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#Post#: 4035--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: October 23, 2015, 3:18 pm
---------------------------------------------------------
[center]Why Bill Gates’ Position on Divesting From Fossil Fuels
Is Wrong[/center]
Alex Lenferna
HTML http://www.pic4ever.com/images/19.gif
October 23, 2015 1:17 pm
SNIPPETS:
It is one thing to say that divestment is not the solution to
climate change, but it’s another to make Gates’ claim that
divestment is a “false solution” that “won’t emit less carbon”
and that there is no “direct path between divesting and solving
climate change.”
[color=green][size=12pt]Contrary to Gates, there is a chorus of
influential and credible voices who have illustrated how
divestment is an important part of aligning the financial sector
with a clean energy future, and who have illustrated that the
societal power it builds is an important and powerful tool in
unlocking the clean energy revolution and legislation needed to
help solve climate change.
We can start by asking the fossil fuel industry itself, who,
despite their feeble attempts to discredit the fossil fuel
divestment movement
HTML http://grist.org/climate-energy/big-oil-is-desperate-for-your-love-watch-their-silly-plea-in-this-insane-video/,<br
/> fund bogus divestment reports
HTML http://www.nationaljournal.com/energy/2014/10/13/Exxon-Blasts-Movement-Divest-From-Fossil-Fuels<br
/>and claim divestment is an ineffective strategy
HTML http://www.desmogblog.com/2015/02/11/fossil-fuel-industry-funds-study-concludes-fossil-fuel-divestment-bad-idea,<br
/>have reluctantly admitted to the power of divestment.
For instance, in contradiction to their PR poker face, Peabody,
the largest private-sector coal company in the world, submitted
a filing to the Securities and Exchange Commission, where they
admitted that by shifting perceptions around fossil fuels,
spurring on restrictive legislation and driving unfavorable
lending policies, divestment efforts “could significantly affect
demand for [their] products and securities.”
HTML https://mscusppegrs01.blob.core.windows.net/mmfiles/files/investors/2014%20peabody%20annual%20report.pdf
For more divestment advice, we could also ask the researchers at
Oxford University’s Stranded Assets Program, whose influential
report on divestment
HTML https://s3.amazonaws.com/s3.350.org/images/Oxford_University_Divestment_Report.pdf<br
/>points out that “in almost every divestment campaign [they]
reviewed from adult services to Darfur, from tobacco to South
Africa, divestment campaigns were successful in lobbying for
restrictive legislation.” Their report illustrated that the
political and social power that divestment builds through
stigmatizing the fossil fuel industry could also “indirectly
influence all investors … to go underweight on fossil fuel
stocks and debt in their portfolios.”
Alternatively, we could ask those “radical” environmentalists
;) ;D over at HSBC bank who recently issued a research report
HTML http://www.businessgreen.com/digital_assets/8779/hsbc_Stranded_assets_what_next.pdf<br
/>warning investors that the fossil fuel industry is at serious
and growing risk of stranded assets from climate policies and
unfavorable economics, including reduced demand for fossil fuels
and the rapid development of renewable energy
HTML http://ecowatch.com/business/renewables/
and efficiency
measures. Contrary to Gates’ claim that divestment “won’t emit
less
carbon,”
HTML http://1.bp.blogspot.com/-TzWpwHzCvCI/T_sBEnhCCpI/AAAAAAAAME8/IsLpuU8HYxc/s1600/nooo-way-smiley.gif<br
/>HSBC encouraged their investors to divest from fossil fuels an
d
argued that divestment could lead to less fossil fuel production
and less emissions.
HTML http://www.pic4ever.com/images/128fs318181.gif
According to HSBC, divestment could help “extend the carbon
budget” and would create “less demand for shares and bonds
[which] ultimately increases the cost of capital to companies
and limits the ability to finance expensive projects, which is
particularly damaging in a sector where projects are inherently
long term.”
Perhaps another good place to ask for divestment advice is the
financial analysts over at the 2° Investing Initiative, who
pointed out that “divesting from fossil fuels is an integral
piece to aligning the financial sector with a 2 degree C climate
scenario.”
