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BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

BIG TROUBLE FOR THE BIG THREE U.S. OIL COMPANIES: Financial Disaster In Its Domestic Oil & Gas Sector

There’s no better way to describe what is taking place in the U.S. Big three Oil Companies domestic oil and gas sector than a complete and utter financial disaster. Honestly, I am not exaggerating.  The only place ExxonMobil, Chevron, and ConocoPhillips are making decent money is in their non-U.S. or International oil and gas sector.

While it’s no secret that the U.S. shale oil industry continues to be a trainwreck, the damage is now spreading deep into the financial bowels of the Big Three Oil Majors.  Unfortunately, the largest, ExxonMobil, has the worst-performing domestic oil and gas sector in the group.  So, it’s no surprise that ExxonMobil was forced to borrow money just to pay dividends.  I posted this chart in my last article on ExxonMobil:

As you can see, ExxonMobil’s long-term debt over the four-quarters (Q2-2019 to Q1 2020) increased nearly the same amount as the shortfall between the dividend payouts and the free cash flow.

However, if we look at the Big Three as a group, Q1 2020 wasn’t pretty at all.  The next chart combines ExxonMobil, Chevron, and ConocoPhillips Upstream Earnings and Capital Expenditures (CAPEX) from their U.S. sector versus their non-U.S. or International sector.  The upstream sector refers to the company’s oil and gas wells.

The Big Three suffered a net $900 million earnings loss from their U.S. upstream sector while spending a whopping $5.6 billion ($5,591 million) in CAPEX. Now compare that to the combined non-U.S. or International upstream earnings of $4.3 billion based on investing $4.6 billion in CAPEX.

…click on the above link to read the rest of the article…

THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered

THE END OF A U.S. OIL GIANT: ExxonMobil’s Days Are Numbered

ExxonMobil, the largest oil company in the U.S. and a direct descendant of John D. Rockefeller’s Standard Oil, days are numbered.  The once-great profitable oil giant is now borrowing money just to pay dividends.  How long can this charade go on?

Good question.  Now, some may believe that ExxonMobil was forced to borrow money to pay dividends due to the collapse in oil prices as a result of the global contagion.   However, the company hasn’t been able to pay shareholder dividends from its cash from operations over the past four quarters, even with much higher oil prices.

The leading culprit as to why ExxonMobil lacks the available cash to pay dividends stems from the lousy economics of its U.S. oil and gas wells, especially the company’s shale oil portfolio.  Ever since ExxonMobil ramped up its domestic shale oil production, that’s when the financial troubles at the company began to intensify.

The best way to compare ExxonMobil’s U.S. Upstream (oil and gas wells) performance, BEFORE and AFTER SHALE, is to go back to 2004.  Even though the oil price fell considerably in Q1 2020, it was higher than the oil price in 2004.  For example, ExxonMobil’s U.S. Upstream Sector earned $4.9 billion in 2004 with an average oil price of $41.51 compared to a $704 million loss on a $42.82 oil price:

Furthermore, look at the U.S. oil production differences between 2004 and Q1 2020.  According to ExxonMobil’s 2006 Annual Report, the company’s average U.S. oil production in 2004 was 414,000 barrels per day (bd) versus 699,000 bd in Q1 2020.  Even with higher oil production and similar oil price, ExxonMobil’s U.S. Upstream Earnings in Q1 2020 were dismal in comparison.  Moreover, the company invested $1.9 billion in CAPEX for all of 2004 on its U.S. oil and gas wells compared to the $2.8 billion just for Q1 2020.

…click on the above link to read the rest of the article…

Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years

Exxon Crushed By Pandemic, Reports First Quarterly Loss In 32 Years

Exxon Mobil Corp. has reported its first quarterly loss in 32 years amid oversupply conditions, a crashed economy, and a pandemic that continues to destroy petroleum demand. 

The company reported a $610 million loss for the quarter ending March 31. That is equivalent to about a 14c loss per share in 1Q versus earnings per share estimates of around 55c Y/Y. 

First-quarter results are a reminder that the worst has yet to come. Lockdowns began around mid-month, so the quarter only captured about 15 days or so of demand destruction. 

