“We Believe We Are in the Middle of an Energy Transition that is Unstoppable” – Ben van Beurden, Shell CEO
A “SWOT” analysis is a common tool in business; the acronym represents a survey of one’s Strengths, Weaknesses, Opportunities and Threats. As one can imagine, an objective and comprehensive SWOT analysis is something potential investors demand to have in place before pulling the trigger on a deal.
Now, suppose you’re an oil company. How do you regard the inexorable growth of renewable energy? Maybe it’s a function of which oil company you happen to be. As we’ve often noted, Shell appears to take a more holistic, more progressive tack than their counterparts. The most obvious contrast here may be to ExxonMobil, whose ex-CEO/chairman is soon to become the U.S. Secretary of State, a position of unparalleled power with respect to making international deals that will facilitate sucking the last molecule of crude and natural gas out of the Earth’s crust.
In any case, as suggested in this incredible article, Shell Oil is deeply committed to offshore wind, and believes, correctly, that our civilization is on a relentless march towards renewable energy. Needless to say, it’s great to behold one of the world’s five largest oil companies embracing the change that this planet so desperately needs.
Pictured above: Ben van Beurden, Shell CEO
Craig,
Your portrayal of the oil industry is intriguing.
All the major oil companies went through a period of investing in new alternate energy technologies.
The first, and most heavily committed was BP, followed by Exxon Chevron. Shell, Total,ConocoPhillip etc, followed the trend, but largely as a PR exercise (except Shell’s interest in H2) and motivated by the attraction of lucritive government subsidies and guarantees.
BP was the first to retire hurt after losing vast sums bio-fuel R&D and more unexpectedly, after virtually establishing the Solar power industry, witnessed it’s investment wiped out by PRC competition supported by PRC government backed price dumping.
These reverses of fortune, accompanied by the Deep-water Horizon disaster and a series of industrial tragedies forced BP into concentrating on it’s core product.
Chevron, spent billions reviving and supporting Geo-thermal technology, with modest success.
Exxon, spent hundreds of billions on alternate fuel R &D while neglecting it’s core product. Apart from inventing the modern lithium battery, Exxon was the largest investor in bio-fuel development.
All the major Western oil companies were in disarray and retreat when Rex Tillersen became Chairman and CEO of Exxon. His role in restoring the fortunes of not only Exxon and America’s new oil independence, but the revival of the other Western oil majors has been little short of miraculous !
By diverting away from the futile pursuit of alternate fuels, to concentrate on new oil technologies to, Exxon led the astonishing transformation of the oil industry. Suddenly, these technologies and the vast amounts of oil extracted, completely transformed America’s and the world’s economies.
The long held “consensus” belief in “peak oil” was transformed into an oil glut in less than a decade. Once again the oil industry is producing the kind of surplus wealth required to invest in speculative new ventures.
Both the Solar and Wind industries have a role to play in future power generation. However, as Warren Buffett candidly admits about industrial scale Wind Power, ” no one is investing in the profitability of the technology, but the profits generated by government subsidies and guarantees !”.
Shell’s investment is a combination of PR and ‘nose in the trough’ taxpayer/consumer funding.
@ Marco
Nicely articulated summary of the revived to a degree Oil industry as its still a work in progress regarding the State and Fortunes of the Oil Sector. Mind you the shale boom resulted in Billions of bankruptcy in the US , lots of carnage , now consolidation and there is much debt that has been peddled in capital markets globally and the calls have all not been made yet…they tick away silently in the night.
Even in Texas only a handful of companies can make a profit with oil below $35 per barrel. Rex had nothing to do with OPEC finally cutting back on oil production which will raise prices. over the next few years.
While there is some merit in what you state and yes some of these companies have made some improvements from their Billions of Losses in risky exploration schemes that failed.
But like with all things in capital intensive sectors there is much much more to the Story behind the Story that sheds greater light on things and helps puts things into perspective lest we get carried away with Renewed Carbon Exuberance , and similar Hubris like relaxed attitudes towards burning carbon.
Mate Marco I find your glowing acknowledgement of Mr Rex T of Exxon to be similar to the Trumperian Alternative Facts that seem to be the new rage crowding the public airways.
