sandbagged and guess lighted about the energy situation the bottom line is we spent 10 years proving that shell oil is an unprofitable business that the shale oil producers can't make a buck producing shell oil and the this stunt worked it was a financial stunt you know the whole thing was based on. a lot of low interest lending and the problem is that now that they've demonstrated they can make any money they're not going to get more lending in the future to continue. operations that they're they're doing and they have to keep them going incessantly because the depletion profiles of the wells is so steep you know it's way different from the old conventional oil that oil you know cost about 4 $100000.00 per well in today's dollars for the old you know texas $150.00 well and it produced for 30 years and it produced thousands of barrels a day and the new shell oil cost between 6 and $12000000.00 per well yet it produces maybe a little more than $100.00 barrels a day for the 1st year and then it goes down by 60 percent and after 3 years it's gone so the whole thing was really a fabulous financial stun

steve began hi career with shell oil company in houston, texas. much of his work over his five years with shell focused on design and pumping large hydraulic fracture treatments to stimulate production from the deep, low-permit yield pressure gas reservoirs in south texas. hfs his work with hydraulic fracturing that inspired him to return to texas a&m and set him apart from his peers as a true legend in the oil and gas industry for the advancement of this critically important technology. one day in 1970, steve was write -- riding the elevator at work and met anne, who was also working at shell. steve and anne were married six months later on january 9, 1971, and they have been married over 48 years when steve passesed away. he and anne returned to college station and he pursued a ph.d. in petroleum engineering, which he completed in 1975. in 1976, steve joined the texas a&m petroleum engineering own ty and, he started his consulting company. s.a. holdage and associates. s.a. holdage and associates quickly became a worldwid powerhouse in petroleum

what about other oil firms? shell been buying up battery technology businesses and firms that deal with matching power demand with supply. meanwhile, exxonmobil says it has been investing in biofuels research programmes for new energy sources. however, a study by the financial think tank, carbon tracker, estimates that oilfirms risk wasting $2.2 trillion by 2030 if governments take a tougher stance on carbon emissions. dr charlie donovan, director of the centre for climate finance and investment at imperial college business school, joins me now. welcome joins me now. to you and good morning, welcome to you and good morning, thanks for coming in. let's talk about bp, currently trying to reposition itself as a champion of climate change. how doable is that? today is a big day for bp shareholders because they got a new ceo facing huge pressures about a low oil price, falling share price and questions from investors about how it navigates this world, so a big moment and a big stage for him today. oil companies make their

center of so left a hole nobody minds though on the contrary the volunteers cut the ice of the shell left the oil never into manageable blocks and build a proper ice water pool and i know a tradition that started a decade ago. $296.00 participants were expected at the official scandinavian winter swimming championship. behind jaco increase discreet appearance looks a daring spirit it was jaco who had the idea for the crazy contest. that all across the middle hurt their nicest thing about this swimming tournaments is that we can offer people something like this at all we show people how they can have fun even when it's freezing cold and dark. can you really enjoy the cold come you thought of. not to you can enjoy everything that nature has to offer here. by you not complicated at all just pack a hole in the ice jump in the river and swim 11 or so and that's all there is to it . it's great. if you. think. the following stroom has been an avid ice water swimmer for 30 years now this was her last training session before the next day's competition. we all know where the next nearest the scene is a uni

what about other oil firms? shellng battery technology businesses and firms that specialise in matching power demand with supply. meanwhile exxonmobil says it has been investing in research on biofuels. but a study by the think tank, carbon tracker, estimates that oil firms risk wasting $2.2 trillion by 2030 if governments take a tougher line on carbon emissions. our business editor simon jack joins us now. the last survey i saw was i% the last survey i saw was 1% overall of big oil companies spending on clea n of big oil companies spending on clean energy so have they improved a lot in the last few weeks? that will be one of the interesting things when bernard looney gets up. the argument is that they spent hundreds of millions in some cases on renewable energy and what have you. bp spent £71 billion on oil exploration last year, finding new oil and gas. that'll be the acid test. greenpeace and others have said if we are going to hit climate change targets you must reduce the amount of oil you are burning every year

