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In a recent CERAWeek Conversations episode, Joe Kang, president of the International Gas Union, discussed the pivotal role of gas in the energy transition. He labeled gas supply as a catalyst for change, emphasizing its flexibility during the pandemic's market shocks. Highlighting the IEA's report on net-zero pathways, Kang deemed it too ambitious, citing the current global energy mix of 30% oil, 27% coal, and 26% natural gas. He stressed the unique challenges faced by different nations in achieving these goals, underscoring that a one-size-fits-all approach is impractical.
On June 29, 2021, Paychex reported a 0.26% increase in small business employment growth for June, with a 4.53% rise in the second quarter. The leisure and hospitality sectors saw notable gains, increasing 12.65% quarter-over-quarter. The national jobs index reached 98.52, while hourly earnings grew slightly to 2.84%. All US regions experienced job growth, with the South leading in small business job recovery. The report reflects positive momentum in the labor market as businesses re-open following the pandemic.
In a recent episode of CERAWeek Conversations, Bob Dudley, chairman of the Oil and Gas Climate Initiative (OGCI), emphasized the complexities of reducing global emissions amid a post-pandemic energy demand recovery. Dudley outlined OGCI's goal to cut methane emissions by one-third by 2024 from 2017 levels. He discussed the organization's $1 billion investment fund for carbon capture technologies and the importance of collective industry action to meet climate targets. He noted that effective collaboration with governments and stakeholders is crucial for successful decarbonization efforts.
Canadian oil sands production has rebounded past pre-pandemic levels, now projected to reach 3.6 million barrels per day by 2030, an increase of 650,000 barrels per day from 2021. However, factors such as COVID-19 impacts, pipeline constraints, and energy transition pressures have reduced growth forecasts from previous estimates of 3.8 million barrels per day. The cancellation of the Keystone XL pipeline poses future uncertainty, while existing operations show resilience through optimization and debottlenecking projects.
IHS Markit reported its Q2 2021 results with revenue reaching $1.181 billion, reflecting a 15% increase year-over-year. Net income surged to $159 million, marking a significant 122% increase. Adjusted earnings per share rose 17% to $0.81. Cash flow from operations improved by 34% to $372 million. The Financial Services and Transportation segments showed strong growth, with revenues up 11% and 41%, respectively. However, net income for the first half decreased by 45% compared to last year due to prior divestiture gains.
Nielsen (NLSN) has partnered with IHS Markit (INFO) to enhance marketing efficiency in the automotive sector. The collaboration integrates data from Polk Automotive Solutions, providing advertisers with deeper insights into auto consumer behavior. This partnership aims to optimize audience engagement, enabling better-targeted marketing strategies. The combined data includes over 50 million vehicle transactions annually, facilitating improved campaign measurement and reduced waste. Nielsen plans to expand the offerings over the next year to enhance audience targeting and outcomes measurement.
IHS Markit (NYSE: INFO) will announce its financial results for Q2 2021 on June 23, 2021, before market open. A conference call with senior management is scheduled for the same day at 8:00 am ET to discuss these results. Investors can access the live event through the IHS Markit investor website. A recording of the webcast will be available approximately two hours post-event and will remain accessible for one year. IHS Markit continues to serve over 50,000 customers globally, including a significant proportion of Fortune Global 500 companies.
The Paychex | IHS Markit Small Business Employment Watch for May reveals that the Small Business Jobs Index moderated slightly, with a 0.07% month-over-month slowdown. Job growth remains steady, but overall growth is hindered by labor shortages and construction industry declines.
While the national index is up 4.58% over the past quarter, construction jobs dropped 1.78%. Conversely, the leisure and hospitality sector gained 1.94% in May and shows a 12.40% increase over the past quarter.
