Look West: Public lands and energy news from the Center for Western Priorities
** Big Oil ramps up domestic production—and profits
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Monday, February 5, 2024
Permian Basin oil and gas development in New Mexico, SkyTruth/Flickr ([link removed])
Chevron and Exxon Mobil posted higher profits than expected for 2023, despite falling oil and gas prices. Exxon made $36 billion ([link removed]) , down from $55.7 billion in 2022, but otherwise its highest profit since 2012. Chevron made $21.4 billion ([link removed]) last year, down from $35.4 billion in 2022, but otherwise its highest since 2013.
Both companies increased domestic production ([link removed]) in 2023 in order to keep profits up and shareholders happy. The U.S. produced 13.3 million barrels of oil a day ([link removed]) in November 2023—more than any country in history ([link removed]) . Production in the Permian Basin, which includes parts of Texas and New Mexico, is driving much of that growth ([link removed]) . The massive profits allowed Chevron to make record payouts ([link removed]) to
shareholders, while Exxon made the highest payouts ([link removed]) of any U.S. oil company.
The U.S. is likely to remain the world’s biggest oil producer for decades, according to a recent analysis by Oil Change International ([link removed].) . The study found that more than a third ([link removed]) of planned oil and gas expansion globally between now and 2050 is slated for the U.S.
“The U.S. is locking in production for years that makes it hard to meet climate goals,” said Michael Lazarus ([link removed]) , a senior scientist at Stockholm Environment Institute. “It’s out of sync and it needs reckoning.”
** Quick hits
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ExxonMobil and Chevron notch second-biggest annual profits in decade
Financial Times ([link removed]) | New York Times ([link removed]) | CNBC ([link removed]) | Reuters ([link removed]) | Yahoo Finance ([link removed])
Is liquefied natural gas dirtier than coal? It's complicated
E&E News ([link removed])
Ranching is a part of Arizona's history. Climate change and overgrazing cloud its future
KJZZ ([link removed])
How the U.S. became the world’s biggest gas supplier
New York Times ([link removed])
Utah taxpayers may have to foot the bill for Supreme Court battle over beleaguered oil railway
Salt Lake Tribune ([link removed])
Can coexistence with wolves be bought?
High Country News ([link removed])
Bills being debated at the Colorado Capitol could impact outdoor recreation
Summit Daily ([link removed])
Utah's most visited park in 2023 wasn't one of the 'Mighty 5'
KSL ([link removed])
** Quote of the day
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” The grazing that came with westward expansion, and the arrival of the railroad, and the arrival of huge numbers of sheep and cattle permanently changed ecosystems in the Southwest. It literally destroyed grasslands that haven’t come back, that probably won’t come back in some areas.”
—Taylor McKinnon ([link removed]) , Center for Biological Diversity, KJZZ
** Picture This
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@Interior ([link removed])
An important pupdate!
Last month, Denali National Park and Preserve announced the addition of three new puppies: Spark, Blaze and Char.
Follow along with @DenaliNPS ([link removed]) as they share updates about the puppies’ growth and their journeys to becoming Denali Sled Dogs.
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