shells monder. they dip in the hot oil mix the nice and crispy. golden brown calorie bombs with $600.00 kilo calories per 100 grams. plus the same goes for other staple combo treats all faster the better that's intended and prescribed by centuries of church tradition. kind of the said carnival is the time before lent this everywhere in the world where carnival is celebrated it's a time before you're not supposed to eat certain things and above all things high in fact you just got to fatigue is that. nothing to ash wednesday when lent begins the revelers in cologne can each with no guilty feelings and the most in london in particular are a sweets from the close and all to themselves. time for some exercise i got to burn off some calories. in the lead pocket skaters make their rounds on an elevated ice track it is 260 meters long and runs completely around the building and the low meet is the ice rink where the professionals train . plane and next to it a swimming pool play a cool combination of heavy energy balance is right the indoor pool is heate

steve began his career with shell oil company in houston, texas. much of his work over his five years at shell was designing and pumping large high dahlic treatments to get from the geo pressure gas reservoirs in south texas. his work that inspired him to return to texas a&m and set him apart as a true legend in the oil and gas industry for the advancement of this pretty important technology. one day in 19 0, steve was riding the elevator at work and met ann who was also working at shell. they were married six months later and they had been married for over 48 years when he passed away. he and ann returned to college station and pursued a phd. texas a&me joined the petroleum technology. he started his own consulting company. s.a. holdich became a power house in the petroleum engineering space. he earned a reputation for being able to solve the most difficult etroleum engineering problems. he was distinctly proud of the work that he did along side the gas research institute to advance understandable of shales and methane. after 20 years of success,

that helped pushed up the ftse100major major oil companies like shell and bp were the biggest boostsntly to a record high after upbeat profit forecast. that's all the business news. let's return to ofcom now, as the media regulator is being given new powers to police the internet. the government is setting out plans to force companies like facebook and youtube to protect users from illegal and harmful content. we can speak now tojulian knight, the conservative mp and chair of the digital, culture, media and sport select committee. thank you forjoining us. what will these new ofcom measures make the social media companies do that they are not currently doing? we have seen over a number of years that self—regulation hasn't worked. we have seen that through facebook and the way in which it has chosen to use data. therefore, i would hope that the new super regulator ofcom basically can ensure that these companies really take seriously their duty of care, notjust to their duty of care, notjust to their customers but to wider society. that is the question about the bite and how much ofcom

shell reallyly -- modeled their plan on $60 oil, and it did not really get there.t did you model your plan on? >> again, anybody trying to predict the price of oil next week and next month, let alone in 30 years, is on a bit of a fool seven. what i will tell you is what we are doing, and over the next couple of years -- in fact, in 2021, we will drive the breakeven of the business down to $40. we believe that is a resilient price that enables us to withstand a variety of environments, so we run all sorts of scenarios. we run $60, $70 scenarios. we run $50 scenarios. we may run higher scenarios. nobody quite knows what the future does look like. what we are trying to test is how it looks in a range of scenarios and how resilient is the portfolio. >> all this ties into the plan that you unveiled. what you drove home very hard it is the q&a was hearing, the transition, the dividend. there is just a lot of skepticism among investors that you can do all three at the same time. >> i understand, and i think we have been listening to our shareholders. i said earlier, peopl

years to $700000000.00 tons per year according to shell the energy company has promoted wider use of l.n.g. because it produces lower emissions than oil and coal critics point out that it's still a fossil fuel. jordan's biggest city of a man has plenty of coffee shops and that means that competition to attract customers can be fair catherine is therefore need to keep on their toes if they want to stand out check out this guy. left his home in yemen and move to jordan he missed his family and he needed a job so he put one of want to get the work started at a local coffee shop and brought his ancestral traditions along ever since he's been dancing on the drop. there you go. when i came from yemen i did not know what job i should get i managed to work at this coffee shop and i like being a barista because it's a fun job you can laugh with your customers deal with many people and manage to meet a lot of people through coffee i love this job very much. and it shows every cup of coffee every glass of water colors up dances it all the way to his customers and he's attracting more of them every day. his unique is movements of the atlas. he cr

