As Profits Rise, Oil Majors Face New Pressures

As Profits Rise, Oil Majors Face New Pressures

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We started the Covid pandemic at negative oil prices. Today, benchmark prices are above $70. And top oil companies are reporting billions of dollars in profits.

And now there is more scrutiny than ever on how they’re going to spend that money.

Activist shareholders are starting to get climate champions on oil major board seats — most notably, climate tech investor and former wind executive Andy Karsner on Exxon Mobil’s board.

A dutch court is now forcing Shell to reduce the emissions from its products by 45%, after a successful lawsuit from environmental groups. Oil executives now have their lawyers on speed dial.

And big asset managers, like BlackRock, which lend to many of the world’s energy giants, are scrutinizing their climate plans. 

So what does it all amount to as oil markets rebound?

Ed Crooks, the vice chair of Americas at Wood Mackenzie, joins us this week to discuss.

Plus, we’ll talk about a new report card on America’s infrastructure. It’s a slight improvement, but the grade is still pretty awful. 

And, carbon offsets are going up in flames. Literally. What comes next for forestry offsets?

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