Big Oil, it seems, is doubling down on its core business, unpopular as this business has become over the past decade as climate activism gathered momentum
It’s earnings season for the supermajors, and most of them have reported annual declines, missing analyst expectations. Despite this, however, Big Oil appears upbeat about its core business and is making expansion plans. Exxon, which made headlines earlier this month when it announced the planned acquisition of Pioneer Natural Resources, booked earnings of $9.1 billion, which was higher than in the second quarter but significantly lower than a year ago as oil prices declined.
Investors have punished the company for its acquisition plans and its third-quarter performance, but this is unlikely to spur Chevron in the opposite direction even the European supermajors are scaling back low-carbon operations and doubling down on oil and gas.
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