Massive mergers between 4 major oil companies have been announced in October alone — Chevron’s (CVX) proposed buyout of Hess (HES) for $53 billion, ExxonMobil’s (XOM) acquisition of Pioneer Natural Resources (PXD) for $59.5 billion. With the International Energy Agency (IEA) predicting that peak oil demand will hit in 2030, questions arise as to what will these companies do if international and domestic green energy initiatives to go carbon neutral are met.
Lipow Oil Associates President Andy Lipow joins Yahoo Finance to break down what these mergers will entail for these companies and their strategies going forward.
“The question is can clean energy be delivered to the consumer at a cost-effective price compared to fossil fuels?” Lipow asks. “Fossil fuels are going to continue to grow in demand in places like India, Southeast Asia, Latin America, or Africa that certainly don’t have the infrastructure… to support the rollout of electric vehicles in a grand way as they’re still wrestling with providing electricity for day-to-day consumer needs.”
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