Exxon and Chevron's recent acquisitions show that despite global decarbonization pushes, the energy transition is likely to be long and slow.
Less than two weeks prior, Exxon Mobil announced it was acquiring oil company Pioneer Natural Resources for $59.5 billion in stock.
But based on their acquisitions, Chevron and Exxon are seemingly preparing for a different world than the IEA is portending. "These companies believe in the long-term viability of the oil and gas industry because hydrocarbons remain the most cost-effective and easily transportable and storable energy source," Hiatt told CNBC.
"One might speculate that Exxon and Chevron are anticipating the European oil majors divesting their global reserves over the next decade due to European policy changes," Hiatt told CNBC. Also, sanctions of state-controlled oil and gas companies in countries like those in Russia, Venezuela and Iran are providing Exxon and Chevron a geopolitical opening, Jaffe said.
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