Fears of a climate calamity lurk in Big oil's big deals

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Fears of a climate calamity lurk in Big oil's big deals
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Massive mergers in the oil and gas sector may signal a retreat from the energy transition.

Share on linkedin — signals that oil and gas firms foresee robust fossil fuel demand into the 2030s, despite government moves to slash greenhouse gas emissions and boost renewable energy.If regulators bless the deal, the Hess merger will boost Chevron's oil and gas production and give it a stake in important international plays."is expected to grow production and free cash flow faster and for longer than Chevron's current five-year guidance.

He pointed to risks for Chevron in this deal, including falling costs of renewables; increasingly stringent climate policies like thoseThere are likely to be additional fossil fuel mergers and acquisitions to come, experts told Axios. The result may be fewer companies better able to withstand oil price fluctuations.

"The companies see persistent global hydrocarbon demand in the short term and consider the transition to lower-carbon sources as a decades-long process, with hydrocarbons remaining a vital piece of the global economy through the end of the century," said Shon Hiatt, director of the Business of Energy Transition Initiative at the USC Marshall School of Business, told Axios via email.

"Consolidation serves as a safeguard against declining consumption when peak hydrocarbon demand eventually materializes," he said, while noting that Chevron and Exxon are diversifying "into energy transition areas that build upon their expertise." These include lithium extraction, hydrogen, carbon capture and sequestration and geothermal technologies.Ensuring emissions cuts before 2030 will be a driving goal for the upcoming UN Climate Summit in Dubai starting late next month.Share on facebook

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