Are you overlooking counting the stranded Billions in idled and uneconomic assets related to their heavy investment in the Canadian Tar Sands Rape and Scrape operations that are doing serious environmental damage to both land, air and humans as well as wildlife. They do much of their work there under their Canadian brand Imperial Oil. sorta Prophetic folks Imperial Oil!
Exxon as well as the 6 other majors involved up there have exhausted just about every power play possible to keep the tar sands operation going despite growing evidence that it is contrary to the environmental goals of Canada .
Domestic resistance to continued operations up there from Canadians and First Nation s has slowed things down. However exporting oil is Canada’s cash crop so economic revenue needs may prevail in some manner.
Furthermore the global oil glut has made the economics marginal to unprofitable. So some sort of Machiavellian plot to take out other oil suppliers to lift prices may become a reality.
Thus far Rex was not able to do much to improve the low EROEI in the tar sands. It tends to be around 5 per Dr.C Hall’s (SUNY) extensive analysis and others. Most economists have long determined that modern society economies can’t be sustained on energy with a EROEI at 5 or below. Sift thru that carbon layer for awhile and the need for higher world prices may be the ticket to punch or try to punch.
That oil glut you mention is not the result of great things Mr Rex has done. that is too simplistic and discounts multiple externals. It is indirectly related to Exxon and others. it is the end result of global variables and over pumping by OPEC nations , economic contractions, technology displacing oil usage . Like solar power displacing diesel burning in third world countries. Growing usage of EV s.
In addition, Rex and crew had help – that rigged market at work Mate.
1. The Bush and Cheney changes to the Clean and Safe water Acts in the US unleashed a meteoric expansion of technology and hydro fracturing without regards or adhesion to decades long regulations regarding water quality and air quality that had long governed the industry.
The relaxing of these rules to protect the public commons and health was a insider’s fix – Mr Rex can’t take credit for this but he may have influenced political donations or stock offers over the years ???we’ll never know will we!
2. Hydro fracturing was aided greatly by advances in Horizontal Drilling and this technology along with advances in Seismic analysis of oil reservoirs was developed Marco by independent wildcatters in Humble Tex.
My memory slips me but I believe it was George Marshall . something and he and his wildcat firm then sold licenses to the majors after serious independent work in the late 1980’s that came of age in the late 1990’s.
These fellas knew about King Hubbert’s peak oil theories and watched the big production decline happen in 1979 in Texas then there was a oil glut caused by OPEC and prices went down thru the 1980’s and the yards were full of rusting pipes and equipment due to contraction. They realized that to save the domestic oil business and develop new resources there would have to be a major technological breath through and advancement, they had to get the EROEI back up. . That is what the real oil players knew , the independents; they had Vision and they executed it Well. Mr Rex was a beneficiary of this – not the brainchild motivator let alone the funder ! Quite the contrary.
3. The big boys followed on later and most of the big plays were done by Mid majors like Continental Resources of Okl. D.Hamms Co.
He also donated over $ 35 million to ND to let him and the others drill baby drill anyway they wanted for the shale oil that depletes quite rapidly per studies of the Baa ken ND and Eagle Ford in Texas. Other players like hess Oil, marathon, whiting, EOG Resources ( old Enron co)
BTW – ol Daryl had to pay his ex wife close to a Billion $ to fade away peacefully so he can afford donations to State officials – its chump change! Bloomberg Financial times reported that in 2016.
I add these inconvenient Truths to shed more Light onto these complex matters lest we get carried away with new false Icons that deflect and distract , deny and distort various realities.
These are just a few of the caveats to the resurgence in the large oil co. Mind you that during the large Shale Boom the big boys did what they always do go buy good leases and land that the mid majors and independents had done the original heavy lifting. They buy resources once its proven from cash strapped players who can’t afford to Scale up etc.
One Texas legacy Mid major Pioneer Natural Resources is one of the very few Co making profits with oil prices around $35 per barrel.
Marco the secret to their success lies in the fact that they WISELY bought land leases from Exxon all thru the 1980’s when the big players pulled back into their shells as they just got to keep those quarterly profit blips up by any measure even if it means they mortgage their planned reserves futures. Facts not myths! Mr Rex was in full swing with his Exxon career during these times. its reasonable perhaps that collateral responsibility lies somewhere within his reach ?
then when good times or prices are rising ,
It does NOT take large amounts of Brilliance to buy things (reserves) when you got the checking account to do it or can leverage a great line of credit. Cash starved smaller players tend to hold fire sales.
