To shore up share prices and close that gap with the U.S. giants, BP and Shell changed tack and returned to their roots—the core business of pumping and trading conventional energy, which they see (again) as crucial to delivering to consumers while the world moves forward with the energy transition. Most recently, on the Q3 2024 earnings call, CEO Sawan said, commenting on the company’s focus on its core business, “We start from the perspective of believing that oil and gas have a critical role in the energy transition for a long time to come.” “We fundamentally believe that you’re going to require multiple energy forms to be able to navigate the energy transition and we do see that the energy system will start to see more uncertainty and more volatility in the context of geopolitical changes, demand supply cycles and the like, of course the intermittency of renewables as well.”
Author: Irina Slav
Published at: 2024-11-20 00:00:00
Still want to read the full version? Full article
