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Energy giants are choosing the oil patch over green ventures
Washington Examiner ^ | February 12, 2023 03:00 AM | Jeremy Beaman, Energy and Environment Reporter

Posted on 02/12/2023 7:17:31 AM PST by E. Pluribus Unum

The West's biggest energy companies are plowing tens of billions of dollars back into oil  and  gas  extraction rather than pursuing the kind of large-scale transition to green energy sought by environmentalists.

Spending plans at ExxonMobil, Chevron, BP, and Shell show the companies putting trust in returns from oil and gas, which equated to record profits this past year, over lower-carbon energy sources. In some cases, the big players are pulling back from previously planned expansions into green ventures to devote more cash to fossil fuels to get through the decade, leading some to criticize the companies for walking back on their commitments to slow climate change.

Oil and gas prices have fallen from their 2022 peaks after the invasion of Ukraine and fallout from the war sent them spiking, but tight supplies and shifting market dynamics, especially Europe's sanctioning of Russian energy exports, have driven up the value of fossil fuels in general and those sourced from friendlier nations in particular.

Exxon, which announced full-year earnings of $55.7 billion, plans to invest some $17 billion in lower-emissions ventures such as carbon capture and hydrogen between 2022 and 2027, up from $15 billion in its prior plan, CEO Darren Woods said during the company's earnings call detailing 2022 earnings.

Still, the company continues to see the most value in oil and gas. For this year alone, upstream spending, or spending geared toward oil and gas exploration and production activities, is expected to be approximate to Exxon's six-year budget for lower-carbon business opportunities.

Of the $23 billion to $25 billion in capital and exploration expenses Exxon expects in 2023, roughly half is planned for upstream activities.

(Excerpt) Read more at washingtonexaminer.com ...


TOPICS: Business/Economy
KEYWORDS: extraction; gas; gasextraction; oil

1 posted on 02/12/2023 7:17:31 AM PST by E. Pluribus Unum
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To: E. Pluribus Unum
They say this like it’s a bad thing.
2 posted on 02/12/2023 7:20:12 AM PST by rlmorel ("If you think tough men are dangerous, just wait until you see what weak men are capable of." JBP)
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To: E. Pluribus Unum

I expect our war-mongering masters to put an end to permitting expansion of fossil fuels.


3 posted on 02/12/2023 7:20:28 AM PST by BobL
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To: E. Pluribus Unum

Wars require lots of gas and diesel don’t they?


4 posted on 02/12/2023 7:22:13 AM PST by goodnesswins (The Chinese are teaching calculus to their 3rd graders wh to sile ours are trying to pick a pronoun.)
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To: BobL

5 posted on 02/12/2023 7:22:32 AM PST by E. Pluribus Unum (The worst thing about censoprship is ████ █ ██████ ███████ ███ ██████ ██ ████████. FJB.)
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To: E. Pluribus Unum

Green now means SCAM


6 posted on 02/12/2023 7:24:52 AM PST by butlerweave
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To: E. Pluribus Unum
One works and the other doesn't. The choice is easy.

7 posted on 02/12/2023 7:33:10 AM PST by BitWielder1 (I'd rather have Unequal Wealth than Equal Poverty.)
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To: BitWielder1

Since when was “it doesn’t work” an impediment to out Left choosing a policy direction?


8 posted on 02/12/2023 7:37:50 AM PST by FreedomPoster (Islam delenda est)
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To: E. Pluribus Unum

Why did they ever put so much as a plug nickel into any of that green crap? Its only profitable at all with massive government subsidies. Everybody knows its a scam.


9 posted on 02/12/2023 8:09:39 AM PST by FLT-bird
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To: FLT-bird

You answer your own question. Government taxes, it borrows and spends, with many getting their payoffs as it flows. They don’t care if it works. They only care IF IT PAYS.


10 posted on 02/12/2023 9:03:26 AM PST by Glad2bnuts ("People who didn't take take the Jab have -0- regrets, those who did may be SADS.)
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To: E. Pluribus Unum

I invest mainly in large cap companies that steadily pay decent dividends. Most make products or services that are needed in good times and bad.

As such, I have holdings in a number of the oil majors and oil/gas pipeline companies. Many of we retired folks own energy stocks, so the leftist greens who try to beat down energy companies are endangering our retirement incomes.


11 posted on 02/12/2023 9:07:05 AM PST by RicocheT
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To: butlerweave

“Green now means SCAM”

It has been a SCAM from the beginning.


12 posted on 02/12/2023 9:37:38 AM PST by Four of Six
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To: E. Pluribus Unum

Green is not only a scam but an impossibility.

New geological study proves that the green energy movement is impossible to achieve
https://freerepublic.com/focus/f-chat/4130426/posts

original:
New geological study proves that the green energy movement is impossible to achieve - American Thinker
https://www.americanthinker.com/blog/2023/02/new_geological_study_proves_that_the_green_energy_movement_is_impossible_to_achieve.html


13 posted on 02/12/2023 9:51:16 AM PST by PIF (They came for me and mine ... now its your turn)
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To: E. Pluribus Unum

Well,common sense may be beginning to reign superior! Now if we could just get the Biden administration to pull their heads out of their butts. How much can we save by NOT subsidizing the wind generator & solar installations? Right now, this could be a vital added bonus.


14 posted on 02/12/2023 11:08:26 AM PST by oldtech
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To: E. Pluribus Unum

Well,common sense may be beginning to reign superior! Now if we could just get the Biden administration to pull their heads out of their butts. How much can we save by NOT subsidizing the wind generator & solar installations? Right now, this could be a vital added bonus.


15 posted on 02/12/2023 11:35:59 AM PST by oldtech
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To: E. Pluribus Unum

We have only drilled a few miles into the Earth. Our present, known reserves of hydrocarbons (oil and natural gas) are hundreds of years usage. There are oceans of hydrocarbons on the moons of Jupiter and Saturn.

Inexpensive, abundant energy equals more freedom and more choices. Which is exactly why the democRATS hate and demonize it.

DemocRATS create artificial shortages in order to not let a man made crisis go to waste. In the Kalifornia Sierra Mountains the snowpack is at 250% of normal,but the democRATS will not save, store the water when the snow melts. Snail darters, delta smelts, and salmon are more important than living, breathing humans.


16 posted on 02/12/2023 1:41:36 PM PST by Ronaldus Magnus III (Do, or do not, there is no try)
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To: Ronaldus Magnus III

There is so much oil and gas here in the USA that the democrats are doing their best to block us from using it...!


17 posted on 02/12/2023 5:41:14 PM PST by minnesota_bound (Need more money to buy everything now)
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