Oil companies are facing the moment of truth. The stakes couldn't be higher
The climate crisis and the coronavirus pandemic are rapidly dividing the titans of the oil industry into two camps. There are big consequences depending on which side they choose.
One group is made up of European oil giants like BP (BP), Shell (RDSA) and Total (TOT), which are trying to pivot away from oil and gas production and transform their companies. Then there are America's ExxonMobil (XOM) and Chevron (CVX), where executives are betting that oil demand will boom again after the pandemic despite global pressure to decarbonize the economy, reducing the need for dramatic overhauls.
Both camps were hit with billions of dollars in losses in 2020 and face an uncertain 2021, according to recent earnings reports. But while the BP and Shell can point to their green initiatives, US producers are under growing pressure, especially given the change in direction of climate policy on day one of the Biden administration.
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Atlantis Viewpoint
Oil companies are facing a moment of truth
This is a crucial moment for the future of our planet. We know that the smartest strategy is to switch to #TrueCleanEnergy, as some of the big oil companies are already doing. They are doing this slowly but at least it is a start. We have to get everyone working on this and faster, it is the only way to create a clean and healthy world for us all to live in.
