Oil companies' performance and strategy in a changing market

Oil companies, such as ExxonMobil and Chevron, have experienced a significant shift in their performance in recent years. After a period of underperformance, these companies saw extraordinary growth in the past two years. However, challenges remain as the long-term demand for oil is becoming less stable. To navigate this changing landscape, oil companies are focusing on safe investments in regions like Texas and Guyana, rather than spreading their resources globally. Additionally, the profitability of their core operations outweighs the potential of investing in renewables, at least in the short term.