More oil and gas mega-mergers could be on the way. Shell denied rumors it was acquiring BP, but the deal chatter has still fueled speculation about massive industry consolidation. (Inside Climate News)
Collectively, oil majors completed $105B in deals last year after a record $190B in 2023.
Timing matters: As oil companies pivot back to hydrocarbons and scale back on renewable investments, the sector could be reverting to pre-shale power structures, analysts suggest.
While we’re here: BP has agreed to sell its US onshore wind business to LS Power for an undisclosed sum—part of BP’s continued divestment strategy (it has pledged to divest $20B worth of assets by 2027).