The majors’ third-quarter results, due in the coming days, are likely to show a surge in their cash fows thanks to higher oil and gas prices, raising the question of how this may play into their energy transition strategies. TotalEnergies chief executive Patrick Pouyanne says the surge in gas prices to record highs “is not good news”. They have boosted the frm’s results, but “for us today prices are too high”. The resurgence in coal-fred power spurred by this price spike does not ft with transition strategies based on a rapid expansion of electrif- cation, in which the European majors are pushing gas as the cleaner fuel capable of quickly replacing coal as renewables gain scale. BP chief executive Bernard Looney calls gas “a key balancer in the system, key provider of redundancy”.
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