Shell, BP, TotalEnergies, Eni, ExxonMobil, Chevron, and ConocoPhillips ride oil & gas demand wave, cashing in close to $32 billion in total profit

With oil, gas, and liquefied natural gas (LNG) still running the global energy show as the crown jewels within the ebbs and flows in the worldwide energy demand, the European and U.S. oil majors – the UK’s duo Shell and BP, France’s TotalEnergies, and Italy’s Eni alongside U.S.-based trio: ExxonMobil, Chevron, and ConocoPhillips – have collected a staggering $31.65 billion in combined profit during the second quarter of 2024. BP, Shell, Eni, ExxonMobil, and Conoco Phillips are among the lucky ones, which beat analysts’ expectations. However, TotalEnergies and Chevron got the shorter end of the stick with their financial performance falling below forecasts.

Main takeaways:

• Four European and three U.S. oil and gas behemoths rake in a combined profit of $31.65 billion in Q2 2024
• Some oil majors backpedaling on green and renewable energy arrangements
• European oil majors share $13.8 billion profit cake
• Shell’s adjusted profit reaches $6.3 billion
• BP’s profit stands at $2.8 billion
• Shell and BP face criticism over moves perceived to be scaling back their transformation and hindering the industry’s overall energy transition efforts
• TotalEnergies secures net profit of $3.8 billion
• Eni gets an adjusted net profit of €1.52 billion or $1.65 billion
• U.S. oil majors split a $16.2 billion profit pie
• ExxonMobil scores profit of $9.2 billion
• Chevron landed net profit of $4.4 billion
• ConocoPhillips picks up profit of $2.3 billion

With the fossil fuel era still in effect, Big Oil’s power is not likely to diminish anytime soon, especially in the wake of anticipated population growth, which puts an even greater emphasis on the need for collaborations, spanning different sectors and geographies, in the emerging energy security narrative and a highly complex and integrated new energy paradigm. The global governments’ investments in energy infrastructure are spotlighting the shift to low-carbon electrified, digitalized, and decentralized energy systems.

The global energy industry’s wheel of fortune keeps spinning, pushed by multiple competing factors from climate change to politics, enabling some regions to increasingly roll the dice on cleaner sources of supply, as others stubbornly stick to what they have always known, too mired in the old ways of doing things to see any beacons of lights in combining the old with the new to better respond to the challenges of today instead of clinging to the past to stop from sinking into the unknown.

This, in turn, heightens the risk of being derailed by the sunk cost fallacy, which is creeping into a wide spectrum of major financial energy decisions in the ongoing war between fossil fuels on one side and green and clean fuels on another. For some, the possibility of the coexistence of oil, gas, LNG, and renewables ignites a glimmer of hope that further innovation will speed up the decarbonization game and enable a balancing act to tackle the energy trilemma challenges.

The zest to spur the shift to clean energy power is continuing its growth spurt and oil and gas players have already joined the energy transition bandwagon. While some are moving heaven and earth to set themselves up for success in the renewables arena, others have recently started pulling back from their green endeavors to fully embrace the anticipated black gold and gas boom to ensure they will continue to thrive in the energy playground and safeguard their investments from continuing to rake up losses incurred so far in the renewable energy plays.

Despite the challenges fossil fuels are facing from climate activists and environmentalists, which continue to create roadblocks for the industry in the form of protests, lengthy litigation proceedings, and lawsuits that end up raising decarbonization bars, all oil majors and other big players in the black gold and gas sector have posted high net profits in 2Q 2024, with ExxonMobil reporting the largest quarterly gain, followed by Shell, TotalEnergies, Chevron, BP, ConocoPhillips, and Eni bringing up the rear.

Global economic complexities and geopolitical factors have always played a part in the international energy firms’ profits as illustrated by the bonanza the companies enjoyed at the start of the Ukraine crisis in 2022. These factors still have the power to make or break the oil and gas players’ financial performance, which is even more pronounced in the regions engulfed in a crisis of some sort.

As the income attributable to its shareholders totaled $3.52 billion in Q2 2024, compared to $7.7 billion in the first quarter of 2024 and $5.1 billion in Q2 2023, Shell explained that the 52% quarterly decrease reflected lower LNG trading and optimization margins, a decline in refining margins, and those from crude and oil products trading and optimization, alongside a decrease in Integrated Gas and Upstream volumes, partly offset by higher Marketing margins and volumes.

