Climate Change And The Oil Industry -- January 28, 2020

Outgoing BP CEO has warnings for oil industry regarding climate change and getting too far ahead of one's headlights. I've had the very same thought, not with the oil and gas sector but with the automotive manufacturing sector. Glad to see I'm not alone in my thinking.

From the linked article:

BP Plc’s outgoing Chief Executive Officer Bob Dudley warned Big Oil of moving too fast on investing in new technologies to counter climate change, because their failure could lead to financial ruin.

“If you go too fast and you don’t get it right you can drive yourself out of business,” Dudley said in a Columbia Energy Exchange podcastwith Professor Jason Bordoff.
Oil companies must retain a strong financial footing to be able to invest when game-changing technologies are developed, he said. In the early 2000s, before his tenure as CEO, BP invested heavily in solar technology only to write off much of the spending.

Boeing: new nominee for Geico rock award? Javier E. David -- writes that Boeing posts shock Q4, annual loss as 737 MAX crisis grow. Are you kidding? This was a shock?

Boeing on Wednesday reported a surprise loss in the fourth quarter, as the company struggles to contain the fallout from the grounding of its flagship 737 MAX plane, which shows no signs of taking to the skies again anytime soon.

The grounded 737 MAX plane — which has idled on runways for nearly a year in the wake of two fatal crashes — is bleeding billions from the company’s bottom line, and gave Boeing its first annual loss in over 20 years. The controversy forced Boeing to oust Dennis Muilenberg as its CEO last month, and the company still has no concrete timetable for when the plane can fly again.
Here’s what Wall Street expected on key metrics:

• revenue: $17.9 billion vs. $21.73 billion expected 
• adjusted loss earnings per share: $2.33 vs $1.30 profit expected 
• GAAP loss per share: $1.79

Politics: Senate impeachment trial. Suggestion for Mitch McConnell -- allow each senator to call two witnesses (two hundred separate and unique witnesses) and let's see how fast the US Senate votes to shut this charade down.