Bloomberg Royal Dutch Shell Plc will push for the reversal of President Donald Trump’s rollback of methane emissions rules and the introduction of carbon pricing when Joe Biden moves into the White House next year. “Some of the regulatory rollbacks that we’ve seen under the current administration haven’t actually benefited our industry,†Shell US President Gretchen Watkins said. The oil ...
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Canada’s Enbridge joins Shell, BP with 2050 emissions goal
Bloomberg Enbridge Inc became the largest company in the North American oil industry to set a goal of eliminating all net emissions from its operations by 2050, joining major European producers in providing climate-conscious investors with a plan to tackle global warming. The pipeline giant also established an interim target of reducing the intensity of greenhouse-gas emissions from its operations ...
Read More »Vestas shares fall as Trump risk spooks investors
Bloomberg Shares of Vestas Wind Systems A/S, the world’s biggest wind-turbine maker, fell the most in three years as investors weighed the impact of the US election on the renewable energy sector. Shares fell as much as 13% before recovering some losses; down 7.7% in Copenhagen. The wind turbine maker posted a stronger-than-expected profit in the third quarter on Wednesday. ...
Read More »Statkraft to buy British renewable energy developer
Bloomberg Statkraft AS has signed an agreement to buy the London-based renewable energy developer Solarcentury Holdings Ltd, it said in statement. The 118 million-pound ($152 million) deal will hand the Norwegian state-owned utility six gigawatts of solar projects under development in Spain, the Netherlands, the UK, France, Greece, Italy and Chile. “This acquisition is in line with our strategy to ...
Read More »Trade rises in Dutch natural gas market
Bloomberg The Dutch natural gas market is reinforcing its position as one of the most important trading hubs in the world. Trade on the Dutch Title Transfer Facility (TTF), as the market is known, is surging as Europe increased imports from Russia, Norway and further afield via liquefied natural gas tankers. Natural gas futures open interest, a tally of outstanding ...
Read More »Shell acquires control of its gas station JV in China
Bloomberg Royal Dutch Shell has acquired full control of one of its gas station joint ventures in China as the oil major doubles down on the fuel retailing market in the world’s second-largest economy. Shell has agreed to buy the stake it didn’t already own in Chongqing Doyen Shell Petroleum & Chemical Co and completed the deal on October 19, ...
Read More »Exxon warns of $30b shale writedown
Bloomberg Exxon Mobil Corp warned it may take up to $30 billion in writedowns on natural gas fields acquired more than a decade ago, and reported a third straight quarterly loss. Exxon is confronting one of its biggest crises. If the company takes the full $30 billion impairment, it will be the industry’s worst in more than a decade, according ...
Read More »Chevron surprises with profit despite dimming outlook
Bloomberg Chevron Corp posted a surprise profit as the oil supermajor slashed capital spending to cope with the pandemic-driven collapse in crude demand. The California oil titan posted adjusted per-share earnings of 11 cents for the third quarter, outperforming the average 27-cent loss expected by analysts in a Bloomberg survey. Times are tough for the industry and Chevron is willing ...
Read More »Reliance Industries posts 15% profit drop
Bloomberg Reliance Industries Ltd, India’s most valuable company led by billionaire Mukesh Ambani, reported a 15% decline in profit for the quarter through September, as the coronavirus pandemic gutted demand for transportation fuels. Net income fell to 95.7 billion rupees ($1.28 billion) from 112.6 billion rupees a year earlier, the Mumbai-based company said in an exchange filing. That compares with ...
Read More »Navantia eyes EU aid in pivot from warships to wind power
Bloomberg Spanish shipbuilder Navantia is stepping up its bet on offshore wind energy, a venture that stands to benefit from the European Union’s fiscal response to the pandemic. The landmark 750 billion-euro ($890 billion) pandemic-recovery aid will encourage Spain to invest more in clean energy. That could galvanise the company’s recent pivot into sea-based power projects, said Managing Director Javier ...
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