Based on the company’s results, Q2 2024 income attributable to its shareholders also included net impairment charges and reversals, along with reclassifications from equity to profit and loss of cumulative currency translation differences related to funding structures, amounting to a net loss of $2.7 billion, compared with identified items in the first quarter 2024 which amounted to a net loss of $0.6 billion.

The firm’s half-year 2024 income attributable to its shareholders was $10.87 billion, representing an 8% slump from $11.8 billion in the first half of 2023, reflecting lower LNG trading and optimization margins, fall in realized LNG and gas prices, a drop in trading and optimization margins of power and pipeline gas, and downsized refining margins, partly offset by fewer operating expenses, higher Chemicals margins and Integrated Gas and Upstream volumes.

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According to the energy player, the efforts dedicated to focusing the portfolio and simplifying the organization delivered $1.7 billion of pre-tax structural cost reductions up to the second quarter of 2024 compared with the 2022 level, with $0.7 billion in the first half of 2024.

The first half of 2024 income attributable to Shell’s shareholders also included net impairment charges and reversals of $1.9 billion, reclassifications of $1.1 billion from equity to profit and loss of cumulative currency translation differences related to funding structures, and unfavorable movements of $0.6 billion due to the fair value accounting of commodity derivatives, amounting to a net loss of $3.3 billion, compared to a net loss of $2.1 billion in the first half of 2023.

The UK giant’s adjusted earnings of $6.3 billion in Q2 2024, which were 19% down from compared to $7.7 billion in Q1 2024 but up from $5 billion in Q2 2023, alongside its adjusted EBITDA of $16.8 billion in Q2 2024, which was 10% less than $18.7 billion in Q1 2014 but higher than $14.4 billion in Q2 2023, were driven by the same factors as income attributable to its shareholders.

The same factors also apply to the adjusted earnings of $14 billion for the first half of 2024, a 5% decline in comparison with $14.72 billion for the same period in 2023, and adjusted EBITDA of $35.52 billion in H1 2024, 1% lower than $35.87 billion for the first half 2023, were driven by the same factors as income attributable to the UK giant’s shareholders and adjusted for identified items and the cost of supplies adjustment of negative $0.2 billion.

The firm’s total shareholder distributions in the quarter amounted to $6.1 billion, however, a Global Witness analysis reveals the firm has paid out £18 billion (around $23 billion) to shareholders since June 2023. Shell is among the companies targeted by environmental groups for pulling away from renewables to focus on oil and gas, prioritizing short-term shareholder profits over renewable energy deployment.

Wael Sawan, Shell’s Chief Executive Officer (CEO), commented: “Shell delivered another strong quarter of operational and financial results. We further strengthened our leading LNG portfolio, and made good progress across our Capital Markets Day 2023 financial targets, including $1.7 billion of structural cost reductions since 2022. Today, we have also announced a further $3.5 billion buyback programme for the next three months. We continue to demonstrate that we are delivering more value with less emissions.”

The oil major’s oil and gas investments in Q2 2024 entail an agreement with Temasek’s Carne Investments to acquire 100% of the shares in Pavilion Energy, which has a global LNG trading business with a contracted supply volume comprising about 6.5 million tonnes per annum (mtpa); the final investment decision (FID) on the Manatee project, an undeveloped gas field in the East Coast Marine Area (ECMA) in Trinidad and Tobago; and an agreement to invest in ADNOC’s Ruwais LNG project in Abu Dhabi through a 10% participating interest.

After the majority of its shareholders voted in favor of a resolution that contained a watered-down version of corporate goals for CO2 emissions compared to what was in place before, Shell’s earnings seem to reflect the change with the renewables and energy solutions business segment reporting a loss of $187 million, a drop of 215% compared to a profit of $163 million in Q1 2024 and 239 million in Q2 2023.

The swing to loss is said to reflect lower margins with a decrease of $200 million, mainly due to trading and optimization primarily in Europe as a result of a drop in seasonal demand and volatility as well as fewer generation and energy marketing margins, and unfavorable tax movements of $94 million, partly offset by lower operating expenses, a decrease of $52 million. It is said that Shell decided to withdraw its application to construct an offshore wind project in Victoria.

