version of virtue signaling.

Kevin kilty
May 28, 2021 3:29 pm

Yes. I have little concern that a couple of activist board members will do much to Exxon’s business in the short term — but there is always a concern that the ignorant in charge may do something very stupid.

Example: Scotland 1690. The elite decided that an excellent opportunity would be to invest most national wealth in Darien, a Scottish colony in what is now Panama, where company employees could die fighting the Spanish and Yellow fever. It bankrupted Scotland and contributed to the ultimate Union with England.

Red94ViperRT10
May 28, 2021 3:46 pm

In related news, “courts, customers and Wall Street” also demanded:

Flying horses

Unicorns

Repeals of the Laws of Thermodynamics.

Pixie dust

I think this requires magic wands and stuff, right? Do we have Harry Potter working on this?

Leo Smith
Reply to  Red94ViperRT10
May 29, 2021 2:28 am

Isn’t Biden’s middle name Dumbasshit?

saveenergy
May 28, 2021 4:25 pm

To ‘save the planet’ a Dutch district court has ordered Shell to cut its absolute carbon emissions by 45% by 2030.

I think Shell should comply immediately … To ‘save the planet’ !
They should combine with all other oil company’s & cut of 50% of ALL product sales to any countries that pass laws like that.
Then let’s see how long the hypocritical politicians / law makers last, when the public get hit with astronomical prices, blackouts & shortages of everything.

Jeremiah
Reply to  saveenergy
May 28, 2021 5:57 pm

It would need to go beyond that. Cut 50% of all products that are farmed, manufactured, mined, etc using oil. So, no mechanized farming. No asphalt. No concrete. No lumber. No fiber optic cables. No computers or cell phones. No steel. No bicycles or rechargeable batteries. No shampoo, soap, medicines…

Giordano Milton
May 28, 2021 4:34 pm

When people get hungry and the economy—dependent on cheap energy—collapses, the oil will still be in the ground, ready for exploitation.

philincalifornia
Reply to  Giordano Milton
May 28, 2021 4:56 pm

Now that’s a scary truth. Not to normal people, but to the climate crackpots.

Andy Pattullo
May 28, 2021 4:45 pm

Any funds or energy used to deprived Earth’s atmosphere of life-giving CO2 and stuff it underground is a complete waste unless equal or more valuable returns in resources are achieved.

Peter Fraser
May 28, 2021 5:15 pm

As I understand it the Dutch Court decision only applies to the Netherlands as it does not have international jurisdiction.

Clyde Spencer
Reply to  Peter Fraser
May 28, 2021 10:00 pm

Simple solution: Quit doing business in the Netherlands!

Leo Smith
Reply to  Clyde Spencer
May 29, 2021 2:29 am

Shell has a lot of refinery capacity there. Perhaps it will move it to the UK. I ho so

SMC
May 28, 2021 5:23 pm

“… growth will be explosive and it will enable Texas and Louisiana oil & gas companies to thrive…”

Looks like I’ll be employed for many years to come.

Jeremiah
May 28, 2021 5:50 pm

I would love to see these people free their homes and garages of oil byproducts. That would, of course, also mean they’d have to get rid of their electric cars as those batteries are mined, refined, and manufactured using machines that require oil.

May 28, 2021 6:20 pm

Where did all that global warming go? We should be roasting in Hell by now. Looks like natural warming during an interglacial period.

Rasa
May 28, 2021 7:55 pm

All I can say is this.
Buyers of all products need Sellers.
Sellers of all products need Buyers
It takes Two Hands to Clap
Fossil Fuel Supplies and Fossil Fuel Customers will both be around for decades.
Regardless of what a Woke Judge wants.

kramer
May 28, 2021 8:15 pm

Exxon should bring Marc Marano to their meetings.

Michael S. Kelly
May 28, 2021 8:18 pm

“…infrastructure could be built in Houston to safely capture and permanently store about 50 million metric tons of CO2 annually by 2030.”

But infrastructure to safely capture and permanently store 2,000 metric tonnes of nuclear waste annually can never be built – despite the fact that CO2 really is permanent, while nuclear waste becomes less hazardous than the ore from which it was mined in about 500 years, and eventually disappears altogether.

I don’t dispute the idea that we can actually come up with CCS technology that won’t kill too many people. But please, be consistent, industry!

Peter K
May 28, 2021 8:48 pm

This is all based on the presumption that burning fossil fuel causes climate change, global warming et al. Can the courts prove this with empirical data?

Clyde Spencer
May 28, 2021 9:49 pm

Figure 4 clearly demonstrates that the future will be ‘smooth sailing.’ We obviously won’t have to deal with the unpredictable irregularities that plagued us prior to 2020. We have an exact prediction of the future! We can now focus on cross-breeding a narwhal with a horse to repair the horrible damage done by Noah when he left the unicorns behind to drown. The future never looked brighter!

Redge
May 28, 2021 11:25 pm

If I were Shell, I’d simply pull out of The Netherlands with immediate effect

And if I were any of the other companies producing an essential fluid for modern life, I’d be preparing the war chest ready for a real fight

Hugs
Reply to  Redge
June 10, 2021 4:12 am

I’m afraid the Netherland judge (M-NL) is going after companies in the EEA, which makes it extremely important one is beaten; if this decision stayed, it could break the EEA. Who’d care about that? I think the judge does.

The consequences in European Union were huge. But of course, this court ruling sounds very much like activist judge at helm. So get the best lawyers, and bring the case to Brussels if you lose.

Who is funding FoE? Russia? China?

Richard Hughes
May 29, 2021 1:28 am

Virtue signalling at best.

