DOCSLIB.ORG

Review of Industry Associations and Initiatives March 2020 Introduction Background

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Review of Industry Associations and Initiatives March 2020 Introduction Background Review of industry associations and initiatives March 2020 Introduction Background Climate change is among the biggest challenges of our inside of associations through dialogue and discussions, Equinor is a broad energy company committed to actively in some associations than in others, but time. It is a clear call for action. Achieving the ambitions of and we will voice our concerns when we as a member developing its business in support of the ambitions of the we recognise that our membership in associations the Paris Agreement and the United Nations Sustainable find misalignment with an industry association on climate Paris Agreement. We are building a high value and lower give important arenas for development of policy Development Goals will require significant efforts from related policy. In cases of material misalignment, we are carbon oil and gas portfolio, establishing an industrial recommendations, including climate regulations. We across society - from individuals, companies, governments, prepared to exit the association. position in renewables and embedding climate risk into believe that aligning our contribution and positions as associations, multilateral institutions and civil society. our investments and decision-making. We are committed an industry, across companies and associations, will Equinor believes it is a good business strategy to ensure to supporting public policies aimed at combatting be key to supporting the energy transition. In line with Industry associations represent valuable partners for our competitiveness and drive change towards a low-carbon climate change by reducing global greenhouse gas this belief, we signed a joint statement with the investor industry and Equinor is engaged in associations across future, based on a strong commitment to value creation (GHG) emissions. group Climate Action 100+ in April 2019, announcing the world. These associations develop and maintain good for shareholders. February 2020 we presented our our commitment to strengthen our climate leadership. industry standards and promote safety and sustainable new Climate Roadmap with a series of short-, mid- and Achieving the ambitions of the Paris Agreement will As part of this commitment, Equinor will ensure that all operations. They also play an important role to reduce long-term ambitions to reduce our own greenhouse gas require significant efforts across society, from policy memberships in relevant industry associations are in line industry emissions, develop new technologies and facilitate emissions and to shape our portfolio in line with the Paris makers to consumers, from individual companies to with the company’s support for the goals of the Paris alignment of engagement with society. Agreement. industry associations. At Equinor, we believe adopting Agreement. a collaborative approach is fundamental to tackle the Industry associations attract members from across Equinor is dedicated to openness and collaboration. We challenges of climate change and we work closely with This report describes the outcome of our review and industries and geographies, and it is sometimes hard to value the relationship with our industry associations and peers and partners to contribute to solve this global actions we have taken where inconsistencies are found. attain consensus and unified recommendations on climate seek to reinforce the positive role that the associations challenge. Equinor will, in the future continue to assess and report policy measures. Our participation in industry associations should play through ongoing engagement and transparent on industry association memberships and activities on cannot oppose our views and policy positions. However, efforts. We appreciate that this review has been met with Equinor holds memberships and is engaged in numerous climate change-related topics, potential areas of material we recognise that we cannot expect all associations to positive contributions and recognition of the industry’s associations across the world. We participate more misalignment and the actions taken in that regard. fully articulate and advocate their position in line with need to drive the energy transition and help achieve the our views. We strongly believe in working issues from the goals of the Paris Agreement on climate change. Reidar Gjærum Bjørn Otto Sverdrup Senior Vice President Senior Vice President Corporate Communication Corporate Sustainability Equinor's Climate Roadmap Climate is embedded in our decision-making Profitable growth in renewables We use our voice to drive change Accelerate decarbonisation Industry leading in Equinor at the Oil and Gas Climate Initiative event in New York September 2019; bringing business, academia and stakeholders together. carbon e iciency Photo: Faisal Bachlani, Equinor. 