Alice Harrison, Head of Fossil Fuel Campaigns at Global Witness, underlined: “As people flee wildfires in Canada, floods in Taiwan, and rebuild in the wake of Storm Beryl, Shell is doubling down on fossil fuels, u-turning on renewables and profiting to the tune of billions from an intensifying climate crisis.  

“We can’t keep letting polluters off the hook. Governments should be holding fossil fuel majors to account for the crisis they created and forcing them to pay for the damage they are inflicting on millions of families around the world.” 

Greenpeace UK has secured over £1 million in public donations in response to the multimillion-pound lawsuit brought by Shell in a legal case the group claims was intended to intimidate it into silence and drain its resources but has had the opposite effect.

Chiara Liguori, Senior Climate Justice Policy Adviser for Oxfam Great Britain, stated: “It is shameful that Shell, as one of the world’s largest and most profitable fossil fuel companies, continues to reap billions in profits off the back of its planet-wrecking oil and gas operations. It a time when the company should be taking strong action to cut emissions it is instead weakening its climate targets and continues to invest in new oil and gas projects, in favour of short-term shareholder returns.”

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Another UK-based energy player accused of turning away from renewables is BP, which reported an underlying replacement cost profit of $2.8 billion in Q2 2024, compared with $2.7 billion for the previous quarter and $2.6 billion in the second quarter of 2023, reflecting an average gas marketing and trading result, significantly lower realized refining margins, stronger fuels margins, and fewer taxation.

For the half year, the reduction from $7.55 billion in Q2 2023 to $5.5 billion in Q2 2024 is said to mainly reflect a lower gas marketing and trading result, a slump in industry refining margins and gas realizations, partially offset by increased volume in oil production and operations and lower taxation. The firm still expects reported and underlying upstream output in 2024 to be slightly more elevated than in  2023, with oil production and operations being higher and gas and low-carbon energy ending up lower.

Murray Auchincloss, BP’s CEO, emphasized: “Our businesses continue to operate safely and efficiently. We are driving focus across the business and reducing costs, all while building momentum in our drive to 2025. Our recent go-ahead of the Kaskida development in the Gulf of Mexico business, and decision to take full ownership of BP Bunge Bioenergia while scaling back plans for new biofuels projects, demonstrate our commitment to delivering as a simpler, more focused and higher value company. This all supports growing returns for shareholders, as we have announced today.”

The oil major intends to execute a $1.75 billion share buyback before reporting the third quarter results and is committed to announcing $3.5 billion for the second half of 2024. At current market conditions and subject to maintaining a strong investment grade credit rating, the firm plans share buybacks of at least $14 billion through 2025 as part of its commitment to return at least 80% of surplus cash flow to shareholders.

Since its analysis outlines that BP has paid out £11.7 billion ($14.8 billion) to shareholders since June 2023, Global Witness’ calculations indicate that Shell and BP’s Q2 profits could pay for almost a tenth of the $100 billion that developing countries have called for by 2030 to cover the costs of the loss and damage caused by climate breakdown.

Harrison noted: “While millions of us struggle with high temperatures and high bills, BP are raking in billions of profits, paying out massive dividends, and doubling down on dirty new oil and gas projects. Big oil companies like BP know their fossil fuel products are behind more deadly heatwaves, storms, and wildfires around the world, but instead of investing in clean energy, they are continuing to profit from people’s misery.

“Fossil fuel companies like BP are turning a blind eye to climate breakdown, so now governments must act. Rather than propping up the climate-wrecking fossil fuel industry, we need them to make polluters pay for the damage they have already caused, and steer us towards a cleaner, greener future.”

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The next oil major, which is working on implementing a multi-energy strategy is TotalEnergies with a net income of $3.8 billion for the second quarter of 2024, which is 34% lower than a net income of $5.7 billion in the first quarter of 2024. The French giant’s adjusted net income was $4.7 billion in Q2 2024, representing a 9% fall compared to $5.1 billion in Q2 2024, mainly due to lower refining margins.

For H1 2024, the firm saw $10.94 billion adjusted net income versus $12.58 billion in H1 2023, linked to lower refining margins, and gas and LNG prices. With close to $10 billion adjusted net income in the first half, TotalEnergies claims that it is advancing its balanced transition strategy, with the support from its employees and shareholders. The return on equity was 18.7% for the twelve months ended June 30, 2024.

