Big Oil’s big bet

Behind the Money

Topher Forhecz

Markets, Investing, News, Banking, Finance, Business, Business News, Crypto

4.4 • 350 Ratings

🗓️ 1 November 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off.

Clips from Yahoo Finance, Reuters, CNBC, Bloomberg

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For further reading:

Oil megadeals usher in an age of energy uncertainty

Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’

The race to be last man standing in Big Oil

‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Transcript

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0:00.0	Am I missing anything? Is this the right decision?
0:02.0	Can I show this data?
0:04.0	Am I too late?
0:05.0	Find clarity in your investment decision-making.
0:08.0	Manage your portfolio for sustainable growth
0:11.0	and regulatory alignment
0:12.0	with the ultimate blend of powerful AI and
0:14.6	industry expertise.
0:16.5	Reduce risk, meet your sustainability goals and push the boundaries of possibilities based on
0:21.1	facts, not opinions.
0:23.0	Clarity AI, scaling human decisions through tech.
0:26.6	Visit clarity.
0:27.7	AI and take action today.
0:31.9	It's the beginning of the end for fossil fuels.
0:35.0	At least that's what the International Energy Agency, or IEA says.
0:40.0	The IEA has for years now been saying that demand for oil is nearing its
0:45.8	Zenith and is going to start to slide. That's Miles McCormick. He covers all things
0:51.8	energy for the FT.
0:53.0	He says that the IEA is the West's go-to resource for trends in oil supply and demand.
0:59.0	And its latest prediction...
1:01.0	By the end of this decade fossil fuel demand will have peaked
1:05.2	so demand for oil, demand for gas and demand for coal. By 2030, less than seven years away.
	...

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