Exxon, Chevron Bet Billions on Oil Despite Climate Concerns

ExxonMobil and Chevron are spending tens of billions on acquiring oil and gas assets, betting against projections of declining oil demand.

The deals give them low-cost production and access to fields like the Permian Basin and offshore Guyana.

Oil executives believe oil and gas will still be needed for transportation and petrochemicals.

Environmentalists say the deals squeeze the last profits from the old business model rather than transitioning.

Executives are not investing much in alternatives like wind, solar, batteries despite climate concerns.