Just two years ago, the world’s giant oil producers seemed to be following the path of the typewriter industry. Nobody wants oil – the price of a barrel fell below zero at the beginning of the pandemic.
Exxon Mobil
stocks plummeted and were dropped from the Dow Jones Industrial Average after 92 years. It started out as a prelude to true extinction – the world’s transition to clean energy.
Too much for it. The plunge turned into a spike, and the top oil companies finally raked in cash. Exxon (ticker: XOM) is now a star on the stock market, with over 60% up in turmoil over the past 12 months.
Chevron
(CVX) increased by nearly 50%. Moreover, the future was remarkably bright. Instead of being destroyed by the energy transition, Big Oil has emerged in a significant position to profit from it.