oil. in the old world, the great combination of the shell the royal dutch. for many years it had been the policy of the foreign office and the indian government to preserve the independent oil interests of the persian oil fields. to develop as well as we could, and above all to prevent it being swallowed by others. in the last two or three years the consequence of these new uses, which had been found for this oil, there was a shortage of this article. which the world has only lately begun to see. that is the reason why prices ofe gone up and not because evily-disposed gentlemen. its new importance would be pressed on a global stage almost immediately. he forever compromised the nation's energy autonomy. britain had neither domestic oil nor existing supplies in its colonies. bp with its access to oil in the central asia, persia, became the most sensible option to ensure britain's energy future. pipeline construction had left bp in deep debt. to convince parliament to help the company, churchill said, if we cannot get oil, we cannot get corn. we cannot get comm

oil. in the old world, the great combination of shell and royal dutch. for many years it had been the policy of the foreign office and the indian government to preserve the independent british oil interests of the persian oil fields. develop as well they could, and above all, to prevent being swallowed by others. or threelast two years, in consequence of these new uses, which have been found for this oil, there is a world shortage of the article which this world has only lately begun to seek is required for certain special purposes. that is the reason why prices have gone up, and not because of evily-disposed gentlemen. of any persuasion. therefore, on the eve of world war i, the status of crude had already been altered dramatically. and its new importance would be pressed on the global stage almost immediately. in great britain, when churchill committed the royal navy to petroleum in 1913, he forever compromised the nation's energy autonomy. britain had neither domestic sources of oil nor existing supplies in its colonies. anglo persian bp with its acces

. >> shell modeled their plan on 65 dollar oil and rising, and it's not getting there.d you model the 30 year outlook you unveiled today, what oil prices that depend on? >> anyone trying to addict the price of oil next week or next month, let alone 30 years is on a full's errand. >> you do need to run models for cash flow. >> i will tell you what we are doing. over the next couple of years, in 2021 we will drive the breakeven of the business down to $40. we believe that's a very resilient price that enables us to withstand a variety of environments. we run all sorts of scenarios, and as you say, we run $60 scenarios, $50 scenarios, we may run higher scenarios. nobody knows what the future does look like. what we are trying to test is how it looks in a range of scenarios and -- >> all this ties into the plan you unveiled. what you drove home with the q&a the gearing, the dividend and the energy transition. there is a lot of skepticism among investors you can do all three at the same time. >> i understand, and i think we have been listening to our shareholders. i said ear

of plastic then they now pump out companies like exxon mobil shell and saudi aramco are ramping up output of plastic which is made from oil and gas and thereby products to hedge against the possibility that a serious global response to climate change might reduce demand for their fuel petrochemicals the category that includes plastics now account for 14 percent of oil use and are expected to drive half of oil demand growth between now and 2050 the international energy agency says the world economic forum predicts plastic production will double in the next 20 years so they're going to switch from cyanide to howitzers terms how they kill us right there like concerned one might be less affected than the other but the fact is that the rate of flow is let me take a big approach ok let me let me go high level like like all the way to the uppermost regions of the highest of the highest of all levels. human brain whether you can do argue or comes from you know but it is a design the human brain is designed it's a design it's a it's made up of matter and it's in a day it's in the configuration of that matter is now plastic compare

. >> shell is slowing the pace of share buybacks as profit missed expectations, underscoring the challenges to big oilping natural gas prices. why have you slowed down your share buybacks? you are doing $2.5 billion per quarter. now you are doing $1 billion per quarter. >> we have to continue to invest for growth. we have to reduce net debt. with the outlook at the moment, pressure on oil prices, definitely pressure on gas prices, chemicals at the floor, we have to take a prudent look going forward. for this quarter, we set our share buybacks to one. let's focus on debt reduction at the beginning of the year. let's also be very clear, there is no change in our commitment to buybacks of $25 million. it is just that the pace is uncertain given where we are with macro. ♪ kailey: you are watching "bloomberg best." this week, goldman sachs held its first investor day after becoming a publicly traded company in 1999. it was an opportunity for the ceo to set a new growth target and announced new efficiency initiatives. he also sat down with bloomberg. >> what we tried to lay out today is opportunities in exi

