各种各样的地球工程和技术革命，在成本核算的审视目光下，终究不那么靠谱。 在2018年诺贝尔经济学奖得主威廉·诺德豪斯看来，目前应对全球气候变化的威胁，主要有三种思路。 第一种是"适应"，即我们要学会应对变暖的世界，而不是企图防止它——这是那些反对采取高成本措施来减缓气 候变化的人，以及那些相信气候变化的影响微不足道的人所支持的策略，但其实任何一种应对气候变化的战略组 合中，都多多少少会包含它。 第二种就是所谓"地球工程"，通过建造巨型的工程项目，引进变冷的因素，来抵消二氧化碳的温室效应，诺德豪 斯认为"这可能至少部分是有效的"，但并没有得到足够坚实的证明，而且可能会有危险的副作用。 第三种则是经常被称为"减缓"的策略，主要就是采取行动"减排"，这是目前国际磋商的焦点，诺德豪斯认为"从环 境的角度看，这是最安全的解决方法"，但作为经济学家，他同时也指出，"短期而言它也是最昂贵的，因而是最 难实现的"。 人造火山可以"抢救"地球吗？ 目前比较受青睐的一类"地球工程"项目，是想办法把阳光和热量反射回宇宙空间的"太阳辐射管理技术"，通过改 变地球能量的平衡来减缓或扭转变暖的趋势，俗称让地球"变白"。 这一"白化"过程 ...

Core Insights - The U.S. Department of Energy announced the termination of 24 grants awarded by the Office of Clean Energy Demonstrations (OCED), totaling over $3.7 billion [1] - Nearly 70% of the terminated grants (16 out of 24 projects) were signed between the date of the 2024 U.S. presidential election and January 20 of this year [1] - The projects primarily focused on funding for carbon capture and storage (CCS) and decarbonization initiatives, with the termination expected to save American taxpayers $3.6 billion immediately [1]

Financial Data and Key Metrics Changes - The company has transformed its operations over the past five years, achieving an annual growth in cash flow and earnings of 8% to 10% at constant prices and margins [8][10] - The company plans to grow earnings by $20 billion and cash flow by $30 billion by the end of the decade [17] - The enterprise value of the company is approximately $500 billion, with a total shareholder return of 11% last year [16][20] Business Line Data and Key Metrics Changes - The company is organized into three segments: upstream (oil and gas), product solutions (upgrading oil and gas to higher value products), and low carbon solutions [11][12] - The upstream segment is expected to triple the capacity of its Guyana operations and increase Permian assets by 50% over the next five years [9][56] - The company has doubled its earnings per barrel in upstream production over the last five years [57] Market Data and Key Metrics Changes - The demand for crude oil is at an all-time high, with expectations for continued growth despite economic concerns [42][44] - Natural gas prices in Europe have stabilized at around $12 to $13 per million BTU, following a spike due to supply disruptions [48] Company Strategy and Development Direction - The company aims to maintain an 8% to 10% growth rate in earnings and cash flow through the end of the decade, focusing on high-return investment opportunities [10][17] - The strategy includes a strong emphasis on carbon capture and sequestration, positioning the company as a leader in low carbon solutions [13][78] - The company is not participating in renewable energy but is focused on technologies that align with its core capabilities [13] Management's Comments on Operating Environment and Future Outlook - Management believes that achieving net zero emissions by 2050 is unrealistic and emphasizes the need for reliable and affordable energy [24][29] - The company anticipates that oil and gas will still represent 50% of the energy mix by 2050, despite efforts to reduce emissions [29] - The current regulatory environment is seen as inefficient, particularly regarding infrastructure permitting, which hampers operational efficiency [50][52] Other Important Information - The company has a consistent and growing dividend, having increased it for 42 consecutive years, and plans to repurchase $20 billion of stock this year [18][19] - The company has a strong balance sheet with a net debt to capital ratio of 7% and a double A credit rating [92] Q&A Session Summary Question: What is the nature of your energy outlook? - Management distinguishes between normative and predictive outlooks, asserting that their energy outlook is realistic and affordable, predicting a 15% increase in energy demand by 2050 [22][24] Question: How do you view the current oil price cycle? - Management describes the current oil price cycle as normal, with prices influenced by sentiment and supply-demand dynamics, noting that prices have softened recently [41][46] Question: What are your thoughts on the regulatory environment? - Management criticizes the lengthy permitting process for infrastructure projects in the U.S., calling for a more efficient system to facilitate energy production [50][52] Question: Can you provide an update on the arbitration proceedings with Hess? - Management confirms that arbitration is ongoing and expects a decision within two to three months, emphasizing that operational relationships remain strong regardless of the outcome [62][65] Question: How does the company plan to manage future cash flows? - Management expresses confidence in generating significant free cash flow by 2030, with a focus on maintaining a strong balance sheet and returning value to shareholders [97][98]

REX American Resources (REX) Q1 2026 Earnings Call May 28, 2025 11:00 AM ET Company Participants Douglas Bruggeman - VP of Finance, CFO & TreasurerStuart Rose - Executive Chairman & Head of Corporate DevelopmentZafar Rizvi - CEO, President & Director Conference Call Participants Peter Gastreich - Managing Director - Energy and Sustainability Analyst Operator Greetings, and welcome to the REX American Resources Corporation's First Quarter twenty twenty five Earnings Call. At this time, all participants are i ...

