Wednesday, August 4

energy

BLOOM, energy, PMN Business

Shale Drillers Leave $12 Billion on Table With Bad Bets on Oil

Article content (Bloomberg) — Shale explorers are facing almost $12 billion in losses this year from bad bets on oil after a global rally, according to BloombergNEF. Of the 50 US drillers surveyed by BNEF, Devon Energy Corp., Pioneer Natural Resources Co. and Diamondback Energy Inc. are on track to rack up the steepest losses, with more than $1 billion in underwater hedges apiece. The sector as a whole hedged almost one-third of estimated 2021 output and the practical impact is that they are locked in to reap about $5 less than the American benchmark crude, West Texas Intermediate. Article content "One of the negatives of this quarter has been some horrible hedging; guys locked in at $42 a barrel," Paul Sankey, the veteran oil-industry analyst and founder of Sankey Research LLC, said d...
BLOOM, energy, PMN Business

Suncor Cuts Fort Hills Oil Output Guidance Amid Mine Instability

Article content (Bloomberg) — Suncor Energy Inc. cut its full-year production guidance at its Fort Hills oil sands mine to between 45,000 and 55,000 barrels a day from a previous 65,000 to 85,000 barrels a day because of additional required work on the mine. Instability on the south side of the mine requires so-called overburden removal to occur, which is to be completed by the end of the year, the company said in its second-quarter earnings release. Fort Hills will continue at the current production level for the remainder of the year and “transition to both primary extraction trains” by late 2021 to reach full production in early 2022. Fort Hills cash operating costs have also been updated to between C$37 and C$42 a barrel from C$25 to C$29 a barrel. Article content Suncor shut one o...
BLOOM, Canada, energy, PMN Business

Top Green Energy Banker Sees $150 Billion in India Deals by 2030

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Baiju Kalesh and Anto Antony Article content (Bloomberg) — For international investors seeking a piece of India's renewables boom — and the bankers who sit across the table with them — all roads go through the country's domestic energy players. That's the message from Bank of America Corp.'s Gaurav Singhal, who leads the busiest team in India's green energy M&A sector in the past 12 months, according to data compiled by Bloomberg. The biggest of the deals saw the US bank advising SoftBank Group Corp. on selling its renewables business in India to Adani Green Energy Ltd. at an enterprise value of $3.5 billion earlier this year. Advertisement This advertisement has not loaded yet, but your...
BLOOM, energy, PMN Business

China ESG Funds Sidestep Stock Market Sell-Off on Fresh Inflows

Article content (Bloomberg) — ESG funds in China are outperforming the broader market amid an equity rout, as fresh inflows into sustainable assets across Asia boost returns, according to Bloomberg Intelligence. Exchange-traded funds that invest in renewable energy, electric vehicles and other green assets have posted gains as high as 35% this year, even as China's benchmark index declines amid government crackdowns on the technology, education and real estate sectors. "Although the CSI 300 Index is having a tough year so far, with concerns over slowing of economic momentum and liquidity issues, China's thematic ETFs outperformed the benchmark," BI analyst Esther Tsang wrote in a note, citing China's climate commitments and the launching of an emissions trading platform. Article conten...
Bill Gates, Carbon, Climate change, Coal, energy, Fossil Fuels, low carbon, Nuclear Energy, Tech Insider, TerraPower, Warren Buffett, Wyoming

A small Wyoming town is hoping Bill Gates’ $1 billion nuclear power plant could save hundreds of jobs

Bill Gates is considering Glenrock, Wyoming, for his next-generation nuclear power plant. The plant could replace 200 jobs that are at risk as a local coal plant closes, the mayor said. Gates' company TerraPower is running the project with Warren Buffett-owned PacifiCorp. LoadingSomething is loading. A small town in Wyoming is hoping that Bil...
Elon Musk, energy, Social Media, Solar, Tech Insider, Tesla, Tesla Energy, Twitter, Weekend BI UK

Tesla’s solar division asks employees to scour social media for complaints about both the company and Elon Musk, trying to get customers to delete their posts, former employees say

Tesla Energy has a dedicated team to hunt for complaints on social media, two former employees said. In addition to resolving issues, the team tries to get customers to delete their posts, they said. One former employee said nine people hunted for complaints directed specifically at Elon Musk. LoadingSomething is loading. Tesla's solar-power un...
BLOOM, energy, PMN Business

Wall Street Interns Return to Office, and Nightlife, After a Year of Zoom Meetings

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Eric Krebs, Maria Heeter and Mary Biekert Article content (Bloomberg) — Fourteen-hour workdays followed by late-night dancing at Phebe's Tavern and Grill, the notorious intern bar. Coffee with the boss on JPMorgan Chase & Co.'s ground floor. Impromptu rooftop gatherings with colleagues. Analysts shouting stock prices across a busy trading floor. The Wall Street internship is back. After a year of Zoom meetings and awkward virtual happy hours, New York's youngest aspiring financiers have returned to the offices of the city's investment banks, where they're making the most of the in-person mentoring and networking they've lacked throughout during the pandemic. It's the start of a broader return to...
BLOOM, energy, PMN Business

Mexico Tycoon’s Tax Case in Top Court, With $2 Billion at Stake

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Michael O'Boyle Publishing date: Jul 22, 2021 • 10 minutes ago • 3 minute read • Join the conversation Article content (Bloomberg) — Billionaire Ricardo Salinas Pliego's long-running tax dispute with the Mexican government is headed for review by one of the country's Supreme Court justices in a case that could affect about $2 billion in claims. Justice Jose Franco is taking up the dispute between Salinas's flagship Grupo Elektra SAB and the government over 2.6 billion pesos ($130 million) in income tax payments from 2006, according to documents on the court's website. While the tax case is only one of eight against Elektra, the Supreme Court's decision could impact all of the other...
BLOOM, energy, PMN Business

China’s Henan Braces for More Rain as Death Toll Rises to 33

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Alfred Cang Publishing date: Jul 22, 2021 • 10 minutes ago • 3 minute read • Join the conversation Article content (Bloomberg) — China's Henan province is bracing for more heavy rain after severe flooding that sparked large-scale evacuations left at least 33 dead, while minor disruptions to manufacturing and commodity production continued. The death toll includes at least 12 people who were killed after water flooded subway cars in the capital Zhengzhou. Eight remain missing, according to government figures. Heavy rain is expected to continue to fall in parts of Henan as well as neighboring Hebei province, which surrounds Beijing, through Thursday, according to the China Meteorologi...
BLOOM, energy, PMN Business

The Saudi Prince of Oil Prices Vows to Drill ‘Every Last Molecule’

Breadcrumb Trail Links PMN Business Author of the article: Bloomberg News Javier Blas Publishing date: Jul 22, 2021  •  15 minutes ago  •  19 minute read  •  Join the conversation Article content By Javier Blas (Bloomberg Markets) — The Boeing 767 banked over the Red Sea, turning east into Saudi Arabia. A commercial version of the plane can carry about 260 passengers. Inside this one, Saudi Energy Minister Prince Abdulaziz bin Salman and a dozen or so aides were heading home from a tumultuous meeting at OPEC’s headquarters in Vienna the day before. For most of the journey, the jetliner had followed its expected route over Eastern Europe, the Mediterranean, and Egypt. It was a path that Abdulaziz had flown scores of times. As oil minister since 2019 and a royal und...