2 Review of industry associations Review of industry associations 3 Equinor’s engagement Equinor’s corporate position on in industry associations international climate change policy Equinor is globally engaged in about 90 different industry Climate change is one of the biggest challenges of our time. Equinor acknowledges associations and initiatives within energy and climate that hold an Equinor aims to: the findings of the Intergovernmental Panel on Climate Change and other scientific active policy agenda. consensus that human activities contribute to global warming. We recognise • reduce the net carbon that the world’s energy systems must be transformed in a profound way to drive At Equinor, how we deliver is as important as what we deliver. An intensity, from initial production decarbonisation, while at the same time ensuring universal access to affordable ethical business culture is the cornerstone of a sustainable company, to final consumption, of energy and clean energy and realising the United Nations Sustainable Development and our Code of Conduct is our guide to ethical business practice. produced by at least 50% by Goals. It reflects our values and our belief that conducting business in an 2050, ethical and transparent manner is not just the right way to work, it is Equinor’s purpose is to turn natural resources into energy for people and the only way to work. • grow renewable energy progress for society. This is reflected in our vision: Shaping the future of energy. Code of capacity tenfold by 2026, Our strategy – always safe, high value and low carbon – positions us to deliver The Code of Conduct includes mandatory requirements for developing as a global offshore long term value in a low carbon future. Hence, we are developing to become a Conduct everyone who works on behalf of Equinor. These requirements wind major, and broader energy company. include rules for not using company funds or resources to support any political candidates or party, and to ensure that all contracts • strengthen its industry leading Our three sustainability priorities - responsible operations; climate change and with lobbyists impose an obligation to disclose that the lobbyist position on carbon efficient energy transition; and creating shared value - are embedded in our strategy. represents Equinor. production, aiming to reach These priority areas reflect our main contributions to and impact on society and carbon neutral global entail significant business risks and opportunities. operations by 2030. We need forceful actions to advance the needed energy transition, enabling us to combat climate change while promoting affordable access to energy that enables economic growth in the context of sustainable development. Our ambitions are laid out in our climate roadmap at www.equinor.com. Equinor’s Code of Conduct requirements for Public Affairs Policy measures must: We will make Equinor’s position known on important What this means to you industry matters through proactive engagement • Do not use company funds or resources to support any • target the most significant greenhouse gas sources, • promote research and development through public with government policy makers and other political candidates or party. Never use your position in measures that stimulate investments in energy stakeholders, such as the media, civil society and Equinor to try to influence any person to make political • be predictable, transparent and internationally efficiency, renewable energy, carbon capture, international institutions. However, we will not make contributions. aligned, to trigger investments and innovation, utilisation and sequestration, hydrogen and other low gifts, donations or otherwise support political parties carbon solutions, and or individual politicians. We may nevertheless be • Ensure that all contracts with lobbyists impose an obligation • phase out subsidies on fossil fuels that exacerbate members of interest organisations relevant for our to disclose to any external party they wish to influence that climate change and undermine the effects of other • adopt carbon pricing that can deliver material and industry that support political parties or certain the lobbyist represents Equinor. policy measures, such as carbon pricing and efforts cost-efficient greenhouse gas emission reductions political issues. to achieve sustainable development, and a scale-up of investment in sustainable natural • If you choose to participate in political activities or give any carbon sinks. Any hiring of lobbyists will be in accordance with public contributions, this must be personal and not linked to applicable law and subject to full disclosure to Equinor. any external party they wish to influence that the lobbyist represents Equinor.
Load more

Recommended publications
  • Oil Shale and Tar Sands
    Fundamentals of Materials for Energy and Environmental Sustainability Editors David S. Ginley and David Cahen Oil shale and tar sands James W. Bunger 11 JWBA, Inc., Energy Technology and Engineering, Salt Lake City, UT, USA 11.1 Focus 11.2 Synopsis Tar sands and oil shale are “uncon- Oil shale and tar sands occur in dozens of countries around the world. With in-place ventional” oil resources. Unconven- resources totaling at least 4 trillion barrels (bbl), they exceed the world's remaining tional oil resources are characterized petroleum reserves, which are probably less than 2 trillion bbl. As petroleum becomes by their solid, or near-solid, state harder to produce, oil shale and tar sands are finding economic and thermodynamic under reservoir conditions, which parity with petroleum. Thermodynamic parity, e.g., similarity in the energy cost requires new, and sometimes of producing energy, is a key indicator of economic competitiveness. unproven, technology for their Oil is being produced on a large commercial scale by Canada from tar sands, recovery. For tar sands the hydrocar- and to a lesser extent by Venezuela. The USA now imports well over 2 million barrels bon is a highly viscous bitumen; for of oil per day from Canada, the majority of which is produced from tar sands. oil shale, it is a solid hydrocarbon Production of oil from oil shale is occurring in Estonia, China, and Brazil albeit on called “kerogen.” Unconventional smaller scales. Importantly, the USA is the largest holder of oil-shale resources. oil resources are found in greater For that reason alone, and because of the growing need for imports in the USA, quantities than conventional petrol- oil shale will receive greater development attention as petroleum supplies dwindle.
