{"id":24834,"date":"2021-03-08T16:48:44","date_gmt":"2021-03-08T15:48:44","guid":{"rendered":"https:\/\/www.stocexpo.com\/?p=24834"},"modified":"2021-03-08T16:50:35","modified_gmt":"2021-03-08T15:50:35","slug":"the-oil-industry-is-getting-greener-faster-as-u-s-policy-shifts-to-climate-change","status":"publish","type":"post","link":"https:\/\/www.stocexpo.com\/en\/2021\/03\/08\/the-oil-industry-is-getting-greener-faster-as-u-s-policy-shifts-to-climate-change\/","title":{"rendered":"The oil industry is getting greener faster as U.S. policy shifts to climate change"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"24834\" class=\"elementor elementor-24834\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d73fcfa elementor-section-stretched elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d73fcfa\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;stretch_section&quot;:&quot;section-stretched&quot;,&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31a66287\" data-id=\"31a66287\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-11d5ab4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"11d5ab4b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-5858ddde\" data-id=\"5858ddde\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7ffa221b elementor-widget elementor-widget-theme-post-title elementor-page-title elementor-widget-heading\" data-id=\"7ffa221b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"theme-post-title.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The oil industry is getting greener faster as U.S. policy shifts to climate change<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-464db08e elementor-align-left elementor-widget elementor-widget-post-info\" data-id=\"464db08e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"post-info.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-inline-items elementor-icon-list-items elementor-post-info\">\n\t\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item elementor-repeater-item-7a16641 elementor-inline-item\" itemprop=\"datePublished\">\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text elementor-post-info__item elementor-post-info__item--type-date\">\n\t\t\t\t\t\t\t\t\t\t<time>08\/03\/2021<\/time>\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59f89fbb elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"59f89fbb\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"divider.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-divider\">\n\t\t\t<span class=\"elementor-divider-separator\">\n\t\t\t\t\t\t<\/span>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-163056b9 elementor-widget elementor-widget-text-editor\" data-id=\"163056b9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"lead\"><div class=\"entry-content no-share\"><div class=\"content-inner \"><div class=\"story-block\"><p>The greening of the American oil industry has gone into overdrive.<\/p><p>Dan Yergin, IHS Markit vice chairman, said it\u2019s an important turning point for the fossil fuel sector, which has been anticipating big changes with President Joe Biden\u2019s climate-focused, clean energy policies.<\/p><p>\u201cThe oil and gas industry is calibrating itself to what has become the new benchmark \u2014 net zero carbon by 2050. There\u2019s a lot of variation in strategies and thinking about what will be\u00a0the new map to get there,\u201d said Yergin. \u201cBut the\u00a0big cross-cutting\u00a0themes that jump out this week are hydrogen, carbon capture, \u00a0innovation \u2014 and the need for large companies with engineering capabilities that can operate at scale \u2014 which is where the oil and gas industry happens to be.\u201d<\/p><p>Yergin was speaking from the annual CERAWeek by IHS Markit energy conference, held virtually this year, and he said a hot topic at the conference among energy producers this week was how to reduce their carbon footprint long term.<\/p><p>The chief executive officers from\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/BP.-GB\" target=\"_blank\" rel=\"noopener\">BP,<\/a>\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/XOM\" target=\"_blank\" rel=\"noopener\">ExxonMobil<\/a>,\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/CVX\" target=\"_blank\" rel=\"noopener\">Chevron,<\/a>\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/OXY\" target=\"_blank\" rel=\"noopener\">Occidental Petroleum<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/COP\" target=\"_blank\" rel=\"noopener\">ConocoPhillips<\/a>\u00a0spoke about the industry transition to a lower carbon world. Exxon separately holds its investor day Wednesday and is likely to cover the same ground.<\/p><p>Occidental Petroleum CEO VIcki Hollub told the conference her goal is to produce net zero carbon oil. She said that in 15 to 20 years, Occidental will be a carbon management company, not just an an oil company. Carbon, a byproduct of fossil fuels, is blamed for accelerating climate change<\/p><p>\u201cWith respect to the Biden administration, I would say the good thing is the Biden administration and President Biden understand and know how important carbon capture and sequestration to mitigate the impact of climate change,\u201d said Hollub. \u201cThey know that. I believe they\u2019re going to take steps to address it. This is a big opportunity for them. It\u2019s a big opportunity to make a huge difference for the United States and be a leader in the world.