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<p><font size="+2" face="Calibri"><i><b>January</b></i></font><font
size="+2" face="Calibri"><i><b> 2, 2024</b></i></font></p>
<i>[ "follow the money", or "Show me the money" ]<br>
</i><b>Big five oil companies to reward shareholders with record
payouts<br>
</b>BP, Shell, Chevron, ExxonMobil and TotalEnergies to distribute
more than $100bn despite public outrage<b><br>
</b>Jillian Ambrose<br>
Mon 1 Jan 2024<br>
The world’s five largest listed oil companies are expected to reward
their investors with record payouts of more than $100bn (£79bn) for
2023 against a backdrop of growing public outrage at fossil fuel
profits.<br>
<br>
The five “super-majors” – BP, Shell, Chevron, ExxonMobil and
TotalEnergies – showered shareholders with dividend payments and
share buybacks worth $104bn in the 2022 calendar year, according to
the Institute for Energy Economics and Financial Analysis (IEEFA).<br>
<br>
The bumper payouts followed a year of record profits for big oil and
gas companies after Russia’s invasion of Ukraine upended global
energy markets, triggering a rise in the international price of
Brent crude and record gas prices across Europe.<br>
<br>
Financial analysts at IEEFA said the companies were likely to pay
even greater shareholder distributions this year despite weaker
commodity market prices leading to lower profits. The payouts will
also follow a year that is expected to have been hotter than any
other on record, with the climate emergency leading to a series of
extreme weather events.<br>
<br>
Trey Cowan, an analyst at the IEEFA, said: “At the current pace of
distributions via share buybacks and dividends, these five
super-majors could set a record for distributions to shareholders in
2023, topping the $104bn spent during the 2022 calendar year.”<br>
Shell angered climate campaigners in November by setting out plans
to pay shareholders at least $23bn in rewards this year, despite
falling profits. The sum is more than six times the amount Shell
planned to spend on renewable energy last year.<br>
Shell’s investor windfall follows one of the biggest annual profits
in UK corporate history for 2022 when the oil company revealed
profits of $40bn but weaker commodity market prices in 2023 mean its
full-year earnings are expected to be lower.<br>
<br>
BP used its second-quarter results last year to tell shareholders to
expect a 10% dividend raise in 2023, well above its initial
guidance. The company had promised to raise the dividend by 4% each
year and buy back about $4bn of shares, assuming the oil price was
about $60 a barrel, but over the previous four quarters BP had
repurchased $10bn of shares and increased its dividend by 20%. The
handouts were particularly surprising after the company reported a
deeper-than-expected profit slump. They were welcomed by investors,
amid concern among some about the plans of the former chief
executive Bernard Looney to “reimagine” BP as a net zero energy
company by 2050.<br>
<br>
Oil companies continue to offer generous shareholder handouts as
investors face growing pressure to divest their shares. Protests
targeting oil company AGMs and conferences have become increasingly
disruptive in recent years as campaigners demand more ambitious
climate action.<br>
<br>
They have also faced hostility from campaign groups that have
accused the companies of profiting from Russia’s war while millions
of households have been plunged into a cost of living crisis driven
by high energy costs.<br>
<br>
Alice Harrison, a campaigner at Global Witness, said: “The global
energy crisis has been a giant cash grab for fossil fuel firms. And
instead of investing their record profits in clean energy, these
companies are doubling down on oil, gas and shareholder payouts.<br>
<br>
“Yet again millions of families won’t be able to afford to heat
their homes this winter, and countries around the world will
continue to suffer the extreme weather events of climate collapse.
