"How oil companies adapt to the energy transition will be a multi-decade story," Molchanov said. "Companies that are the most proactive in pivoting their business to reflect the energy crisis are European. COVID is temporary; the energy transition will not go away."
"It's one thing to have a lot of confidence and bravado, as Exxon has for years, but when things start getting as tight as they are now, and they are tight, how can you not change your stripes," Mark Stoeckle, chief executive of Adams Funds,The pandemic and long-term shift to renewable energy will take large tolls on the oil and natural gas industry as a whole.
Woods, in the same October 21 email, expressed optimism about the state of oil demand in the years to come, even as the company soon afterward made"Some believe the dramatic drop in demand resulting from the coronavirus reflects an accelerating response to the risk of climate change and suggest that our industry won't recover," Woods wrote.
Over the years, Exxon's scope of influence has taken a backseat to the rise of Silicon Valley's tech giants. The
well they are profiting off destroying the environment...
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