European big oil companies saw their share prices climb this week as all of them announced plans that involve a sort of return to their core business.
to leave its investments in renewable energy where they are and spend more on expanding gas operations. “Our philosophy has been a real pivot toward energy transition investments,” new CEO Wael Sawan said. “But we will make sure that those investments go into the areas where we can see line of sight toward attractive returns to be able to reward our shareholders.
It is the story of investors who buy into a company not because of its transition plans but because of its shareholder returns plans. It is the story of a reality check that overrides the shareholder resolutions used by environmental activists with the means to build large shareholdings in Big Oil companies as a tool to pressure these companies into essentially giving up the business that made them big.
Yet Big Oil companies or any company really are not activists. They are not in the business of mitigating climate change, even if their stated net-zero plans have this as their ultimate goal. Like every other company, Big Oil is in the business of making a profit from selling products and services and sharing it with its owners—also known as shareholders.
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