This claim is substantiated by the International Energy Agency
(IEA), which estimates that reductions in fossil fuel
investments of $4.9 trillion and additional divestment away from
fossil-fueled power-transmission and distribution of $1.2
trillion will be needed by 2035 if we are to achieve the
internationally agreed upon 2 degree C target—beyond which (and
even before which
HTML http://www.natureworldnews.com/articles/13764/20150328/2-degrees-climate-goal-utterly-inadequate-expert-report.htm)<br
/>climate change becomes truly devastating.
-------------------------------
Agelbert NOTE: Bill Gates [img width=80
height=40]
HTML http://2.bp.blogspot.com/_9HT4xZyDmh4/TOHhxzA0wLI/AAAAAAAAEUk/oeHDS2cfxWQ/s200/Smiley_Angel_Wings_Halo.jpg[/img]<br
/>(see the crocodile tears about the welfare of humanity is the
albi of tyrants) DOING what he DOES:
[center] [img width=320
height=380]
HTML http://josephnewton.com/images/sized/images/work/Aug6o9_Savage_Mislead_LG-440x501.jpg[/img][/center]
------------------------------
As part of Gates’ rejection of divestment, he provided a
misleading (Exxon endorsed) assessment of the economics of the
clean energy transition (seemingly out of the pages of a fossil
fuel industry misinformation handbook or his favored climate
contrarian adviser Bjorn Lomborg). Gates claimed that the only
way current technology could reduce global emissions is at
“beyond astronomical cost,”
HTML http://www.createaforum.com/gallery/renewablerevolution/3-030815183114.gif<br
/>
[img width=440
height=380]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-090315203150.png[/img]
Not only would transitioning in line with the 2°C target save us
from high fuel costs, it would also create millions of jobs,
grow the economy, prevent major negative impacts on global
health and development, protect clean air and water, and avert
the truly astronomical costs of climate change—estimated to be
as high as $3,290 trillion by 2200.
HTML http://ecowatch.com/2015/10/23/bill-gates-divest-fossil-fuels/
Agelbert COMMENT: Excellent article. Bill Gates does not get the
fact that the crime of ecocide is being been committed. And he
does not get that because, up until now, Bill Gates has profited
from the commission of that crime against humanity and the
biosphere.
Bill Gates is irresponsible and criminally negligent. He and
Melinda are a danger to their own offspring as well as the rest
of the biosphere.
[quote]
Representatives Ted Lieu and Mark DeSaulnier from California
urged Attorney General Loretta Lynch on Friday to launch an
investigation into Exxon.
It's definitely time for this to happen - and the investigation
shouldn't stop with Exxon - we need a full investigation into
every part of Big Oil's decades-long disinformation campaign,
particularly the role Koch Industries may be playing in it all.
　
When the DoJ took down Big Tobacco - it wasn't just Philip
Morris and RJ Reynolds - they went after the lobbying groups and
the research shills too.[/quote]
Exxon's Climate Coverup
HTML http://www.thomhartmann.com/blog/2015/10/exxons-climate-coverup
Corruption of Government and Environment by Fossil Fuel
Companies
HTML http://renewablerevolution.createaforum.com/fossil-fuel-folly/fossil-fuel-skulldugggery/msg3498/#msg3498
Bill Gates will come around to divest from fossil fuels AND his
beloved Nuclear Power Crap as his profits turn into massive
losses.
HTML http://www.freesmileys.org/smileys/smiley-scared002.gif<br
/>THAT, he CAN understand. Greed is what drives him and his dirt
y
energy and GMO environment harming products fund.
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714183337.bmp
Renewable is the cheaper energy option without fossil fuel and
hidden nuclear subsides.
HTML http://renewablerevolution.createaforum.com/fossil-fuel-folly/fossil-fuel-subsidies-in-the-u-s/msg3369/#msg3369
But in the meantime he will be supporting stupid, corrupt
politicians that do not want Monsanto investigated or fossil
fuel subsidies eliminated. Remember that.