Here are some of the highlights from the 1Q earnings report:

  • 1Q production 4,046 mboe/d, +1.6% y/y, estimate 3,943 (Bloomberg Consensus)
  • 1Q capital expenditure $7.14 billion, +3.7% y/y
  • 1Q production 9,396 mmcfe/d, -5.3% y/y, estimate 8,633
  • 1Q chemical prime product sales 6,237 kt, -7.9% y/y
  • 1Q downstream petroleum product sales 5,287 kbd, -2.4% y/y
  • 1Q cash flow from operations and asset sales $6.36 billion, -25% y/y
  • 1Q refinery throughput 4,060 mb/d, +4.5% y/y 

Exxon also announced it is “reducing 2020 capital spending by 30 percent and cash operating expenses by 15 percent. Capex is now expected to be approximately $23 billion for the year, down from the previously announced guidance of $33 billion.” 

“COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” said Darren W. Woods, chairman and chief executive officer.

“While we manage through these challenging times, we are not losing sight of the long-term fundamentals that drive our business. Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry.”

…click on the above link to read the rest of the article…

Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop

Exxon Cuts 2020 Capex By 30% On Expectations For 25-30% Demand Drop

With oil trading at prices that are uneconomical even for the world’s biggest majors, on Tuesday morning Exxonmobil announced it cut its 2020 Capex by 30% and cash Opex by 15% as the CEO said he expects a record 25-30% demand drop this year.

The company said that the largest share of Capex reductions, or roughly 30% of total, would be in the Permian Basin. As a result of the spending cuts, the company will a production hit of 100,000 to 150,000 barrels/day from the Permian Basin in 2021 due to its spending reductions, CEO Darren Woods says on call with reporters, adding that in 2020 the production cut would be a modest reduction of only 15,000 barrels, which will hardly be enough an OPEC+ demanding US shale producers join the global production cuts now not in one year.

Among the other Exxon announcements:

  • Expects to meet projected investments of USD 20bln on US Gulf Coast manufacturing facilities
  • Expects to reach proposed US investments of USD 50bln over 5yrs announced in 2018
  • Mozambique project, expected later this year, has been postponed
  • Current operations onboard Liza Destiny production vessel are undisturbed
  • Capital allocation priorities remain unchanged
  • Long-term fundamentals that underpin Co’s business plans are unchanged
  • Globally, the company sees industry refinery output declining in-line with demand and storage available

We’re in a “capital-intensive commodity business that’s used to ups and downs in price cycles. However, I have to say we haven’t seen anything like what we’re experiencing today” the CEO said, concluding ominously that “these are definitely challenging times for all of us.”

Exxon’s stock price rose by 7% on the news, although it remains about 40% below levels it traded at at the start of the year. The company’s dividend yield remains a above 8% – a staggering number for what was not that long ago one of the world’s largest companies.

…click on the above link to read the rest of the article…

IEA: The Oil Glut Is Going Nowhere

IEA: The Oil Glut Is Going Nowhere

Barrels

Global oil markets will remain well supplied this year, with a possible overhang of some 1 million bpd, the head of the International Energy Agency, Fatih Bitol, told Reuters.close [x]ReplayUnmuteLoaded: 0%Progress: 0%Remaining Time -0:00CaptionsFullscreen

“Non-OPEC production is very strong. We still expect production coming from, not just United States, but also Norway, Canada, Guyana, among other countries,” Birol said, adding “Therefore, I can tell you that the markets are, in my view, very well supplied with oil, and as a result of that, we see prices remain at $65 a barrel.”

Norway is about to experience a sharp jump in oil production in the next four years, a new forecast from its Petroleum Directorate has shown. After a steady decline over several years, production is set for a 43-percent increase between 2019 and 2024, the NPD said, reaching 2.02 million bpd in 2024. This will be thanks to the start of production at the Johan Sverdrup offshore field along with several smaller fields.

In Guyana, Exxon has just begun production from the Liza-1 well. Daily output from the deepwater field should reach 120,000 bpd before the end of 2020. Exxon is also building a second production vessel that should raise the total to 220,000 bpd.

In Canada, meanwhile, oil production is also set to grow despite a government-imposed curtailment aimed at supporting prices. The curtailment was relaxed twice in 2019 and it only concerns large producers, allowing smaller ones to pump as much as they can sell. Based on this, the Canadian Conference Board recently forecast oil production in the country will be growing at 4.2 percent annually between this year and 2024.

Demand growth, however, will be slow, according to Birol.

