bigoil
The EU should appoint a dedicated carbon capture and storage (CCS) envoy, say supporters of the climate fix where carbon dioxide captured at source and pumped underground for permanent storage, but critics fear a renewed focus on the technology merely distracts from the need to stop burning fossil fuels. Brussels-based trade association CCS Europe – whose members include US energy equipment firm GE and oilfield services company Baker Hughes alongside industries such as cement production and waste incineration – made its call on Wednesday (15 May) as it presented an action plan outlining what i...
Euronews (English)
BP reported first-quarter earnings that fell short of market expectations, primarily due to weakened oil and gas prices impacting its profit margin. The British energy giant maintained the share buyback plan of $3.5 billion in the first half of the year, with $1.75 billion completed in May of 2024. Furthermore, it announced a dividend payout of 7.27 cents per share. Following the report, BP's share price declined by more than 1.3% on the London Stock Exchange. Profit declines, cash flow shrinks, debt risesIn contrast to rival Shell's robust results, BP's earnings fell short of market expectati...
Euronews (English)
British oil and gas company BP's first quarter profits were below expectations, as underlying profit came in at $2.7 billion (€2.5 billion), compared with $3 billion for the previous quarter. This was partially due to falling gas prices and an unplanned outage in the company's Whiting refinery in the US, partially offset by strong oil trading. Production of oil and gas was up by 2.1% from a year earlier to 2.4 million barrels-of-oil equivalent per day. BP's net debt increased to $24 billion (€22.3bn) from $20.9 billion in the last quarter. The London-based firm held its dividend at 7.27 cents ...
Euronews (English)
A damning new report has accused Big Oil of privately acknowledging its efforts to downplay the dangers of burning fossil fuels - while publicly stating they were opposed to the practice. The report, headed up by the Democrats on the House Oversight Committee in the United States, says oil giants including ExxonMobil and Chevron - as well as several industry trade groups - were behind a campaign aimed at defending the industry's interests. They claim this has all been done at the expense of the planet. "Big Oil has run campaigns to confuse and mislead the public while working unceasingly to lo...
Euronews (English)
For decades, the tobacco industry misused science to hide the harms of its products and create confusion about the interventions needed to reduce that harm; it lobbied to avoid regulation and shape policies in its favour. Growing evidence shows that the fossil fuel industry not only uses exactly the same techniques but has also worked jointly with the tobacco industry to shape regulatory rules in their shared interest. Yet, the two industries are treated entirely differently when it comes to policy-making: while there are rules protecting policymaking from the tobacco industry — a firewall kno...
Euronews (English)
The European Commission has been urged not to rush through legislation defining when a fuel can be considered ‘low-carbon’, a question that will determine what technologies qualify for policy and financial support, with far-reaching implications for the future of the natural gas industry. Following a political agreement with government delegates late last year, the European Parliament is expected to adopt next week a Gas and Hydrogen Markets Directive, which will give the EU executive one year to answer the complex question of what constitutes a ‘low-carbon’ fuel. Environmental groups, joined ...
Euronews (English)
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