to find some sort of equilibrium here could oil prices fell to their lowest in more than a year and analysts are now expecting a response from opec and shell producers to cut supply prices have officially slid into bear market territory now so what does the global growth outlook look like now . well. 2 looking a little bit dodgy beforehand in the sense that you know china had already been experiencing problems that trade shock related problems last year it was trying to overcome that through stimulus europe was already slowing down the us was the one. of a comparative prosperity and this virus will not help it could well undermine the stimulus measures that the chinese government had undertaken near the end of last year which were starting to take effect so far of the data i've looked at i do some work for a canadian data collect. company called corporate interim too and they monitor this on a daily basis and so far they have not seen noticeable deterioration but again it's very early stages and we are monitoring the effects of the coronavirus on a day to day basis you know you mention the us well here in the u.s. oil and gas bankruptcies

shell came in here. my question was, "if there's a earthquake,e, what is your eaearthquakplan?" the lady laughed at me, then rigight after they had that meeting, you had that big oilll in the gulf of mexico. the whole community watch it. if they did that out here, we'd be screwed real bad. inglangasa: what are they gonna do if they have an oil spill? be oil everywhere. our fish, whales, seals. we won't be able to get our food. thompson: when they talk about developing the 1002, who's gonna benefit? is there other oil available that's more easily accessible, and should we look intoto alternative clean energy? rexford: life is a lot easier nowadays than it was before any of the development occurred. we have some folks still alive who have gone through starvation. they do not want to see that ever occur again in our communities. these gravel roads, the power lines, the houses that are built. pretty much every infrastructure that you see here has come from taxing the oil industry. patkota: we're being asked to keep the oil in the ground in our backyard, sacrifice our economic opportunity, to save their world? never mind what it takes to run the schools, the power plan

oil. louis vuitton, hennessy is down as well as bp, royal dutch shell. they do weigh on the index.pean stocks opening lower this morning. that is related to the new headline on the coronavirus. in china the number of cases topping 75,000, the death toll over 2200. 115 new fatalities in hubei province. concerns are growing over the pace of infections outside of china. south korea reported 52 more cases bringing the total to 156, and two crews ship evacuees tested positive in australia. it you see anxiety creeping back into financial markets. within and outside china. the biggest economies in asia are feeling the brunt, forcing governments to boost fiscal spending to counter the economic effects of the virus. joining us to talk more about this is piers hillier, cio, royal london asset management. thank you for coming on. what do you think about the changed narratives? it seems we get a back-and-forth. we had apple which looked very bad, and now today a jump in the outside offocus is china. how much visibility do you have? piers: we are looking at industries with clear supply lines to

the country and libya's national oil company announces there will be major disruption to schools hospitals and power stations half his forces say the target of the shelling was an arms ship believed to be the 1st such attack in this offensive the city has been under attack by half his forces since april and now all fuel vessels have been ordered to leave for safer waters as we said the attacks came on the go between the sides had been on the way in geneva the tripoli government insists though the u.n. mediated meetings cannot continue until the world's takes a clear stand when he. saying clear stand on have to violations as he says ok here's the team covering the story for us at the moment mahmoud up the 100 in tripoli will come to you shortly i want to start with james bays in geneva absolutely no surprise ideas james that the government of national court has decided to pull out of the talks does that mean the talks are dead in the water completely. it seems so for now but the u.n. i think will be trying to do damage them notation and try and resurrect things the moment that they were sitting down for the start of the 2nd round of what's called the join

oil on it. and the attic fell in, and then it burned through the main floor and the whole thing, in about two hours, was just a shell. >> after the war, the original architect, james hoban, rebuilds it exactly as it had been -- in what will become known as the federal style. >> president madison decreed that it be rebuilt as a symbol of survival. >> by 1817, the renovation is almost complete and our fifth president, james monroe, moves in. a dozen years later, the seventh, andrew jackson, lets a drunken mob trash the place during his inaugural ball. maybe this poor piece of wood was part of the collateral damage. who knows? over the years, presidents come and presidents go, redecorating, repainting, and renovating to suit their individual tastes. then, in 1902, theodore roosevelt begins the first wholesale restoration of the mansion that he officially names "the white house." it's time to pick up the thread of this strange inheritance story. according to mike meister, in 1902, his great-uncle, joseph williamson jr., is a law student at georgetown university in d.c. one day, he strolls down pennsylvania avenue, spots