So I tend to temper to a great degree the exuberance you state concerning these co’s. ( Shell lost $15 billion or more off the coast of Alaska and halted all drilling just over a year ago) Exxon sold off 20 % of their assets 6 months ago. ???/ To raise cash and make the Banks sleep better. These statements are public record not my opinion.
As for the backing away from Renewable Energy by the Oil co you summed that up well. Except that Shell and BP still do wind and make some money on it. Shell says they are staying with it. I have colleagues who work for them in wind.
Also many of the original wind farms built in Texas were on land owned by the Oil co’s. They were losing money on the idled leases and reserves , the price of oil was too low to profitably extract it so they added wind so they could generate some more Cash flow ! So a Texas wind industry was born in the shadows if you may of Carbon! it grew to 14,500 total megawatts and there are plans to expand it another 15 to 20,000 megawatts.
Renewable energy owes a thank you to big Oil for giving it a start in Texas in all due respect. Those wind royalty checks make many a land owner a nice living also help pay state taxes for land. Wind spreads things around that is one of its benefits besides clean energy. Shell and BP both had and still have Wind properties in Tx and eastern NM and Wyoming.
I think it would benefit the discussion if you would give the date when W Buffett made the statement that his wind is only a tax credit game as I think that statement is out dated and no longer valid. Not just for him but for the other Multi Billion Dollar co’s that are making money in that sector as its the 2nd fastest growing source of Energy in the World. Why does So. Australia get 33 % of its electricity from wind! per Renewable Energy World publications and IEA publications.
The cold hard facts of life Marco is that there just isn’t enough Tax credits in the World to support the entire wind industry on the scale and level of growth that it has now reached. it defy s Newton’s Laws of Tax Credit Gravity – LOL or M O M ( My o My).
The market could not support that so there must be a reason – like greatly reduced costs the cheapest form of energy on the market for one ! So some dates would be helpful in clearing up that trace of fog perhaps.
The sector is closing in on 500 GW s globally so that is tax Credits of enormous volumes! that would crush governmental budgets.
Yes the China government rigging the solar market with their Industrial Policy made BP get out and Shell too, probably wise moves as you stated in respect to solar. They are industrial co not consumer oriented so solar not a good fit.
The Bio fuel situation well said Marco – I think the US military was spending $ 28 a gallon for bio diesel when the market price for regular diesel is $ 3.00 a gallon. So bio fuels is not ready for prime time nor are our tax checks ready for that for sure.
In closing Marco where perhaps Mr Rex is a brilliant Executive is in a theory I have – so here goes this is just a theory.
Since Shale oil and gas plays deplete around 63 % over 4 to 5 years he realized that the fracking boom in the US might have a limited long term future. This makes oil/ gas drilling become more like a tract home builder business model as far as economics go , also it consumes large volumes of cash and credit from the bank etc. Plus all the lease payments to land owners. And sooner or later like they are now finding out in PA, West Virginia, Ohio where both water tables and population density are higher – sooner or later there is consequences that cause even conservative law makers to re think the relaxed environmental standards and begin reigning things in. Sick Dairy cows in PA. make strong court room exhibits etc.
Rex saw these things on the Horizon so he went to Russia sorta like A Hess and Armond Hammer did in early 1900 ‘s many years ago to Baku in the Caucasus and So Russia and helped create Russia s oil industry. That oil kept Russia in the war against Germany though it definitely was a clear close run thing.
1942 and 1943 Britain had positioned medium bombers in Iraq that were going to bomb out the Baku oil facilities if German army had of closed in on Baku. Stalin sweated that out for sure.
Russia needs revenues from Exporting Oil and Gas and that is their prime economic model so they need a solid partner like Exxon with technical know how and a deal was made. Russia needs Exxon for the successful development of the Siberian off shore fields.
No pesky EPA rules or citizens action groups up there – just the polar bears and as long as they can eat fish they say nothing.
Now trumpster sees all this – He uses Rex to leverage his good business relations with Russia and their need for a cash export resource. Trumpster gets the pipelines built here to get the tar sands and Baaken oil to the refiners for export. Russia will expand their exports with Exxon s help. Together, They will conspire in the future to create a War between Iran and Saudis so the oil there is taken off or reduced on the market. Other countries may be collateral targets ?
