Profits, Profits, Profits: Big Oil and the entire Vile Gang will do Anything just to Make Profits

BP planned to ensure a forty percent reduction in fossil fuel production between 2019 and 2030, but it revised the aim recently, bringing the figure to just twenty-five percent, as shareholders hoped to claw back over twelve percent of BP's share price in the last few years.

Shell aimed to ensure a 20 percent cut in the net carbon intensity of its energy production by 2030 compared with 2016 intensity levels, but it went back on its intentions early this year, bringing its targets to a 15-20 percent reduction.

Six years ago, Chevron launched a Future Energy Fund, with an initial commitment of $100 million set aside to invest in breakthrough technologies to reduce carbon emissions and scale up green energy, but its investments in renewable energy remain stale, with no plan in place for clean applications.

Chevron, Shell, and BP show the trend in the fossil fuel sector, with companies either scaling back on green energy plans or having no plans at all, just as global warming worsens, this year slated to be the hottest year recorded since statistics-keeping began in the 19th century.

BP’s underlying profits fell to $2.7 billion for the first quarter of 2024, down from $5 billion same period in the year before, and below analysts' predictions of almost $2.9 billion, with expenditures on green energy projects blamed for the development.

Shell’s underlying profits hit $7.7 billion for the first quarter of the year, exceeding the expectations of analysts at $6.46 billion, a performance boosted by strong LNG trading results and a cut back on green energy investments.

Chevrons profits reached $5.5 billion for the first three months of this year, beating the expectations of analysts, even though it came lower than last year's figure of $6.57 billion or $3.46 per share, a performance hinged on growing its fossil fuel operations.

Major oil companies show the same ambitions in the sector, cutting back on green energy spendings or skirting away from green energy on the issue of profits, satisfying greedy shareholders, who find happiness when profits beat expectations of analysts.

BP splashed $2.5 billion on green energy spendings out of a total capital expenditures of $16 billion in 2023/2024, but with shareholders feeling this weighted on the company's share price, as well curtailed profits in the short-term, expenditure on green energy could experience a cut down going forwards.

Chevron last year planned to spend one billion dollars to grow its renewable fuel production capacity and invest $19 billion in lower carbon generating projects through 2028, but with the desire to gain more and more profits in the industry, doubts remain whether the budget for green energy would increase.

Shell spent $2.7 billion on renewable and green energy solutions last year, down from $3.5 billion in the year before, but with oil majors desperate to gain greater yields from the business, green energy spendings could be slashed even more, unless circumstances bring about a change.

The oil majors could continue the trend of cutting back on green energy spendings or having no plans at all for it, if shareholders continue to demand for greater profits, which could be dangerous for climate change, as its effects accelerate through fossil fuel production of oil companies.

Shareholders need to learn about the consequences of fossil fuel production, to curb their greed for profits in the sector. Fossil fuel companies should realize the consequences of not making investments in green energy, given the precarious situation of the present situation. Activists need to intensify their campaigns against fossil fuel production.

If the oil majors discontinue the trend of cutting back on green energy spendings and having no plans for it, and shareholders know the long-term advantage of the moves, the effects of climate change could be reduced, and efforts to make the planet sustainable will be accelerated.

What to Eat

Vegan food from Argentina, Credit, Independent