Oil and Gas Majors: Time for a Transformative Clean Energy Deal?

The world’s biggest oil and gas companies are generating more money than ever while spending relatively little of it. Bankers are now asking whether the majors might be tempted to turbocharge their transition strategies with a big acquisition.

Tom Wilson, Financial Times
Oil and Gas Majors: Time for a Transformative Clean Energy Deal?

Even U.S.-headquartered Chevron Corp.—a relative laggard on climate commitments—spent $3.15 billion in February on the sustainable fuel-focused Renewable Energy Group. (Source: Tada Images / Shutterstock.com)

The world’s biggest oil and gas companies are generating more money than ever while spending relatively little of it.

European supermajors BP Plc, Shell Plc and TotalEnergies SE have each pledged to become green businesses over the next three decades but are still investing only a fraction of their capital on renewable energy.

With each expected to report another set of bumper profits over the next week, bankers are asking whether they might be tempted to turbocharge their transition strategies with a big acquisition.

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