Dr. Richard A. Houghton, acting president of the WOODS HOLE
RESEARCH CENTER says TINA to a Low Carbon Economy
HTML http://renewablerevolution.createaforum.com/climate-change/global-warming-is-with-us/msg2114/#msg2114
[quote]
Robert F. Kennedy Jr: In the next decade there will be an epic
battle for survival for humanity against the forces of ignorance
and greed. It’s going to be Armageddon, represented by the oil
industry on one side, versus the renewable industry on the
other. And people are going to have to choose sides – including
politically.
They will have to choose sides because oil and coal, they will
not be able to survive – they are not going to be able to burn
their proven reserves. If they do, then we are all dead. And
they are quite willing to burn it. We’re all going to be part of
that battle. We are going to watch governments being buffeted by
the whims of money and greed on one side, and idealism and hope
on the other. [/quote]
Bill and Melinda Gates need to be held responsible for
endangering future generations.
HTML http://www.smiley-lol.com/smiley/exagerent/police/enprison.gifhttp://www.smiley-lol.com/smiley/exagerent/police/boulet.gif
Our Responsibility to Future Generations
HTML http://renewablerevolution.createaforum.com/clim[te-change/future-earth/msg3885/#msg3885
I also wish to make one observation. It is in the category of
correct accounting procedures. Perhaps it is such a shock to the
corporate world that they had to invent a new accounting term
(i.e. Stranded Assets.).
"Stranded Assets", the new term for fossil fuels and the
accompanying infrastructure plant and equipment, in real world
accounting, means "LIABILITIES".
When that realization FINALLY hits the balance sheet preparers
in the corporate world, the red ink will produce a TORRENT of
fossil fuel industry bankruptcies. GOOD! ;D
#Post#: 4036--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: October 23, 2015, 6:08 pm
---------------------------------------------------------
[quote author=K-Dog link=topic=559.msg89039#msg89039
date=1445634338]
His money gets him an audience and because he is rich some
people worship the ground he walks on. The fact is he is known
to be an ass hole; he exploits people. He is an I've got mine
you get yours kind of guy who extends his philanthropy
exclusively to third word issues like a 'Christian' who adopts
third world children while neglecting their own.
Techno-narcissism usually goes with the personality of such
types and he is no exception. Rather than change the system and
advocate lifestyle change he imagines silver bullet solutions
where new technology rides in on a white horse and patches the
system he has be benefitted from.
I've worked at his company where contract labor is exploited and
where 'blue badge' full time employees act and live like gods.
No benfits and less pay for contract labor which is replaced at
six to ten month intervals depending on their performance.
I can't imagine Bill ever being critical of technology in a wold
where the technology his company markets has been responsible
for eliminating far more jobs than it has created. Yet Bill is
considered a hero by most and that he had a penchant for
publically humiliating his employees in meetings while he ran
his company will continue to be for the most part, unknown.
The Upton Sinclair quote of a man not being able to find fault
with the source of his paycheck is apropos regarding Bill.
I'm feeling the need to stop now because ranting on about the
negative aspects of anyone's personality is not something I
relish. Fingers point back whenever a finger is pointed but
what I have written is necessary. Promoting Techno-narcissism
and business as usual is dangerous. When it is done to promote
a 'legacy' there can be no excuse.
[/quote]
Well said. [img width=25
height=30]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-080515182559.png[/img]
I wish to make one observation. Gates and his ilk in the fossil
fuel industry are going to lose a lot of money.
Here's why. It is in the category of correct accounting
procedures. Perhaps it is such a shock to the corporate world
that they had to invent a new accounting term (i.e. Stranded
Assets.).
"Stranded Assets", the new term for fossil fuels and the
accompanying infrastructure plant and equipment, in real world
accounting, means "LIABILITIES".
When that realization FINALLY hits the balance sheet preparers
in the corporate world, the red ink will produce a TORRENT of
fossil fuel industry bankruptcies. GOOD! ;D
[center][img width=640
height=850]
HTML http://www.ceres.org/images/press-release/Graphic_FossilFuelAssets.jpg/image_large[/img][/center]
And let's not forget all those refineries, pipelines, drilling
rigs and, last but not least, ocean going oil tankers that will
find it rather difficult to carry olive oil or biofuels instead
of crude oil....
