Exxon and Chevron are sticking to their core oil and gas strategy while getting bigger in some of the best assets globally. The near-term outlook for oil and gas feels soft, especially with OPEC poised to move more barrels onto the market.
Success in the former and failure at the latter has led the industry to coalesce around a common strategy: oil and gas that's cheap enough to withstand any energy transition scenario.
The US oil majors' increases were fueled by pumping record amounts of crude from the Permian Basin, which continues to surprise analysts with year-over-year growth and efficiency gains.
It all combines to a weakening outlook for oil prices, which have already dropped roughly 12% in the past six months due to lackluster demand from China, the world's biggest importer of crude.
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