New York Times (October 24)
2023/ 10/ 24 by jd in Global News
“To oil analysts and investors, Chevron’s $53 billion takeover of Hess confirmed that there’s a new cycle of consolidation in the industry, coming less than two weeks after Exxon Mobil’s $59.5 billion bid for Pioneer Natural Resources.” In spite of “pressure from climate-minded policymakers, investors and activists to embrace greener energy,” the majors are “instead focusing on getting bigger. That could create a larger gap in the industry between those who have the firepower and freedom to buy rivals, and those who, because of politics or finances, do not.”
Tags: Activists, Analysts, Chevron, Climate-minded, Consolidation, Exxon Mobil, Firepower, Freedom, Greener energy, Hess, Investors, Majors, Oil, Pioneer, Policymakers
