The Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel Emissions
June 9, 2021
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2:30Now PlayingThe Retreat of Exxon and the Oil Majors Won’t Stop Fossil Fuel Emissions
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as posted by the channelWhen Exxon Mobil Corp. decided to get out of a big oil field in Iraq, the government took on the unusual role of salesman. Iraqi officials pitched West Qurna-1 to likely buyers from among Exxon’s supermajor peers, including arch-rival Chevron Corp. There weren’t any takers.
That left Iraq with narrowed options: sell to one of China’s state-backed oil majors, or else buy back Exxon’s stake itself. The sale process remains unresolved but either outcome would stand as a powerful indicator of what’s become of the global oil market. With supermajors from the U.S. and Europe in retreat around the world, national oil champions are set to fill the void.
The supermajors — a group that, in addition to Exxon and Chevron, includes BP Plc, Royal Dutch Shell Plc, TotalEnergies SE, and Eni SpA — are shrinking even while fossil-fuel demand holds strong. These companies are under growing pressure to pay down debt while cutting greenhouse gas and, for some, transitioning to renewable energy. Recent weeks saw Exxon and Chevron rebuked by their own shareholders over climate concerns, while Shell lost a lawsuit in the Hague over the pace of its shift away from oil and gas.
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