Save for later Print Download Share LinkedIn Twitter Exxon Mobil and Chevron remain committed suppliers of oil and natural gas, but a seismic shift has taken place this year. Both have accepted that investor buy-in into their oil and gas-focused strategies now requires accelerated low-carbon investment and emissions reduction targets. Without it, the pair would risk undermining their adaptation-leaning energy transition strategies that favor biofuels and hydrogen over renewable electricity and heavy use of carbon capture and storage (CCS). Gone are the days where robust oil and gas prices and fears of a protracted supply shortfall can justify a told-you-so, nothing-has-changed resistance to decarbonization and product diversification. Oil and gas market realities may well grant the US majors leeway in maintaining or growing their hydrocarbon output this decade despite intense pressures on Western producers to slash absolute emissions. But that license to operate carries a cost — in the form of tangible low-carbon growth, targets and returns.