
After dabbling in green PR and selling off assets, Shell’s production tanks while Exxon and Chevron pump away. BlackRock yawns.
Oh, Shell. The self-proclaimed champion of “Powering Progress.” The oil giant that flirted with an “energy transition” just long enough to slap wind turbines on its annual report before sprinting right back to its first love: fossil fuels. And yet—somehow—it’s producing less of them than at any point in the last two decades.
Let’s set the stage. In the great oil-and-gas Olympics of Q2, Exxon and Chevron took home gold medals in pure, unapologetic extraction. Exxon pumped 4.6 million barrels of oil equivalent per day, fuelled by Guyana’s deepwater gushers and a little something called the Pioneer Natural Resources acquisition. Chevron cranked out 3.4 million barrels per day, with Kazakhstan, the Gulf of Mexico, and the Permian all coughing up crude like it’s still 1973. read more
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