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191258.bmp<br
/>
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191456.bmp
[move]
Looky here, a floating white elephant![/move]
[center]
[img width=640
height=480]
HTML http://upload.wikimedia.org/wikipedia/commons/8/82/Hellespont_Alhambra-223713_v2.jpg[/img][/center]
[center][I]Hellespont Alhambra (now TI Asia), a ULCC TI class
supertanker, which are the largest ocean-going oil tankers in
the world[/i][/center]
#Post#: 4079--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: November 2, 2015, 10:03 pm
---------------------------------------------------------
[quote]
Bill McKibben - 350.org
10:21 PM
To: A G. Gelbert
Dear friends,
Well, somewhat astonishing news tonight. Transcanada—the company
that was so sure it would be building the Keystone Pipeline that
it mowed the 1700 mile route and stockpiled the necessary pipe
across the Midwest—tonight said it wanted to suspend its
application. :o [img width=25
height=30]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-080515182559.png[/img]<br
/>
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191258.bmp<br
/>
This is—make no mistake—a massive victory for people power. You
emailed, you phoned, you marched, and in record numbers you went
to jail. That’s what it took to persuade the arrogant oil
industry they simply couldn’t prevail in their plan to pump the
world’s filthiest oil across the heart of the continent.
They’re clearly pursuing a gambit—knowing they’ve lost, they’re
trying to ask for some extra innings from the umpire, on the
theory that they’ll re-submit a new route for the pipeline after
the next election. :evil4: President Obama shouldn’t give it
to them. He should finally break his silence on Keystone and say
the most important thing: it fails the climate test that he laid
out. It will help cook the planet. It’s a bad idea no matter
what route it takes, because it’s a fuse to one of the planet’s
nastiest carbon bombs.
If President Obama rejects this pipeline once and for all, he’ll
go to Paris with boosted credibility—the world leader who was
willing to shut down a big project on climate grounds.
Truthfully, though, we know it was a movement that shut it down:
First Nations and Indigenous Peoples, climate scientists,
farmers and ranchers, ministers and rabbis, young people and old
people.
Tell President Obama not to let TransCanada play for time. It’s
time to reject this pipeline once and for all.
They told us it was a done deal. We are an inch away from
undoing it completely. And in the process, we’ve helped build a
movement ready to take down hundreds of other fossil fuel
projects and keep fossil fuels where they belong—underground.
HTML http://www.pic4ever.com/images/47b20s0.gif
Thank you all for your relentlessness. Let's not stop now.
Onward,
Bill, Sara, Jason, Rae, Jamie, Deirdre and the rest of 350.org's
KXL team
[/quote]
#Post#: 4327--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 13, 2016, 1:51 pm
---------------------------------------------------------
A graphic from SEPTEMBER of 2015 by Agelbert:
[center][img
width=640]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-280915144116.png[/img][/center]
[move]TODAY, January 13, 2016, SLB stock price:[/move]
Schlumberger Limited.
[center][size=18pt]
NYSE: SLB - Jan 13 2:47 PM EST 63.92 [/center]
[center][img
width=140]
HTML http://pm1.narvii.com/5869/6a64193d6770c3afd17406c78686c0eda32ded1c_hq.jpg[/img][/center]
#Post#: 4332--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 13, 2016, 9:26 pm
---------------------------------------------------------
[quote]The oil and gas industry is usually divided into three
major sectors: upstream, midstream and downstream. The upstream
oil sector :P is also commonly known as the exploration and
production
HTML http://www.pic4ever.com/images/2rzukw3.gif(E&P)<br
/>sector.[1][2] [/quote]
HTML https://en.wikipedia.org/wiki/Upstream_(petroleum_industry)
[center]BP cutting 4,000 global upstream jobs
HTML http://www.pic4ever.com/images/maniac.gif
;D[/center]
Staff Writers January 13, 2016
BP said Tuesday it’s preparing to slash 4,000 upstream jobs as
part of a broader restructuring plan.