To this end, the French player inked an agreement with Air Products to deliver 70 kt/y of green hydrogen over 15 years, in the large-scale tender launched to decarbonize its European refineries. In addition, the company confirmed the acquisition of 50% of a 795 MW offshore wind farm in the Netherlands, to produce green hydrogen to decarbonize its European refineries.

While hydrocarbon production for LNG in the second quarter of 2024 was up 1% quarter-to-quarter, notably linked to the entry into the Dorado gas field (Eagle Ford basin) in the United States, LNG sales decreased by 18% quarter-to-quarter due to lower spot purchases, in a context of lower LNG demand in Europe.

Patrick Pouyanné, TotalEnergies’ CEO, said: “During the first half of 2024, TotalEnergies has completed important steps in advancing the balanced transition strategy presented to shareholders at our Investor Day in September 2023: within the Oil & Gas pillar, TotalEnergies took final investment decision on several Upstream projects that are the stepping stones to achieve its objectives of growing upstream production by 2-3%/year and growing underlying cash flow: Kaminho in Angola, Sépia 2 and Atapu 2 in Brazil, Marsa LNG in Oman and the Ubeta gas project in Nigeria that supplies Nigeria LNG;

“within the Integrated Power pillar, TotalEnergies has fortified its Integrated Power portfolio with the acquisition of several flexible assets that allow the company to extract maximum value out of its renewable assets in three key markets: CCGTs in Texas and the UK, and a renewables aggregator and battery developer in Germany. During the second quarter, upstream production was 2.44 Mboe/d, benefiting from high availability of production facilities.”

TotalEnergies’ net power production was 9.1 TWh in the second quarter of 2024, down 5% quarter-to-quarter and linked to lower production from flexible gas assets due to lower demand in Europe, partially compensated by production from renewable sources, which was up 13%. The firm’s gross installed renewable power generation capacity reached 24 GW at the end of the second quarter of 2024, up 0.5 GW quarter-to-quarter and including 0.2 GW installed in the United States and 0.2 GW in India.

The French energy heavyweight’s divestments were $324 million in the second quarter of 2024, primarily related to the farm down of the Seagreen offshore wind farm in the United Kingdom and the sale of petrochemical assets in Lavera, France. Additionally, $1.9 billion in H1 2024 is related to these elements as well as the closing of the retail network transaction with Alimentation Couche-Tard in Belgium, Luxemburg, and the Netherlands, and the sale of a 15% interest in Absheron, in Azerbaijan.

Within its outlook, TotalEnergies expects Brent prices to remain above $80/b at the start of the third quarter, with the OPEC+ countries having declared in early June 2024 the intention to continue their policy to sustain a stable oil market. The global refining margins, which have sharply decreased since the end of the first quarter of 2024, are anticipated to continue being impacted by low diesel demand in Europe and the market normalization following the disruption in Russian supply.

Given the lower seasonal demand in Europe, the French player forecasts that European gas prices will be between $8 and $10/Mbtu in the third quarter of 2024. However, Asian LNG prices are above $12/Mbtu in the context of supply tensions, supported by higher demand, notably in China and India. TotalEnergies anticipates that its average LNG selling price should be around $10/Mbtu in the third quarter of 2024.

The firm’s third-quarter 2024 hydrocarbon production is expected to be between 2.4 and 2.45 mboe/d, and the start-up of Anchor in the U.S. Gulf of Mexico is expected in the same quarter, when the refining utilization rate is anticipated to be above 85%, benefiting from the restart of the Donges refinery in France. The oil major’s net investment guidance of $17-$18 billion has been confirmed for 2024, of which $5 billion is dedicated to Integrated Power.

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Eni, the last European oil major on the list, recorded an adjusted net profit before taxes of €3.42 billion in Q2 2024, a 7% drop from €3.67 billion in Q1 2024. The company’s adjusted net profit was €1.52 billion in Q2 2024, a 21% fall from €1.94 billion in Q2 2024. The energy player is adamant that it posted “excellent” results despite the mixed market environment with good crude oil realizations, stable gas prices, higher refining margins albeit down sequentially, and weaker margins of chemical products.

The firm’s oil and gas production rose by 6% year-on-year driven by ongoing ramp-up at its flagship projects in Cote d’Ivoire and Congo floating LNG, higher contribution from Libya, and the full integration of Neptune. Eni, which is continuing its exploration efforts as confirmed by a recent discovery in the Sureste Basin offshore Mexico, estimates close to 1 billion boe of new resources have been added in the first half of the year.

