Big oil enters 2024 strengthened by U.S. industry consolidation

Contributing sentiments towards policy:

53% : Exxon, for example, is sitting on about $33 billion in cash, more than six times the amount it held four years ago. Andre Gan, a partner at Wong & Partners law firm and an M&A expert, said fossil fuels were attracting new investment again. Rising interest rates in 2023 made paying for acquisitions with stock more attractive to investors than funding new renewable energy projects with cash.
52% : The emergence of fewer, bigger oil producers focused on extending the longevity of their fossil fuel businesses may put the companies in greater tension with governments prioritizing a shift to clean energy sources.
48% : Producers have also recognized that the U.S. move toward renewable fuels, electric vehicles and greater energy efficiency will cut fossil fuel consumption and squeeze companies with high production costs.

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