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$4.5B of Hatred Against Oil & Gas
When Supermajors Go Green, They Go Broke

Good morning, here's what the Oilman has for you today:
$4.5B Of Hatred Against Oil & Gas
Go Green, Go Broke: ESG Fails in Returns
Tweet of the Day

$4.5 Billion in Hatred Against Oil & Gas
Robert Bryce dropped an incredible piece of research over the weekend.
In short, the anti-industry, anti-human-flourishing, anti-Industry Industry is outspending pro-energy, oil & gas, and nuclear organizations by more than four times.
The top 25 anti-hydrocarbon NGOs had total revenue of about $4.5 billion in 2021
Which is more than four times the amount being raised by the top 25 NGOs that are either pro-hydrocarbon or pro-nuclear.
In fact, Bryce writes, "Between 2017 and 2021, the amount of cash being collected by the 25 top NGOs—which includes entities like the Sierra Club and Environmental Defense Fund—has jumped by 155%, going from about $1.8 billion to $4.5 billion."
MSM peddle false accusations
Both the New York Times and the New Yorker have published stories accusing "front groups" of being sponsored by hydrocarbon producers like the Koch brothers.
It's a false narrative, and one that unfortunately is undermined by the truth of the funding numbers.
Pro-hydrocarbon & pro-nuclear groups have funding of ~$1B in 2021 (as opposed to the renewable industry's $4.5B).
There's due to be more skewed reporting from the MSM as...
NPR is receiving funding to open a new “climate desk”
The Chan Zuckerberg Initiative and The Rockefeller Foundation both provided funding to open a new “climate desk”.
Just what American doesn't need, and doesn't want.
The Oilman is sure that all climate reporting will be objective and without bias.

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Go Green, Go Broke: ESG Fails in Returns
"ExxonMobil Defeated by Activist Investor Engine No. 1" reads the NYT article from 2021 (sorry, but it's behind a paywall).
The activist investor only owned 0.02% of Exxon shares, but still managed to replace four board members and push for more "green" initiatives.
So how's that worked out?
Companies that have pursued ESG initiatives have underperformed those that have not
BP famously rebranded to "Beyond Petroleum" around 20 years ago.
Those investments were poor performers and were sold off.
BP CEO Looney seems to be re-channeling this idea of "beyond petroleum", promising to slash hydrocarbon production 40% by 2030.
He's also promised 50% of investments in "renewables."
Shell has also crumpled beneath ESG pressures
Shell caved first by promising to be "net zero" by 2050.
They also invested heavily into "renewable" projects.
But that wasn't good enough.
Shell's board of director's have been personally sued by climate crazies no, actual pension fund managers!
But Exxon and Chevron have outperformed BP and Shell
According to Goehring & Rozencwajg between 2019 and 2022, "Shell and BP’s earnings have lagged Exxon and Chevron’s, despite rising energy prices over the last two years."
Exxon earning per share saw an increase of 300%.
Chevron earning per share saw an increase of 226%.
Shell earning per share saw an increase of only 193%.
BP earning per share saw an increase of only 96% – "the laggard of the group by far."
The moral of the story? Go "green", go broke.

Around the Digital Patch
📈 More oil production, more demand through 2050.🇨🇦 Canada should not exit oil & gas production.🇳🇬 Huge gas reserves in Nigeria?

Tweet of the Day
Dr. Roger Butler, engineer at Imperial Oil…invented the steam assisted gravity drainage (SAGD) in the 1970s. Butler “developed the concept of using horizontal pairs of wells and injected steam to develop certain deposits of bitumen considered too deep for mining.” #COM 🫡🪒
— Razor Oil 🛢️🪒 (@RazorOil)
12:58 PM • Mar 19, 2023

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