“We are expecting a demand growth of slightly higher than 1 million barrels per day,” the top IEA man told Reuters.

This means that except sudden spikes in prices due to geopolitical factors or possible production outages in a major producer, oil prices this year will remain largely range-bound.

By Irina Slav for Oilprice.com

Canadian Oilsands Firm Denied Its Own Science On Climate Change

Canadian Oilsands Firm Denied Its Own Science On Climate Change

While Imperial Oil was calling the link between fossil fuels and global warming an ‘unproven hypothesis,’ internal reports had confirmed the connection.

SmokestacksSunset.jpg
Contradicting the company’s own assessment of CO2 from 1970, Imperial Oil’s then chairman wrote in 1998, ‘Carbon dioxide is not a pollutant but an essential ingredient of life on this planet.’ Photo by Jonathan Franson, the Canadian Press.

Oilsands giant Imperial Oil continued to call the link between fossil fuels and global temperature rise an “unproven hypothesis” decades after its own research confirmed the industry’s role in global warming, newly released documents show.

That decision made Imperial Oil, which is majority-owned by Exxon, an early supporter of an oil industry campaign of climate denial that continues to slow progress in combating the greatest existential challenge of our time. 

Brendan DeMelle, executive director of the research group DeSmog, said the documents show that as early as the 1970s Imperial Oil had confirmed the link between fossil fuels and global warming. DeSmog and the Climate Investigations Center last week published thousands of pages of official Imperial Oil documents found in an archive in Calgary.

DeMelle said that with pressure building in the late 1990s for Canadian climate change solutions that might reduce fossil fuel consumption and hurt the company’s business model, “they start talking about scientific uncertainties and doubt.”

Imperial Oil declined to provide comment for this story, instead pointing The Tyee to its website, which states that “We believe that climate change risks warrant action and it’s going to take all of us — business, governments and consumers — to make meaningful progress.” 

That was not what the company was arguing in the late 1990s, however, as its 1996 Annual Report makes clear.

…click on the above link to read the rest of the article…

Big Oil Needs to Pay for the Damage It Caused

Big Oil Needs to Pay for the Damage It Caused


protestors hold up a sign that says exxon knew

Environmental activists rally for accountability for fossil fuel companies outside of New York Supreme Court on October 22, 2019, in New York City. New York’s attorney general, Letitia James, is taking on ExxonMobil in a landmark case that accuses the oil corporation of misleading investors about the company’s financial risks from climate change.DREW ANGERER/GETTY IMAGES

This month in a Manhattan courthouse, New York State’s attorney general Letitia James argued that ExxonMobil should be held accountable for layers of lies about climate change. It’s a landmark moment—one of the  first times that Big Oil is having to answer for its actions—and James deserves great credit for bringing it to trial. But it comes with a deep irony: Under the relevant New York statutes, the only people that New York can legally identify as victims are investors in the company’s stock.

It is true that Exxon should not have misled its investors—lying is wrong, and that former CEO Rex Tillerson had to invent a fake email persona as part of the scheme (we see you, “Wayne Tracker”) helps drive home the messiness. But let’s be clear: On the spectrum of human beings who are and will be hit by the climate crisis, Exxon investors are not near the top of the list.

In fact, if the “justice system” delivered justice, the payouts for Exxon’s perfidy would go to entirely different people, because the iron law of climate is, the less you did to cause it, the more you’ll suffer.

The high-end estimate for economic damage from the global warming we’re on track to cause is $551 trillion, which is more money than exists on planet Earth.

…click on the above link to read the rest of the article…

Exxon Continues to Fund ‘Science’ Group Steeped in Climate Denial and Delay

Exxon Continues to Fund ‘Science’ Group Steeped in Climate Denial and Delay

Exxon, under chief executive Darren Woods, has continued to fund a group promoting climate denial and delay of climate action

ExxonMobil, under chief executive Darren Woods, center, has cut ties with some groups over their climate denial work, but continues to fund the American Council on Science and Health. Photo credit: Exxon via Twitter  

ExxonMobil is funding a little-known nonprofit that calls itself a “pro-science advocacy organization,” but whose scientific advisory board includes several renowned climate deniers and has worked for decades to sow doubt about the health impacts of climate change.

Records show the ExxonMobil Foundation provided grants of at least $60,000 in both 2017 and 2018 to the American Council on Science and Health (ACSH), a group that says its mission is to “publicly support evidence-based science and medicine.” 

