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 ...

声明称，在被取消的24项拨款中，近70%（24个项目中的16个）在2024年美国总统选举日至今年1月20 日期间签署。这些项目主要包括为碳捕获与封存（CCS）和脱碳计划提供资金，"通过终止这些拨款， 能源部将立即为美国人民节省36亿美元"。 美国能源部当地时间5月30日宣布终止清洁能源示范办公室（OCED）授予的24项拨款，这些拨款总额 超过37亿美元。 ...

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]

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 ...

REX American Resources (REX) Q4 2025 Earnings Call March 26, 2025 04:31 PM ET Company Participants Douglas Bruggeman - VP of Finance, CFO & TreasurerStuart Rose - Executive Chairman & Head of Corporate DevelopmentZafar Rizvi - CEO, President & DirectorJordan Levy - Vice President - Sustainability Equity Research Operator welcome to Rex American Resources Fourth Quarter and Full Fiscal Year twenty twenty four Earnings Conference Call. At this time, all participants are in a listen only mode. A question and a ...

Alto Ingredients, Inc. (NASDAQ:ALTO) Q4 2024 Earnings Conference Call March 5, 2025 5:00 PM ET Company Participants Kirsten Chapman - IR, Alliance Advisors IR Bryon McGregor - President and CEO Rob Olander - CFO Conference Call Participants Sameer Joshi - H.C. Wainwright Eric Stine - Craig-Hallum Operator Good evening, and welcome to the Alto Ingredients Fourth Quarter and Year-End 2024 Financial Results Conference Call. Our participants will be in listen-only mode. [Operator Instructions] After today's pre ...