Financial Data and Key Metrics Changes - In Q1 2025, ethanol sales volumes were 70.9 million gallons, down from 74.5 million gallons in Q1 2024, with an average selling price of $1.76 per gallon [10] - Gross profit for Q1 2025 was $14.3 million, slightly down from $14.5 million in Q1 2024, primarily due to lower sales prices for dry distiller grains [11] - Net income attributable to REX shareholders was $8.7 million or $0.51 per diluted share, compared to $10.2 million or $0.58 per diluted share in Q1 2024 [12] - Cash, cash equivalents, and short-term investments at the end of Q1 were $315.9 million, reflecting ongoing capital investments and share repurchases [12] Business Line Data and Key Metrics Changes - Dry distiller grain sales volumes were approximately 153,000 tons with an average selling price of $145.65 per ton [10] - Modified distillery grain volumes totaled approximately 22,000 tons with an average selling price of $73.44 per ton [11] - Corn oil sales volumes were approximately 21.4 million pounds during the quarter with an average selling price of $0.46 per pound [11] Market Data and Key Metrics Changes - U.S. ethanol exports through March 2025 were nearly 19% higher than the same period in 2024, with March 2025 exports up 23% compared to March 2024 [16][17] - The company anticipates stable performance in Q2 2025, expecting another profitable result [16] Company Strategy and Development Direction - The company is focused on organic growth initiatives, including carbon capture and expansion of ethanol production capacity, with a combined budget range of $220 million to $230 million for both projects [5][9] - REX continues to evaluate potential acquisition opportunities that meet strict operational and financial criteria [5] - The company is committed to delivering consistent value to shareholders through share buybacks, having repurchased approximately 822,000 shares for $32.7 million in Q1 2025 [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate uncertain regulatory and market conditions, highlighting the strength of the balance sheet [4] - The company is closely monitoring potential changes to the Inflation Reduction Act and other regulatory developments that could impact future economic decisions [8] - Management remains optimistic about the ethanol sector's favorable market conditions and expects record corn production to boost profits for the rest of the year [29] Other Important Information - The company has maintained a strong financial position with no bank debt [13] - The ongoing technical review of the ethanol facility expansion is expected to enhance long-term operational efficiencies [7] Q&A Session Summary Question: What drives REX's ability to consistently deliver performance? - Management attributed consistent profitability to strong leadership, effective monitoring of market conditions, and a dedicated team [20][22] Question: What specific deregulation measures would help smooth the runway? - Management noted that regulatory developments are currently in limbo and emphasized the importance of monitoring changes closely [24][27] Question: Thoughts on industry fundamentals and ethanol margins? - Management expects positive trends in ethanol margins due to strong corn production and favorable export conditions, while also monitoring natural gas prices closely [29]

中国石化董事长马永生表示，在"双碳"目标下，天然气预计将在2035年前后达到消费峰值。他指 出，"全球市场格局正在加速演变，国际合作是破局关键。" 近日，被称为全球燃气行业"奥林匹克盛会"的第29届世界燃气大会在北京举办，这是大会自1931年创办 以来首次落地中国。来自全球70多个国家的3000余名嘉宾围绕能源安全、绿色转型等议题展开深入探 讨。 2035年天然气消费达峰，多角色支撑转型 当前，全球能源体系正经历深刻变革。国际燃气联盟主席李雅兰表示，天然气是全球第三大能源，年消 费量超过4万亿立方米，在能源结构中占比24%，是实现能源低碳转型的关键能源。 过去十年，中国天然气消费增量占全球三分之一，成为全球天然气增长的主要引擎。 我国"十四五"能源规划提出，到2025年，天然气年产量将突破2300亿立方米，储气设施与管网建设同步 提速，形成更强保障能力。 作为中国最大海上油气生产商，中国海洋石油集团公司董事、总经理周心怀认为，"天然气已成为推动 全球能源转型的重要动力。"过去五年，中海油年进口LNG(液化天然气)占全国总量约一半，通过"海气 +LNG"双轮驱动，有效保障了区域能源安全。周心怀强调，LNG具备高 ...