Members of the ACSH scientific advisory board, however, include a who’s who of climate deniers, including Patrick J. Michaels, who has worked for more than 30 years on behalf of the fossil fuel industry; S. Fred Singer, who last year wrote an article for the Wall Street Journal falsely claiming that sea level rise is not caused by climate change; and William Happer, a current member of President Trump’s National Security Council who as recently as 2016 argued that carbon dioxide is not a pollutant.

Documents recently revealed in an investigation by The Guardian show ExxonMobil’s current funding of the ACSH began prior to 1999, when Exxon and Mobil merged to become Exxon Mobil Corporation, one of the largest oil companies in the world.

“ACSH is a front group for libertarian billionaires, fossil fuel companies, and basically every other industry selling dangerous products,” said Geoffrey Supran, a Harvard University researcher who in 2017 published a study that showed how Exxon’s internal memos take the climate issue seriously while its public communications emphasize doubt about the science.

 …click on the above link to read the rest of the article…

Supreme Court Blocks ExxonMobil’s Effort to Conceal Decades of Documents in Probe of Oil Giant’s Climate Deception

Supreme Court Blocks ExxonMobil’s Effort to Conceal Decades of Documents in Probe of Oil Giant’s Climate Deception

ExxonKnew protesters in T-rex costumes

The high court’s ruling means the company must hand over records to the Massachusetts attorney general for her ongoing investigation

In a win for climate campaigners and Massachusetts’ Democratic Attorney General Maura Healey on Monday, the U.S.Supreme Court rejected ExxonMobil’s attempt to block Healey’s demand for documents related to her state’s ongoing investigation into allegations that one of the world’s largest oil and gas corporations deceived the public and investors for decades about how fossil fuels drive global warming.

“The public deserves answers from this company about what it knew about the impacts of burning fossil fuels, and when,” Healey said, responding on Twitter to the ruling. This victory, she added, “clears the way for our office to investigate Exxon’s conduct toward consumers and investors.”

The news, which followed a Massachusetts Supreme Court ruling against the company in April, was also welcomed by climate activists — including 350.org U.S. communications manager Thanu Yakupitiyage, who thanked Healey “for her vigilant leadership in standing up for people over polluters.”

“Executives at Exxon knew about climate change decades ago, but they chose to lie to the rest of us to line their oily pockets,” Yakupitiyage declared. “Now, it’s those who have done the least to cause the problem who are paying the cost of this deception through our lives and livelihoods. In 2019, we’ll use all our power to make sure Big Oil pays its fair share for climate destruction.”

…click on the above link to read the rest of the article…

Permian Drillers Prepare To Go Into Overdrive In 2019

Permian Drillers Prepare To Go Into Overdrive In 2019

Permian

In recent months, pipeline capacity shortage in the Permian has been the center of shale drillers and oil analysts’ attention as much as the surging production from this fastest-growing U.S. oil region that has helped total American crude oil production to exceed 11 million bpd for the first time ever.

Many of the big U.S. companies—including supermajors Exxon and Chevron—boosted their Permian oil production in the third quarter as they have firm capacity commitments and integrate Permian production with downstream operations.

Many smaller drillers, however, are going on a ‘frac holiday’—as Carrizo Oil & Gas said in its Q3 earnings release this week—in some of their Permian acreage by the end of this year, to sit out the worst of the pipeline constraints, and to be ready to return to completions next year.

The majority of company executives and industry analysts expect that the Permian bottlenecks and the wide WTI Midland to Cushing price differential are transitory issues that will go away by the end of 2019, when many of the new pipelines out of the Permian will have started operations.

Until then, some smaller drillers like Carrizo are on a ‘frac holiday’ this month and next. Commenting on the Q3 performance, Carrizo’s President and CEO S.P. “Chip” Johnson said that the company had been drilling more in the Eagle Ford than in the Permian in order to capture higher pricing from the Eagle Ford oil.

“We expect our activity to remain weighted to the Eagle Ford Shale until the second half of 2019, when we plan to begin moving rigs back to the Delaware Basin,” Johnson said. In the earnings call, he noted that the shift to the Eagle Ford “shielded us from the dramatic widening of differentials in the Permian Basin during the quarter.”

