Category Archives: Oil and gas companies

Revealed: Exxon made ‘breathtakingly’ accurate climate predictions in 1970s and 80s

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Oil company drove some of the leading science of the era only to publicly dismiss global heating

The oil giant Exxon privately “predicted global warming correctly and skilfully” only to then spend decades publicly rubbishing such science in order to protect its core business, new research has found.

A trove of internal documents and research papers has previously established that Exxon knew of the dangers of global heating from at least the 1970s, with other oil industry bodies knowing of the risk even earlier, from around the 1950s. They forcefully and successfully mobilized against the science to stymie any action to reduce fossil fuel use.

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Shell expects to pay about $2bn in UK and EU windfall taxes for last quarter

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Firm said in October it had not paid any UK windfall taxes because of heavy investment in North Sea

Shell has revealed it expects to pay about $2bn (£1.7bn) in UK and EU windfall taxes for the final quarter of 2022 – the first time it has paid UK tax for five years.

The oil company had previously sparked anger in October when it said it had not paid any UK windfall taxes because of heavy investment in the North Sea.

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ExxonMobil launches legal challenge to EU’s windfall tax on energy firms

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US oil firm contests legal authority for ‘solidarity contribution’ to raise funds to offset soaring energy prices

ExxonMobil has launched a legal challenge against the EU in an attempt to derail the bloc’s windfall tax on the profits of energy producers.

In a high-stakes political battle as countries across Europe and the wider western world struggle with soaring energy costs and sky-high inflation, the US oil firm said it believed the EU had overreached its powers with the windfall tax.

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EU energy ministers reach agreement on gas price cap

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Months of talks end with ‘dynamic cap’ deal after Germany persuaded by global reference-price condition

EU ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.

“Mission accomplished,” said the Czech minister for trade and industry, Jozef Síkela, who chaired talks between energy ministers, adding that negotiations had not been easy.

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BP shares in Kremlin oil firm are ‘blood money’, says Zelenskiy adviser

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British oil giant had said it would ‘exit Russia’ but still owns nearly 20% of state-controlled fossil fuel firm Rosneft

The chief economic adviser to the Ukrainian president, Volodymyr Zelenskiy, has called on BP to exit Russia entirely after the fossil fuel firm was offered a £580m dividend by the oil giant Rosneft.

Oleg Ustenko has written to BP’s chief executive, Bernard Looney, to demand the British company cuts ties with the state-controlled Russian firm nine months after announcing its intention to leave the country.

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Millions of UK households to pay more for energy from April

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Jeremy Hunt expected to use autumn statement to announce rise in household energy price cap to as much as £3,100

Millions of UK households will pay more for their energy from next April under plans to cut the generosity of the government’s gas and electricity support scheme expected to be announced by Jeremy Hunt on Thursday.

The chancellor is likely to use his autumn statement to say the need to save money and reduce state borrowing will require the household energy price cap to rise from £2,500 to an expected £3,000 to £3,100.

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Russian oligarchs and companies under sanctions are among lobbyists at Cop27

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The heavy presence of lobbyists from Moscow suggests Russia is using the climate talks to drum up business

Russian oligarchs and executives from multiple companies under international sanctions are among the lobbyists currently attending Cop27 in Sharm el-Sheikh.

Among those at the pivotal climate talks are the billionaire and former aluminium magnate Oleg Deripaska, who is under UK sanctions, and the billionaire Andrey Melnichenko, the former head of the Russian fertiliser company the EuroChem group, who has been targeted with individual sanctions by the European Union which he disputed, calling them “absurd and nonsensical”.

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Biden accuses oil companies of ‘war profiteering’ and threatens windfall tax

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A week out from US midterm elections, president pleads with energy firms to invest profits in lowering costs for American consumers

President Joe Biden has accused oil companies of “war profiteering” as he raised the possibility of imposing a windfall tax if companies don’t boost domestic production.

In remarks on Monday, just over a week away from the 8 November midterm elections, Biden criticised major oil companies for making record profits while refusing to help lower prices at the pump for American people. The president said he would look to Congress to levy tax penalties on oil companies if they don’t begin to invest some of their profits in lowering costs for American consumers.

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Major partnership between science centre Questacon and Shell to end after four decades

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Climate campaigners welcome move as community pressure over fossil fuel sponsorships and advertising grows

A 37-year partnership between fossil fuel giant Shell and Australia’s national science and technology centre Questacon – which branded and delivered science activities for children – is ending.

Canberra-based Questacon has also confirmed a four-year, $1m sponsorship deal with Japanese oil and gas company Inpex will not be renewed when it runs out at the end of the financial year.

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ExxonMobil’s record-breaking $20bn profit nearly matches Apple’s

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Oil company’s third-quarter result smashes Wall Street forecasts – as does Chevron’s £11.2bn

The US oil supermajor ExxonMobil has reported a quarterly profit of nearly $20bn (£17.3bn), $4bn more than analysts had forecast, almost matching the earnings of the tech giant Apple.

Exxon’s $19.7bn profit for the third quarter outstripped the record $17.9bn it reported for the previous quarter, as it became the latest fossil fuel producer to enjoy soaring earnings, a day after Shell announced global profits of $9.5bn between July and September.

