|Bid||1,927.60 x 0|
|Ask||1,928.40 x 0|
|Day's Range||1,921.00 - 1,942.60|
|52 Week Range||8.89 - 2,647.00|
|Beta (5Y Monthly)||0.82|
|PE Ratio (TTM)||9.85|
|Forward Dividend & Yield||1.44 (7.45%)|
|Ex-Dividend Date||Feb 13, 2020|
|1y Target Est||36.11|
The chief executive of Pioneer Natural Resources, Scott Sheffield, on Thursday called on energy investors to sell shares or pull funding from companies that have rates of natural gas flaring. The practice of burning off natural gas produced alongside more profitable oil has become a top issue for investors, who are focused on sustainability measures and already are frustrated by a decade of poor financial returns in oil and gas. The idea, Sheffield said during an earnings call, came out of a late January workshop in Austin, Texas, coordinated between Columbia University and the University of Texas at Austin, which brought together producers, pipeline companies, policymakers, non-governmental organizations, academics and analysts to talk about Permian Basin flaring.
The supply growth of liquefied natural gas (LNG) on the global market is set to slow down later this year and in 2021 when the last of the new projects currently under construction will be completed
Transaction in Own Shares 20 February 2020 • • • • • • • • • • • • • • • • Royal Dutch Shell plc (the ‘Company’) announces that on 20 February 2020 it purchased the following.
In its annual LNG Outlook report, Shell stated that the worldwide demand for liquefied natural gas (LNG) has shot up by 12.5% to touch 359 million tons in 2019. The oil major expects to see demand double by 2040 because LNG is playing a growing role in shaping a lower-carbon energy system.
Asia will be able to absorb most of the growth in liquefied natural gas (LNG) supply from the second half of 2020, with Europe ceasing to be a balancing market, Royal Dutch Shell said on Thursday. Excess cargoes have been sent to Europe in the past year as global LNG supply has been soaring, in particular from projects in the United States and Australia. Mild weather and the coronavirus outbreak in China helped reduce LNG demand in Asia this winter and LNG prices in Asia have dropped to record lows, while European gas prices are wallowing at more than a 10-year low.
Global demand for liquefied natural gas is expected to double to 700m tonnes by 2040 as energy consumption, particularly in Asia, rises and the world shifts away from dirtier burning fuels, Royal Dutch Shell said on Thursday. About 80 per cent of global energy demand growth is forecast to be met by renewables and gas. The forecast demand growth is set against current weakness in consumption.
(Bloomberg) -- BP Plc and Royal Dutch Shell Plc are exploring adding more ethanol in gasoline in top corn state Iowa to take advantage of how cheap the biofuel has become.The oil majors are gauging driver interest at a small number of stations in 15% ethanol blends, up from the current state standard of 10%, after the Trump administration in May allowed an increase nationwide.Adding more ethanol to gasoline may help Midwest farmers who have been struggling to find markets for corn after biofuels demand plateaued last year. Ethanol futures slumped to the lowest in more than a decade in 2019, making it unprofitable to make the biofuel that accounts for about a third of demand for the U.S. corn crop. But cheap ethanol won’t save drivers much money: At current prices, filling up a Ford-F150 would only cost about a quarter less.The BP-branded Elliott Oil Co. has for about two weeks been selling some E15 in the small town of Osceola, CEO Andrew Woodard said. BP spokesman Michael Abendhoff said the company does not comment on marketing strategy.John Reese, downstream policy and advocacy manager in the Americas for Shell, said at the National Ethanol Conference in Houston that Shell offers higher ethanol blends, without offering specifics.Shell spokesman Ray Fisher said the company is working to add E15 in Iowa, Indiana and Illinois. “Prior to implementing E15, there is due diligence to ensure we can deliver a quality product and meet state regulations.”Benchmark Chicago cash ethanol traded at a one-year low in January, with the price decline generating interest in adding more to the mix. But that’s less than a penny per gallon below pump prices.Efforts to boost ethanol have an edge because the U.S. is sending only trace amounts of it to China, and Mexico is trending toward using less corn-based fuel, Corey Lavinsky, ethanol analyst at S&P Global Platts, said by email.There is also some political support. Iowa’s governor included an E15 tax credit extension and expansion in the state’s budget proposal.Iowa drivers like E15, and retailers have noticed, said Monte Shaw, executive director of the Iowa Renewable Fuels Association in West Des Moines, by telephone.“It’s happening because enough independents in Iowa, they know there’s no stigma, that Iowans will buy this stuff,” Shaw said.To contact the reporters on this story: Jeffrey Bair in Houston at firstname.lastname@example.org;Michael Hirtzer in Chicago at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Jessica SummersFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Canadian indigenous groups are leading the charge against fossil-fuel development in a country with the world's third-largest proven oil reserves, using rail blockades as leverage and putting Prime Minister Justin Trudeau in a bind. Members of the Wet'suwet'en Nation in British Columbia have been fighting the construction of TC Energy Corp's planned Coastal GasLink pipeline for a decade, but now savvy social media use and years of outreach have drawn allies. For almost two weeks, protesters across the country have taken up their cause, bringing freight and passenger traffic to a standstill in parts of Canada.
