Occidental Petroleum

This Massive Facebook Solar Project Will Power Shell’s Fracking Operations in Texas

Read time: 10 mins
Solar array at sunset in the Permian Basin of Texas

In the heart of the Permian oil patch in West Texas, a massive $416 million solar array began converting sunshine to electricity this summer. One of the project’s main financiers has a very familiar name — Facebook.

Bankers and Investors Finding Fracking Industry's Underlying Models Prove Overly Optimistic

Read time: 15 mins
Dozens of drilling rigs are stacked at the Patterson-UTI yard in Midland, Texas after the oil price went negative on April 20, 2020. Midland, Texas. May 27, 2020.

Warren Buffet has a famous quote about investing: “Only when the tide goes out do you discover who's been swimming naked.” 

When it comes to his $10 billion investment in Occidental Petroleum, Buffett will need to take that one to heart now that other investors have sued Occidental for the merger financed in part by Buffet’s stake, alleging that the amount of debt required for Occidental to merge with Anadarko left the company “precariously exposed” if oil prices went lower. They cited the billions that Buffett invested in the deal as compounding this risk. 

The fracking industry doesn’t care that you’re a world-famous investment sage: It destroys all capital. 

Labor Helps Obama Energy Secretary Push and Profit from 'Net Zero' Fossil Fuels

Read time: 16 mins
President Obama and Energy Secretary Ernest Moniz

Progressive activists have called for a Green New Deal, a linking of the U.S. climate and labor movements to create an equitable and decarbonized economy and move away from fossil fuels to address the climate crisis. But major labor unions and President Barack Obama’s Energy Secretary have far different plans.

On the 50th anniversary of Earth Day, the AFL-CIO and the Energy Futures Initiative (EFI) — a nonprofit founded and run by former Obama Energy Secretary Ernest Moniz — launched the Labor Energy Partnership. Unlike those calling for a Green New Deal, though, this alliance supports increased fracking for oil and gas, as well as other controversial technologies that critics say prop up fossil fuels. It's also an agenda matching a number of the former Energy Secretary's personal financial investments.

Fossil Fuel Firms Linked to Trump Get Millions in Coronavirus Small Business Aid

Read time: 6 mins
GOP rally with sign reading 'Trump digs coal'

By Emily Holden, The Guardian. This story was originally published by The Guardian, and is republished here as part of the Covering Climate Now partnership to strengthen the media's focus on the climate crisis.

U.S. fossil fuel companies have taken at least $50 million in taxpayer money they probably won’t have to pay back, according to a review of coronavirus aid meant for struggling small businesses by the investigative research group Documented and the Guardian.

Risks of Fracking Boom Draw Renewed Attention from Investors

Read time: 5 mins

A coalition of investors called out five oil and gas companies for failing to measure or reduce risks associated with fracking on Tuesday, singling out companies both large and small for how they’ve handled the myriad risks associated with shale oil and gas extraction.

Shareholders in five companies — ExxonMobil, Chevron, EOG Resources, Occidental Petroleum and Pioneer Resources — filed resolutions objecting to the ways that the companies describe the risks of hydraulic fracturing and their failures to reduce the environmental and social impacts of fracking.

“The damaging impacts of hydraulic fracturing on air, water, and local communities have made the public understandably nervous and resistant to permitting this controversial industrial activity,” said Leslie Samuelrich, President of Green Century Capital Management, which together with the New York State Comptroller Thomas DiNapoli, filed the resolution at EOG Resources.

“Companies that fail to demonstrate a public commitment to identifying and mitigating their impacts will fail to earn the public trust,” she added, “and may put shareholder value at risk.”

Four of the five companies – ExxonMobil, Chevron, EOG Resources, and Occidental Petroleum –  received failing scores in a recent report that examined how companies disclosed the impact of fossil fuel extraction and graded their efforts to mitigate risks. Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations focused on 24 companies that use fracking, assessing the ways each handled toxic chemicals, water and waste, air emissions, community impacts, and governance. EOG Resources received a score of 6 out of 32, Chevron a score of 3, ExxonMobil and Occidental Petroleum each got a score of just 2.

That has some investors, including those overseeing New York City’s pension fund, worried.

NY Fracking Scandal: Seven Groups Demand Conflict of Interest Investigation of Cuomo Administration

Read time: 7 mins

New York could soon become the newest state in the union to allow hydraulic fracturing (fracking), the controversial technique used to enable shale oil and gas extraction. The green light from New York Governor Andrew Cuomo could transpire in as little as “a couple of weeks,” according to journalist and author Tom Wilber.  

That timeline, of course, assumes things don't take any crazy twists or turns. 

Enter a press conference today in Albany, where seven groups, including Public Citizen, Food and Water WatchFrack Action, United for ActionCatskill Citizens for Safe Energy, and Capital District Against Fracking, called for an Albany County District Attorney General investigation of the Cuomo Administration.

They are asking “whether Lawrence Schwartz, Secretary to Gov. Andrew M. Cuomo, has a conflict of interest between his stock investments and his involvement in the state’s decision on whether to allow high-volume hydraulic fracturing for shale gas.”

‘Energy In Depth’ Was Created By Major Oil and Gas Companies According to Industry Memo

Read time: 5 mins

DeSmogBlog has uncovered an industry memo revealing that ‘Energy In Depth’ is hardly comprised of the mom-and-pop “small, independent oil and natural gas producers” it claims to represent.  In fact, the industry memo we found, entitled “Hydraulic Fracturing Under Attack,” shows that Energy In Depth “would not be possible without the early financial commitments” of major oil and gas interests including BP, Halliburton, Chevron, Shell, XTO Energy (now owned by ExxonMobil), and several other huge oil and gas companies that provided significant funding early on and presumably still fund the group's efforts.**See updates below.

According to the 2009 memo, Energy In Depth was orchestrated as a “major initiative to respond to…attacks” and to devise and circulate “coordinated messages” using “new communications tools that are becoming the pathway of choice in national political campaigns.”

Energy In Depth (EID) is featured in the news a lot these days, chiefly for attacking the Oscar-nominated documentary Gasland, but also for its extensive efforts to malign the excellent reporting done by ProPublica, the Associated Press and other outlets. EID seems to attack everyone who attempts to investigate the significant problems posed by hydraulic fracturing and other natural gas industry practices that have been shown to threaten public health and water quality across America.

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