We thought that oil was a thing of the past. But the oil companies that have remained faithful to raw live their golden age

While the rise of renewables continues full -potato wind, as can be seen in projects such as GLOBAL RENEWABLE Watchthe big refineries are starring an unexpected return to the center of the energy stage.

The commitment to hydrocarbons. Unlike other companies in the sector, French TotalEnergies did not turn completely in an energy conversion. Yes, he invested in renewables. Yes, he developed liquefied natural gas projects. But he never abandoned his base: oil and gas. According to Reutersthe company has increased its UPSTREAM production (crude and gas extraction) compared to the first quarter of 2024. Although oil prices are below the level of a year ago, gas sales have improved, and fuel production is returns to be profitable.

Refinement in recovery. The situation is dragging the effects of a profitability drop that has affected the entire industry. According to the company, the profit margins in the oil refining in Europe have increased in the last six months, but there are still 59% below the levels of a year ago.

All this is due to multiple reasons, such as a weak demand, the growth of New refineries in Asia and Africa, OPEC+ overproduction and Trump’s tariff war. Even so, as the news agency has detailed, Totalenergies has increased fuel production, partially benefiting from that slight recovery on the margins.

The strategy. According to Ahmed Ben Salem, an analyst at Oddo BHF, among the greats of the sector, Totalenergies is “the most resilient in a weaker macro environment, backed by diversification towards liquefied natural gas and renewable energy.” And it is not the only one that has found a new balance between transition and profitability.

While Timenergies clings to a hybrid strategy, its Anglo -Saxon rivals are also adjusting the course. BP, for example, has trimmed His green ambitions to focus again on hydrocarbons. Exxonmobil He has opted strong for carbon capture. Together, all of them seem to be converging in the same idea: crude has not yet said his last word.

The paradox of the transition. In the decisive decade for climate action, refining recovery sounds almost to Anatema. Can the energy sector continue to win time with fossil fuels without losing the decarbonization train? This dynamic does not occur in a vacuum. As I know He explained The tariff war and the firmness of the OPEC+ to continue producing the barrels has caused a drop in oil prices, with the Brent and the WTI stabilized around 60 dollars a barrel. This scenario impacts directly on the refineries, which try to balance fossil profitability with the growing stark pressure.

Image | Pexels

Xataka | The US plan to reduce oil is about to derail what worked best in its economy