obhave wrote:tifosi77 wrote:Grunthy wrote:I can guarentee that oil companies are investing in renewable energy. Maybe not to the extent we believe should happen, but they would be dumb not to in some capacity.
In terms of overall history, the highest ever portion of an oil/gas company's expenditures that were devoted to renewables was the 6% BP spent in 2007/8. That was far and away the most any oil/gas company has ever spent, and it abruptly ended in the following years as they sold off their solar and wind assets. (They are now somewhere in the high twos) Chevron and Shell are in second place with all-time high of 2.5 percent. In the case of Shell - the world's second largest corporation - that number just one year later was $400 million out of its $23 billion in expenditures; or about 1.7%.
No other oil/gas company has ever devoted over 1% of their spending on renewables.
Are those number investments or money spent on internal R&D? Just curious.
Both. For example, in the case of Chevron the number includes all expenditures by a subsidiary of the main oil/gas entity.
Technically speaking, companies don't have to disclose expenditures that are less than 10% of revenues/assets. But oil gas company's do so as a public relations exercise. Out of context, it sounds nice and showy when a company can say they have spent a couple hundred million dollars on something. But in the context of what they are actually spending, it's small potatoes.