They used to dominate the stock market. Today, the big beasts of Big Oil are at risk of becoming dinosaurs: shrivelled remnants of their former selves. In terms of market value, ExxonMobil, BP and Shell combined are now worth less than Tesla alone. Once the world’s biggest company, at $146bn (£113bn) Exxon is worth only a fraction of the $432bn value of Elon Musk’s electric carmaker. The titans of Big Tech have taken over the corporate jungle as a toxic cocktail of swooning oil prices and jitters over long-term demand for crude oil have sapped their valuations. Meanwhile, investors fret about stranded assets and the financial risk that much of the oil and gas in their reserves may never be produced because of growing concerns about climate change. Belatedly and in different ways, the oil giants are retrying to reinvent themselves. Have they left it too late? Is the industry doomed or can it embrace the colossal opportunity presented by the climate transition? In a new four part series, The Daily Telegraph explores the future of Big Oil. In the first instalment, published online later today, Ambrose Evans-Pritchard explores the role of Carbon Capture and Storage.
Telegraph 19th Oct 2020 read more »