As oil and gas markets have plunged into deficit over the past year, sending prices shooting up, the idea that oil and gas companies would fade away in a puff of stranded assets within a few years seems more unlikely than ever.
The scene had been set for high prices even prior to Russia’s invasion of Ukraine, as production struggled to keep up with rebounding demand around the world. The extra kick of removing much of Russia’s supply from western markets has driven record profits and shareholder returns from the major energy companies.