This is the fossil fuel economy, and it’s rigged in favour of the
rich.”<br>
<br>
Some green groups believe lucrative shareholder rewards are being
used to distract investors from the public backlash against the oil
industry, and a terminal shift in government policies away from
fossil fuels.<br>
<br>
But Dieter Helm, a professor of economic policy at the University of
Oxford and a former government adviser, believes the payouts suggest
the industry remains confident about its future profitability.<br>
Helm used his 2017 book Burnout: the Endgame for Fossil Fuels to set
out how the oil industry might respond to the existential threat of
climate action. In a “harvest and exit” strategy companies would
probably wring out as much value for their shareholders as possible,
while winding down their future fossil fuel spending, he suggested.<br>
<br>
But the climate agenda is unlikely to be playing a role in recent
record shareholder paydays, he said. “For this to be the case you
would have to believe that the energy transition is happening, and
that demand for fossil fuels is going to fall. These companies are
investing a huge amount in new projects, and they’re handing out
bigger dividends because they are confident that they’re going to
make big returns. And when we look at the state of our current
climate progress, who’s to say they’re wrong?”<br>
<br>
The oil industry’s record investor payouts have been largely buoyed
by a sharp increase in share buybacks, according to analysts at
S&P Global Market Intelligence (SPMI), which plays some role in
future-proofing oil company payouts.<br>
<br>
Share buybacks allow companies to share a surge in profits with
investors without the long-term commitment of a change to the
dividend policy. They also help to reduce the number of shares in
the market, which would make future dividend policies “cheaper” to
fulfil.<br>
<br>
“In the US, Chevron leads a $75bn repurchase programme, followed by
ExxonMobil’s $50bn. In Europe, Eni and Equinor have massively
increased buybacks, up to 20% of cashflows from operations, albeit
dividends remained as their priority. We forecast Shell and BP to
allocate 15-18% of cashflow to dividends and about 25% to buybacks
in 2024,” SPMI said.<br>
<br>
The analysts expect the oil and gas industry to relinquish its
position as the sector that pays the biggest dividends in 2024,
dropping to second place behind banks.<br>
<br>
The IEEFA’s Cowan says: “The [oil industry] is beginning to empty
its war chest used to pay shareholders faster than they can
replenish it. Future distributions to shareholders of these
companies appear likely to fall and not continue to ascend.”<br>
<a class="moz-txt-link-freetext" href="https://www.theguardian.com/business/2024/jan/01/oil-companies-shareholders-payouts-bp-shell-chevron-exxonmobil-totalenergies">https://www.theguardian.com/business/2024/jan/01/oil-companies-shareholders-payouts-bp-shell-chevron-exxonmobil-totalenergies</a><br>
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</i></p>
<p><i><br>
</i></p>
<i>[ Dr Jennifer Francis described the importance of major polar
weather structures ]</i><br>
<b>Dr Jennifer Francis- 2024 and beyond "Expect surprises,
destruction, suffering..."</b><br>
Nick Breeze ClimateGenn<br>
Jan 1, 24 ClimateGenn #podcast produced by Nick Breeze<br>
In this climategenn episode bulletin, I speak with Dr Jennifer
Francis about her new work looking at Weather Whiplash Events that
she and colleagues have been studying in the N Atlantic and Europe.
<br>
<br>
We also discuss the outlook for 2024 as climate impacts worsen and
world leaders from across the world are doubling down on expanding
the root cause of the problem: fossil fuels. <br>
<br>
If you want to find out more about the failing COP process and why
we urgently need to hold those delaying structural change directly
accountable, you can preorder my book COPOUT, available on Amazon or
another bookstore. <a class="moz-txt-link-freetext" href="https://amzn.to/47llRaW">https://amzn.to/47llRaW</a><br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=tMxsu1E88NA">https://www.youtube.com/watch?v=tMxsu1E88NA</a><br>
<p><br>
</p>
<p><br>
</p>
<i>[ Sober overview of what we are facing - from Colby College, in
Maine]</i><br>
<b>Unlivable: how a changing climate will force a global migration</b><br>
colbygoldfarbcenter<br>
Aug 11, 2023<br>
Abrahm Lustgarten, a nationally recognized writer and thinker about
climate change, was the presenter for the 2023 Linda Cotter Speaker
Series, co-hosted by the Goldfarb Center for Public Affairs and
Mid-Maine Global Forum, honoring Linda Cotter's legacy as the
founder of the Mid-Maine Global Forum.<br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=08XPKYcCYF0">https://www.youtube.com/watch?v=08XPKYcCYF0</a>
<p><br>
</p>
<p><br>
</p>
<i>[ unusual interview -- setting the stage for collapse ]</i><br>
<b>Decoding Civilizational Collapse ◄ Joseph Tainter</b><br>
typeoneplanet<br>
Oct 5, 2023 Type One Planet<br>
Joseph is a professor in the Department of Environment and Society
at Utah State University. He is perhaps best known as the author of
the 1988 book The Collapse of Complex Societies, which examines the
dynamics and processes that lead civilizations to decay and unravel.