\u201d<\/p><p>The oil and gas industry has already been moving toward a cleaner future, even as the U.S. sat out of international climate discussions during the Trump administration. Biden immediately put the U.S. back into the Paris climate agreement.<\/p><p>He also created the position of special presidential envoy for climate and named former Secretary of State John Kerry to the post. Kerry spoke at the conference Tuesday morning. Energy Secretary Jennifer Granholm speaks Wednesday morning.<\/p><div class=\"group\"><p>Last year\u2019s CERAWeek conference was canceled due to the pandemic, and the price of oil was plummeting. Energy stocks took a major hit and some still have not recovered, but oil prices have been rising and the stocks have benefitted.<\/p><p>BP CEO Bernard Looney told the conference he expects a boom period after vaccine rollouts result in broad immunity from Covid. In the interim, he has been focusing the company on the future.<\/p><p>\u201cWe decided to really embrace that energy transition more as an opportunity than as some sort of threat to our core business,\u201d he told the conference. BP has expanded in wind and other technology and Looney says it will be an integrated energy company in the future, rather than an international oil company.<\/p><\/div><h2 class=\"ArticleBody-subtitle\">ESG factor<\/h2><div class=\"group\"><p>Stewart Glickman, CFRA energy analyst, said companies have speeded up efforts on carbon and they are working hard to get credit from investors.<\/p><p>\u201cThat is a tangible difference that we didn\u2019t see before. They\u2019re accelerating, and they\u2019re certainly spending much more time marketing their efforts on carbon capture and a low carbon future. Before 2018, you really wouldn\u2019t hear boo about this,\u201d he said.<\/p><p>Glickman said companies could be rewarded for their efforts ultimately. Environmental, social and governance investing has also been a big driver of change.<\/p><p>\u201cMore and more dollars that are being provisionally managed seem to be following some variant of ESG strategy. It makes wallet sense,\u201d said Glickman. \u201cSome of these firms in the past haven\u2019t done enough to decrease their carbon footprint.\u201d<\/p><p>in 2020 alone,\u00a0<a href=\"https:\/\/www.cnbc.com\/2021\/02\/11\/sustainable-investment-funds-more-than-doubled-in-2020-.html\">ESG funds attracted $51.1 billion of new money,<\/a>\u00a0according to Morningstar.<\/p><p>\u00a0\u201cIt\u2019s a fight for survival in the ESG world. It\u2019s not enough now to be the cheapest barrel,\u201d said Helima Croft, head of global commodities strategy at RBC. \u201cYou have to be the greenest barrel now. \u201d<\/p><p>The S&amp;P energy sector is up less than 4% over the past 12 months, but with the recovery in oil prices, it has surged 28% this year.<\/p><p>Croft said the race to be the cleanest will ultimately pit the oil majors against their Gulf state-owned rivals from Saudi Arabia, Kuwait and the United Arab Emirates \u201cThat\u2019s something the national oil companies are pushing as an advantage. \u2018Not only are we the cheapest, but the greenest,\u2019\u201d she said.<\/p><\/div><h2 class=\"ArticleBody-subtitle\">ExxonMobil investor day<\/h2><div class=\"group\"><p>At ExxonMobil\u2019s investor day, Glickman expects one topic of interest to be the dividend.<\/p><p>\u201cThe growth investor fled a long time ago. What they have left is the income investor. They\u2019re trying their best to hold onto them,\u201d he said.<\/p><p><a href=\"https:\/\/www.cnbc.com\/quotes\/XOM\" target=\"_blank\" rel=\"noopener\">Exxon Mobil<\/a>\u00a0announced\u00a0<a href=\"https:\/\/www.cnbc.com\/quotes\/xom?qsearchterm=xom\">two board seat changes Monday,<\/a>\u00a0including activist investor and ESG proponent Jeff Ubben, in a sign that the company is confronting the changes weighing on it as the world moves toward cleaner energy.<\/p><p>Glickman said Exxon\u2019s plans for carbon does matter to investors. \u201cI think the jury is still out. What seems to be driving the business is what does your balance sheet look like? What\u2019s your operating cash flow look like?\u201d he said. \u201cCan you sustain your dividend? Are you able to get the production you want without having to spend too much in terms of capex dollars? Those are first and foremost in terms of what investors want to know.\u201d<\/p><p>But they will also want to know about Exxon\u2019s renewables business and its low carbon solutions business, which CEO Darren Woods discussed Tuesday.<\/p><p>Goldman Sachs on Tuesday reiterated its buy rating on Exxon and raised its price target to $61 from $59. Exxon stock closed at $56.07 per share Tuesday.<\/p><p>The Goldman analysts said investors will want to hear about Exxon\u2019s production plans, capex and the impact of the Texas storms. \u201cWe believe investors are looking for more clarity on how the company will drive a meaningful reduction in carbon levels as well as position itself for success in the next decade in the energy transition,\u201d the Goldman analysts said.<\/p><p>Woods said the company is making progress on its carbon effort and is gaining momentum. For instance, the U.S. and other governments are recognizing the role of carbon capture and storage, technology has improved to make the economics work better, and there are investors looking to move into the space.