According to Reuters, the company plans to cut its global
upstream headcount by about 4,000 positions, equivalent to about
5 percent of its global workforce.
The cuts, part of a $3.5 billion restructuring program, will
slim BP’s global upstream headcount down to 20,000.
A BP spokesperson told Retuers that the company will cut about
600 positions in the North Sea during the next two years, with
most of those reductions occurring in 2016.
Further details about the cuts have not been disclosed yet.
The company had a headcount of about 80,000 at the end of 2015,
Reuters added.
BP managed to beat analysts expectations in the third quarter
despite low oil prices.
BP posted a $46 million profit for the third quarter, an
improvement over the $5.82 billion loss seen last quarter, on
revenues of $55.87 billion, down from $94.76 billion a year ago.
Third quarter earnings hit $0.60 per share, well above analyst
targets of $0.33 per share, according to Zacks.
BP said in its third quarter results that its current divestment
program was nearly complete, with total agreed divestments
expected to reach $10 billion by the end of 2015.
The company expects to agree a further $3 to 5 billion in
divestments this year before returning to a rate of around $2 to
3 billion in 2017.
BP agreed to sell its Alabama petrochemical complex to Indorama
Ventures Public Company Limited on Wednesday for an undisclosed
sum.
The Decatur complex makes chemicals that are essential for the
production of thousands of items, from plastic water bottles to
flat-screen televisions.
HTML http://petroglobalnews.com/2016/01/bp-cutting-4000-jobs/
#Post#: 4334--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 13, 2016, 10:05 pm
---------------------------------------------------------
[center][img
width=300]
HTML http://dl10.glitter-graphics.net/pub/2491/2491210ovie015m90.gif[/img][/center]
[center]Vermont Gov. Peter Shumlin announced last week his
intention to push for divestment of coal and ExxonMobil stocks
from the state’s retirement account, and lawmakers are preparing
legislation to accomplish that. [img
width=20]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-080515182559.png[/img]<br
/>[/center]
[move]
State Treasurer Beth Pearce (fossil fuel toady
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191329.bmp)<br
/>is not a happy camper.
HTML http://www.pic4ever.com/images/165fs373950.gif
[/move]
HTML http://vtdigger.org/2016/01/12/state-treasurer-opposes-governors-call-for-carbon-divestment/
#Post#: 4340--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 14, 2016, 10:22 pm
---------------------------------------------------------
U.S. rig count drops by 34 to new five year low ;D
Staff Writers January 13, 2016
SNIPPET:
Texas lost 13 rigs last week, the largest drop of all the major
states.
HTML http://www.pic4ever.com/images/tissue.gif[img<br
/>width=100]
HTML http://www.pic4ever.com/images/shame.gif[/img]
[img
width=50]
HTML http://www.freesmileys.org/smileys/smiley-forum/popcorn.gif[/img]
HTML http://petroglobalnews.com/2016/01/u-s-rig-count-drops-by-34-rigs-to-five-year-low/
[move]
HTML http://www.freesmileys.org/emoticons/emoticon-object-106.gif
In
other NEWS: Fossil Fuel government rushes to prepare a happy
talk propergander series [img
width=40]
HTML http://2.bp.blogspot.com/_9HT4xZyDmh4/TOHhxzA0wLI/AAAAAAAAEUk/oeHDS2cfxWQ/s200/Smiley_Angel_Wings_Halo.jpg[/img]<br
/>about "salt of earth, red blooded patriotic American" (and so
on
::)) fossil fuelers! [/move]
[quote]The American Movie Channel (AMC) said last week that it
will produce a television show based on Phillip Meyer’s novel
“The Son,” a multi-generational drama set in the Texas oil
industry. :P
According to Variety, AMC gave a straight-to-series order for
the show that will follow six generations of the McCullough
family as its members become major players in the oil and cattle
industries.
[/quote]
HTML http://petroglobalnews.com/2016/01/move-over-mad-men-amc-orders-texas-oil-drama/
[move]DA oil Bidness is good for America! We have to DEFEND it.