Claudio Descalzi, Eni’s CEO, underlined: “We have a clear objective to grow our business lines where we have a competitive advantage: oil and gas production, bio-refining and renewables generating capacity, and have delivered impressive growth in each. This in turn has enabled us to deliver an excellent financial performance of €1.5 bln of adjusted net profit. Alongside our operational advances we are also making better than expected progress in our portfolio activities both in terms of timing and value.

“We are upgrading our Upstream portfolio, having recently announced the divestment of our non-core assets in Alaska, the ongoing completion of the sale of onshore Nigeria, and agreed a combination with Ithaca Energy for our UK assets. Notably, Enilive announced an exclusivity agreement with KKR for an investment similar to the transaction concluded earlier in the year at Plenitude. These actions serve to both help fund growth and confirm the value we are creating in our transition businesses.”

The Italian giant’s Enilive and Plenitude, two transition businesses are said to be delivering high growth and value, with the former more than doubling bio throughputs year-on-year and the latter growing installed renewable capacity by 24%. Leveraging on what it considers to be the positive operating performance, Eni’s full-year hydrocarbon production is expected towards the top of the anticipated range of 1.69 – 1.71 million boe/d at the forecast Brent price of 86 $/bbl.

Additionally, Enilive and Plenitude’s confirmed proforma adjusted EBITDA is anticipated to be approximately €1 billion for each segment despite a lower market environment, with the confirmed installed renewable capacity set to reach 4 GW by 2024 year-end.

The biggest contributor to the combined multibillion-dollar profit sum of $16.2 billion is ExxonMobil, which disclosed earnings of $9.24 billion for Q2 2024, which is $1.02 billion higher than $8.22 billion in Q1 2024. As a result, earnings reached $17.46 billion in H1 2024, which is $1.85 billion lower than $19.31 billion for the same period in 2023.

The results for H1 2024 show the earnings’ decrease due to industry refining margins and natural gas prices declining from last year’s historically high levels to trade within the ten-year historical range, while crude prices rose modestly.

However, the firm underlines that strong advantaged volume growth from record Guyana, Pioneer, and heritage Permian assets, high-value products, and the Beaumont refinery expansion more than offset lower base volumes from divestments of non-strategic assets and government-mandated curtailments.

The U.S. player achieved $10.7 billion of cumulative structural cost savings, versus 2019, including an additional $1 billion of savings during the year and $0.6 billion during the quarter. The company claims to be on track to deliver cumulative savings totaling $5 billion through the end of 2027 versus 2023.

Darren Woods, ExxonMobil’s Chairman and CEO, highlighted: “We delivered our second-highest 2Q earnings of the past decade as we continue to improve the fundamental earnings power of the company. We achieved record quarterly production from our low-cost-of-supply Permian and Guyana assets, with the highest oil production since the Exxon and Mobil merger.

“We also achieved a record in high-value product sales, growing by 10% versus the first half of last year. We closed on our transformative merger with Pioneer in about half the time of similar deals. And we’re continuing to build businesses such as ProxximaTM, carbon materials and virtually carbon-free hydrogen, with approximately 98% of CO2 removed, that will create value long into the future.”

The company’s total net Upstream production grew 15%, or 574,000 oil-equivalent barrels per day, from the first quarter, thanks to Guyana and the Permian. The U.S. firm also expanded its decarbonization arsenal by furthering carbon capture and storage (CCS) with a new agreement that increased total contracted CO2 offtake with industrial customers to 5.5 million metric tons per year.

“Oil demand continues to be at record levels. Last year was a record. We anticipate this year will be a record, and then next year will be a record. It is just a question of working through the supply that’s coming on, most of that led by what’s happening in the Americas,” emphasized Woods.

ExxonMobil’s Golden Pass LNG joint venture with QatarEnergy recently changed the timeline for the project’s start-up, delaying it to late 2025 due to the lead contractor’s bankruptcy. ExxonMobil’s arbitration in Guyana has stalled the merger with Chevron, which its partner, Hess Corporation is pursuing. The issue is now anticipated to be resolved by September 2025.

The second U.S. oil major based on the profit size is Chevron, which plans to relocate its headquarters to Houston. The company revealed earnings of $4.4 billion for Q2 2024, compared with $5.5 billion in Q1 2024. The decrease is ascribed to lower margins on refined product sales, the absence of last year’s favorable tax items, and negative foreign currency effects. The firm’s adjusted earnings of $4.7 billion in the second quarter of 2024 are lower than $5.4 billion in Q1 2024.

