On the back of high oil prices and record natural gas prices in 2022, ExxonMobil, Chevron, BP and the world's oil supermajors reported record profits in their recent earnings calls. The high returns are leading some companies to re-emphasize investment into oil and gas in lieu of the energy transition in response. Matthew Bey, Senior Analyst at RANE, provides a rundown on the situation and shares his thoughts on what to expect next.

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