    [Show full text]
  • Statoil ASA Statoil Petroleum AS
    Offering Circular A9.4.1.1 Statoil ASA (incorporated with limited liability in the Kingdom of Norway) Notes issued under the programme may be unconditionally and irrevocably guaranteed by Statoil Petroleum AS (incorporated with limited liability in the Kingdom of Norway) €20,000,000,000 Euro Medium Term Note Programme On 21 March 1997, Statoil ASA (the Issuer) entered into a Euro Medium Term Note Programme (the Programme) and issued an Offering Circular on that date describing the Programme. The Programme has been subsequently amended and updated. This Offering Circular supersedes any previous dated offering circulars. Any Notes (as defined below) issued under the Programme on or after the date of this Offering Circular are issued subject to the provisions described herein. This does not affect any Notes issued prior to the date hereof. Under this Programme, Statoil ASA may from time to time issue notes (the Notes) denominated in any currency agreed between the Issuer and the relevant Dealer (as defined below). The Notes may be issued in bearer form or in uncertificated book entry form (VPS Notes) settled through the Norwegian Central Securities Depositary, Verdipapirsentralen ASA (the VPS). The maximum aggregate nominal amount of all Notes from time to time outstanding will not exceed €20,000,000,000 (or its equivalent in other currencies calculated as described herein). The payments of all amounts due in respect of the Notes issued by the Issuer may be unconditionally and irrevocably guaranteed by Statoil A6.1 Petroleum AS (the Guarantor). The Notes may be issued on a continuing basis to one or more of the Dealers specified on page 6 and any additional Dealer appointed under the Programme from time to time, which appointment may be for a specific issue or on an ongoing basis (each a Dealer and together the Dealers).
    [Show full text]
  • Press Release
    Press Release First quarter 2021 results With results of more than $3 billion, Total fully benefits from rebound in hydrocarbon prices LNG and renewables represent one-third of results Change Change 1Q21 1Q20 1Q19 vs 1Q20 vs 1Q19 Oil price - Brent ($/b) 61.1 50.1 +22% 63.1 -3% Average price of LNG ($/Mbtu) 6.1 6.3 -4% 7.2 -16% Variable cost margin - Refining Europe, VCM ($/t) 5.3 26.3 -80% 33.0 -84% Adjusted net income (Group share)1 - in billions of dollars (B$) 3.0 1.8 69% 2.8 +9% - in dollars per share 1.10 0.66 +68% 1.02 +8% DACF1 (B$) 5.8 4.3 +34% 6.3 -8% Cash Flow from operations (B$) 5.6 1.3 x4.3 3.6 +54% Net income (Group share) of 3.3 B$ in 1Q21 Net-debt-to-capital ratio of 19.5% at March 31, 2021 vs. 21.7% at December 31, 20202 Hydrocarbon production of 2,863 kboe/d in 1Q21, a decrease of 7% compared to 1Q20 First 2021 interim dividend set at 0.66 €/share 2 Paris, April 29, 2021 - The Board of Directors of Total SE, meeting on April 28, 2021, under the chairmanship of Chairman and Chief Executive Officer Patrick Pouyanné, approved the Group's first quarter 2021 accounts. On this occasion, Patrick Pouyanné said: « In the first quarter, the Group fully benefited from rising oil and gas prices, up 38% and 24%, respectively quarter-to- quarter, and its strategy to grow LNG and Renewables and Electricity.
