Exclusive | Shell in Early Talks to Acquire Rival BP - WSJ
https://www.wsj.com/business/energy-oil/shell-in-early-talks-to-acquire-rival-bp-2233591a
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A Shell spokesman said: “As we have said many times before, we are sharply focused on capturing the value in Shell through continuing to focus on performance, discipline and simplification.”
A BP spokesman declined to comment.
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BP has been the laggard among major oil companies after an ill-fated push away from fossil fuels into renewable energy. It has also suffered years of management upheaval and operational disasters.
Activist investor Elliott Investment Management, which owns more than 5% of BP’s shares, has pushed for changes at the energy company since at least February, underscoring the oil and gas producer’s exposure to a potential takeover bid from a rival.
BP has since adopted several measures to try to address investor frustrations. It announced plans earlier this year to boost oil and gas production and sharply cut investments in clean energy.
BP is also in the process of trying to sell its lubricants business that operates under the Castrol brand and has indicated it could unload at least part of its solar unit, Lightsource. More recently, BP said that its Chairman Helge Lund, a key architect of the company’s low-carbon strategy, plans to step down.
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Chevron is still working to close its $53 billion megadeal for Hess, which has been held up due Exxon’s effort to challenge the deal’s legality.
Exxon last year closed a $60 billion deal to buy Pioneer Natural Resources. Diamondback Energy sealed a $26 billion deal for Endeavor Energy Resources to bolster its position in the Permian Basin.
Scientists propose a $117 trillion global wind-solar grid, arguing it could provide constant, clean power by connecting regions with surplus
Scientists propose a $117 trillion global wind-solar grid, arguing it could provide constant, clean power by connecting regions with surplus renewable energy to those in need.
Theoretical benefits include energy abundance and reduced infrastructure needs.
👉🏾Political👎🏾 and economic hurdles make the idea highly impractical, with massive upfront costs, global coordination challenges, and geopolitical tensions making implementation unlikely.
