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| Fri, 12th Feb 2021 13:11:00 |
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Oil major shifts to minor key |
This is a time of unprecedented challenge to the old ways - disease control, curtailed travel, the digital economy, automation of jobs, voters in revolt, and, not least, tackling climate change.
Some are going to be swept out of the way. Oil and gas producers are trying to find a way to ensure they're not among them, and can instead catch the tide.
The easy bit is declaring your company is now about "energy". Several companies have set out their intention of becoming big in wind and solar power. But these are capital-intensive and not high-margin.
Much more difficult is reducing the dependence on oil and gas for generating shareholder returns.
Royal Dutch Shell is the latest to set out its vision and targets. In a lengthy presentation by chief executive Ben van Beurden on Thursday, one word that only snuck out on two occasions (that I noticed), was "oil". It seems to have become a dirty word, more commonly referred to as "upstream".
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