This seminal work remains a key text for anyone seeking to
comprehend how societies evolve, adapt, and sometimes
catastrophically fail.<br>
<br>
In his research, Joseph tackles big questions about civilizational
sustainability, the ability to problem-solve, and the complex
interplay of factors that allow civilizations to thrive or decline.
His core argument is that as societies evolve to solve problems,
they become more complex. This added complexity initially yields
benefits and new capabilities, but over time it requires ever more
resources to sustain itself, leading to diminishing returns.
Eventually the costs of maintaining complexity overwhelm the
benefits, setting the stage for collapse.<br>
<br>
Joseph’s ability to analyze civilizations using an anthropological
lens provides a unique vantage point for assessing our current
global system. <br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=Pbp3B8Iqn1g">https://www.youtube.com/watch?v=Pbp3B8Iqn1g</a><br>
<p><br>
</p>
<p><br>
</p>
<i>[ Climate Migration Climate change United Nations]</i><br>
<b>The Great Displacement: Climate Migration in America</b><br>
Carnegie Endowment<br>
Streamed on Mar 20, 2023<br>
Even as climate change dominates the headlines, many still think
about it in the future tense—we imagine that decades from now,
rising seas and failed harvests will send people fleeing from their
homes and home countries. But in fact climate change is already
driving migration today, even in prosperous countries like the
United States.<br>
<br>
From half-drowned Louisiana to fire-scorched California, from the
dried-up cotton fields of Arizona to the soaked watersheds of North
Carolina, Americans are moving. And around the world,
climate-related migration is occurring in the absence of any legally
recognized status for “climate refugees”. It’s a problem that is
only growing more serious.<br>
<br>
Join the Carnegie Endowment online for a conversation between Jake
Bittle, a staff writer at Grist and the author of The Great
Displacement: Climate Change and the Next American Migration, and
Noah J. Gordon, acting co-director of Carnegie’s Sustainability,
Climate, and Geopolitics Program. The discussion will be followed by
an audience Q&A.<br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=GQKdsF013yQ">https://www.youtube.com/watch?v=GQKdsF013yQ</a><br>
<p><br>
</p>
<p><br>
</p>
<i>[ yes, in a 2 minute video ]</i><br>
<b>Will climate change get worse before it gets better?</b><br>
Curious Climate Schools<br>
Oct 29, 2023<br>
Professor Zanna Chase answers Will climate change get worse before
it gets better?<br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=nsZg5Lcs1YU">https://www.youtube.com/watch?v=nsZg5Lcs1YU</a><br>
<p>- -</p>
<i>[ conjecture, of course ]</i><br>
<b>What if animals can talk, what would they say about climate
change?</b><br>
CurNov 5, 2023<br>
Alexander Burton answers 'What if animals can talk, what would they
say about climate change?'ious Climate Schools<br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/watch?v=8C1nh7mbJK0">https://www.youtube.com/watch?v=8C1nh7mbJK0</a><br>
<p>- -</p>
<p><i>[ yes this channel offers simple videos ]</i><br>
<b>Curious Climate Schools</b><br>
@curiousclimateschools5072<br>
<a class="moz-txt-link-freetext" href="https://www.youtube.com/@curiousclimateschools5072">https://www.youtube.com/@curiousclimateschools5072</a><br>
