Why Oil Companies Are Walking Back From Green Energy
Published On Nov 18, 2024, 5:02 AM
At a global climate summit, oil companies, particularly Exxon Mobil, are seeing significant stock gains despite a broader industry trend towards renewable energy. Exxon Mobil's CEO, Darren Woods, mentioned that resisting pressure to invest heavily in wind and solar energy has proven beneficial, with the company's stock soaring over 70% since 2019. Instead, Exxon has focused on hydrogen and lithium projects, aligning more with its core oil and gas business. This shift has resulted in a market valuation of around $524 billion, showcasing a stark contrast to past losses during the pandemic.
Stock Forecasts
XOM
Positive
Exxon Mobil's strategic focus on traditional energy sectors rather than diving into renewables amid high fossil fuel prices has led to impressive stock price growth. Given the current trends and the company's solid performance, further gains can be anticipated unless there's a major shift in market dynamics.
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