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The U.S. player underlined that its worldwide net oil-equivalent production was up 11% from a year ago primarily due to the PDC acquisition and strong performance in the Permian and DJ Basins in the United States, partly offset by downtime in Australia. Agreements have also been executed in Namibia, Brazil, Equatorial Guinea, and Angola to increase the company’s global exploration acreage position.

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During Q2 2024, Chevron signed an agreement to acquire an 80% working interest in petroleum exploration license 82 in the Walvis Basin, further expanding its frontier exploration acreage position offshore Namibia; added frontier exploration acreage positions in the deepwater lower Congo Basin in Angola; inked agreements to acquire two exploration blocks offshore Bioko Island in Equatorial Guinea; and secured 15 exploration blocks in the South Santos and Pelotas Basins in Brazil.

Mike Wirth, Chevron’s Chairman and CEO, underlined: “This quarter, we delivered strong production, enhanced our global exploration portfolio and extended our track record of consistent shareholder returns with over $50 billion of distributions in the last two years. Despite recent operational downtime and softer margins, we remain poised to deliver significant longterm earnings and cash flow growth.”

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Meanwhile, ConocoPhillips posted second-quarter 2024 earnings and adjusted earnings of $2.3 billion, compared with second-quarter 2023 earnings and adjusted earnings of $2.2 billion, as the quarter benefited from higher average realized prices, despite weaker Lower 48 gas realizations, and higher volumes. From the company’s perspective, these increases were partially offset by higher depreciation, depletion and amortization, and higher operating costs.

The firm’s production for the second quarter of 2024 was 1,945 million barrels of oil equivalent per day (mboed), an increase of 140 mboed from the same period a year ago. Following acquisitions and dispositions, second-quarter 2024 production increased 76 mboed or 4% from last year. The Lower 48’s production hit 1,105 mboed, including 748 mboed from the Permian, 238 mboed from the Eagle Ford, and 105 mboed from the Bakken.

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While the U.S. giant’s six-month 2024 earnings were $4.9 billion, compared with six-month 2023 earnings of $5.2 billion, the six-month 2024 adjusted earnings were $4.7 billion, compared with six-month 2023 adjusted earnings of $5.2 billion.

The firm’s production for the first six months of 2024 was 1,923 mboed, an increase of 125 mboed from the same period a year ago. After adjusting for closed acquisitions and dispositions, production rose by 60 mboed or 3% from last year.

ConocoPhillips’ third-quarter 2024 production is expected to be 1.87 to 1.91 million mboed, inclusive of approximately 90 mboed of turnaround impacts in Canada, Lower 48, Alaska, Norway, Malaysia, and Qatar. The full-year production is anticipated to be approximately 1.93 to 1.94 mboed, compared to prior guidance of 1.91 to 1.95 mboed.

Ryan Lance, ConocoPhillips’ Chairman and CEO, pointed out: “In the second quarter, we continued to deliver on our returns-focused value proposition, achieving record production and advancing our global LNG strategy. We announced a 34% increase in our ordinary dividend starting in the fourth quarter and remain committed to returning at least $9 billion of capital for 2024. Our previously announced plan to acquire Marathon Oil is progressing, and we expect to close late in the fourth quarter.”

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Environmental groups believe that energy giants’ focus on oil and gas production with little to no renewable energy investments poses the threat of derailing global climate action targets. However, as the oil majors’ most recent financial results have shown, stepping up the oil and gas production game still pays off as the lion’s share of profits stems from hydrocarbon production, thus, all oil majors are interested in pouring further investments into new exploration endeavors while also pursuing low-carbon and decarbonization plays.

Does the evolving nature of energy security intricacies in the era of tectonic shifts in geopolitics, defense, and growing threats to basic human rights and freedoms need to be about simply picking between fossil fuels or green alternatives? Will this sort out the issues or complicate things further down the road, especially regarding new waves of energy demand?

There is still time to devise roadmaps and safety measures to ensure the energy sectors of global countries and economies will thrive in the future landscape and up the sustainability ante. This approach will also help propel the global energy transition momentum forward, continuing to build the hub for cleaner energy and broaden its energy security mandate.

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