Investors Revolt on Climate as Woodside Adds More Oil, Gas

-- Major investors are opposing Woodside Energy Group Ltd.’s climate plans and the chairman’s reelection, raising questions about the strategy of Australia’s largest energy company as it rushes to expand oil and natural gas output.Ray Dalio’s Famous Trade Is Sputtering, Investors Bailing

The outcome of a ballot on the climate plan is non-binding, though Woodside insists that it responds to investor feedback when developing its policies. Final results were scheduled to be lodged with the Australian Securities Exchange later Wednesday. The company also aims to take investment decisions by 2030 on projects able to lower Scope 3 emissions by 5 million tons a year. That pollution — mainly from the burning of the fossil fuels it sells — is by far its biggest source of carbon dioxide emissions, at about 72.8 million tons in 2023, according to the company.

-Some shippers on Canada's Trans Mountain expansion project are raising concerns that the long-delayed oil pipeline will not be fully in service by its projected start date of May 1, according to a letter to the Canada Energy Regulator on Tuesday. Deliveries for all shippers will be subject to the expanded system's tolls and tariffs from that date, Trans Mountain Corp told Reuters in an email, adding that line fill on the expanded pipeline will be completed in early May.

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