Morning Consult Energy: BP Reports Record Annual Earnings in 2022


Essential energy industry news & intel to start your day.
February 7, 2023
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EV Tax Credits Could Boost Purchases

Almost 3 in 5 U.S. adults support federal electric vehicle subsidies, and just about half the public says that the ability to apply for a tax credit makes it more likely to consider purchasing an EV in the future, according to a new Morning Consult survey.


Democrats (74%) were most likely to back EV subsidies, while Republicans were mostly split, with 41% in favor and 38% opposed to the subsidies. 


Check out the story here: Most Adults Support Electric Vehicle Tax Credits. Nearly Half Say Those Incentives Could Steer Them Toward Buying EVs.


Today’s Top News

  • BP PLC reported a record underlying replacement cost profit of $27.7 billion in 2022 as high oil and gas prices driven by Russia’s invasion of Ukraine doubled the oil major’s profits. The company said it will set oil and gas production to roughly 2 million barrels of oil equivalent per day in 2030, a target that is 25% lower than in 2019, when BP said it would cut fossil fuel production by 40% by 2030, while also committing $8 billion to investments for renewable energy, hydrogen, EV charging and oil and gas through the end of the decade. (The Associated Press)
  • California Gov. Gavin Newsom (D) is asking the Federal Energy Regulatory Commission to investigate soaring natural gas prices in the state and assess “whether market manipulation, anticompetitive behavior, or other anomalous activities are driving these ongoing elevated prices in the western gas markets.” In January, natural gas prices in some parts of the state averaged about five times higher than the U.S. benchmark. (The Hill
  • A Maryland woman was arrested last week for allegedly planning to target five electrical substations surrounding Baltimore in a racist attack that aimed to bring attention to a Neo-nazi cause, according to law enforcement officials, as the nation has seen an uptick in substation attacks over the last year. Sarah Beth Clendaniel, 34, worked with Florida-based neo-Nazi group founder Brandon Russell, who was also arrested, to plan the plotted attacks, according to a criminal complaint, as Clendaniel faced a few months to live after experiencing terminal kidney failure. (The Associated Press)
  • Current policies give coal power plants a 1-in-20 chance of being phased out by 2050, despite global agreements that commit to reducing and ending the use of coal, according to a new study in the journal Nature Climate Change. One of the greatest risks to phasing out coal could come as falling demand for coal-fired electricity leads to lower coal prices, which would incentivize industries to burn more of the fossil fuel. (The Hill

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What Else You Need to Know

Politics and Policy

Fetterman tries to straddle Democratic energy divide

Timothy Cama, E&E News

The environmental and labor communities both have high hopes for John Fetterman.


Feds warn Rio Grande settlement could trigger disaster

Jennifer Yachnin, E&E News

The Biden administration on Monday urged a federal judge to reject a state-authored agreement that could end the long-running legal battle over the waters of the Rio Grande, asserting that proposal could bankrupt a major irrigation project.


U.S. is ‘absolutely’ behind on supply chain independence from China, Biden advisor says

Natasha Turk, CNBC

The U.S. has some rapid catching up to do if it is to secure the reliability of its supply chain and its independence from competitors like China, a top White House advisor admitted this week.


3 issues may determine N.Y.’s clean energy future

David Iaconangelo, E&E News

New York is embarking on a critical year for the implementation of its landmark climate law, which could have a ripple effect on the U.S. energy sector and set a precedent for other states.


Wall Street’s CO2 Agenda Drives Green Bank to Quit Alliance

Alastair Marsh, Bloomberg

One of Germany’s greenest banks has quit the world’s biggest climate-finance alliance in protest, citing concerns that Wall Street is preventing the group from achieving its stated goal.


Arizona water chief predicts feds will step in on Colorado River conflict

Sharon Udasin, The Hill

The federal government will likely end up putting its foot down in a state-to-state squabble over cuts in Colorado River consumption, Arizona’s water chief told The Hill.

Climate and Enviroment

Battling Lava and Snowstorms to Keep a Climate Project Alive

Raymond Zhong, The New York Times

Ever since an eruption in Hawaii halted a long-running record of carbon dioxide, scientists have found ways to carry on — atop a neighboring volcano.


LNG export terminals pose a growing and invisible threat: air pollution

Terry L. Jones, Louisiana Illuminator

Residents around existing LNG facilities in Louisiana already notice the smell and irritants from nearby terminals. With more under construction, air quality is poised to worsen.


UN Secretary-General: ‘No more baby steps’ on climate change

Dinah Voyles Pulver, USA Today

United Nations officials on Monday called for urgent and immediate action to address global problems such as climate change, nuclear threats and human rights during the opening session of its general assembly in New York. 