    [Show full text]
  • Big Oil's Real Agenda on Climate Change
    Big Oil’s Real Agenda on Climate Change How the oil majors have spent $1bn since Paris on narrative capture and lobbying on climate March 2019 Big Oil’s Real Agenda on Climate Change How the oil majors have spent $1Bn since Paris on narrative capture and lobbying on climate Executive Summary .................................................................................................................................. 2 Introduction ................................................................................................................................................ 4 Detailed Results ........................................................................................................................................ 9 Big Oil and the US Elections ................................................................................................................ 17 Conclusions ............................................................................................................................................. 20 Appendix: Methodology ......................................................................................................................... 21 Appendix: Climate Scoring Profiles .................................................................................................. 22 1 InfluenceMap March 2019 Executive Summary ◼ This research finds that the five largest publicly-traded oil and gas majors (ExxonMobil, Royal Dutch Shell, Chevron, BP and Total) have invested over $1Bn of shareholder funds in the three
    [Show full text]
  • Weekly Petroleum Status Report
    Summary of Weekly Petroleum Data for the week ending September 17, 2021 U.S. crude oil refinery inputs averaged 15.3 million barrels per day during the week ending September 17, 2021 which was 1.0 million barrels per day more than the previous week’s average. Refineries operated at 87.5% of their operable capacity last week. Gasoline production increased last week, averaging 9.6 million barrels per day. Distillate fuel production increased last week, averaging 4.5 million barrels per day. U.S. crude oil imports averaged 6.5 million barrels per day last week, increased by 0.7 million barrels per day from the previous week. Over the past four weeks, crude oil imports averaged about 6.1 million barrels per day, 18.9% more than the same four-week period last year. Total motor gasoline imports (including both finished gasoline and gasoline blending components) last week averaged 1.1 million barrels per day, and distillate fuel imports averaged 184,000 barrels per day. U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 3.5 million barrels from the previous week. At 414.0 million barrels, U.S. crude oil inventories are about 8% below the five year average for this time of year. Total motor gasoline inventories increased by 3.5 million barrels last week and are about 3% below the five year average for this time of year. Finished gasoline and blending components inventories both increased last week. Distillate fuel inventories decreased by 2.6 million barrels last week and are about 14% below the five year average for this time of year.
    [Show full text]
  • Big Oil's Oily Grasp
    Big Oil’s Oily Grasp The making of Canada as a Petro-State and how oil money is corrupting Canadian politics Daniel Cayley-Daoust and Richard Girard Polaris Institute December 2012 The Polaris Institute is a public interest research organization based in Canada. Since 1997 Polaris has been dedicated to developing tools and strategies to take action on major public policy issues, including the corporate power that lies behind public policy making, on issues of energy security, water rights, climate change, green economy and global trade. Polaris Institute 180 Metcalfe Street, Suite 500 Ottawa, ON K2P 1P5 Phone: 613-237-1717 Fax: 613-237-3359 Email: [email protected] www.polarisinstitute.org Cover image by Malkolm Boothroyd Table of Contents Introduction 1 1. Corporations and Industry Associations 3 2. Lobby Firms and Consultant Lobbyists 7 3. Transparency 9 4. Conclusion 11 Appendices Appendix A, Companies ranked by Revenue 13 Appendix B, Companies ranked by # of Communications 15 Appendix C, Industry Associations ranked by # of Communications 16 Appendix D, Consultant lobby firms and companies represented 17 Appendix E, List of individual petroleum industry consultant Lobbyists 18 Appendix F, Recurring topics from communications reports 21 References 22 ii Glossary of Acronyms AANDC Aboriginal Affairs and Northern Development Canada CAN Climate Action Network CAPP Canadian Association of Petroleum Producers CEAA Canadian Environmental Assessment Act CEPA Canadian Energy Pipelines Association CGA Canadian Gas Association DPOH
    [Show full text]
  • Facts About Offshore Oil and Gas Exploration in South Australia
