Good morning; here's what the Oilman has for you today:

• Finance Majors Caught in ESG Scam

• Nobel Winner Slams Climate Pseudoscience

• Upcoming Oil and Gas events

• Tweet of the Day

Finance Majors Caught in ESG Scam

A few months ago, BlackRock and EIG Global Energy Partners issued debt that got a high ESG rating.

The money raised will be used to repay loans taken out to acquire stakes in Aramco subsidiaries.

According to Bloomberg, it’s Aramco’s fault.

See? BlackRock said it wasn’t against oil and gas

When Texas accused BlackRock and its fellow asset managers they are discriminating against oil and gas, BlackRock vehemently denied it.

And it’s true. The asset manager last year struck a deal with Aramco to buy a 49% stake in its spinoff, Aramco Gas Pipelines Company.

EIG struck the same deal for another spinoff of the Saudi energy major: Aramco Oil Pipelines Company.

To fund the deals, BlackRock and EIG took out loans.

To relay these loans—worth billions—they set up two special-purpose vehicles and issued debt through them.

Now for the hilarious part: the SPVs received an above-average ESG rating from JP Morgan.

It’s a scam, and everyone knows it

Remember when Elon Musk lashed out at ESG raters for giving Philip Morris a higher rating than Tesla has?

I mean, wouldn’t you have lashed out if you were Musk?

Now we have two major financial companies issuing bonds to repay a debt for oil and gas acquisitions, and they’re advertising them as green.

And here’s the worst part: media, as in Bloomberg, is trying to suggest it’s Aramco that’s doing it.

Their report says things like “a playbook that’s increasingly being used in the Gulf”, for example.

Or look at this: “The unlikely tie-up between Aramco and ESG”.

There is no tie-up between Aramco and ESG.

There’s a tie-up between BlackRock and EIG, and ESG.

Is anyone surprised?

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Nobel Winner Slams Climate Pseudoscience

The 2022 Nobel Prize laureate for physics Dr. John F. Clauser, has slammed the climate change movement for turning science into pseudoscience.

He has also warned the climate catastrophe narrative is dangerous for the world economy and our well-being.

A corruption of science

The climate change narrative is “a dangerous corruption of science that threatens the world’s economy and the well-being of billions of people,” Clauser says.

He’s not the only one, either.

Some of the most prominent “climate deniers” include people such as Roger Pielke Jr., Judith Curry, and Matthew M. Wielicki. All scientists.

But since their science goes against the narrative, they are dubbed deniers.

I guess there’s right science and wrong science when it comes to the climate.

That basically amounts to pseudoscience—when you pick and choose what to label scientific.

And when you make predictive computer models that—surprise!—yield the exact data that you want them to.

There is no climate crisis

The climate narrative has spread far, wide, and deep but there are a growing number of people calling it out.

They talk about facts, such as CO2’s vital importance for life on Earth.

And the fact that it is not a pollutant.

Also, the fact that human activity, based on historical data, has not had so much of an effect on the planet’s climate.

It sounds shocking to many because they’ve taken the narrative Kool-Aid.

Which makes people like Clauser speaking out all the more important.

The good news is they are.

Obviously, there’s only so much pseudoscience an actual scientist can take.

Upcoming Oil & Gas Events

• July 19-20: 2023 Independent Petroleum Association of New Mexico Annual Meeting

• July 20: Bakken Classic Fishing Derby

• July 28: SOOGA Annual Industry Boat Ride, Valley Gem, Marietta, OH

Around the Global Patch

🇺🇸 Heatwave spurs a 4% rise in US Natgas prices.
🇨🇳 China's summer: no major blackouts.
🇷🇺 Dip in Russian crude oil exports.

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