Exxon, Chevron Double Down on Oil Production Despite Energy Transition Risks
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ExxonMobil and Chevron are making big bets on increasing oil production through major acquisitions and investments in shale and offshore resources.
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Their focus is on low-cost oil that will be profitable even as demand declines, giving them an edge over OPEC+ countries focused on controlling prices.
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They aim to integrate exploration, production and downstream operations to turn a profit in any market conditions.
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Their decarbonization strategies around carbon capture and hydrogen production play to their existing strengths.
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If shale depletes faster than expected or the energy transition accelerates, their big bets could still leave them with stranded assets.