In October two US oil and gas giants announced massive deals: Chevron bought Hess, and ExxonMobil acquired Pioneer Natural Resources. These deals expand each company’s operations and secure their access to more oil for decades to come. But recent forecasts say global demand for fossil fuels will soon reach its peak. The FT’s Myles McCormick looks at why these companies are betting oil demand will stick around and whether that bet will pay off.

Clips from Yahoo Finance, Reuters, CNBC, Bloomberg

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For further reading:

Oil megadeals usher in an age of energy uncertainty

Dealmakers see Chevron-Hess tie-up as the start of oil ‘arms race’

The race to be last man standing in Big Oil

‘Jewel in the crown’: Chevron follows Exxon to Guyana’s oil riches

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On X, follow Myles McCormick (@mylesmccormick_) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Big Oil’s big bet

The Story of Money