| More obscene profits for an energy company...... on 13:50 - Aug 2 with 518 views | DanTheMan |
| More obscene profits for an energy company...... on 13:34 - Aug 2 by SuperKieranMcKenna |
“I think 2pc is genuinely high from what I've read”.
According to the Economist the average for western oil companies is 15pc which is a magnitude higher. 5pc for state owned firms.
Of course none of which is enough but the fact that profit orientated firms are outpacing state owned is pretty damning. |
Have you got a link? That must have changed significantly since the paper I linked earlier which had it at maybe over 1% at best. |  |
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| More obscene profits for an energy company...... on 13:51 - Aug 2 with 517 views | DanTheMan |
| More obscene profits for an energy company...... on 13:40 - Aug 2 by NthQldITFC |
We're pretty much at the point where your post could have read "it was suicide" and "in the short term" in my opinion.
The endless bullsh!t and self-justification from these profit-obsessed cults in the face of not only environmental collapse, but imminent societal collapse is not only immoral to the extreme, but will actually be self-destructive if or when law and order breaks down as a result of their moronic greed. |
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| More obscene profits for an energy company...... on 13:59 - Aug 2 with 493 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 13:50 - Aug 2 by DanTheMan |
Have you got a link? That must have changed significantly since the paper I linked earlier which had it at maybe over 1% at best. |
https://www.economist.com/business/2022/07/25/state-run-oil-giants-will-make-or-
“state-run giants are allocating less than 5% of their capital spending to the energy transition, compared with 15% on average for American and European firms”
[Post edited 2 Aug 2022 14:00]
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| More obscene profits for an energy company...... on 14:11 - Aug 2 with 474 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 13:51 - Aug 2 by DanTheMan |
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As an aside many fossil fuel firms are facing various litigation in relation to environmental damage and climate change. I imagine the likes of CNOOC and Saudi Aramco will be fine, I can’t imagine getting far against those governments! | | | |
| More obscene profits for an energy company...... on 14:12 - Aug 2 with 470 views | DanTheMan |
Be interested to know where they got their stats from as it's not sourced and seems to contradict their accounts. The article I linked is from Feb 2022 so there's not enough time to make a huge difference. | |
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| More obscene profits for an energy company...... on 14:17 - Aug 2 with 462 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 14:12 - Aug 2 by DanTheMan |
Be interested to know where they got their stats from as it's not sourced and seems to contradict their accounts. The article I linked is from Feb 2022 so there's not enough time to make a huge difference. |
The sources are on the article - Wood McKenzie and S&P global. | | | |
| More obscene profits for an energy company...... on 14:20 - Aug 2 with 453 views | nrb1985 |
| More obscene profits for an energy company...... on 13:33 - Aug 2 by PrideOfTheEast |
You appreciate a windfall tax has already been introduced? It's not a one-off tax either, and spans multiple years for groups like BP. Gives them a tax rate of circa 65% in big parts of their business. |
I would be in favour of a one off windfall tax in this instance, given the profits are primarily driven by factors outside of their control.
The only potential issue is, where does that end I guess? Do we put a windfall tax on Netflix during the pandemic for having a huge boom in subscriber growth? Noting obviously they're not a British company but you get the point. | | | |
| More obscene profits for an energy company...... on 14:23 - Aug 2 with 431 views | Parsley |
| More obscene profits for an energy company...... on 14:20 - Aug 2 by nrb1985 |
I would be in favour of a one off windfall tax in this instance, given the profits are primarily driven by factors outside of their control.
The only potential issue is, where does that end I guess? Do we put a windfall tax on Netflix during the pandemic for having a huge boom in subscriber growth? Noting obviously they're not a British company but you get the point. |
The obvious difference there is that people can choose not to subscribe to Netflix, as they have been doing recently. There's only so much that you can cut back on energy usage, and almost all suppliers are charging at or close to the current price cap so it's not like there's much benefit in shopping around. |  | | |
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| More obscene profits for an energy company...... on 14:24 - Aug 2 with 430 views | DanTheMan |
| More obscene profits for an energy company...... on 14:17 - Aug 2 by SuperKieranMcKenna |
The sources are on the article - Wood McKenzie and S&P global. |
Weird, I wonder where the base figures are from in that case.
e.g. From BPs own numbers from 2020, they said
In 2020 we invested $750 million, compared to more than $500 million in 2019.
Source - https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/invest
To me that doesn't sound anywhere near 15%, and BP are supposed to be one of the better ones. [Post edited 2 Aug 2022 14:24]
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| More obscene profits for an energy company...... on 14:39 - Aug 2 with 400 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 14:24 - Aug 2 by DanTheMan |
Weird, I wonder where the base figures are from in that case.
e.g. From BPs own numbers from 2020, they said
In 2020 we invested $750 million, compared to more than $500 million in 2019.
Source - https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/pdfs/invest
To me that doesn't sound anywhere near 15%, and BP are supposed to be one of the better ones. [Post edited 2 Aug 2022 14:24]
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It may be that its a percentage of annual capital expenditure, plus many investments are through subsidiaries and joint ventures rather than under the BP brand.
Either way if they are all from a comparative base it does suggest many of the worst polluters are now governments. | | | |
| More obscene profits for an energy company...... on 14:44 - Aug 2 with 394 views | DanTheMan |
| More obscene profits for an energy company...... on 14:39 - Aug 2 by SuperKieranMcKenna |
It may be that its a percentage of annual capital expenditure, plus many investments are through subsidiaries and joint ventures rather than under the BP brand.
Either way if they are all from a comparative base it does suggest many of the worst polluters are now governments. |
Honestly if that was the case I'd expect BP to be inflating it's own numbers, rather than an article in the Economist. There's no reason for them to underplay.
And yes that's fair. But that still doesn't get them off the hook for decades of lobbying and delay tactics for a problem they caused. | |
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| More obscene profits for an energy company...... on 14:47 - Aug 2 with 384 views | PrideOfTheEast |
| More obscene profits for an energy company...... on 14:20 - Aug 2 by nrb1985 |
I would be in favour of a one off windfall tax in this instance, given the profits are primarily driven by factors outside of their control.
The only potential issue is, where does that end I guess? Do we put a windfall tax on Netflix during the pandemic for having a huge boom in subscriber growth? Noting obviously they're not a British company but you get the point. |
You mean you are in favour (as opposed to would be), i.e. one has already been introduced.
That's far from the only potential issue but I agree with your general sentiment. | | | |
| More obscene profits for an energy company...... on 14:57 - Aug 2 with 373 views | unbelievablue |
Seems silly given that from October is when each direct debit assistance payment will be made. |  |
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| More obscene profits for an energy company...... on 14:57 - Aug 2 with 373 views | SuperKieranMcKenna |
| More obscene profits for an energy company...... on 14:44 - Aug 2 by DanTheMan |
Honestly if that was the case I'd expect BP to be inflating it's own numbers, rather than an article in the Economist. There's no reason for them to underplay.
And yes that's fair. But that still doesn't get them off the hook for decades of lobbying and delay tactics for a problem they caused. |
Inexcusable- and downright criminal. I just thought it was worth pointing out that actual governments who are not beholden to shareholders are even further behind, as they always seem to fly under the radar and in global terms are even more significant.
We can hope that the impact of the Ukraine war will shock our government into a sustainable and secure long term energy policy….but I doubt it. | | | |
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