AÑELO, Argentina, Feb 19 (Reuters) - Just weeks into his young administration, Argentina's new president convened a meeting with executives from Chevron Corp, Royal Dutch Shell PLC and other oil companies in a bid to smooth things over with an industry which he had slammed as a candidate months before. In a fence-mending session Jan. 16, Fernandez apologized to energy executives for the mixed signals, according to an industry source with direct knowledge of the meeting.
(Bloomberg) -- Alphabet Inc. is shutting down Makani, a subsidiary working on wind energy, as Google’s parent company pares back its experimental technology in favor of its main internet business.Makani was formed in 2006 to make flying kites that would harness wind power and, eventually, replace more expensive turbines. Google acquired the startup in 2013, placing the group inside its X lab with other “moonshots” like self-driving cars. Makani later became its own Alphabet unit. But the initiative suffered personnel problems and waning support from its parent company, which has pulled back on several green energy projects.“Despite strong technical progress, the road to commercialization is longer and riskier than hoped, so from today Makani’s time at Alphabet is coming to an end,” Fort Felker, Makani’s chief executive, wrote in a blog post. Astro Teller, the head of X, said the lab will be “redirecting resources to more promising areas.”Royal Dutch Shell Plc, which invested in Makani, said it’s exploring options to use Makani’s technology. The Financial Times earlier reported the news of Makani’s end.Economics didn’t help Makani’s commercial odds. Since it began, the cost of wind energy has fallen dramatically, making it harder to sell novel clean energy technology, said Saul Griffith, one of Makani’s co-founders. “Very few people have been given the opportunity to swing for the fences with regard to climate change,” said Griffith, who now runs the energy firm Otherlab. “This is something they should be proud of.”Alphabet’s “Other Bets” divisions includes a handful of audacious projects, like drones and life extension. Last quarter, the company had capital expenses of $86 million on those units compared with $6.6 billion on Google.To contact the reporter on this story: Mark Bergen in San Francisco at email@example.comTo contact the editors responsible for this story: Alistair Barr at firstname.lastname@example.org, Andrew Pollack, Jillian WardFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus outbreak, trading sources said. IP Week is a key annual oil traders' gathering that takes place in February. Oil majors, national oil companies and trading firms host receptions for networking throughout the week, which is scheduled this year for Feb. 24-27.
The latest five-day oil rally has been brought to an end by market uncertainty surrounding OPEC+ production cuts and a recovery in Chinese demand
Google-parent Alphabet is shutting down its power-generating kites company Makani, the first closure of a so-called moonshot project since founders Larry Page and Sergey Brin stepped back from management in December. Sundar Pichai, who took over as Alphabet chief executive, is under pressure to stem losses from the company’s “Other Bets” segment, which includes endeavours such as self-driving cars and internet-providing balloons. Makani was acquired in 2013 and taken into the experimental “X” lab.
Canadian Prime Minister Justin Trudeau on Monday called for a peaceful solution to end rail blockades by indigenous rights groups protesting the construction of a natural gas pipeline. Indigenous communities across Canada have blocked key rail lines for nearly two weeks to oppose construction of the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co, to shut operations in eastern Canada.
