This begs a larger question of how petroleum mega corps are going to weather the transition to electric vehicles. Looking at BP, margins are really poor. They have $22 Billion in cash vs. $11 Billion operating expenses and $24 Billion in debt. There is time: in March, 2% of new vehicles sold in Europe were BEV. On the other hand, the total spend on electricity per mile driven is 1/3 that of petrol. That means a compl…
> They are toast Oil and gas majors are super cortexes of geological, chemical, industrial, logistical, geopolitical and material science expertise.
The gas station/fuel part of the business is on a long-term trend down (toast). Finding places to make up for the 50% lost sales will be tricky.
[0] https://corporate.exxonmobil.com/-/media/global/files/annual... SEE PAGE 108