ResNet Review is the Energy Newsletter for the Shalennial Generation

Here’s our top Energy Headlines for the First Half of September:

1. BP CEO AND GREEN ENERGY PIONEER BERNARD LOONEY IS FIRED 😬

2. IT’S BEEN A BUSY FEW WEEKS FOR CLIMATE ACTIVISTS 🤓

BP CEO AND GREEN ENERGY PIONEER BERNARD LOONEY IS FIRED

• BP CEO Bernard Looney, a BP lifer who joined the company in 1991 as a drilling engineer, resigned abruptly Tuesday over past relationships with colleagues. His resignation comes less than four years after taking over the London-based oil giant and embarking on an ambitious plan to position it at the vanguard of the global transition to renewable energy.

  • Looney was in a tough spot. He was at BP for 32 years. No surprise when the renewable energy mob forced him to de-emphasize drilling he would just make up for it in his personal life.

• Looney, now 53, quickly established himself as an outspoken advocate of the green revolution, with pledges to steer the oil company toward a cleaner, low-carbon future. He championed cutting oil-and-gas output this decade by 40% from 2019 levels and pledged to plow more money into clean-energy investments.

  • In hindsight, it was probably a red flag when Looney said in his introductory press conference “She CCUS on my pneumatic device until I sequester”

• Earlier this year, Looney dialed back that plan, saying he would slow the company’s transition away from fossil fuels—leading to a short-term bump in the share price.

  • Unfortunately, the short-term bump in the share price wasn’t enough to overcome the short-term bump with his colleagues.

IT’S BEEN A BUSY FEW WEEKS FOR CLIMATE ACTIVISTS

• Earlier this month, climate activists temporarily halted the influx of eager festivalgoers trying to get to Burning Man, blocking the road with a 28-foot trailer and causing a bumper-to-bumper traffic jam for over an hour.

  • Huge win for the climate. Nothing lowers carbon emissions more than traffic jams. This is what progress looks like. Let’s keep it up.

• Then, more than 200 film-industry professionals, including such Hollywood stars as Mark Ruffalo and Rachel McAdams have signed an open letter calling on the Toronto International Film Festival to sever its ties with Royal Bank of Canada due to the bank's investment in fossil fuels. “Filmmakers have spoken: we want oil and gas out of our industry.”, one filmmaker said.

  • Another win! As if causing a traffic jam wasn’t impactful enough, we’re on the verge of getting a bank to not to sponsor a film festival. Forget about displacing China’s 7.96 billion metric tons of annual carbon dioxide emissions from coal, more of this!

• Lastly, The U.S. Open semifinal match between Coco Gauff and Karolina Muchova was delayed by 49 minutes by four environmental protesters who were calling for an end to fossil fuels. One protester glued his bare feet to the ground.

  • Check-mate. The climate crisis is over. The energy trifecta is complete. 1. Traffic jam at burning man 2. No banks sponsoring the film festival 3. glued our feet to the floor.

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ResNet AI Inc. is an oil and gas software company that specializes in operations surveillance and asset management software, as well as bespoke digital & reservoir services. Our mission is to Unite the Field & Office towards common corporate objectives. Our software and services are purpose-built for oil & gas applications, and if this newsletter isn’t testimony to that - then you should check out Tinder for the Oilfield, or WellTender, or as we Shalennials call it: Tender 🔥 - where you can swipe right, swipe left, and get the right guy to the right job at the right time 😎

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