ExxonMobil, which historically has led the S&P500 in number of shareholder proposals, this year has precisely zero on the ballot- sec.gov/ix?doc=/Archives/edg…
The benefit of threatening your shareholders with lawsuits if they file, I guess?
Great piece in today's NYT by @cflav on the ways in which climate change is hollowing out insurance availability in the US. I guess Ceres was just 20 years early with our report warning of this future: insurance.lbl.gov/media/cere…
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Consolidation continues among CA oil producers. Interesting that IKAV paid $4B for these assets two years ago, and today's merger values them at half that: businesswire.com/news/home/2…
Fascinating piece from @benmorenne on a part of the O&G industry that doesn't get much attention, but is actually critical to its climate footprint. No matter how good a steward of its aging assets Hilcorp is, these are always going to be high emitting assets.
Last year, the richest oil baron you've never heard of took to the podium at the University of Texas at Austin: “Smite the rocks with the rod of knowledge, and fountains of unstinted wealth will gush forth." My profile of Jeff Hildebrand
wsj.com/articles/wealthiest-…
In a world that is seeking to decarbonize, one of the most obvious steps to reduce emissions is to simply shut in wells before they reach this stage—but that is precisely the point in a well's evolution that Hilcorp seeks to buy.
This is clear from EPA data, which show that Hilcorp's emissions far exceed those of its peers with similar production. This is not necessarily because Hilcorp isn't a good steward, but it is inherent in its business model and as a result can't be fixed:erm.com/news/methane-benchma…
Management that is at the receiving end of shareholder proposals on climate issues typically sees value in constructive engagement. And then there is Valero $VLO, which proponent @MH_Investment accuses of lying in its response to investors: sec.gov/Archives/edgar/data/…
to be clear, it looks like $VLO IS lying in its claim that ISS has judged its climate strategy to be "exemplary."
Getting word that the shareholder proposal calling on Coterra $CTRA to report on the accuracy of its methane emissions disclosure PASSED at today's AGM.
Congrats to proponents Vermont PIC and Trinity Health. Methane emissions accounting is a huge issue in the oil and gas sector, with studies showing that current estimate-based inventories under-reporting true emissions levels by 60-90% per @EnvDefenseFund
Objectively, this announcement by Chubb re: methane requirements for its O&G clients sets a fairly low bar--companies just need to have a plan. Still, compared to where Chubb was a decade ago when I used to engage them on climate risk this is a major move: news.na.chubb.com/2023-03-22…
I have vivid memories of a meeting with large investors to discuss climate risk, where at the end of the meeting the company's risk officer said to the assembled group-"Thanks for wasting our time. I hope you enjoy your dividends."
While this $etrn leak happened last month, we are just getting solid numbers on the amount of methane that escaped and they are sobering, to say the least:
bloomberg.com/news/articles/… via @business