It is SAFE, SAFE, SAFE, I tell ya!
HTML http://www.pic4ever.com/images/acigar.gif[/move]
[center] [img
width=340]
HTML http://www.createaforum.com/gallery/renewablerevolution/3-010215143525.png[/img]<br
/>[/center]
[center]
Oklahoma shale site blaze destroys at least 20 vehicles[/center]
HTML http://petroglobalnews.com/2016/01/oklahoma-shale-site-blaze-destoys-at-least-20-vehicles/
[center]
Three injured in Marathon Petroleum Galveston Bay refinery
fire[/center]
January 12, 2016
HTML http://petroglobalnews.com/2016/01/three-injured-marathon-petroleum-galveston-bay-refinery-fire/
[center]Oklahoma regulators curb disposal well volumes after
earthquakes [/center]
Nicolas Torres January 8, 2016
HTML http://petroglobalnews.com/2016/01/oklahoma-regulators-curb-disposal-well-volumes-after-earthquakes/
[center]
Texas man dies after blast at services facility[/center]
Staff Writers January 7, 2016
HTML http://petroglobalnews.com/2016/01/texas-man-dies-after-blast-at-services-facility/
[center]
[img
width=120]
HTML http://images.sodahead.com/polls/000370273/polls_Smiley_Angry_256x256_3451_356175_answer_4_xlarge.png[/img][/center]
#Post#: 4361--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 18, 2016, 3:09 pm
---------------------------------------------------------
[center][img
width=640]
HTML http://allthingsd.com/files/2011/06/wile-e-coyote1.jpg[/img][/center]
[center]Half of U.S. Fracking Industry Could Go Bankrupt as Oil
Prices Continue to Fall
HTML http://www.freesmileys.org/emoticons/emoticon-object-098.gif[/center]
Andy Rowell, Oil Change International | January 18, 2016 9:29 am
So the slide continues with no end in sight. As expected this
morning, the oil price has fallen below $28 a barrel on the back
of the historic news over the weekend of sanctions being lifted
on Iran.
This is the lowest level for oil since 2003.
The American shale industry needs oil at about the sixty to
seventy dollar a barrel level in order to survive. Photo credit:
Los Angeles Times
The American shale industry needs oil at about the 60 to 70
dollar a barrel level in order to survive. Photo credit: Los
Angeles Times
The markets are spooked that the lifting of sanctions means the
imminent introduction of half a million or so more barrels of
oil per day from Iran into an already oversupplied market. The
country has the world’s fourth largest reserves of oil.
Speaking earlier today at the Asia Financial Forum in Hong Kong,
Stuart Gulliver, CEO of HSBC said “Major producers are currently
delivering 2-2.5 million barrels per day more than demand, so
the question is how long they can continue to overproduce for at
that level.”
Already struggling with oversupply from various countries, the
market now has Iran to contend with too.
After years of isolation due to sanctions, Iran reportedly has a
significant amount of oil to place on the international market
immediately. Analysts from Barclays said simply: “Iranian
exports come at a very bad time.”
That can only mean one thing: a market awash with oil, which
will only add a downwards pressure on the already low oil price.
The numbers are becoming brutal reading for the industry: The
oil price has collapsed more than 70 percent since mid-2014.
And there is no respite in store. In his speech, HSBC chief
executive, Stuart Gulliver, said he predicted the price of oil
to be somewhere between $25 and $40 in a year’s time.
The American shale industry needs oil at about the 60 to 70
dollar a barrel level in order to survive.
Having limped along last year hoping for a rebound in prices
this year, the industry is heading for deep trouble.
HTML http://www.pic4ever.com/images/www_MyEmoticons_com__smokelots.gif<br
/>[img width=50]
HTML http://www.pic4ever.com/images/245.gif[/img]
Last week, one analyst predicted that half of U.S. shale oil
producers could go bankrupt before the oil price rebalances
itself.
HTML http://www.pic4ever.com/images/Banane21.gif
Fadel Gheit, a senior oil and gas analyst at Oppenheimer & Co
believes it could be two years before oil stabilizes near $60,
which is still below the break-even point for many shale
producers.
