They don’t give a hoot about polls or the environment. It’s not going to be profitable and money is the only thing that talks in Amerikkka. But hey, a positive is a positive!
Good observations. Exxon is a criminal entity like
most corporations. They serve only their own entitlement
Meh. When the DOW itself collapses, along with all the stock markets and currencies of the world - that’s the proof I’m waiting for.
Fuck Exxon. They knew from the early 70’s that massive amounts of CO2 being spewed into the atmosphere was bringing on an increase in the general temperature experienced all over the planet. Since then they have done everything they could to deny, obfuscate and confuse the issue. Profits always came first over the climate and the safety of the people. I remember that there has been a yearly poll which asks what the most evil corporations are on Earth and Exxon has always been on that list.
Tragically, the great damage has already been done. There are climate scientists who have stated that we have passed the point of no return - that temps will continue to rise and cause enormous disruptions in food supplies, worsening storms and hurricanes, more and more difficulties for humans trying to live in their cities and a massive decrease in biodiversity.
While I am all in favor of renewable and alternative energy sources I would recommend that people watch “Planet of the Humans” on YouTube. The aforementioned Bill McKibben was all in favor of “bio-fuel energy power plants” until he saw this movie. There are hundreds of these plants all over the U.S. and Canada. The ones that clear-cut trees for “fuel” have discovered that they don’t burn hot enough so they add (I kid you not) ground up automobile tires to the chopped up trees to make the plant work properly. You can’t make this stuff up.
Canada’s fossil fuel industry is bankrupt because they can’t pay for pipelines, decommissioning costs for abandoned and shutdown wells, environmental damage, or water used in fracking. They pay royalties at less than 5%, rates last seen in 1930 during the Great Depression. Tar sands operations pay at rates just over 1%, the lowest in the world.
Provincial government spreadsheets compiled on 139 tar sands projects from company data show 19 haven’t operated since before 2015. Koch and CNOOC (the Chinese at Long Lake) haven’t produced a barrel since 2015. Accumulated losses of the remaining 120 passed $122 billion in 2018. These losses will approach $140 billion by 2021. Of 24 companies, only Syncrude posted consistent profits.
The Province’s AER ST98 report (June 2020) states break even prices for mining operations require WTI prices of US $80/bbl. In situ SAGD operations need WTI prices of US $50/bbl. Upgraders raise this cost significantly. This means Tar Sands operations are worthless. A fact the US Security and Exchanges Commission forced Exxon/Mobil to acknowledge in 2016 when Exxon/Mobil fairly valued their tar sands reserves as worthless.
CME group is the world’s largest commodities and futures market with market cap and revenues equalling the New York Stock Exchange. Their Western Canada Select and Edmonton Sweet Synthetic futures/options prices have been negative since April 2020 and are negative until Dec 2024. There is NO OPEN INTEREST, or trade volumes listed. This means the world’s energy traders have no interest in Alberta’s tar sands because its products have no future.
In what business fantasy world does increasing the supply of toxic, high cost, poor-quality bitumen, in a world bloated with a surplus of low cost, highest quality, more convenient crude oil, lead to increased demand, and a higher price for tar sands bitumen?
Yes - I’ve watched Planet of the Humans at least three times now. Glad you see it similar to the way I viewed it.
As for Exxon off the DJ - I’m suspicious.
I can’t see it hurting Exxon in any appreciable way - it’s more just a sign of the times - spin.
Fossil fuels will be around for a long time unless I miss my guess - and Exxon will be there - just not in as much limelight.
Stranded assets are real - which is why the big privates are talking writedowns. I suspect that is costing not only them - but you and me.
I saw “Planet of the Humans.” My depression was complete after having watched it. The deception of the recycling campaigns, the amount of petroleum needed to create wind turbines, etc. I pretty much learned in 2012 that near term human extinction was a probable reality by mid century. Now, I am certain of it. We have painted ourselves into the proverbial corner…
A different time than when Jed saw the oil just oozing out of the swamp.
It’s a good thing there isn’t cheap oil floating around in our atmosphere. They would be pumping that dry as well.
Come on, Bill McKibben–Exxon wasn’t dropped because of anything the Green movement did. It was dropped because it was not profitable, and it was not profitable because of the collapse of prices due to reduced demand because of the pandemic and because of overproduction (thanks, in part, to Obama’s fracking frenzy). At the same time, China is setting up supply chains that do not involve ME countries Exxon deals with, supplies from Iran, for example. Please, the climate movement simply does not have the power this article imagines it has.
While we’re exploring possibilities of “a different world,” it will be a fine day when Medicare for All is enacted, and all of the for-profit health insurance corporations will also be dropped from the Dow Jones.
British Petroleum, North America
Maybe in March, April they were in trouble, They had sold their Alaska pipeline and producing wells for about 6.5 billion dollars. Then the write down. Then they purchase the Indiana electric wind farm, which is north of Purdue University. I am trying to figure out how they got the money. maybe paid in stock shares.
Alberta tar sand oil comes into Chicago refineries. Cheap.
“Man is a rope tied between beast and overman - a rope over an abyss.” -FN
1973 Soylent Green. It helps when listening to speeches without video, and sometimes to only watch while the script rolls off. The more mendacious intent exposed in cheerful lies or bared fangs. The more gracious truth found sometimes more in faces than in speech.
Agreed. The Dow Jones Industrial Average is over-rated as an indicator of how the economy is doing. Exxon got dropped probably because it was dragging the DJIA number down. It’s like if you have a relay team in a sport and the slowest person was keeping the team from winning, so you just get rid of him or her and replace with a faster person. The Dow is purely ARBITRARY. Don’t pay any attention to it.
So much for Bill McKibben right!!
If only the U.S. courts could catch up to reality and take hint.
I don’t understand the logic behind wanting to nationalize the fossil fuel industry.
I would nationalize power creation/distribution and move aggressively into electric vehicles. Prop up the technology you want to grow and let capitalism run it’s course on the fossil fuel industry.
Of course to answer that question honestly would make you a conspiracy theorist. Because the reason we prop up oil is the same reason we pay nazi’s to overthrow Ukraine. It’s the same reason we steal oil from Venezuela. And it’s the same reason we have a deal with Saudi Arabia to only sell it’s oil in US currency.
US hegemony is built entirely around the fossil fuel industry.
The sad news is that America is missing it’s chance to become a global leader. Oil is yesterdays news, and one day soon America will be too.
Exxon is facing an excess of oil, anyone with oil is selling every drop they can before the sun comes on line. So you have oil reserves worth less, a shrinking demand for the product which decreases every time someone puts up a windmill or solar panel. Thus the PE ration shrinks and the stock price goes down again. Permanent decline like an oil field paying dividends on pumped crude. High dividends but stock price goes down every time oil is pumped out because there is less of it and therefore the stock is of less value.
The only reason we started ‘having a problem’ with Russia… is because they started getting too competitive in the oil game. You never heard shit since Rocky 4 came out. Then all of a sudden it was cold war 2.0.
Almost everything that happened in Syria is over control of an oil pipeline… or more specifically, control of the route of the oil pipeline.