The US giants Exxon and Chevron have reported their second-highest profits since
Next in line to report is
Chevron and Exxon are still far ahead of either of the British energy giants in terms of profits - a lead built on exponential voracity in gobbling up oil and gas projects across
For
His first 12 months on the job have been defined by fighting oil prices' return to post-2022 parity by turning on the cash taps and returning money to shareholders, which some argue could have been better spent. Indeed, NGO Reclaim Finance estimates that
Upon the coronation of its new chief executive
With blinkers on, the letter has some merits.
But there are reasons to believe that
Auchincloss has the opportunity to retire the worst part of the company's recent history, defined by strategic confusion and bad communication.
Some aspects will be kept on.
Company chair
The firm has got some lessons to learn on how to do the transition. Investors don't want a repeat of the
However, there is significant interest in its in-demand vehicle charging and biofuel projects that reportedly carry best-in-class potential.
It is also, quietly, doing the old things well, punching above its weight in the US as the
Bluebell's suggestion of packing in net zero targets and going great guns on oil would be foolish, on a business and ethical level.
But striking the balance on transitioning isn't easy, and Bluebell's plea arguably echoes what a larger chunk of the market believes - that it's impossible to make money and transition to renewables.
(c) 2024 City A.M., source