Big Oil’s most profitable business is no longer oil. This attention-grabbing headline published by Oilprice.com earlier this month may be dramatic, but it’s not hyperbole – it’s the truth. “Even as oil demand and prices have recovered, the tried and true economic model is no longer a failsafe option for oil and gas companies,” reads the article. “Pumping crude just isn’t paying the bills.” Instead, the sector is evolving from Big Oil to Big Energy. “Companies like Shell aren’t going to stop producing oil, but it will become less important as the world increasingly embraces less carbon-intensive forms of energy,” oil strategist Julian Lee recently wrote in a column for Bloomberg Opinion. “As they become more focused on natural gas, electricity and, very likely, hydrogen, their ability to offset any weaknesses in their core activities through trading profits are likely to be severely curtailed.” Lee is not alone in […]