Prices rise and Russia makes more money and gains more market share.
they get along with the US as a result. US makes more money too. Russia also brings more gas to Germany thru a pipeline they are now building under Baltic Sea to Germany so that Germany can burn more gas and use it to back up the solar and wind and while phasing out coal on some sort of schedule.
yes Marco Rex may be the man for this assignment to be executed.
Since Fear of Muslims is the new fear motivator – the 9 / 11 bombers were from S Arabia – the beginning of the changing of the Guards in the Great Game is under way. This is part of the trumpsters Fog campaign to go dance with Russia. Exxon will gain reserves from its partnerships w Russia.
So on the larger global stage Mr Rex has earned some wings for sure. does not mean I like him but I recognize what he has pulled off for Exxon with Russia and now he is with the Trumpet!
He like many other Oil Executives have blood on their hands from the many mercenary armies they employ to run rampant over native folks in places like Indonesia and Nigeria and Angola etc. So there is a distinct limit to my limited affections for such persons let alone respect !
Peak Oil that is a subject that requires lots of micro and macro economic as well as technology evaluation – it will come in forms and variations that dont fit just a shortage of oil. It is about the economics of production versus declining consumption going forward as production costs climb; but that is better done in a separate discussion.
Rex will help the Trumpet check the PRC China by controlling energy market. Partnering with Russia leverages Rex’s successful work in Russia to date so Putin has trust in him . Putin has awarded Rex with high Russian honors etc.
So this could be the foundation for a new Great Game …..and in that light then Mr Rex may be the right man for the Trumpet’s and Putins vision…. we shall see if these things come to pass….
with all the anti Muslim bias going on it may give cover to the bigger play with Russia – and also check the PRC which is a Trumper goal.
Tried to inject some Historical input to this as it helps to sort thru the Fog and perhaps see the emergence of a new grand great game Plan…… take care
The reason for the leap forward in the oil industry was the payoff from investment in hydraulic fracturing.
That investment started in the 70’s, and gradually developed. It wasn’t until gas was trading ~$10/mcf and oil was shooting through the roof that fracking began to make economic sense, but once the technology became market viable, then a combination of economy of scale and the rapid work on shelved R&D projects for better technology soon started cutting the cost quickly.
But that wasn’t Tillersen, that was someone in the late 70’s who made a long term investment. That was someone in the 80’s and 90’s who continued to put money into that investment. Continued to sponsor research into something that was not remotely competitive at the time, but it was known that eventually there would be a time when it became economically viable and it would pay off the investment many hundreds of times over.
Tillersen just moved in at the right time. All of the good decisions that actually resulted in the new explosion of prosperity had been made before him by far (FAR) better people than he.
Such is the truth of renewable energy. The companies who were willing to invest heavily in the early groundwork of the technology were investing well ahead of the time when their investments would bear fruit, but they did so knowing that the investment was still worth it, even after any legitimate discounting for the time period of the investment is considered.
This is true both in monetary gain from the early investments, and in averted damage from whatever climate change is mitigated because of the time frame that the renewable energy platforms become viable.
These are the decisions being made by more responsible and frankly better persons than assholes like Tillersen.
Oh, I’m aware that Tillerson isn’t responsible for the entire history of malfeasance at Exxon. He was probably working in the mailroom when his company’s scientists first produced proof that fossil fuels were causing climate change (in the late 1970s).
On the mark well said Craig –
Rex T is just another over paid empty suit – love your sarcasm and throwing mine into the ring too !
empty suit worship is a Ntional Disease or Past time these days
when do they start free agency and make it official for sale to the Highest bidder LOL LOL ….oh well …
Craig,
There it is again, that sly misuse and distortion of the truth so typical of leftist propaganda.
No scientist produced anything like “proof” that fossil fuels were causing climate change in the 1970’s. That’s a simply a cunning lie.
Some scientists, opposed by others, hypothesized that the carbon (and methane) released from fossil fuels carbon could be a contributing factor in effecting changes in climatic conditions.
At that time Rex Tillerson was a newly graduated civil engineer, and a promising but very junior executive in the late 1970’s. Nor did any “malfeasance” occur, as even Eric Schneidermann has been forced to admit.
