Europe’s supermajors are doubling down on their core business, returning cash to shareholders and considering relocation to the United States to boost their valuations. Shell, BP, and TotalEnergies are rediscovering themselves and activist investors are not liking it—but everyone else is. Three years ago, Big Oil supermajors in Europe were all about the energy transition and pivoting from their core business to a greater diversification into things like wind, solar, EV charging, biofuels, and all things non-hydrocarbons. At the time,…