Canadian Prime Minister Justin Trudeau has canceled his planned trip to Barbados to help resolve widespread rail disruptions caused by indigenous rights activists opposing the construction of a natural gas pipeline, his office said on Sunday. Indigenous communities across Canada have been blocking some key railway lines for nearly two weeks in protest against the Coastal GasLink pipeline in British Columbia, which has forced Canada's biggest railroad, Canadian National Railway Co , to shut operations in eastern Canada.
(Bloomberg) -- Oil clinched the best weekly gain for the year on signs the worst economic impacts of the lethal viral outbreak have been accounted for, easing concern about free-falling demand for crude.Futures advanced 1.2% in New York on Friday, settling above $52 for the first time this month. Investor confidence was lifted after China reassured the international community that a huge spike in new coronavirus cases was a one-off event. The optimism outweighed Goldman Sachs Group Inc. slashing its 2020 crude-demand growth forecast almost in half and lowering its first-quarter oil-price estimate by 16%.“There’s no doubt this rally will inspire more confidence for oil markets,” said Leo Mariani, an analyst at KeyBanc Capital Markets.The Organization of Petroleum Exporting Countries and its allies have signaled a desire to stabilize the oil market that has tumbled almost 15% this year as the coronavirus wreaked havoc on the world’s second-largest economy and beyond.The past two weeks have been rife with uncertainty for oil markets as Riyadh’s push for an early meeting in February and fresh production cuts face an impasse with Russia.OPEC and its allies were close to abandoning any plans for an emergency meeting though Saudi Arabia had not given up on the proposal outright, several delegates from the group said on Friday. The outbreak has intensified concerns about crude demand, prompting technical experts from the coalition to propose deepening the current supply cuts by 600,000 barrels a day to relieve excess inventories.“Expectations are low but markets still expect some incremental action from OPEC,” Mariani said.Chinese independent refiners have seized on the recent slump in oil prices to bulk up on cheap cargoes in a sign that they may be positioning for an eventual rebound in demand.West Texas Intermediate crude for March delivery gained 63 cents to settle at $52.05 a barrel on the New York Mercantile Exchange.Brent for April settlement rose 1.7% to settle at $57.32 on the ICE Futures Europe exchange.The structure of the Brent futures market also flipped into a backwardation, signaling that some of the oversupply may have eased.See also: Coronavirus Will Hit Oil Hard. That’s Where the Consensus EndsMeanwhile, Kuwait and Saudi Arabia will resume oil production from their shared fields this month, more than five years after a dispute halted supply. The projects will bring additional production capacity to an oil market that’s already dealing with excess supply.\--With assistance from James Thornhill, Grant Smith, Elizabeth Low and Alex Longley.To contact the reporter on this story: Jackie Davalos in New York at email@example.comTo contact the editors responsible for this story: David Marino at firstname.lastname@example.org, Christine BuurmaFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Shell said on Friday a contractor working at its Singapore refinery had contracted coronavirus, as the city state reported its biggest jump in new cases so far. The oil giant said earlier it had sent some staff home from its main office in Singapore after discovering another employee had been in contact with a carrier. Singapore on Friday reported 9 new cases of the virus, its biggest increase to date and bringing the total to 67.