Derailed train cars in Ohio drained of toxic chemical amid mass evacuation

Kanishka Singh and Steve Gorman, Reuters

Nearly 2,000 residents of eastern Ohio remained under evacuation orders on Monday as railroad crews drained and burned off a toxic chemical from five tanker cars of a freight train that derailed in a fiery wreck three days earlier, officials said.


Rainmaking experiments boom amid worsening drought

Chelsea Harvey and Corbin Hiar, E&E News

Developing new and improved forms of cloud seeding has taken on a greater urgency in recent years. 


Even with legal protections, extreme heat and wildfire take a toll on farmworkers

Blanca Begert, Grist

Nearly half of workers in California say their farms are not in compliance with safety codes for extreme weather, survey finds.


She grew up under water boil advisories in Jackson. Now she’s bringing environmental justice to the EPA.

Jessica Kutz, The 19th

In her community outreach role for the EPA, Rosemary Enobakhare is working to prioritize communities in need while “shining a light” on issues affecting them most.


Climate denial campaign goes retro with new textbook

Blanca Begert, Grist

‘The 1990s called. They want their scientific misinformation back.’

Renewables and Nuclear

Nev. monument will shield sacred tribal land — from renewables

Scott Streater, E&E News

For years now, Native American tribes have sought more protections for the federal lands in the Mojave Desert in southern Nevada that are central to their core beliefs about creation.


Heat pumps boom in Maine, despite frigid cold and oil industry pushback

Anna Phillips, The Washington Post

Fossil fuel industry groups say the technology isn’t ideal for the state’s climate. Mainers aren’t buying it.


Solar to dominate new U.S. electric-generating capacity in 2023, EIA says


U.S. developers plan to add 54.5 gigawatts (GW) of new electric generating capacity in 2023, with more than half being powered by solar energy, the Energy Information Administration (EIA) said on Monday.

Fossil Fuels

COP28 Chief’s Global Tour Begins With a Defense of Fossil Fuels

David Stringer and Ben Bartenstein, Bloomberg

Oil and gas will have a key role to play even as the world shifts to cleaner energy and climate talks should reflect the challenges of energy poverty, according to the president of this year’s COP summit.


Occidental’s CEO Says Stock Buybacks Take Priority Over Oil Growth

Kevin Crowley and Alix Steel, Bloomberg

Occidental Petroleum Corp. may redeem Berkshire Hathaway Inc.’s preferred stock this year as the oil giant prioritizes share buybacks over production growth, said Chief Executive Officer Vicki Hollub. 


Plastic-eating bacteria offer new hope for recycling

Saul Elbein, The Hill

Plastic-chomping soil bacteria could find future work in recycling centers, a new study has found. 

Transportation and Alternative Fuels

U.S. Treasury secretary to visit GM JV battery plant in Tennessee

David Shepardson, Reuters

Treasury Secretary Janet Yellen will visit a General Motors-LG Energy Solution joint venture battery cell manufacturing plant in Tennessee on Wednesday to tout rising U.S. electric vehicle and battery production, the department said Monday.


The No-Jet Set: They’ve Given Up Flying to Save the Planet

Debra Kamin, The New York Times

With airplanes producing a large amount of climate-warming emissions, a growing number of travelers are signing pledges to keep their journeys on the ground.


EV batteries getting second life on California power grid

Nichola Groom, Reuters

Hundreds of used electric vehicle battery packs are enjoying a second life at a California facility connected to the state’s power grid, according to a company pioneering technology it says will dramatically lower the cost of storing carbon-free energy.


Texas wind energy freeze-out shows need for better resource adequacy, says NRG VP

Diana DiGangi, Utility Dive

The underperformance of wind energy during a Feb. 1 winter storm in Texas compared to its effectiveness during winter storm Elliott in December demonstrates the need for energy systems to be resource adequate in all scenarios and create a market for reliability, says an industry official.


New York ISO warns NextEra, others against lobbying over transmission

Stephen Singer, Utility Dive

NYISO’s CEO wrote to the chief executives of three energy companies and the New York Power Authority to “clarify” the process for selecting transmission projects.

Land and Resources

Why Western wildfires are becoming more destructive

Philip Higuera et al., High Country News

Over the past decade, they’ve destroyed 246% more homes and buildings.


Comcast Mulls First-Ever Green Bond Sale to Fund Climate Goals

David Caleb Mutua, Bloomberg

Comcast Corp. is reaching out to gauge investor interest in what may be its first-ever bond sale earmarked for environmental projects as the nation’s largest broadband provider looks to slash carbon emissions across its global operations.

Morning Consult