Why oil majors need to reinvent themselves
Year after year, the oil majors have managed to remain afloat in all sorts of crises. These companies overcame oil price shocks, environmental disasters, force majeure and many operational challenges.
This time around though, things are different. Five out of the seven largest integrated oil companies have committed to net-zero carbon emissions by 2050 with smaller entities (in relative size, but large entities otherwise) also following suit. It is almost like acknowledging that their existing nature cannot be sustained in the future.