Scheidermann, is well named since he’s a man who tailors his own “truth”!
As Holman Jenkincs writing in the Wall Street Journal points out;
” New York Attorney General Eric Schneiderman’s investigation of Exxon Mobil for climate sins has collapsed due to its own willful dishonesty. The posse of state AG’s he pretended to assemble never really materialized. Now his few allies have melted away”.
The NYT times reports the DoJ has ceased any further action regarding Exxon for lack of tangible evidence, but confirmed it’s opened lines a preliminary investigation into the actions of Eric Schneidermann and his office.
Calling people ‘arseholes’ and making wildly exaggerated claims against supposed “enemies” is counter-productive.
In fact, it’s so counter-productive that it’s led to the rise of politicians like Trump.
Glenn.
Where does someone start to answer such a collection of inaccurate, shallow nonsense ? You are wrong on so many levels it’s difficult to know where to start!
Rex Tillerson joined Exxon in 1975, in 19890 he was appointed GM of the production dividion for Exxon USA, also chairman of Exxon policy and strategy committee. Tillersen overcame the opposition of the Rockefeller shareholding faction to become Chairman and CEO. of Exxon.
The 2009 decision by Exxon to purchase and re-capitalize 2009, XTO Energy, a major natural gas producer for $31 billion, had doubters. The Wall Street Journal exclaimed “Tillerson’s legacy rides on the XTO Deal. In the next decade production of natural gas and oil will start to diminish as ‘Peak Oil’ takes effect.”
The Wall street journal was not alone in admonishing Tillersen for not compelling Exxon to divest it’s “dying” oil/gas business, in favour of renewable energy.
Since Tillersen’s appointment, Exxon has invested in not just fracking technology, but hundreds of new technologies equally important.
These new technologies have not only dramatically increased production and allowed the discovery and economic exploitation of massive new discoveries, but restarted production in old oil fields long since thought to be played out.
I wonder who you could name that is “far better people than he ” ? Since the entire Oil industry, even the normally reticent PRC Oil companies, have praised his vision and leadership, it’s evident you are alone in your foolishness.
I can understand, if you hate oil, and oil companies it’s only natural to hate the most outstanding oilman. But, you can’t have it both ways ! You can’t blame him for being the most effective oilman, while claiming he’s insignificant !
Jack Gerard, President and CEO American Petroleum Institute representing 650 companies in the petroleum industry, described Rex Tillersen as being “second only in importance in the history of the US oil industry after J.D.Rockefeller”.
For better or worse, T-Rex is a giant in his industry.
Do you really imagine Warren Buffett, Siemens, General Electric,Daewoo Shipbuilding & Marine Engineering Co,China Guodian Corp,Hitachi ,Vestas, TECO, Samsung Heavy Industries,Mitsubishi Heavy Industries etc, etc, are all altruistically interested in “averting damage from climate change” ?
If that was the case, they would be building and installing turbines without the need for government funding, mandates and guarantees !
The truth is very different ! When asked ” Is it true investing your sudden passion for love for wind power is driven by lucrative tax credits, mandates and taxpayer guarantees ?”
Buffett exploded with a very revealing retort !
“That’s the only reason to build them,” Buffett said of existing tax credits, regulatory structure, mandates and guarantees, . “They don’t make sense without the taxpayer-consumer funded subsidies !”
Now ol’ Warren may be a cunning old hypocrite, but he’s no fool !
@ Glenn Doty
Glenn thanks for pointing out like I did that Rex T had little to do with the hydraulic revolution – he may have led Exxon to follow like so many other large companies followed and ow profit off of it.
Your counter points to Marco are strong as there are many flaws in the company and the man. I agree with you.
I see some Role for him with Trumpster and Putin as he has done some real business dealing with Russia and China ( that part Marco is strong and right) . REx knows the real future for oil and gas is w Russia s vast fields that are out of sight and out of mind.
the Russian Siberian Sea area is Not Burdened by sensible environemntal protections like the fields in the US and surrounding lands and off Alaska. etc.
So all three may collaborate to do some of what I wrote about make Russia and US great again by dominating oil markets and curtail other producers and dry up their revenues.
This could be the big Play maybe not. but I am putting it out there.