“Half of the current producers have no legitimate right to be in
a business where the price forecast even in a recovery is going
to be between, say, $50, $60. They need $70 oil to survive,” he
told CNBC.
HTML http://www.pic4ever.com/images/treeswing.gif
[center]Even the big boys are taking a hit.
HTML http://www.pic4ever.com/images/165fs373950.gif[/center]
[center]
[img
width=70]
HTML http://us.123rf.com/400wm/400/400/yayayoy/yayayoy1106/yayayoy110600019/9735563-smiling-sun-showing-thumb-up.jpg[/img]<br
/>[/center]
Last week, BHP Billiton was forced to writedown the value of its
U.S. oil and gas assets by $US7.2 billion (Aus$10.4bn),
admitting it needed $US60 a barrel oil to be “cashflow
positive.”
But the reality is that under $30 dollar a barrel, it is only a
matter of time before we see a range of bankruptcies in the
shale industry.
“At this price range, nothing is safe,”
HTML http://www.createaforum.com/gallery/renewablerevolution/3-200714191258.bmp<br
/> says Jesse Thompson, an economist at the Federal Reserve Bank
of Dallas. And he could well be proved right.
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Agelbert NOTE: A picture is worth a thousand [s]words[/s]
Imminent Bankruptcies. [img
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#Post#: 4384--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 24, 2016, 8:34 pm
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[center]Schlumberger cuts 10,000 jobs, reports 39 percent
decline in revenue [img
width=70]
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/> [/center]
Staff Writers January 22, 2016
Services giant Schlumberger said Thursday that it will cut
another 10,000 jobs after reporting a 39 percent year-on-year
revenue decline.
Schlumberger chairman and CEO Paal Kibsgaard said the company
will reduce its headcount by 10,000 positions as it braces for
“extended activity weakness” in the first half of 2016.
Further details about the cuts have not been disclosed yet.
“The worsening market conditions added further pressure to a
deepening financial crisis in the E&P industry, and prompted
customers to make further cuts to already significantly lower
E&P investment levels. Customer budgets were also exhausted
early in the quarter, leading to unscheduled and abrupt activity
cancellations,” Kibsgaard said.
The latest round of redundancies brings Schlumberger’s job cut
total to 34,000 since November 2014, the Financial Times said.
The company took a fourth quarter $530 million in pretax
restructuring charges tied to expanding its incentivized leave
of absence program and reducing its workforce.
Schlumberger also took a largely non-cash $1.6 billion pretax
impairment charge for fixed assets, inventory write-downs,
facility closures, contract terminations and other asset
impairments.
Four quarter revenues fell 39 percent year-over-year to $7.74
billion while the company’s pre-tax operating income dipped 54
percent year-over-year to $1.28 billion.
Income from continuing operations, excluding charges and
credits, dropped to $819 million in the fourth quarter from
$1,941 billion during the same period in 2014.
North American revenue fell 55 percent year-over-year to $1.95
billion on a pre-tax operating income of $139 million, down from
$849 million in the fourth quarter of 2014.
The company’s international revenue slid down to $5.71 billion,
a 30 percent year-on-year decline, on a pre-tax operating income
of $1.26 billion.
Schlumberger’s drilling group booked $2.95 billion in fourth
quarter revenues on a pre-tax operating income of $494 million,
a 48 percent drop from the same period in 2014.
The company’s production group earned $2.67 billion in fourth
quarter revenues, a 45 percent year-over-year decline, and
booked a pre-tax operating income $303 million, down from $898
million in the fourth quarter of 2014.
Full year revenues declined to $35.47 billion from $48.58
billion in 2014 and full year pretax operating income fell 38
percent to $6.51 billion.
The company’s full year North America revenue fell to $9.81
billion, down from $16.15 billion in 2014, while North American
pre-tax operating income dropped to $999 million compared to
$3.057 billion in 2014.
Full year international revenue slid down to $25.196 billion, a
21 percent year-over-year decline, and international pretax
operating income declined 22 percent year-over-year to $5.95
billion.
