HOUSTON, Texas — Major energy companies are shrugging off pressure from environmental groups and some shareholders to abandon new spending on developing fossil fuels and instead invest in low-carbon energy sources as they anticipate high demand and earning potential in oil and gas persisting for years to come.
BP CEO Bernard Looney has reportedly privately expressed frustration at low returns in the company's renewable energy ventures. The two companies have acted in kind, putting production cuts on the table and spending more than their U.S. competitors on renewable energy. The world runs on"System A" and"would like to go to System B," Wirth said, but he called for that shift to be"orderly."
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