…click on the above link to read the rest of the article…

Big Oil Walking A Tightrope As Prices Rise

Big Oil Walking A Tightrope As Prices Rise

offshore arctic

Supermajors have had a great year so far, and their third-quarter results, to be released over the next couple of weeks, are likely to strengthen this impression. But this does not necessarily mean that investors will reward them. Investors have become a lot more careful in the past few years, and chances are they will want to see more proof of post-crisis flexibility and strict cost discipline before stock prices reflect an increase in trust.

On the face of it, Exxon, Shell, Chevron, and their likes have everything going for them: oil prices are higher, free cash flow is coming in at higher rates, and there have even been a few discoveries, most notable among them Exxon’s 4-billion-barrel elephant off the coast of Guyana. But Big Oil still needs to be cautious.

In a recent article for 24/7 Wall Street, its senior editor Paul Ausick noted the heightened prospects of even higher oil prices after a Reuters report revealed that OPEC has been having trouble lifting production by the promised 1 million bpd. From May to September, the cartel’s combined production plus Russia’s had fallen well short of that figure because of production declines in Venezuela, Iran, and Angola, among others. These, the internal OPEC document that Reuters saw, offset some substantial output hikes from Saudi Arabia, Russia, the UAE, Iraq, and Kuwait.

What this means is that there seems to be less spare capacity than optimists believed. This, in turn, means prices are likely to climb further, despite a fresh assurance from Treasury Secretary Steven Mnuchin that traders have already factored in the U.S. sanctions against Iran. Mnuchin’s warning that Washington will insist on importers cutting Iranian crude imports by more than 20 percent most certainly has not helped rein in prices, though its effect has yet to be fully acknowledged.

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Fossil Fuel Companies Knew How Hard Keeping to IPCC’s ‘Unprecedented’ 1.5C Limit Would Be — And Did Nothing

Fossil Fuel Companies Knew How Hard Keeping to IPCC’s ‘Unprecedented’ 1.5C Limit Would Be — And Did Nothing

The scientists are clear: “rapid, far-reaching and unprecedented changes in all aspects of society” are needed if the humans are going to prevent the world warming by more than 1.5°C above pre-industrial levels.

This news — emanating from the release of the Intergovernmental Panel on Climate Change’s (IPCC) mammoth new special report —  comes as a surprise to almost no-one. Least of all the fossil fuel industry, which has known for decades that the carbon budget that keeps that goal within reach has been rapidly depleting thanks to its products.

So how did we get here, to a place where plotting a path to keep planetary warming within this highly desirable limit requires changes on a scale for which “there is no documented historic precedent”?

Exxon Knew, Shell Knew

Fossil fuel companies have known for decades that their products would lead us to this point.

Back in 1982, Exxon published this graph, which shows a probable temperature rise of 1.5°C some time between 2030 and 2040:


Source: Graph from an internal 1982 Exxon briefing document

Today’s report confirms how scarily accurate that prediction is likely to be — it says that on current trends, the world is expected to wam by 1.5°C between 2030 and 2052. It also shows that the world has already currently warmed by about 1°C since pre-industrial levels thanks to human-caused greenhouse gas emissions.

Exxon wasn’t the only fossil fuel company to commit resources to understanding this problem in the early days. An internal document from 1988 shows Shell also knew back that fossil fuel emissions were likely to lead to 1.5°C to 3.5°C of warming. On current trends, they’d be right — under current policies, the world is expected to warm by about 3.1°C to 3.7°C.

…click on the above link to read the rest of the article…

Oil Traders, Supermajors Diverge On Demand Forecasts

Oil Traders, Supermajors Diverge On Demand Forecasts

Oil tanker offloading

The world’s oil supermajors and largest oil trading companies are not in agreement on the future trends in oil demand, a recent event has revealed. This, although normal, should serve as a signal to everyone watching the oil industry that any forecasts on supply and demand, regardless how bullish or bearish they are, need to be taken with a pinch of salt. Or two.

It wasn’t always this way. Once, oil demand was something certain to grow consistently, as there were no alternatives to fossil fuels. Now there are a growing number of these and some industry players are beginning to acknowledge their effect on oil’s fundamentals.

BP was the first to do so: in its latest Energy Outlook, the supermajor forecast that oil demand will peak some time in the next decade. The company noted in the report that “the continuing rapid growth of renewables is leading to the most diversified fuel mix ever seen,” adding that “Abundant and diversified energy supplies will make for a challenging marketplace.”