The Chinese will pick up all these divested assets, and continue to operate them…, and make money from us. Any sensible oil major, a contradiction in terms, would have moved their corporate HQs to a friendly country at least two years ago.

Bill Likos
May 29, 2021 3:30 am

It’s true! It’s true! The crown has made it clear
The climate must be perfect all the year

A law was made a distant moon ago here
July and August cannot be too hot
And there’s a legal limit to the snow here
In Camelot

The winter is forbidden till December
And exits March the second on the dot
By order, summer lingers through September
In Camelot

Camelot! Camelot!
I know it sounds a bit bizarre
But in Camelot, Camelot
That’s how conditions are

The rain may never fall till after sundown
By eight, the morning fog must disappear
In short, there’s simply not
A more congenial spot
For happily-ever-aftering than here
In Camelot

Camelot! Camelot!
I know it gives a person pause
But in Camelot, Camelot
Those are the legal laws

The snow may never slush upon the hillside.
By nine P. M. The moonlight must appear
In short, there’s simply not
A more congenial spot
For happily-ever-aftering than here
In Camelot

Gerry, England
May 29, 2021 4:00 am

With the vast majority of shares in these companies held by fund managers – be it pension or investment – they have voted to damage the returns they get for their clients. An interesting concept.

Ian Coleman
May 29, 2021 6:34 am

This whole climate change catastrophe story is heavily weighted in favour of the interests and capacities of affluent people. Affluent people who are upset that the world is not perfectly pleasant in their own neighbourhoods have no regard for people who need cheap energy, or who cannot afford electric vehicles. If you have enough money, the mitigations of climate change are easily borne. If you don’t, well, better you should suffer than your rich co-dwellers on the planet Earth.

Albert H Brand
Reply to  Ian Coleman
May 29, 2021 6:54 am

Can’t all this sequestered CO2 be released if need be at a future date. I think of it as I think of all the coal under Scranton as money in the bank. When the need is there it will be used.

Albert H Brand
May 29, 2021 7:04 am

Sorry, my comment was in general and not in reply to Ian. I’m still messing up once in a while. Brain still functioning, but at 90 there is so much in storage that As my late father-in-law used to see it takes a little longer to recall.

John Garrett
May 29, 2021 8:41 am

Black Rock voted against ExxonMobil management.
https://www.blackrock.com/corporate/literature/press-release/blk-vote-bulletin-exxon-may-2021.pdf

If any WUWT readers hold mutual funds or ETFs that are managed by BlackRock, I strongly suggest that you make your views on BlackRock’s ExxonMobil proxy vote known.

Here are some email addresses for your use:
Investor Relations: Samantha Tortora Samantha.Tortora@BlackRock.com
Media Relations: Brian Beades Brian.Beades@BlackRock.com
Board of Directors: BlackRockBOD@BlackRock.com

Alternatively, you could get rid of any Black Rock managed investments you own (and let Black Rock know about it). You’ll be doing yourself a favor— Black Rock has a lousy, long term investment performance record.

Many of their offerings are high commission, high fee crap. They are in the business of selling snake-oil.

Last edited 4 months ago by John Garrett
Sara
May 29, 2021 9:00 am

The only way this idiocy will stop is when the warmians and ecohippies find themselves with no way to cook food (no electricity for electric stoves, microwaves, etc.), no way to do laundry (water shut off, because pumps not running), and no way to keep warm in cold weather (no heat in those electric baseboard heaters, no hot water radiators, etc.).

It won’t dawn on them that they are full of baloney until they have to try to survive the gulag-like environs of cities without electric power or gas supplies. Just sayin’: a dose of reality is the only thing that will work, and I do hope sincerely that it happens long after I’m gone.

niceguy
May 29, 2021 1:17 pm

Can I buy a negative car somewhere?

Hank GG
May 30, 2021 8:31 pm

global warming AGW climate change crisis emergency catastrophe collapse

Quilter52
May 30, 2021 9:48 pm

Big oil should become little oil for a month by withholding all of its products In states where this blackmail is being perpetuated. New York would come to a screaming halt as would most other large cities in the US. Conditional upon returning big oil should be a requirement that anyone who wishes to sue big oil in the future should be required 1st to prove that they are not using any petroleum products or anything manufactured by petroleum products in their lives. Should stop the bull ship!

spock
May 30, 2021 11:51 pm

Shell should just relocate to a friendlier country, such as Lichtenstein.

The irony is the judge and the knuckleheads behind this all drive cars that burn gasoline.

MikeH
May 31, 2021 7:04 am

To make some absurd correlations to the absurd addition to Exxon-Mobil’s board:
Should a known arsonist sit on a Board of Fire Commissioners?
Should a known domestic abuser sit on the board of a woman’s shelter?

Now, I’m not saying that what these to new board members believe in is illegal, but their viewpoints are antithetical to the business of Exxon-Mobil.

It reminds me of a quote from Pres. Abraham Lincoln:
“America will never be destroyed from the outside. If we falter and lose our freedoms, it will be because we destroyed ourselves.”

This is what the ‘Greens” are doing, they are unsuccessful at attacking big oil from outside, so they are looking to destroy it from the inside.

I’m sure there are some board meetings that the minutes are not made public, future business plans, strategies, etc. Imagine that the “greens” just so happen to preemptively throw some opposition to future Exxon-Mobil business activity.

MikeH

Bob Rogers
May 31, 2021 7:46 am

 Texas Railroad Commission sole regulatory authority over CO2 injection wells in Texas “

Why the RR Commission?

ResourceGuy
June 1, 2021 7:11 am
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