Archer Daniels Midland Company (ADM) 2025 Conference Summary Company Overview - **Company**: Archer Daniels Midland Company (ADM) - **Date**: May 14, 2025 - **Key Speakers**: Manish Padalawala (CFO), Chris Cuddy (President of Carb Solutions and North America) Core Industry Insights - **Commodity Cycle Management**: ADM is focused on managing through the commodity cycle, simplifying its business, and pursuing strategic growth opportunities to enhance earnings potential over time [1][2] - **Cost Optimization**: The company aims to achieve cost efficiencies of $500 million to $750 million over the next three to five years, with $200 million to $300 million targeted for the current year [10][34] - **Growth Opportunities**: ADM sees significant growth potential in biosolutions, carbon capture, and emerging markets, alongside its nutrition business [11][30] Financial Performance and Projections - **Earnings Guidance**: ADM reaffirmed its earnings guidance at $4.00 to $4.75 per share, with expectations for improved crush margins in the second half of the year [21][22] - **Operational Challenges**: The company has faced operational challenges, including unplanned downtimes, but is working to improve efficiency and reliability in its plants [35][39] Regulatory and Market Factors - **RVO Impact**: ADM has lobbied for Renewable Volume Obligations (RVOs) of 15 billion gallons for ethanol and 5.25 billion gallons for biomass biodiesel, emphasizing the importance of certainty in regulations for capital investments [14][15] - **Market Demand**: The company is cautious about demand softness in certain segments, particularly in the carbohydrate solutions and nutrition businesses, but remains optimistic about long-term growth [41][49] Strategic Initiatives - **Digital Transformation**: ADM is investing in digital capabilities to enhance operational efficiency and data analytics, which are expected to drive better decision-making and performance [11][71] - **Capital Allocation**: The company is focused on maintaining a strong balance sheet while investing in organic growth and returning capital to shareholders through dividends and share buybacks [67][72] Additional Insights - **Sustainability Focus**: ADM is committed to sustainability initiatives, including carbon capture and renewable products, which are seen as key growth areas [30][31] - **Portfolio Management**: The company is actively evaluating its portfolio for simplification and potential divestitures, with a focus on areas where it has a competitive advantage [65][73] Conclusion - **Long-term Outlook**: ADM is positioned for long-term value creation through operational excellence, strategic growth initiatives, and a strong balance sheet, despite facing short-term challenges in the market [12][73]

Gevo (GEVO) Q1 2025 Earnings Call May 13, 2025 04:30 PM ET Company Participants Eric Frey - VP of Finance & StrategyPatrick Gruber - CEO & DirectorLynn Smull - Chief Financial OfficerChris Ryan - President, Chief Operating OfficerPaul Bloom - Chief Business OfficerWhitney Mutalemwa - Equity Research Senior AssociateDerrick Whitfield - Managing Director Conference Call Participants Amit Dayal - Managing Director & Senior Technology AnalystPeter Gastreich - Managing Director - Energy and Sustainability Analys ...

然而，现实却颇为残酷。根据FactSet的数据，西方石油的股价已跌至三年多来的低点，伯克希尔的持仓市值较去年峰值缩水约64亿美元。对于那 些追随巴菲特脚步的投资者来说，这无疑敲响了警钟。 股神沃伦·巴菲特对西方石油公司的豪赌，如今看来似乎正在变成一场代价高昂的错误。 自2022年以来，伯克希尔·哈撒韦公司（Berkshire Hathaway）已持有西方石油公司28%的股份，成为最大股东。 然而，随着美国油价跌破60美元/桶，西方石油公司的股价上个月跌至三年多来的最低点。截至周三收盘，其股价仅为39美元。据FactSet的数据显 示，伯克希尔在西方石油公司的投资价值已从去年的峰值下跌约64亿美元。 巴菲特的"最后"押注：西方石油深陷困境 巴菲特对西方石油公司的投资，曾被视为对其首席执行官Vicki Hollub的背书，并一度提振了公司声誉。 此外，西方石油公司面临潜在不利因素的一个领域是其低碳业务，其中包括其直接空气捕获项目。《华尔街日报》8日报道称，美国能源部可能大 幅削减对清洁能源项目的联邦资助，包括与西方石油在南德克萨斯州合作的碳捕获项目，这可能会进一步影响该公司的未来发展。 风险提示及免责条款 市场有 ...

4月29日消息，全球五大石油巨头——埃克森美孚、壳牌、道达尔能源、雪佛龙和英国石油（BP）正面 临严峻的财务挑战。根据FT中文网及多家机构数据，受国际油价持续低迷、地缘政治冲突加剧及能源 转型压力影响，上述公司利润已连续三年下滑，累计缩水超900亿美元，投资者对其维持高额分红和股 票回购的能力产生质疑。 图片：IC 据路透社统计，自2022年俄乌冲突引发油价飙升至峰值后，五大石油公司利润进入下行通道：2022年， 行业利润达历史高点，五大公司合计调整后净收入约2800亿美元；2023年，行业利润同比下降23%至 2150亿美元，欧佩克（OPEC）增产及全球经济复苏放缓为主要原因；2024年，利润进一步下滑15%至 1830亿美元，布伦特原油均价跌至每桶81美元； 业内预测，2025年行业利润或连续第三年下降，一季度财报显示五大公司合计利润同比减少18%，布伦 特原油价格本月一度跌破每桶60美元，较去年同期均价跌幅超25%。 2024年底，OPEC+逐步放松减产协议，全球原油供应过剩导致油价承压。国际能源署（IEA）数据显 示，2025年一季度全球原油库存增加1.2亿桶，创2020年以来新高。 美国政府推动的贸 ...