What Next for the US Oil Giants?

摘要

The US oil and gas sector has been turned upside down over the course of a week by investors asking for change. Shareholders at Chevron asked the California supermajor to start planning to reduce Scope 3 emissions from the use of its products, while Exxon Mobil saw at least two board members replaced by activist investors displeased with that company's approach to the energy transition (OD May26'21). But after the drama of proxy card and press conferences, what will the sector do next? How will companies respond to investors asking them to both lower emissions and remain profitable amid the energy transition?