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

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.

Related News

(Bloomberg) -- Republicans held on to their narrow majority in the US House, giving Donald Trump and his party unified control of the elected branches of government and limiting potential curbs on the incoming president’s power.Most Read from BloombergUnder Trump, Prepare for New US Transportation PrioritiesZimbabwe City of 700,000 at Risk of Running Dry by Year-EndSaudi Neom Gets $3 Billion Loan Guarantee From Italy Export Credit Agency SaceThe Urban-Rural Divide Over Highway Expansion and Emis

XOM
LMT

Darren Woods was one of only a few Western oil executives attending a global climate conference in Baku, Azerbaijan.

California drivers are bracing for a possible gas price surge after state regulators approved tougher standards for climate emissions.

XOM
ICLN