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Australian schools science roadshow drops Santos as naming rights sponsor

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Exclusive: Organiser says income from gas company was tied to deal and ‘we are now searching for a new sponsor’

Organisers of a nationwide schools science roadshow say they have dropped gas company Santos as its main sponsor after a senior climate scientist said the fossil fuel funding was inappropriate.

The Science Schools Foundation, which runs the Santos Science Experience, told Guardian Australia its board had decided not to renew the gas company as its naming rights sponsor for next year.

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Shell doubles its profits to $9.5bn as call for windfall tax grows

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Oil giant to boost dividends as firm continues to benefit from energy price spike after Ukraine invasion

Shell has reported profits of nearly $9.5bn (£8.2bn) between July and September, more than double the amount it made during the same period a year earlier, as it said it would increase its payments to shareholders.

The oil company continued to benefit from soaring energy prices prompted by Russia’s invasion of Ukraine, but it was not able to match the record $11.5bn profit it earned between April and June, because of weaker refining and gas trading.

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‘Monstrous’ east African oil project will emit vast amounts of carbon, data shows

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Experts say crude oil pipeline from Uganda to Tanzania will produce 25 times host nations’ combined annual emissions

An oil pipeline under construction in east Africa will produce vast amounts of carbon dioxide, according to new analysis. The project will result in 379m tonnes of climate-heating pollution, according to an expert assessment, more than 25 times the combined annual emissions of Uganda and Tanzania, the host nations.

The East African crude oil pipeline (EACOP) will transport oil drilled in a biodiverse national park in Uganda more than 870 miles to a port in Tanzania for export. The main backers of the multibillion dollar project are the French oil company TotalEnergies and the China National Offshore Oil Corporation (CNOOC).

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Peak power: hydrogen to be injected into UK station for first time

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Exclusive: Joint venture with Centrica is aimed ultimately at reducing carbon intensity at the site

Hydrogen will be injected into an emergency gas-fired power station for the first time in a pilot backed by the owner of British Gas.

Centrica has invested in an industry joint venture which will trial using hydrogen at an existing “peaking plant” at its Brigg station in Lincolnshire, the Guardian can reveal.

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After eight rounds, is there space for further EU sanctions on Russia?

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Baltic states and Poland have a long shopping list, but host of others seen as cautious of new measures

• Russia-Ukraine war – latest news updates

Since Vladimir Putin launched his invasion of Ukraine, Russia has been subjected to the heaviest sanctions of any country in the world.

A fossil fuel superpower, Russia is no longer able to export coal to the European Union and will soon lose 90% of its oil sales to the bloc. In the other direction, the EU has banned the export of hundreds of goods to Russia, from hi-tech military kit and semiconductors that could aid Russia’s military, to makeup, handbags and clothes that may turn a handsome profit for Russian entrepreneurs.

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French ministers urge oil giant to raise wages as strikes continue

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Third of petrol stations struggling for fuel as striking workers call for share of oil companies’ high profits

France has told the oil giant TotalEnergies it has a duty to raise wages, as the group’s two-week standoff with striking workers drags on, disrupting petrol supplies and causing a crisis for the government.

Oil depot and refinery strikes at the French group and the US group ExxonMobil have reduced France’s petrol output by more than 60% in recent days, with one in three petrol stations struggling for fuel. Industrial action spread this week to other energy companies including the nuclear power group EDF, where some workers resumed their sporadic industrial action of recent months.

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Oil pipeline to Germany partly shut after leak found in Poland

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Cause of leak in Druzhba line, which supplies oil from Russia, not yet known, says operator

The Druzhba oil pipeline linking Russia and Germany has been partly shut after a leak was discovered in Poland, the Polish operator Pern said on Wednesday.

“The cause of the incident is not known for the moment. Pumping in the affected line was immediately stopped. Line 2 of the pipeline is functioning normally,” the operator said.

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British Museum urged to drop BP sponsor deal for Egypt exhibition

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Brian Eno, Ahdaf Soueif and Miriam Margolyes sign open letter about exhibition opening shortly before Cop27

Campaigners including the musician Brian Eno, the author Ahdaf Soueif and the actor Miriam Margolyes have criticised BP’s sponsorship of an exhibition of Egyptian artefacts at the British Museum.

The exhibition opens shortly before the critical Cop27 climate summit in the Egyptian resort of Sharm el Sheikh this November.

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France’s oil strikes push on as petrol station queues worsen

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The country’s total refinery output has been reduced by more than 60% over the past two weeks

Long tailbacks of vehicles continued to grow outside French service stations on Sunday as petrol supply was hit by pay strikes at refineries run by the oil giants, TotalEnergies and ExxonMobil.

The leftwing CGT union is leading a refinery workers’ strike for better pay during the cost-of-living crisis, and for a share of companies’ high profits.

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Tory MPs angrily challenge Rees-Mogg’s fracking revival plan

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Energy secretary considers bypassing local planning rules as backbenchers voice opposition

Ministers face a furious backlash from Conservative MPs after overturning a manifesto pledge to pause fracking until it is proved safe, and then indicating drilling could be imposed without local support.

Outlining a return to shale gas extraction in England after three years, Jacob Rees-Mogg dismissed worries about earthquakes caused by the practice as “hysteria”, claiming this was often down to a lack of scientific understanding.

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