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Myles McCormick

Myles McCormick

Houston Correspondent at Financial Times

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Email address
m*****@*******.comGet email address
Influence score
48
Phone
(XXX) XXX-XXXX Get mobile number
Location
United States
Languages
  • English
Covering topics
  • Finance & Banking Services
  • Society
  • Energy
  • Politics

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Recent Articles

ft.com

Will US companies keep faith in the ‘Texas miracle’? - Financial Times

The Texas drawl rang out across the airwaves from San Diego to Sacramento: “I hear building a business in California is next to impossible. This is Texas Governor Rick Perry and I have a message for California businesses: come check out Texas.” Broadcast in February 2013, the radio advert was Perry’s boldest stunt in a campaign to lure companies from the west coast to Texas. Although it was dismissed as “barely a fart” by Jerry Brown, Perry’s Californian counterpart, the following year carmaker…
5 months ago
ft.com

Chevron deal clears hurdle as Hess investors back $53bn takeover - ...

Hess shareholders have approved a $53bn takeover by Chevron, advancing a controversial acquisition at the heart of a high-profile brawl between the US’s leading oil companies. Investors on Tuesday voted to accept Chevron’s offer despite concerns over an arbitration process launched by rival ExxonMobil, which argues it has a right of first refusal over any sale of Hess’s stake in a prize oil find off the coast of Guyana. “We are very pleased that the majority of our stockholders recognise the c…
7 months ago
ft.com

Ex-Pioneer CEO says he was 'scapegoated' in Opec collusion case - F...

Scott Sheffield, the former chief executive of Pioneer Natural Resources accused of colluding with Opec to restrict oil production, hit out at the US Federal Trade Commission on Tuesday and said he had been “unjustly smeared”. Pioneer, the biggest oil producer in Texas, was acquired by ExxonMobil in a $60bn deal that closed this month. But in giving the green light to the transaction, the antitrust regulator took the unusual step of banning Sheffield from serving on the supermajor’s board, argu…
7 months ago
ft.com

Joe Biden's pollution crackdown deals new blow to LNG developers - ...

Environmental groups plan to exploit new air pollution rules by the Biden administration to step up their campaign against the development of multibillion dollar natural gas export terminals in the US. New air quality standards will require the Federal Energy Regulatory Commission to more closely examine the impact of liquefied natural gas projects on the surrounding air quality, raising the bar for which projects will be allowed to proceed to construction. “FERC is going to have to take this…
7 months ago
ft.com

Calpers to vote against Exxon board and CEO over 'reckless' lawsuit...

Calpers, the largest public pension plan in the US, has decided to vote against the re-election of the ExxonMobil board of directors and chief executive in a protest against the oil major’s “reckless” legal action to “silence” shareholder voices. The announcement by the $463bn fund comes amid growing investor criticism of Exxon’s decision to sue two climate-focused investor groups to block a resolution they introduced demanding it do more to cut its greenhouse gas emissions. In a strongly-word…
7 months ago
ft.com

Berkshire after Buffett: prized energy business faces upheaval - Fi...

When Berkshire Hathaway announced the acquisition of MidAmerican Energy in 1999, Warren Buffett hailed the Iowa gas and electric utility as squarely in the conglomerate’s “sweet spot”. Unheralded at the time, the $2bn transaction catapulted Buffett into the energy business, kicking off a quarter of a century of dealmaking that has transformed Berkshire into a major player, operating across 28 states, transporting 15 per cent of America’s natural gas and serving 13mn customers. The $138bn of as…
8 months ago
ft.com

Oil tops $90 for the first time since October on Middle East tensio...

The global benchmark oil price has topped $90 a barrel for the first time since October as flaring tensions in the Middle East exacerbate an already-tight market. Brent crude oil futures rose 1.5 per cent on Thursday to settle at $90.65 a barrel as traders weighed the potential for Iran’s backlash after a suspected Israeli attack on its consulate in Damascus. Prices had been climbing steadily this year as healthy economic data from big economies such as the US and China point to further increa…
9 months ago
ft.com

Norway oil fund boss criticises ExxonMobil's 'aggressive' climate l...

The world’s largest sovereign wealth fund has sharply criticised ExxonMobil’s decision to sue two shareholders that filed a climate proposal at the US oil major, pursuing the litigation even after they dropped the resolution. Nicolai Tangen, chief executive of Norway’s $1.5tn oil fund, told the Financial Times he was concerned about Exxon’s action against Follow This and Arjuna Capital, which submitted the motion calling on the company to set more ambitious emissions targets at its annual meeti…
11 months ago
ft.com

ExxonMobil takes legal hammer to climate shareholder groups - Finan...

ExxonMobil’s market capitalisation exceeds $400bn. Follow This, a Dutch climate activist group, controls shares in the oil supermajor that at last count were worth less than $4,000. Follow This has repeatedly tried to use its tiny holding as a lever to force Exxon to expand pledges to cut greenhouse gas emissions. This year the oil company has had enough. Minutes after midnight in Amsterdam on January 22, Exxon hit Follow This and another investor, Arjuna Capital, with a lawsuit alleging their…
11 months ago
ft.com

Biden decision will 'erode confidence' in LNG industry, Shell CEO s...

Top oil industry executives have hit out at US President Joe Biden’s decision to pause approvals for new liquefied natural gas export terminals, with Shell’s CEO warning it will “erode confidence” in an industry that has become a pillar of the global energy system. The European energy major, the biggest shipper of LNG after state-owned Qatar Energy, has bet heavily on demand for the gas, which it expects to continue to grow even if consumption of other fossil fuels starts to decline. “I don’t…
11 months ago
ft.com

Investors pull ExxonMobil climate motion after oil supermajor sues ...

Investors have withdrawn a climate resolution at ExxonMobil after the oil supermajor sued them, in a retreat likely to have a chilling effect on similar forms of shareholder activism. Follow This, an Amsterdam-based green shareholder group, and Arjuna Capital, a US registered investment adviser, said that in response to the lawsuit filed by Exxon last week they had decided to abandon their call for the company to set more ambitious climate targets at its upcoming annual meeting. Arjuna said Ex…
11 months ago