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I'm long on BP, they have adopted a green energy transition plan.
By 2050?
Nice
Wonder if the US government in its belief in free markets will bail out the oil industry? Trump seems to be courting those votes.
When it comes to energy sources and military tech there has never been "free" market anywhere in the world.
US will support oversized oil industry for a long time after renewables are on par with hydrocarbons. A matter of national security.
This is because of the pandemic and people are literally dying.
Not from SARS-CoV-2, which is also directly causing deaths, but from the world's economy collapsing.
But they are mostly the real poor people that Twitterverse doesn't care about, so meh I guess.
Non blog spam -
https://www.reuters.com/article/exxonmobil-layoffs/exxon-to-...
"economy collapsing" - what I'm seeing is demand leaving businesses that were habitual or not truly necessary. For example: work from home -> spend less on transport, spend less on mobile food, company spends less on office space.
Regrettably there's transition pain for workers in abandoned sectors but other sectors will grow out of this (e.g. deliveries/home office equipping/remote work centres).
This transformation of what work entails, to its essentials, with less office face time, will benefit civilization at large in the long run (Antifragile).
I support financially assisting & retraining displaced workers through this transformation, and am against "bailing out" obsoleted corporate entities.
The oil industry is not the only industry hurting right now, so although this is on a post about Exxon, The OP's point holds true.