Mega-deals in the US make sense, but it’s not obvious why European groups should scale up too
An old industry joke about Hess, based according to the New York Times in 1972 on the family patriarch’s work ethic, was that the company name stood for holidays, evenings, Saturdays and Sundays. Sector advisers know the feeling. Two mammoth oil and gas deals, Exxon buying Pioneer for $60bn then Chevron buying Hess for $53bn, have ignited the deals market and set off another round of soul-searching about who is doing what in the net zero transition.
Forecasts that range from 15 per cent growth in oil demand to 2045 to a collapse of 75 per cent by 2050 should not generate unanimity of response. Nor do the competing forces of continued demand growth, political ructions and energy security concerns versus booming renewables investment, biofuels demand and accelerating electric vehicle adoption produce a slam dunk victor. Upstream-friendly mutterings by both BP and Shell this year somewhat mask the strategic gulf across the Atlantic.
Belgique Dernières Nouvelles, Belgique Actualités
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