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#Post#: 4398--------------------------------------------------
Re: Fossil Fuel Profits Getting Eaten Alive by Renewable Energy!
By: AGelbert Date: January 26, 2016, 3:09 pm
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Shell: Yearly earnings could plunge by $9 billion [/center]
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/>[img width=30]
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[/center]
Staff Writers January 26, 2016
Royal Dutch Shell warned on Wednesday that full year earnings
for 2015 may drop by nearly $9 billion from the previous year.
Shell expects full year 2015 earnings on a current cost of
supplies (CCS) basis, excluding identified items, to be in the
range of $10.4 billion to $10.7 billion, a sharp slide from $19
billion in full year earnings in 2014.
Shell had initially expected full year earnings to come in at
about $10.8 billion, the BBC said.
The company expects its fourth quarter 2015 earnings on a CCS
basis, excluding identified items, to be in the range of between
$1.6 billion to $1.9 billion, down from $4.2 billion in the
fourth quarter of 2014.
Upstream earnings are expected to account for $400 million to
$500 million of fourth quarter earnings, while Integrated Gas is
expected to account for about $1.6 billion to $1.9 billion.
The company’s downstream business will account for an estimated
$1.4 billion to $1.6 billion of fourth quarter earnings, with
earnings from oil products expected to be between $1.3 to $1.4
billion and earnings from chemicals coming in at an estimated
$100 to $200 million.
Shell said identified items for the fourth quarter of 2015 are
expected to be in the range of a net charge of $200 million to
“an immaterial gain, mainly reflecting gains on sale of assets
and impairments.”
Identified items for the full year of 2015 are expected to be a
net charge of about $6.8 to $7.0 billion.
Income attributable to Royal Dutch Shell shareholders is
expected to be between of $0.6 billion to $1.0 billion for the
fourth quarter 2015 and between $1.6 to $2.0 billion for the
full year 2015.
Cash flow from operating activities for the fourth quarter 2015
is expected to be between $4.8 to $6.0 billion and between $29.2
billion to $30.4 billion for the full year.
“I’m pleased with Shell’s operating performance in 2015, and the
momentum in the company to reduce costs and to improve
competitiveness,” Shell CEO Ben van Beurden said.
Production for the fourth quarter 2015 was 3 million barrels of
oil equivalent per day and 2.9 boepd for the full year 2015.
Shell said it cut operating costs by about $4 billion, or about
10 percent, in 2015 and expects a further $3 billion reduction
in operating costs in 2016.
Those operating cost cuts do not include synergies tied to
Shell’s pending acquisition of BG Group.
Shell confirmed that it will reduce its headcount by about
10,000 staff and direct contractor positions in 2015 and 2016
across both companies, as “streamlining and integration of the
two companies continue.”
Shell’s capital investment in 2015 is expected to be $29
billion, a 20 percent reduction from 2014 levels.
Capital investment in 2016 for Shell and BG combined is
currently expected to be $33 billion, around a 45 percent
reduction from combined spending that peaked in 2013.
“Flexibility for further reductions is available and will be
utilised should conditions warrant that,” Shell added.
The company said asset sales for 2014 and 2015 now exceed $20
billion, well above its initial estimate of $15 billion set out
in early 2014.
Shell added that “preparations are well advanced for $30 billion
of asset sales in 2016-18, assuming the successful completion of
the combination.”
Shell agreed in April to acquire UK-based BG Group for about $70
billion in cash and shares, when Brent crude prices were
hovering around $62 per barrel.
Chinese antitrust regulators approved the combination in
December, marking the end of the pre-conditional approval
process.
Shell shareholders are scheduled to vote on the BG Group
combination on January 27.
“The completion of the BG transaction, which we are expecting in
a matter of weeks, will mark the start of a new chapter in
Shell, to rejuvenate the company, and improve shareholder
returns,” van Beurden added.
Shell’s fourth quarter and full year 2015 results and fourth
quarter 2015 dividend are scheduled to be announced on February
4. 2016.
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