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Bankers and Investors Finding Fracking Industry’s Underlying Models Prove Overly Optimistic
Bankers and Investors Finding Fracking Industry’s Underlying Models Prove Overly Optimistic Warren Buffet has a famous quote about investing: “Only when the tide goes out do you discover who’s been swimming naked.” When it comes to his $10 billion investment in Occidental Petroleum, Buffett will need to take that one to heart now that other investors have sued Occidental for the merger financed […]
DC Is the Latest to Sue Exxon and Big Oil for Climate Disinformation Campaigns
DC Is the Latest to Sue Exxon and Big Oil for Climate Disinformation Campaigns Washington, D.C. is suing the four largest investor-owned oil and gas companies — BP, Chevron, ExxonMobil, and Shell — for allegedly misleading consumers about climate change, including historically undermining climate science and even now using deceptive advertising about the companies’ role in leading solutions to the climate crisis. […]
From Hurricane Maria to COVID, Gas Lobbyist-turned-Trump Energy Lawyer Uses Crises as ‘Opportunity’
From Hurricane Maria to COVID, Gas Lobbyist-turned-Trump Energy Lawyer Uses Crises as ‘Opportunity’ Among a string of recent environmental rollbacks, President Donald Trump’s U.S. Department of Energy (DOE) aims to vastly narrow the scope of environmental reviews for those applying for liquefied natural gas (LNG) export permits. The proposal has been guided by Bill Cooper, a former oil and […]
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits
Big Oil Fears Keystone XL Ruling Means End of Easy Pipeline Permits On April 15, Judge Brian Morris nullified water-crossing permits in Montana that were granted for the Keystone XL, a major setback for the long-embattled tar sands oil pipeline. The ruling came just days after Keystone XL owner TC Energy, formerly known as TransCanada, obtained billions of dollars in subsidies from the Alberta government […]
The Syrian Job: Uncovering the Oil Industry’s Radioactive Secret
The Syrian Job: Uncovering the Oil Industry’s Radioactive Secret Cancerous lesions have developed across Keith MacDonald’s body and his son is dead from leukemia. His life has disintegrated, and in his eyes fault lies with the third richest company on earth. It is headquartered in the Netherlands, incorporated in the United Kingdom, and is an […]
New Satellite Data Reveals Dangerous Methane Emissions in Permian Region
New Satellite Data Reveals Dangerous Methane Emissions in Permian Region New research based on satellite data confirms that the oil and gas industry in the Permian region of Texas and New Mexico is leaking record amounts of methane. The new research published in the journal Science Advances found that methane emissions in the Permian Basin were equivalent […]
‘We Need Water Before Oil’: Kenyan Communities Scarred by Chinese Oil Exploration
‘We Need Water Before Oil’: Kenyan Communities Scarred by Chinese Oil Exploration The repeated honking of a speeding Tawakul shuttle announces the return of travellers to Merti from distant towns at dusk. It also marks the close of another searing and slow day in this part of northern Kenya. Idling villagers’ faces are suddenly lit by […]
Oil, Gas, Petrochemical Financial Woes Predate Pandemic — And Will Continue After, Despite Bailouts, Report Finds
Oil, Gas, Petrochemical Financial Woes Predate Pandemic — And Will Continue After, Despite Bailouts, Report Finds The oil, gas, and petrochemical industries have taken a massive financial blow from the COVID-19 pandemic, a new report from the Center for International Environmental Law (CIEL) concludes, but its financial troubles preexisted the emergence of the novel coronavirus and are likely to extend […]
Is the U.S. Fracking Boom Based on Fraud?
Is the U.S. Fracking Boom Based on Fraud? In a 2016 interview with Fraud Magazine, former Enron CFO Andrew Fastow explained what he thought made him so successful while at the former energy corporation that’s now infamous for financial scandal. “I think my ability to do structured financing, to finance things off-balance sheet and to find ways to manipulate […]
Peak Permian Oil Production May Arrive Much Sooner Than Expected
Peak Permian Oil Production May Arrive Much Sooner Than Expected In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico. “We think we are at or near peak Permian,” Waterous told Bloomberg. “The […]
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits As oil prices plummet, oil bankruptcies mount, and investors shun the shale industry, America’s top oil field — the Permian shale that straddles Texas and New Mexico — faces many new challenges that make profits appear more elusive than ever for the financially failing shale oil industry. […]
Argentina Wants a Fracking Boom. The US Offers a Cautionary Tale
Argentina Wants a Fracking Boom. The US Offers a Cautionary Tale Argentina’s President Alberto Fernandez takes office in the midst of an economic crisis. Like his predecessor, he has made fracking a centerpiece of the country’s economic revival. Argentina has some of the largest natural gas and oil reserves in the world and “possibly the most […]
Massachusetts Sues ExxonMobil For Climate Disinformation, Greenwashing
Massachusetts Sues ExxonMobil For Climate Disinformation, Greenwashing Massachusetts filed a lawsuit against ExxonMobil today over the company’s misinformation campaign to delay action to address climate change. Attorney General Maura Healey told reporters in a press conference today that “Exxon has fought us every step of the way,” and was “completely uncooperative,” noting that the company failed to comply […]
Will the Fracking Revolution Peak Before Ever Making Money?
Will the Fracking Revolution Peak Before Ever Making Money? This week, the Wall Street Journal highlighted that the U.S. oil and gas shale industry, already struggling financially, is now facing “core operational issues.” That should be a truly frightening prospect for investors in American fracking operations, but one which DeSmog has long been warning of. This one line from the Journal sums up […]
Oil Industry Set Agenda During Climate Summit Meeting with Big Greens
Oil Industry Set Agenda During Climate Summit Meeting with Big Greens Last week, as climate activist Greta Thunberg addressed the United Nations Climate Action Summit, invited leaders from major environmental groups spent their day listening to the leaders of fossil fuel companies discuss how they want to respond to the climate crisis. Depending on which room you […]