    The Facts about offshore oil and gas exploration in South Australia Ocean Epoch, offshore drilling rig at Sophie Jane 1, south east South Australia How offshore exploration is regulated The National Offshore Petroleum NOPSEMA is Australia’s first national Safety and Environmental regulator for health and safety, well Management Authority (NOPSEMA) integrity and environmental management was established on 1 January 2012. for offshore oil and gas operations. LEGISLATION & REGULATIONS NATIONAL: SOUTH AUSTRALIAN: • Environment Protection and • Oshore Petroleum and • Oshore Petroleum and • Petroleum (Submerged Biodiversity Conservation Act Greenhouse Gas Storage Greenhouse Gas Storage Lands) Act 1982 (SA) 1999 (Environment) Regulations (Regulatory Levies) 2009 Act 2003 • Petroleum and • Oshore Petroleum and Geothermal Energy Act Greenhouse Gas Storage • Oshore Petroleum and • Oshore Petroleum and 2000 (SA) Act 2006 Greenhouse Gas Storage Greenhouse Gas Storage (Resource Management (Regulatory Levies) • Oshore Petroleum and and Administration) Regulations 2004 Greenhouse Gas Storage Regulations 2011 (Safety) Regulations 2009 Holders must meet requirements for safety, well integrity and Regular maintenance, environmental sampling, monitoring management in and reporting accordance with relevant industry standards PERMIT Early engagement and ongoing targeted Sucient nancial consultation assurance to meet the throughout the lifetime costs, expenses and of the operation liabilities that may arise REGULATORY COMPLIANCE AND ENFORCEMENT • Prohibit specic
    [Show full text]
  • OPEC Annual Statistical Bulletin 2019 1 Contents
    2019 OPEC Annual Statistical Bulletin Organization of the Petroleum Exporting Countries 1965 – 2019 th edition 54 Team for the preparation of the OPEC Annual Statistical Bulletin Secretary General Editorial Team Chairman of the Editorial Board Head, Public Relations and Information Department Mohammad Sanusi Barkindo Hasan Hafidh Director, Research Division Editor Ayed S. Al-Qahtani Maureen MacNeill, Mathew Quinn Project Leader Coordinator, Design and Production Head, Data Services Department Carola Bayer Adedapo Odulaja Senior Production Assistant Coordinator, Statistics Team Diana Lavnick Hossein Hassani Graphic Designer Statistics Team Tara Starnegg Pantelis Christodoulides, Klaus Stöger, Mohammad Sattar, Mihni Mihnev, Justinas Pelenis, Ksenia Gutman Coordinator, IT Development Team Mohamed Mekerba IT Development Team Vedran Hrgovcic, Zairul Arifin Online Annual Statistical Bulletin 2019: asb.opec.org Download now: Smart App for OPEC Annual Statistical Bulletin iOS Android Questions on data Data queries: [email protected]. Advertising The OPEC Annual Statistical Bulletin now accepts advertising. For details, please contact the Head, PR and Information Department, at the following address: Organization of the Petroleum Exporting Countries Helferstorferstrasse 17, A-1010 Vienna, Austria Tel: +43 1 211 12/0 Fax: +43 1 216 43 20 Advertising: [email protected] Website: www.opec.org Photographs Courtesy OPEC. © 2019 Organization of the Petroleum Exporting Countries ISSN 0475-0608 Contents Foreword 5 Key messages 6 Tables Page Page Section
    [Show full text]
  • Price and Expenditure Measures of Petroleum Products: a Comparison
    Petroleum ‘ Prices Prices and Expenditures and Expenditures Price and expenditure measures of petroleum products: a comparison Price changes in petroleum products are closely correlated among the three price programs of the Bureau of Labor Statistics; changes in the BLS petroleum-product CPI also correlate with changes in consumer spending on those products, as measured by the Consumer Expenditure Survey Abby L. Duly, olitical events in oil-producing countries, tional Price Program (IPP), which measures import Jeffrey A. Harris, hurricanes in the Gulf of Mexico, and and export prices; the Producer Price Index (PPI), Ara M. increasing global demand for petroleum which measures prices received by domestic pro- Khatchadourian, P products have all contributed to sharp increases in ducers; the Consumer Price Index (CPI), which Rozi T. Ulics, and recent years in prices of crude oil and of petroleum measures consumer prices paid out of pocket; and Melissa C. Wolter products derived from crude oil. From January 2000 the Consumer Expenditure Survey (CE), which to July 2006, the average price for a gallon of measures out-of-pocket consumer expenditures. unleaded regular gasoline in the United States Chart 1 illustrates the high correlation among the increased 130.5 percent.1 Personal consumption three price indexes. (Two different PPI’s are shown.) expenditures on gasoline rose from $175.7 billion Each program has a different scope, measurement to $287.3 billion from 2000 to 2005.2 Rising prices goal, and methodology for collecting and compiling and increasing expenditures are a concern for data related to crude oil and petroleum products, consumers, business leaders, and Federal policy- and the differences among the programs must be makers.
