big oil

Experts say new exploration takes more than a decade from decision to market. Research can cost hundreds of millions of dollars, and development can take tens of billions.

Exxon Mobil and Chevron posted their lowest annual profits since 2021 in their earnings reports on Friday, a sign that now is not really a time when big oil is looking to make any kinds of sizeable investments in new oil production.

The bill incentivizes clean energy but doesn’t vilify fossil fuels. Traditional oil companies can access some of the benefits as well.

There are a lot of variables that make predicting energy demand in 2023 difficult, including rising interest rates, inflation and potential COVID flare-ups.

Climate activists won seats on Chevron and Exxon’s boards, and Shell lost in court. Changes must be big to protect the environment.

It’s one of a number of growing examples of oil companies adjusting to changing energy needs.

Will there be other deals like it?

Robert McNally's 'Crude Volatility' looks at the cycle in a historical context.