Analyst Note| Allen Good, CFA |
In the last year, each integrated oil has updated its strategy to address the energy transition. Reviewing the strategies, a clear bifurcation appears between the U.S. (Exxon, Chevron) and European (BP, Shell, Total) firms on how to invest for the future. Although strategies among the European firms vary, they can be broadly classified as diversification away from hydrocarbons. The U.S. firms, in contrast, continue to bet on a future with sustained hydrocarbon demand.