"It is critical that we avoid dismantling the current energy...

"It is critical that we avoid dismantling the current energy system faster than we are able to build the clean energy system of the future," Shell's new chief executive Wael Sawan said, as quoted by the Financial Times, earlier this year. The statement accompanies a pledge to continue investing in oil and gas, maintain oil production, and boost gas output.

BP's Bernard Looney made a similar statement in February when the company reported record profits for 2022, boosted by the oil and gas price shocks. At the presentation of these results Looney said that BP had revised down its oil and gas production cut targets for 2030 from 40% to 25%.

Given Looney's previous exclusive focus on growing in areas like wind, solar, and EV charging and scaling back BP's core business to embrace the energy transition, the revised target marks a significant departure from previous priorities.Yet neither of these two supermajors is planning on boosting their oil production.

That should worry investors and regular energy consumers. Because Chevron's and Exxon's production growth plans are modest, and they focus almost entirely on the Permian. They can't, in other words, offset BP's production cutbacks and Shell's stagnation. If these two remain on the agenda, that is.

https://oilprice.com/Energy/Crude-Oil/Big-Oils-Cash-Restraint-Begins-To-Cause-Worry.html