Equinor Blazes A Renewable Path, But Can Other Oil Companies Follow?

Equinor Blazes A Renewable Path, But Can Other Oil Companies Follow?

Share to Linkedin Up until 2018, the Norwegian oil company Statoil was one of the world's integrated supermajor oil companies. While not quite on the level of ExxonMobil XOM or Chevron CVX , the company was one of the world's major oil producers. In fact, that remains the case today, although Statoil is now Equinor. The company changed its name in 2018, which also coincides with the timing of a shift of direction in company strategy. Equinor aims to become a net-zero carbon company by 2050. In other words, they are striving to supply energy with an overall net zero contribution of carbon to the atmosphere. It would seem to make sense, with the world seeking to reduce the use of carbon-intensive energy sources, that oil companies would use today's revenues to invest in lower-carbon energy sources, which will undoubtedly grow in importance in the decades ahead. Although most of the integrated supermajors have been making some investments into renewables, none of them have reached the milestone Equinor reported this week when it released its earnings. For the first quarter of 2021, Equinor reported after tax earnings of $2. 66 billion. But an astounding $1. 34 billion — right at