I found this Forbes recap of COP news release today about COP’s new Energy JV.
Sounds like lot work mentioned is going to fall under an Alternative Energy business unit. It also appears to have been created about 6 months ago and from other news items & comments it seems to be completely separated from COP Power Generation & Technology business unit (which holds power project development as well as E-Gas and LNG licensing).
So I guess that down the road you will see COP touting this as ‘creating green jobs’, and maybe that is why their are two groups: A real working application in EGas / LNG licensing and this Green Energy Technology Venture that isnt likely go anywhere (like GE’s other attempts in this area).
Since this seems to be ~6 month old avenue for COP, I am assuming it could be brain-fart one new Exec’s they imported from majors like XOM & CVX who are used to trying put green blanket over oil industry hoping to get favorable treatment from Environmentalist – they haven’t had original idea in decades and one look at outcome for BP & Shell tells you its stupid tactic (besides losing butt load cash). When energy prices will get back fundamental levels away from speculators built in fear premiums spiking volatility …… the high cost of these alternate energy areas go back to sucking wind.
I think EGas like Refining is going have good earnings run for existing assets & business units before consolidation and down cycle. I think its sad that the postive comments on EGas business application for petcoke & clean coal applications
actually came from this Forbes business analyst who recaped the news release and not from COP folks doing the release.