(Bloomberg) -- This will almost certainly be a record-breaking year for the advance of solar and wind power across the U.S. The additions that are in progress or planned are significant enough to boost hopes for emissions-free electrical grids within a generation—if natural gas doesn’t get in the way.It just may. Gas is such a bargain that it’s being viewed less as a bridge fossil fuel, driving the world away from dirtier coal toward a clean-energy future, and more as a hurdle that could slow the trip down. Some forecasters are predicting prices will stay low for years, making it tough for states, cities and utilities to achieve their goals of being zero-carbon in power production by 2050 or earlier.“The fact that there’s an abundance of it makes the move to complete decarbonizaton much harder,” says Ravina Advani, head of energy, natural resources and renewables at BNP Paribas SA. Gas is a tough competitor. “It’s reliable and it’s cheap.”The flood of inexpensive gas does have a big environmental upside, because it’s putting increased pressure on struggling coal plants that contribute significantly to global warming. But it’s also squeezing margins for nuclear reactors, which are the U.S.’s biggest source of carbon-free power. And it’s driving utilities to lay down infrastructure that could ensure gas remains central to the power mix for decades.Solar and wind are certainly winning in many markets on price alone. Without cheap gas, though, the renewables build-out would be faster, says Cody Moore, head of gas and power trading at Mercuria Energy America LLC. “Absolutely, 100%.”Just look at the largest grid in the U.S., which stretches from Washington to Chicago and serves more than 65 million people: It has been boosting the amount of power generated with gas and drawing in renewables at a slower rate.That grid happens to crisscross a section of the U.S. that’s home to some of the world’s most abundant natural gas reserves. A drilling boom there and in the Permian Basin in Texas and New Mexico is a reason why the U.S. benchmark price for gas is less than $2 per million British thermal units.That’s the least for this time of year since the late 1990s. In Asia, prices fell to a record low of less than $3 this month amid a global supply glut and as the coronavirus began slowing demand from China. In Europe, the benchmark Dutch price hit a decade low. Read More: Nobody Can See Bottom for Europe’s Plunging Natural Gas Market “That's not good for the new-energy market,” says Jonathan Bell, a business development manager at the risk assessment and quality assurance company DNV GL. “It puts a lot of pressure on renewable energy.”Rising exports of liquefied natural gas from the U.S. Gulf Coast to Siberia will probably keep prices down and expand developing economies’ reliance on the fuel. The International Energy Agency expects global gas consumption to climb through 2040."We're using solar and wind more than ever, but until we're very purposeful about trying to subtract some fuels that we're using, history shows us that market forces alone won't successfully push fossil fuels out of the energy mix," says Noah Kaufman, a research scholar at Columbia University's Center on Global Energy Policy.None of this is to say that renewable investments in the U.S. haven’t been on a tear. They went up 28% last year to a record $55.8 billion, according to BloombergNEF. Between now and 2050, renewable power will be the fastest-growing source of electricity, accounting for 38% of generation, according to the U.S. Energy Information Administration.Read More: How Much Renewable Energy Countries UseThat, of course, isn’t the percentage envisioned by the likes of the state of California, the city of Pittsburgh and the Minneapolis-based utility Xcel Energy Inc., which are among the governments and power providers that have target dates between 2030 and 2050 for cleaning carbon emissions out of their grids.Whatever the price, natural gas will have to continue to fill the gap for some time because renewable generators need the strength of wind or sun to do their jobs. The battery power-storage technologies that could cut every grids’ ties to fossil fuels are only slowly being added to systems.Without them, “we cannot go 100% renewable,” says Tom Rumsey, a senior vice president at Competitive Power Ventures, which builds both gas-fired and renewable plants. “There are these moonshot goals, which drive policy behavior. But the reality is, how do you maintain grid reliability without a breakthrough in storage? You are going to need fossil fuels.”There’s widespread agreement among forecasters, policymakers and increasingly business leaders that solar and wind will win out in the end. Ultimately, “gas plants will meet the same reality as coal,” says Jules Kortenhorst, chief executive officer of the Rocky Mountain Institute, a nonprofit focused on delivering a low-carbon future. “It’s just a question of when.” Gas prices may define the answer.(Michael R. Bloomberg, the founder and majority stakeholder of Bloomberg LP, the parent company of Bloomberg News, has committed $500 million to launch Beyond Carbon, a campaign aimed at closing the remaining coal-powered plants in the U.S. by 2030 and slowing the construction of new gas plants.)(Adds quote in 11th paragraph. An earlier version corrected a unit in the seventh paragraph. )\--With assistance from Vanessa Dezem, Francois De Beaupuy and Will Mathis.To contact the authors of this story: Naureen Malik in New York at email@example.comBrian Eckhouse in New York at firstname.lastname@example.orgTo contact the editor responsible for this story: Anne Reifenberg at email@example.comFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.