• Exxon Mobil Corp. reported its fourth consecutive quarterly loss, with the fourth-quarter figure at $20.1 billion and revenue at $46.54 billion, down from $67.17 billion a year earlier. A day earlier, Exxon said it plans to invest $3 billion in projects focusing on carbon capture and other technologies to reduce emissions. (CNBC)

• Despite reporting a profit of $115 million in the fourth quarter, BP PLC ended 2020 with a loss of $5.7 billion, marking its first yearly loss in a decade as a result of the pandemic’s erosion of oil demand. BP Chief Executive Bernard Looney said that new COVID-19 restrictions will likely push down January retail volumes by about 20 percent compared to a year earlier but that he expects oil demand to recover this year, with global inventories anticipated to return to their five-year average by mid-2021. (Reuters)

• A federal judge for the U.S. District Court for the District of Montana threw out the Trump administration’s Environmental Protection Agency rule that limited the use of scientific studies based on medical histories and confidential data to establish public health regulations. Last week, the judge determined that the agency had improperly issued the rule under the Federal Housekeeping Statute, which allows only procedural changes. (The Washington Post)

Biden administration asks court to halt litigation on California emissions waiver, methane rollback
Rachel Frazin, The Hill

The Biden administration is asking the courts to pause litigation over the Trump administration’s rescission of California’s ability to set its own vehicle emissions standards and rollback of methane emissions from the oil and gas sector. 

U.S. automaker group calls for compromise with Biden on fuel economy rules
David Shepardson, Reuters

An auto industry trade group on Tuesday proposed to start talks with the Biden administration on revised fuel economy standards that would be higher than Trump-era standards but lower than ones set during the prior Democratic administration.

Biden to Free Up Billions in Delayed Puerto Rico Storm Aid
Christopher Flavelle and Patricia Mazzei, The New York Times

The Biden administration said it would release $1.3 billion in aid that Puerto Rico can use to protect against future climate disasters, and is starting to remove some restrictions put in place by the Trump administration on spending that was to help the island after Hurricane Maria in 2017.

A Consensus Builder for E.P.A. When Some Want a Fighter
Lisa Friedman, The New York Times

Mr. Regan’s willingness to reach across the aisle helped secure his nomination to be the next administrator of the Environmental Protection Agency, people close to the Biden administration said. On Wednesday, Mr. Regan will testify before the Senate Committee on Environment and Public Works for his first test of whether he can win over Republicans in Washington as well.

Oil Surges to One-Year High in New York as Rally Powers On
Alex Longley, Bloomberg

Oil soared toward $55 a barrel in New York, touching its highest level in a year as the virus-recovery rally continued.

Siemens Energy to Cut 7,800 Jobs as Green Shift Roils Sector
William Wilkes, Bloomberg

Siemens Energy AG will cut roughly a sixth of workers from its gas and power division in the latest sign that the worldwide shift to green energy is upending the fossil-fuel businesses.

Siemens Energy CEO says group has received GE lawsuit
Christoph Steitz, Reuters

Siemens Energy has received a lawsuit filed by rival General Electric accusing a unit of the German firm of using stolen trade secrets to rig bids for gas turbine contracts and cover up improper business gains of more than $1 billion.

Wintry Weather Lifts Natural-Gas Prices
Ryan Dezember, The Wall Street Journal

The winter storm blanketing the Northeast and forecasts for a frigid February are boosting natural-gas prices.

OPEC+ Oil Strategy Success Buys Time Before Tough Choices
Grant Smith, Bloomberg

OPEC and its allies can celebrate their success in buoying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices.

Exxon-Chevron Tie-Up Not as Crazy as It Sounds
Jinjoo Lee, The Wall Street Journal

As over-the-top as the idea sounds—it could be the largest corporate merger ever—it isn’t inconceivable. Today’s oil market conditions look similar to those that made oil megamergers possible starting in the late 1990s, when the Asian financial crisis led to a sudden collapse in global growth and oil demand. 

FirstEnergy agrees not to seek subsidy in agreement with AG
Mark Gillispie, The Associated Press

Ohio Attorney General Dave Yost announced Monday that his office had reached an agreement with FirstEnergy Corp. to stop the collection of a guaranteed profit subsidy included in a tainted energy bill that would have allowed the Akron-based company to collect $102 million from customers this year.

US oil and gas fears end of the line for big pipe projects
Justin Jacobs, Financial Times

Biden administration moves quickly on election promise to clamp down on sector.

Redditors Targeting Silver Poised to Propel Solar-Panel Costs
Will Wade and Joe Deaux, Bloomberg

Silver’s Reddit-inspired surge to a nearly eight-year high could reverberate across supply chains from solar manufacturing to coin-minting if it holds.

Coal to Exit From U.S. Power System by 2033, Morgan Stanley Says
Will Wade, Bloomberg

Coal is on track to disappear from the U.S. power grid by 2033 as the push for a carbon-free electricity system gains strength, according to Morgan Stanley.

Dumping Coal Can Be Good for Insurance Company Stock
Tim Quinson, Bloomberg

As far as climate groups like the Sunrise Project are concerned, getting insurers out of the coal underwriting business is the most important thing they can do. No more insurance, no more coal.

Nuclear has another friend in Biden, but changes at the NRC could mean more scrutiny ahead
Matthew Bandyk, Utility Dive

The shift comes amid a time of significant opportunities for the nuclear power sector, along with considerable challenges, including plants that are still struggling to turn profits in competitive electricity markets, difficulties building new nuclear to replace retiring reactors, and the threat of climate change impacts.

Groups fear California blackout prevention plan could increase gas use, threaten climate goals
Kavya Balaraman, Utility Dive

Environmental and renewables advocates in California are concerned that regulators’ attempt to ensure a reliable electric grid this summer will result in contracts for additional gas capacity, threatening the state’s clean energy goals.

Who’s for Dinner at the Paris Accord? Why Farmers Need to Help Set the Climate Table
A.G. Kawamura and Roger Johnson, Morning Consult

As farmers and former secretaries of agriculture, we have been advocating for a new appreciation of agriculture that has, at its core, a clear-eyed focus on the multiple benefits that come from sustainably managed working landscapes. Using innovation, technology and regenerative farming systems, farmers, ranchers and other stewards of the land can and do deliver critically important ecosystem services such as carbon sequestration, water filtration and replenishment, biodiversity enhancement, soil biology and conservation while providing nutrient-dense foods, fiber and renewable energy.

G.M.’s Bold Move on the Climate
Jody Freeman, The New York Times

General Motors’ announcement last week that it will stop making gas-powered cars, trucks and sport utility vehicles by 2035 and become carbon neutral by 2040 is even bolder than it sounds: The repercussions will ripple broadly across the economy, accelerating the transition to a broader electric future powered by renewable energy.

Department of Energy: Improved Performance Planning Could Strengthen Technology Transfer
U.S. Government Accountability Office

A Department of Energy national lab developed a battery that now powers some hybrid and electric cars. But how do new energy technologies get from the lab to the market?