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Newsletter
Credit: Gerd Altmann/Pixabay
Big oil companies report soaring profits and increased production
Major oil companies like Exxon Mobil, Shell and BP reported higher-than-expected profits due to increased oil and gas production, while Chevron's earnings fell short because of its refining business.
In short:
- Exxon Mobil achieved a 15% increase in second-quarter production thanks to record outputs in the Permian Basin and Guyana, while Chevron announced it will relocate its headquarters to Houston.
- ConocoPhillips is advancing its Willow oil project in the Arctic, despite opposition, with expectations of producing 180,000 barrels per day by 2029.
- Shell and BP face criticism from environmental groups for shifting away from renewables and prioritizing short-term shareholder profits from fossil fuels.
Key quote:
“It is shameful that Shell…continues to reap billions in profits off the back of its planet-wrecking oil and gas operations.”
— Chiara Liguori, senior climate justice policy adviser for Oxfam Great Britain
Why this matters:
The oil companies' focus on fossil fuel production over renewable energy investments could hinder global climate goals. This trend underscores the tension between corporate profit motives and environmental responsibility.
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Credit: Artur Łuczka/Unsplash
BP's carbon credits questioned for lack of real climate benefit
A satellite analysis revealed that Finite Carbon, a BP-owned company, sells carbon offsets for forests that are not at risk of deforestation, raising concerns about their true climate impact.
Luke Barratt reports for SourceMaterial in partnership with Miranda Green reporting for Floodlight.
In short:
- Finite Carbon, responsible for a significant portion of U.S. carbon credits, faces criticism for selling offsets on trees unlikely to be cut down.
- Experts found that 79% of credits from key projects, valued at $334 million, should not have been issued.
- The analysis highlights systemic flaws in California’s cap-and-trade system, allowing companies to exploit offset protocols.
Key quote:
“We don’t think that the project should have been allowed to proceed and earn credits.”
— Elias Ayrey, head scientist at Renoster
Why this matters:
Carbon offsets are intended to reduce net emissions, but flawed credits undermine this goal, allowing continued pollution.
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Credit: Zaschnaus/Big Stock Photo
Settlement for BP oil spill workers falls short of expectations
A court settlement meant to compensate cleanup workers affected by the BP oil spill has largely failed, leaving many without proper aid.
Travis Loller and Michael Phillis report for The Associated Press.
In short:
- The settlement has paid out only a small fraction, with 79% of recipients receiving no more than $1,300 each.
- Legal hurdles and strict proof requirements have thwarted many workers' attempts to claim adequate compensation.
- Attorneys and experts criticize the settlement and claims process as insufficient and overly stringent.
Key quote:
"I wanted people to get their day in court and they win or lose at trial. Let a jury decide. ...But they weren’t even given the chance to do that."
— Robin Greenwald, plaintiffs' attorney
Why this matters:
Cleanup workers were exposed to hazardous conditions and toxic substances, such as crude oil and chemical dispersants, which have been linked to a range of health issues. These include respiratory problems, skin conditions, and other serious ailments. Many workers have found the compensation inadequate relative to the severity and duration of their health problems, which in some cases require ongoing medical treatment.
If settlements fail to provide sufficient redress, not only do they leave affected individuals and communities struggling, but they also raise questions about the deterrence of future corporate negligence.
Due to disproportionate exposure to contaminated air, water, toxic chemicals, unsafe workplaces and other environmental hazards, poor, disenfranchised and minority communities face more health problems.
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Photo by Johannes Plenio on Unsplash
Fossil fuel firms owe climate reparations of $209bn a year, says study
The world’s top fossil fuel companies owe at least $209bn in annual climate reparations to compensate communities most damaged by their polluting business and decades of lies, a new study calculates.
Newsletter
Amy Huser/Flickr/US Coast Guard/Public Domainhttps://creativecommons.org/publicdomain/mark/1.0/
They cleaned up BP’s massive oil spill. Now they’re sick – and want justice
Thirteen years after the Deepwater Horizon explosion, documents shed light on the company’s response and ‘scorched earth’ legal tactics.
Newsletter
Svetoslav Nikolov/Flickr
‘Monster profits’ for energy giants reveal a self-destructive fossil fuel resurgence
Last year’s combined $200bn profit for the ‘big five’ oil and gas companies brings little hope of driving down emissions.
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