As for your constant campaign to discredit wind power Marco – once again I asked you to provide dates when W Buffet made the remarks about he only does wind for the tax reasons. that may have been true at one time 20 years ago or maybe 15 yrs but wind now is making money in many ways.
I was tired last night but I did recall him correctly.
here is the confirmation Marco – your guy Rex T is not the grand wizard of the fracking revolution.
RIP 2013
George P. Mitchell, the Texas billionaire who pioneered shale-drilling techniques that triggered a renaissance in North American oil and natural gas production, has died. He was 94. Mitchell’s innovative use of horizontal wells and hydraulic fracturing in the 1990s to release gas from a previously-impermeable rock formation near Fort Worth, Texas, earned him the nickname the “father of the Barnett Shale.” Those drilling breakthroughs revolutionized oil and gas exploration from Pennsylvania to Poland and the Yukon Territory to Argentina.
“My engineers kept telling me, ‘You are wasting your money, Mitchell.’ And I said, Well damn it, let’s figure this thing out, because there is no question there is a tremendous source bed that’s about 250 feet thick.”
As other companies adopted Mitchell’s techniques, U.S. gas production rose 25% in the past decade.
Mitchell Energy – a legendary woildcatter back in the day. George left large sums of money to do foundation and Resource management work. In his own way he was a Steward of th eLand and he sponsors several conferences that give awards to people who are doing resource sustainability and other Green related projects.
he was not just another carbon money machine. A good oil man who had some balance about him in his money making affairs. .
REX T could have learned much about principle and Balance from him. Take care Glenn
Marco give wind a break its huge now and making money.
FYI – in Corpus Christi Exxon is involved with a Saudi Arabian firm that is going to build a $ 600 million Ethylene Plant. They applied for with Exxon to get upfront tax There is that Black hand of the so called free market at work over time subsidizing the largest oil co and Oil country.
give me a Break ! later
Silent,
(Sigh), As I explained to Glenn, fracking is only a part of the story of the current oil renaissance.
The first patent for fracking technology (patent 59,936) was granted way back in 1865 to Col. Edward A.L. Roberts. It wasn’t until the 1930’s and 40’s that fracking technology was revisited and experiments began in earnest.
The first successful commercial techniques were pioneered by , Halliburton in 1949, and throughout the ’60’s and ’70’s the technology continued in widespread use, so much so that it was praised President Ford’s 1975 State of the Union Speech.
The innovation by George P. Mitchell was to combine hydraulic fracturing and horizontal drilling in the 1990’s.
Now silent, where you are getting confused is a good deal of fracking in the US is aimed at extracting Natural Gas as opposed to oil.
While Exxon is a major player in Natural Gas, both you and Glenn don’t seem to comprehend the huge advances having occurred over the past decade in Crude Oil discovery, extraction technology, well management, refining, distribution etc. (Octopus etc).
On a global scale these are exceedingly important and without Exxon’s support and resources progress development have been much slower. It’s often hard for outsiders to understand the complex importance of Corporate chief’s, but much easier to understand individual entrepreneurs.
The quote from Warren Buffett occurred in 2014 ! Buffett has repeated it on several occasions, including to Berkshire shareholders. I’m surprised you cant find any reference, it been repeated many times. (even as recently as 2016 see:- [http://dailycaller.com/2016/04/15/warren-buffett-is-building-lots-of-new-wind-turbines-with-your-tax-dollars/]
Silent, I’ll agree the ‘hot air’ component of Wind generation is certainly alive and well and expanding !:)
However, with the exception of some locations, (parts of Texas etc) Wind Power is an inefficient industry, completely dependent on distorted costs, taxpayer subsidies, and mandates.
It’s just not a suitable generating energy system for ‘power on demand’ industrial societies, withdraw the subsidies, Taxpayer/consumer guarantees and the industry dies due to the inherent flaw of intermittentcy .
@ Marco
Impressed to a degree with your nice Historical notes on the Evolution of fracking …. very good.
first frack job was in Livonia NY for GAS with dynamite. You did miss the nuclear follies frack job in Colorado 1975 The Ralston project….talk about folly!
but in your efforts to spin and cover over your adoration for Mr Rex and Exxon the climate deniers in chief you miss the mark.
George Mitchell made it happen as it clearly states from his Obituary in the Houston papers when he passed away.