</p>
<p><br>
</p>
<font face="Calibri"><br>
</font><font face="Calibri"> <i>[ The news archive - Mother Jones
publication ]</i></font><br>
<font face="Calibri"> <font size="+2"><i><b>January 2, 2014 </b></i></font>
</font><br>
<font face="Calibri"> </font> January 2, 2014: <br>
• Chris Mooney of Mother Jones explains to the willfully ignorant
that snow doesn't disprove climate change.<br>
<blockquote>All of this is all wrong in ways that have all been
explained before. So just a few brief observations:<br>
<br>
1. Statements about climate trends must be based on, er, trends.
Not individual events or occurrences. Weather is not climate, and
anecdotes are not statistics.<br>
<br>
2. Global warming is actually expected to increase “heavy
precipitation in winter storms,” and for the northern hemisphere,
there is evidence that these storms are already more frequent and
intense, according to the draft US National Climate Assessment.<br>
<br>
3. Antarctica is a very cold place. But global warming is
affecting it as predicted: Antarctica is losing ice overall,
according to the latest report of the Intergovernmental Panel on
Climate Change. However, sea ice is a different matter than
land-based or glacial ice. Antarctic sea ice is increasing, and
moreover, the reason for this may be climate change! (For more,
read here.)<br>
<br>
Finally, just one last thing. When it’s winter on Earth, it’s also
summer on Earth…somewhere else. Thus, allow us to counter
anecdotal evidence about cold weather with more anecdotal
evidence: It’s blazing hot in Australia, with temperatures, in
some regions, set to possibly soar above 120 degrees Fahrenheit in
the coming days.<br>
</blockquote>
<a class="moz-txt-link-freetext" href="http://www.motherjones.com/blue-marble/2014/01/blizzards-dont-refute-global-warming">http://www.motherjones.com/blue-marble/2014/01/blizzards-dont-refute-global-warming</a><br>
<p><br>
</p>
<p><font face="Calibri"> </font><font face="Calibri"><br>
=== Other climate news sources
===========================================<br>
</font> <font face="Calibri"><b>*Inside Climate News</b><br>
Newsletters<br>
We deliver climate news to your inbox like nobody else. Every
day or once a week, our original stories and digest of the web’s
top headlines deliver the full story, for free.<br>
</font> <font face="Calibri"><a class="moz-txt-link-freetext"
href="https://insideclimatenews.org/">https://insideclimatenews.org/</a><br>
--------------------------------------- <br>
*<b>Climate Nexus</b> <a class="moz-txt-link-freetext"
href="https://climatenexus.org/hot-news/*">https://climatenexus.org/hot-news/*</a>
<br>
Delivered straight to your inbox every morning, Hot News
summarizes the most important climate and energy news of the
day, delivering an unmatched aggregation of timely, relevant
reporting. It also provides original reporting and commentary on
climate denial and pro-polluter activity that would otherwise
remain largely unexposed. 5 weekday <br>
================================= <br>
</font> <font face="Calibri"><b class="moz-txt-star"><span
class="moz-txt-tag">*</span>Carbon Brief Daily </b><span
class="moz-txt-star"><a class="moz-txt-link-freetext"
href="https://www.carbonbrief.org/newsletter-sign-up">https://www.carbonbrief.org/newsletter-sign-up</a></span><b
class="moz-txt-star"><span class="moz-txt-tag">*</span></b> <br>
Every weekday morning, in time for your morning coffee, Carbon
Brief sends out a free email known as the “Daily Briefing” to
thousands of subscribers around the world. The email is a digest
of the past 24 hours of media coverage related to climate change
and energy, as well as our pick of the key studies published in
the peer-reviewed journals. <br>
more at <a class="moz-txt-link-freetext"
href="https://www.getrevue.co/publisher/carbon-brief">https://www.getrevue.co/publisher/carbon-brief</a>
<br>
================================== <br>
*T<b>he Daily Climate </b>Subscribe <a
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