Big Oil’s big bet
Big Oil’s big bet
Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.
In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off.
Clips from Yahoo Finance, Reuters, CNBC, Bloomberg
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For further reading:
Oil megadeals usher in an age of energy uncertainty
Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’
The race to be last man standing in Big Oil
‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches
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On X, follow Myles McCormick ( @mylesmccormick_) and Michela Tindera ( @mtindera07), or follow Michela on LinkedIn for updates about the show and more.
Read a transcript of this episode on FT.com
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Related Knowledge Center: ENERGY BASICS: petroleum
While electric-powered vehicles may be the ride of the future, oil remains at least for now the dominant fuel for transportation around the world. And after a period of time at the end of the 20th century when oil was subject to wide fluctuations in price, new supplies in North America as a result of non-conventional recovery techniques have helped stabilize prices.