Vitol Group, the world’s largest independent oil trader, plans to spend half of its $2-billion capital expenditure on renewables, the group’s chief executive Russel Hardy said at the Energy Intelligence Forum in London on Tuesday. “We've got a fair amount of capex going into the renewables and power business. Half of the company's capex, which is $2 bln so about $1 bln, is going into renewable business,” Hardy said at the event, as carried by Reuters.
upstream industry, Vitol’s CEO said that he expects there would be more consolidation in the U.S. shale patch, with the Permian likely to lead the trend. Just last week, ExxonMobil announced a blockbuster deal to buy Pioneer Natural Resources in an all-stock transaction valued at $59.5 billion, or $253 per share, based on ExxonMobil’s closing price on October 5, 2023. The implied total enterprise value of the transaction, including net debt, is around $64.5 billion.