    [Show full text]
  • LUKOIL's Market Strategy in Central and Eastern Europe 105 O Increasing the Number of Filling Stations for Petroleum Products in Russia and Other Countries
    Petroleum-Gas University of Ploiesti Vol. LXII Economic Sciences 103-110 BULLETIN No. 4/2010 Series LUKOIL’s Market Strategy in Central and Eastern Europe Mihaela Oprea Ciopi Petroleum-Gas University of Ploieşti, Bd. Bucureşti 39, Ploieşti, Romania e-mail: [email protected] Abstract The economic environment has undergone significant development over the past 20 years marked, in particular, by the globalization of the economy and increased competitiveness. The large oil corporations significantly influence national economies and the global economy in general, as a result of their huge financial power and their profit-oriented corporate management, by identifying the most appropriate strategies and the most effective methods of business management . Currently, oil market in Central and Eastern Europe is controlled by three major players: the Austrian OMV, Hungarian MOL company and the Russian company LUKOIL, whose investment strategies and policies contributed to a decisive extent to the development and consolidation of oil industry in the countries in this area, thus in Romania too. In this context, the paper aims to analyze the strategy of developing and consolidating LUKOIL’s position on this market. Key words: strategic alliance, a global energy player, offensive strategy, territorial expansion JEL Classification: M10 Introduction The greatest oil corporations significantly influence national economies and the global economy in general, the effect of their huge financial power and corporate management oriented to increase profit by identifying the most appropriate strategies and the most effective methods of business management. These elements underpin the development of management as a science and was later taken over and adapted by national companies.
    [Show full text]
  • Royal Dutch Shell Report on Payments to Governments for the Year 2018
    ROYAL DUTCH SHELL REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2018 This Report provides a consolidated overview of the payments to governments made by Royal Dutch Shell plc and its subsidiary undertakings (hereinafter refer to as “Shell”) for the year 2018 as required under the UK’s Report on Payments to Governments Regulations 2014 (as amended in December 2015). These UK Regulations enact domestic rules in line with Directive 2013/34/EU (the EU Accounting Directive (2013)) and apply to large UK incorporated companies like Shell that are involved in the exploration, prospection, discovery, development and extraction of minerals, oil, natural gas deposits or other materials. This Report is also filed with the National Storage Mechanism (http://www.morningstar.co.uk/uk/nsm) intended to satisfy the requirements of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority in the United Kingdom This Report is available for download from www.shell.com/payments BASIS FOR PREPARATION - REPORT ON PAYMENTS TO GOVERNMENTS FOR THE YEAR 2018 Legislation This Report is prepared in accordance with The Reports on Payments to Governments Regulations 2014 as enacted in the UK in December 2014 and as amended in December 2015. Reporting entities This Report includes payments to governments made by Royal Dutch Shell plc and its subsidiary undertakings (Shell). Payments made by entities over which Shell has joint control are excluded from this Report. Activities Payments made by Shell to governments arising from activities involving the exploration, prospection, discovery, development and extraction of minerals, oil and natural gas deposits or other materials (extractive activities) are disclosed in this Report.
    [Show full text]
  • Cash Flows of Five Oil Majors Can't Cover Dividends, Buybacks
    Kathy Hipple, Financial Analyst 1 Clark Williams-Derry, Energy Finance Analyst Tom Sanzillo, Directory of Finance January 2020 Living Beyond Their Means: Cash Flows of Five Oil Majors Can’t Cover Dividends, Buybacks Companies Are Using Stopgap Asset Sales and New Long- Term Debt to Bridge Chronic Shortfalls for Funding Shareholder Dividends Since 2010, the world’s largest oil and gas companies have failed to generate enough cash from their primary business – selling oil, gas, refined products and petrochemicals – to cover the payments they have made to their shareholders. ExxonMobil, BP, Chevron, Total, and Royal Dutch Shell (Shell), the five largest publicly traded oil and gas firms, collectively rewarded stockholders with $536 billion in dividends and share buybacks since 2010, while generating $329 billion in free cash flow over the same period.1 (See Table 1.) The companies made up the $207 billion cash shortfall—equal to 39 percent of total shareholder distributions—primarily by selling assets and borrowing money. Table 1: Five Supermajors: Free Cash Flow, Shareholder Distributions, Cash Deficits, 2010 – 3Q 2019 (Billion $USD) Dividends and Free Cash Flow Deficit Buybacks Exxon-Mobil $137.8 $202.3 ($64.5) BP $13.2 $62.9 ($49.7) Chevron $47.3 $90.5 ($43.1) Total SA $29.4 $56.4 ($27.0) Shell $101.0 $123.9 ($22.9) Sum, 5 Supermajors $328.7 $535.9 ($207.2) Source: IEEFA, based on company financial reports. Totals may not add due to rounding. This practice reflects an underlying weakness in the fundamentals of contemporary oil and gas business models: revenues from the supermajors’ operations are not covering their core operational expenses and capital expenditures.
    [Show full text]