Behind the Money

Big Oil’s big bet

In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off.  Clips from Yahoo Finance, Reuters, CNBC, Bloomberg - - - - - - - - - - - - - - - - - - - - - - - - - - For further reading:<a href="https://www.ft.com/content/b44187e7-479e-4927-82e8-d60d294a6c45?segmentId=c6bc4c92-a175-c936-88fb-4dfe4ffadce7" rel="noopener noreferrer" target="_blank">Oil megadeals usher in an age of energy uncertainty</a><a href="https://www.ft.com/content/42751474-ea28-4bc2-838b-50d564b93189?segmentId=c6bc4c92-a175-c936-88fb-4dfe4ffadce7" rel="noopener noreferrer" target="_blank">Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’</a><a href="https://www.ft.com/content/02fb0da4-a834-4ac5-80f0-a0107596bd37?segmentId=b0d7e653-3467-12ab-c0f0-77e4424cdb4c" rel="noopener noreferrer" target="_blank">The race to be last man standing in Big Oil</a> <a href="https://www.ft.com/content/46af09ca-90e2-4d96-b35d-4434ebd93750?segmentId=c6bc4c92-a175-c936-88fb-4dfe4ffadce7" rel="noopener noreferrer" target="_blank">‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches</a>- - - - - - - - - - - - - - - - - - - - - - - - - - On X, follow Myles McCormick (<a href="https://twitter.com/mylesmccormick_" rel="noopener noreferrer" target="_blank">@mylesmccormick_</a>) and Michela Tindera (<a href="https://twitter.com/mtindera07" rel="noopener noreferrer" target="_blank">@mtindera07</a>), or follow Michela on LinkedIn for updates about the show and more.  <a href="https://www.ft.com/content/425183d3-8b75-41b2-8716-68d32c3a9b4c" rel="noopener noreferrer" target="_blank">Read a transcript of this episode on FT.com</a> Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color:grey;" target="_blank">acast.com/privacy</a> for more information.

From hostile takeovers to C-suite intrigue, Behind the Money takes you inside the business and financial stories of the moment with reporting from Financial Times journalists around the world. Hosted on Acast. See <a href="https://acast.com/privacy" rel="noopener noreferrer" style="color:grey;" target="_blank">acast.com/privacy</a> for more information.