oil prices start to go back up. alix: how do you look at the -- versusus ep/shell /shells of the world?g question. bp was talking about carbon free, and i am not recommending bp one way or the other, but it is very interesting, to your point, how the major oil companies are shifting. i think you want to look not only at the oil producers, but the natural gas producers and those type of opportunities. energy is a big field, and there's a lot of different ways to play the market. the inow do you look at the esg when it comes to the -- look at the e in esg when it comes to the energy market? kirk: we tend to think -- seema: we tend to think of fossil fuels is not very environmentally friendly, but it is those companies that end up finding the fuel which is not going to impact the environment very much. but we can't just take out fossil fuels entirely from portfolios. you need some exposure, but you need to do your research and find out which ones are working within that esg definition. alix: are your clients asking about that a lot? seema: i think it is inevitable. especially in europe, th

oil on it. and the attic fell in, and then it burned through the main floor and the whole thing, in about two hours, was just a shelliginal architect, james hoban, rebuilds it exactly as it had been -- in what will become known as the federal style. >> president madison decreed that it be rebuilt as a symbol of survival. >> by 1817, the renovation is almost complete and our fifth president, james monroe, moves in. a dozen years later, the seventh, andrew jackson, lets a drunken mob trash the place during his inaugural ball. maybe this poor piece of wood was part of the collateral damage. who knows? over the years, presidents come and presidents go, redecorating, repainting, and renovating to suit their individual tastes. then, in 1902, theodore roosevelt begins the first wholesale restoration of the mansion that he officially names "the white house." it's time to pick up the thread of this strange inheritance story. according to mike meister, in 1902, his great-uncle, joseph williamson jr., is a law student at georgetown university in d.c. one day, he strolls down pennsylvania avenue, spots the piece of wood in a ju

there is obviously a couple of big oil stocks within the ftse100, the likes of bp and shell, there are i tourism companies such as cheering ,and tourism companies such as cheering , and the international hotels dotted around the globe. —— such as tumi. it has taken a particular hit over the last few days. what needs to happen to calm those jitters? the first thing that needs to happen of course is the ultimate containment of the coronavirus, plus a vaccine coming through. what is then likely to happen is in the most badly hit economy, which of course is china, we can fully expect to see a lot of stimulus coming through from the chinese authorities in an effort to kick—start chinese authorities in an effort to kick—sta rt an chinese authorities in an effort to kick—start an economy which basically has ground to a halt. we have just been past the lunar new yearin have just been past the lunar new year in china for example. there has been very little travel. obviously people have been quarantined. things just aren't happening on the manufacturing front either. we've had profit warnings fr

oil is petrified. his big auto in america ahead of the public or chasing the public? alix: they are chasing. afford buttle ahead they are all in the same spot. billionsto shells of dollars to the shift to ev's that have to happen. tom: don't they sacrifice profit? to, and you will see jvs or tieups between these companies because if you can tie them together they can move more fast. francine: how quickly will the transformation come? is it sooner than we think? alix: if you can answer that, you should quit your job because that is literally the question. bloomberg nef is the source that everybody cites, but the batteries have to get cheaper so the cars have to get cheaper and the carmakers have to make more of them which they have to do profitably. if you don't get battery costs down and get the models out and if the capex can't come out for european card companies, and may take longer. that perpetuates it down the road. francine: so it could be anything between two and three years, or 25 years? alix: 2024 is when the price of ev's could be comparable with the combustible engine. then you see a rapid uptick of ev adoption. if that delayed in any kind of way,

shell is also one of the companies you're interested in, that you cover. this is a sector in deep transition, isn't it? also facing, at a time they need the cash for investment, a slightly weaker oilt's at this week and up this day. what are your expectations for show? tineke: in the short-term, it's going to be tough because oil price is very low. and more importantly for shall, because it's one of the biggest positions and guess around the world -- gas around the rope. the gas price doesn't get much notice. but this is a level where, if you're a fundamentalist, you think it can't go much lower. this is a tough background indeed. anna: thanks for joining us, tineke. coming up, we will pick up on the conversation. we talk to the cfo. that company reporting numbers, up .5%.equities today, this is bloomberg. ♪ matt: welcome back to bloomberg markets. this is the european open. we are 30 minutes into the trading day. i'm matt miller. today, i'm at the munich security conference, alongside anna edwards, still in london. anna: absolutely. the security brief, we're pretty flat across equity markets, dealing with the coronavirus and a busy earnings season. the sector picture looks fairly