Analysis: How Exxon Is Being Forced To Accept The Reality Of Bad Fossil Fuel Investments
By Justin Mikulka, DeSmog Blog
Last August, ExxonMobil warned that it may need to remove 20 percent of its oil and gas proved reserves from its books. While that was a shocking number from the oil major, reality proved to be even more of a shock to the company
With Bankruptcies Mounting, Faltering Oil and Gas Firms Are Leaving a Multi-billion Dollar Cleanup Bill to the Public
By Justin Mikulka, DeSmog Blog
Amid a record wave of bankruptcies, the U.S. oil and gas industry is on the verge of defaulting on billions of dollars in environmental cleanup obligations.
The US Oil and Gas Industry’s Methane Problem Is Catching up With It
By Justin Mikulka, DeSmog Blog
These days, methane emissions have become an industry black eye, to the point that major players are now clamoring for regulations after the Trump administration recently finalized the rollback of Obama-era rules meant to reduce methane leaks from oil and gas.
Big Banks Pull Financing, Prepare To Seize Assets From Collapsing Oil and Gas Industry
By Justin Mikulka, DeSmog Blog
The finances of the oil and gas industry are so dismal that the major banks that have funded the money-losing fracking boom are now exploring taking the unusual step of taking over the oil companies that cannot afford to pay back the banks' loans.
Is the U.S. Fracking Boom Based on Fraud?
By Justin Mikulka, DeSmog Blog
Is it misleading to laugh at your company's investors if you know the estimates you are giving them are inflated, but because you own the stock that benefits from those estimates, you do it anyway? Is that fraud? Perhaps that depends on if you get you get ethics lessons from Andrew Fastow and Jim Hackett.
Peak Permian Oil Production May Arrive Much Sooner Than Expected
By Justin Mikulka, DeSmog UK
In mid-January, Adam Waterous, who operates the private equity firm Waterous Energy Fund, made a prediction about the crown jewel of the U.S. shale oil industry, the Permian shale play that straddles Texas and New Mexico. “We think we are at or near peak Permian,” Waterous told Bloomberg. “The North American oil market has been grossly overcapitalized, which is not sustainable.”
To Many’s Dismay, Permian Produces More Gas and Condensate Instead of Oil and Profits
By Justin Mikulka, DeSmog Blog
As oil prices plummet, oil bankruptcies mount, and investors shun the shale industry, America’s top oil field — the Permian shale that straddles Texas and New Mexico — faces many new challenges that make profits appear more elusive than ever for the financially failing shale oil industry. Many of those problems can be traced to two issues for the Permian Basin: The quality of its oil and the sheer volume of natural gas coming from its oil wells.
Stanford Study Says Renewable Power Eliminates Argument for Using Carbon Capture with Fossil Fuels
By Justin Mikulka, DeSmog Blog
New research from Stanford University professor Mark Z. Jacobson questions the climate and health benefits of carbon capture technology against simply switching to renewable energy sources like wind and solar. Carbon capture technology is premised on two possible approaches to reducing climate pollution: removing carbon dioxide from the atmosphere anywhere in the world, an approach generally known as direct air capture, or removing it directly from the emissions source, such as the smoke stack of a fossil fuel power plant.