JPMorgan Secretly Emailed the Trump Administration About Bailing Out the Oil Industry
In October, top executives at JPMorgan Chase wrote in an op-ed for Fortune that the “clock is ticking” on the climate crisis and that JPMorgan planned to be part of the solution. The bank, they said, would align its immense financing portfolio to meet the Paris climate goals in the oil and gas, electric power, and automotive sectors.Read more
Private Equity Sees Shale Escape Route by Building Cash Flow
Private-equity firms that bet big on shale for more than a decade finally are seeing glimmers of hope that their investments will bear fruit.
Pioneer Natural Resources Co. took analysts and investors by surprise with its $6.4 billion deal to buy DoublePoint Energy LLC, a Permian shale powerhouse backed by Apollo Global Management Inc., Quantum Energy Partners, Magnetar Capital and Blackstone Credit. It’s the largest acquisition of a closely held oil company since 2011.Read more
Biden Plans to Order Climate Risk Strategy for Financial Assets
President Joe Biden plans to direct his administration to develop a strategy on climate-related risks for public and private financial assets, according to a draft document seen by Bloomberg News.Read more