Can Exxon Survive the Great Energy Glut?

Solar’s threat to petroleum is no longer theoretical, its’ real and it is happening now. That threat will be disruptive and it is likely to be unpredictable. It is also catching much of the energy and technology industry’s leadership by surprise. Nobody, a few years ago would have predicted that a fast and massive transition to electric vehicles would be underway, but it is.

Nor would anybody have predicted government leaders in several nations to be talking about completely scrapping internal-combustion engines within two decades but they are. Plans to get rid of diesel and petrol-burning vehicles have been announced in such disparate places as India, Mexico City, Greece, Norway, China, the United Kingdom, France, Germany, and California.

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Natural Gas Prices Collapse

Nor was Chesapeake alone in growing revenues. EOG Resources (NYSE: EOG) reported a TTM revenue of $13.75 billion in September 2013 that grew to $17.14 billion in September 2014, another increase of nearly $4 billion. Devon Energy (NYSE: DVN) reported an even bigger increase. Its TTM revenue grew from $10.35 billion in September 2013 to $16.2 billion in September 2014, an increase of nearly $6 billion.

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