Unlike Mr Tillerson who provides arms and funds killer groups that get in the way of his dark corporations dirty profits George Mitchell put Millions into sustainable Groups and causes etc.
the fracking he advanced w Directional drilling led to both gas and Oil as his first work while gas shale the Barnnet shale in Ft Worth area which is now in steep decline by the way Marco.
He sold his concepts to the oil guys and Continental’s Hamm used it as did Marathon, Hess and EOP old Enron co and many many others.
Pioneer natural rsources primarily OIL in Texas was partners with Mitchell etc. they lead the mid majors in making a profit with low prices also recycle their frack waters Innovators – Exxon is a follower!
so that is the record you can spin but you cant run from it or pontificate that Tillerson is some guru of shale oil.
As for wind Buffet pops off alot and the market fact is the 500 Gw of wind deployed and working fine. Its part of the solution as we move to multi different types of solutions.
there is No 1 silver Bullet …that dog is dead.
I respect you and you are fully entitled to cling to your Anti wind bias , enjoy it. cling cling but it wil not stop the progress and Advancement of wind Globally.
In fact Buffet’s utility pacific corp is on a 20 year plan to phase out coal and utilize MORE WIND and SOLAR backed up with GAS and that is the Formula for success.
Those are real facts not trumperian alternative facts by the way…
I plan on getting some more inconvenient facts or truths for you re your beloved Nuclear Genie – Read where Westinghouse and partner may shut down their nuclear construction program ….more to follow….need to clarify with some utility folks that are dialed in.
have Glorious Days and cheer hard for the new global energy Duo opoly La Putin and la trumper Captained by REX.
Calfornia utilities buying up the wind capacity in central NM for export back to Cal and AZ for $30 to 35 4 a meg a watt hr. around 3,000 megawatts. The rest is going East To Tennessee and the South on dedicated 3,000 Meg DC transmission lines. ships have sailed Marco the wind is at our Backs ….Our Sails are Full !
Even the dire hard ol southern boys are bellying up to the Bar and drinking the wind. their Wyoming distant cousins will soon be the Lone Coal Rangers trapped in self imposed bondage!
REX a hero – more alternative facts like mis truths ! 1984 is here for sure! LOL LOL all the way to a solar installation… we putting in systems at $ . 044670 cents per kwhr with Grid costs at $.17 cents per Kwhr and the source of the Grid is dirty coal….doing the Lord’s work on Sunday. Keeping ranchers on their land and trumpster can’t stop us either.
Silent,
Good grief, you seem obsessed by fracking, which is understandable since it’s the most heavily publicized (and politicized) of the new oil technologies.
But all the other incredible advances in oil technology are also equally important on a global scale. The development of these amazing technologies effectively ended the ‘Theory of Peak Oil’.
No one individual was responsible for this alone, but the change in direction for Western oil Companies began with the ascendancy of Rex Tillersen to CEO and Chairman of Exxon.
Exxon is hugely important to the US economy. The major Oil companies are the largest US taxpayers, while the oil industry remains the most valuable source of Tax revenue. The Oil industry, remains 28% of the US economy.
Apple, Microsoft, Amazon,Google, Alphabet,Berkshire Hathaway etc,all combined don’t pay a fraction of the the tax contribution paid into the US economy by the oil industry. Those taxes pay for services provided to US citizens, including the ability to subsidize Wind and Solar.
Changing the course of a global corporation with more employees and a bigger income than many small countries, isn’t easy. It’s especially difficult when it involves also changing the direction of the entire industry.
I would imagine that Rex Tillersen couldn’t give a damn about what insignificant armchair critics say about him, when he enjoys the admiration, respect and favourable judgement of his peers.
@ Marco Polo
God Bless You and I will ask the angels to deliver some Holy water to you from Pope Francis perhaps you can Bless your Many Myths and somehow Transform them into Reality.
You live in a very contradictory Bubble Marco – cling to your indefensible and factually inaccurate positions . That’s Your God given right. Revel in it like the Trumpeters and their False Narratives and False Facts and self serving pocket lining agenda.
We gave you more time than this subject warrants and you keep clinging to a scratched record of false hoods and incorrect views on REALITY!
Have great days maybe the trumpster and his cronies will send you a deal