Another quarter of record profits. Another quarter of rising stock prices. Another quarter of happy investors.
The oil and gas industry, riding the highest prices in nearly a decade, has its swagger back – again the indispensable player in a world desperate for energy. After years on the defensive as a fading industry that could no longer deliver for shareholders, the oil and gas sector is capitalizing on its advantage, showering investors with returns, pressing its policy agenda in Washington, and rebuffing the entreaties of President Joe Biden to significantly increase production to ease high prices.