US Oil Majors Use Big Deals to Stay Ahead of European Rivals
- Major acquisitions will grow oil output at Exxon and Chevron
- Quarterly profit seen rising after several sequential declines
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Europe’s unloved oil majors seem to finally be winning back investors by refocusing on their core business, yet the valuation gap with their dealmaking US peers remains stubbornly wide.
After companies such as BP Plc embraced net zero targets during the pandemic, Russia’s invasion of Ukraine has given them the opportunity to pivot back to fossil fuels. The last few weeks have seen Shell Plc, TotalEnergies SE and Eni SpA sign big supply deals that will put Qatar’s liquefied natural gas at the heart of Europe’s energy system for decades to come.