Different companies are responding to this challenge in different ways. Shell, for instance, is pushing into renewables at breakneck speed. BHP Billiton, on the other hand, is exiting shale oil (under pressure from Elliot Management, but an exit is an exit) and looking for quick-return projects. Exxon is still an oil bull, forecasting that oil demand will continue to grow until 2040 driven by the transport sector and the chemicals industry.

But Exxon and other oil bulls may be underestimating the changes that the energy sector is already undergoing. That’s according to the chief executive of Gunvor. At the FT Commodities Global Summit in Switzerland, Torbjorn Tornqvist, said “I think that generally the oil industry has underestimated the challenges ahead. I think that electric vehicles are just the beginning, the advances create momentum which feeds that’s momentum and accelerates it.”

…click on the above link to read the rest of the article…

 

 

U.S. Navy Boosts Mediterranean Presence As Exxon Set To Explore Offshore Cyprus

U.S. Navy Boosts Mediterranean Presence As Exxon Set To Explore Offshore Cyprus

US 6th fleet

The U.S. Navy has increased its Mediterranean fleet, just a couple of weeks before Exxon is due to send two surveying vessels to explore offshore Cyprus near the area where Turkey blocked an Eni drilling ship from prospecting in February, Turkish news outlet Ahval reports.

Last year, ExxonMobil and Qatar Petroleum signed an exploration and production (E&P) sharing contract with the Cyprus government, under which the companies will start drilling in a block offshore Cyprus this year.

Two weeks ago, Turkish Navy vessels threatened to sink a drilling ship that oil major Eni has hired to explore for oil and gas offshore Cyprus—a divided island whose northern part is run by Turkish Cypriots and is recognized only by Turkey.

According to local media reports, four or five ships of the Turkish Navy tried to prevent Saipem’s 12000 drilling vessel from performing exploration in the Exclusive Economic Zone (EEZ) of Cyprus.

Turkey, which recognizes the northern Turkish Cypriot government and doesn’t have diplomatic relations with the internationally recognized government of Cyprus, claims that part of the Cyprus offshore area is under the jurisdiction of Turkish Cypriots or Turkey.

Earlier this month, Eni said that together with France’s Total, it had made a promising gas discovery offshore Cyprus, confirming that the Zohr-like play—where Eni found the biggest gas deposit in the Mediterranean offshore Egypt—extends into the Cyprus Exclusive Economic Zone.

According to Greek newspaper Ekathimerini, Exxon is intent on surveying its block offshore Cyprus despite the Turkish Navy activities and the blockade on Eni’s prospecting in the area.

…click on the above link to read the rest of the article…

I Was an Exxon-Funded Climate Scientist

I Was an Exxon-Funded Climate Scientist

Photo by Mike Mozart | CC BY 2.0

ExxonMobil’s deliberate attempts to sow doubt on the reality and urgency of climate change and their donations to front groups to disseminate false information about climate change have been public knowledge for a long time, now.

Investigative reports in 2015 revealed that Exxon had its own scientists doing its own climate modeling as far back as the 1970s: science and modeling that was not only accurate, but that was being used to plan for the company’s future.

Now, a peer-reviewed study published August 23 has confirmed that what Exxon was saying internally about climate change was quantitatively very different from their public statements.

Specifically, researchers Geoffrey Supran and Naomi Oreskes found that at least 80 percent of the internal documents and peer-reviewed publications they studied from between 1977 and 2014 were consistent with the state of the science – acknowledging that climate change is real and caused by humans, and identifying “reasonable uncertainties” that any climate scientist would agree with at the time.

Yet over 80 percent of Exxon’s editorial-style paid advertisements over the same period specifically focused on uncertainty and doubt, the study found.

The stark contrast between internally discussing cutting-edge climate research while externally conducting a climate disinformation campaign is enough to blow many minds. What was going on at Exxon?

I have a unique perspective – because I was there.

From 1995 to 1997, Exxon provided partial financial support for my master’s thesis, which focused on methane chemistry and emissions. I spent several weeks in 1996 as an intern at their Annandale research lab in New Jersey and years working on the collaborative research that resulted in three of the published studies referenced in Supran and Oreskes’ new analysis.

…click on the above link to read the rest of the article…

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