Diversify, consolidate or die: Energy transition poses stark choices to mid-sized oil companies

Noble Energy realised the independent E&P business model was failing long before Covid-19. Merging with Chevron buys investors some time, but is no silver bullet.

US oil supermajor Chevron’s headline-grabbing USD 13 billion deal to acquire independent outfit Noble Energy was hailed in some quarters as proof that Big Oil is far from dead and buried, no matter w…