Big oil’s huge losses raise prospect of megamergers

Finances are in tatters as demand crashes and the rise of clean energy forces existential reckoning

08 February 2021 - 20:37 By Derek Brower, Justin Jacobs and Anjli Raval

When Exxon struck the biggest deal of a $300bn wave of oil mergers during the brutal late-1990s crude price collapse, Mobil CEO Lou Noto gave a warning to the industry.

“We need to face some facts,” he said, announcing his company’s takeover. “The world has changed, the easy things are behind us. The easy oil, the easy cost-savings, they’re done. So all of us are now looking for some way to make a jump.”..

This article is reserved for Sunday Times subscribers.

A subscription gives you full digital access to all Sunday Times content.

Already subscribed? Simply sign in below.

Registered on the BusinessLIVE, Business Day or Financial Mail websites? Sign in with the same details.

Questions or problems? Email or call 0860 52 52 00.