<\/p><p>\u201cWe\u2019ve been doing research for over a decade on carbon capture and storage to try to make that more economic, more effective, to allow us to capture the emissions that are generated in power generation, and or industrial applications,\u201d said Woods.<\/p><p>He said a government role would be helpful to supply a regulatory framework that could provide the industry with certainty so it could make appropriate investments.<\/p><p>\u201cGetting a market price on carbon is going to be really important, to make sure we\u2019re using market forces to try to most cost effectively reduce CO2 emissions. I would also say government should not pick winners and losers. They should not pick the sectors,\u201d he said. \u201cInstead open it up and have credits.\u201d Credits could be generated from business areas where it\u2019s possible to reduce carbon and used to help offset areas where it\u2019s more difficult.<\/p><\/div><h2 class=\"ArticleBody-subtitle\">Occidental\u2019s net zero plan<\/h2><div class=\"group\"><p>Hollub said she expects Occidental to ultimately produce net zero carbon oil.<\/p><p>\u2019What I think that people don\u2019t understand is we should not be talking about eliminating fossil fuels. What we really need to be talking about is eliminating emissions and if we can provide and we will,\u201d she said. \u201cNet carbon zero oil that is what the world needs and the world cannot achieve the goals &#8230; of the Paris accord without the oil industry helping with that. We can be leaders in that.\u201d<\/p><p>Hollub said Occidental is helping other companies reduce carbon. She said Occidental has signed up to take carbon from two ethanol plans and sequester it in the Permian basin. The company also plans to take CO2 from a steel plant in Colorado and sequester it in the Permian.<\/p><p>\u00a0\u201cWe\u2019re going to be building what will be the largest direct air capture facility in the Permian and partnering with us to do that is United Airlines because they also have a commitment and focus on getting to net zero by 2050.<\/p><p>Source: <a href=\"https:\/\/www.cnbc.com\/world\/?region=world\">CNBC<\/a><\/p><\/div><\/div><\/div><\/div><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-563edf59\" data-id=\"563edf59\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t<div class=\"elementor-background-overlay\"><\/div>\n\t\t\t\t\t\t<div class=\"elementor-element 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role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-linkedin-in elementor-animation-push elementor-repeater-item-f5eda18\" href=\"https:\/\/www.linkedin.com\/showcase\/stocexpo-&#038;-tank-storage\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Linkedin-in<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-linkedin-in\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t\t\t<span class=\"elementor-grid-item\" role=\"listitem\">\n\t\t\t\t\t<a class=\"elementor-icon elementor-social-icon elementor-social-icon-instagram elementor-animation-push elementor-repeater-item-b98d648\" href=\"https:\/\/www.instagram.com\/stocexpo_tankstorage_events\/\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-screen-only\">Instagram<\/span>\n\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fab fa-instagram\"><\/i>\t\t\t\t\t<\/a>\n\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The greening of the American oil industry has gone into overdrive. Dan Yergin, IHS Markit vice chairman, said it\u2019s an important turning point for the fossil fuel sector, which has been anticipating big changes with President Joe Biden\u2019s climate-focused, clean energy policies. \u201cThe oil and gas industry is calibrating itself to what has become the [&hellip;]<\/p>\n","protected":false},"author":85,"featured_media":24836,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_header_footer","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"The oil industry is getting greener faster as U.S. policy shifts to climate change | StocExpo ","_seopress_titles_desc":"The oil industry is getting greener faster as U.S. policy shifts to climate change. Find out more here, and catch-up with the latest industry news with StocExpo.","_seopress_robots_index":"","footnotes":""},"categories":[322,268],"tags":[],"edition":[],"class_list":["post-24834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homepage","category-in-the-news"],"_links":{"self":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/24834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/users\/85"}],"replies":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/comments?post=24834"}],"version-history":[{"count":0,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/posts\/24834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media\/24836"}],"wp:attachment":[{"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/media?parent=24834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/categories?post=24834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/tags?post=24834"},{"taxonomy":"edition","embeddable":true,"href":"https:\/\/www.stocexpo.com\/en\/wp-json\/wp\/v2\/edition?post=24834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}