The Rising Influence of Rising Affluence

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CVX - IMO outright purchase of OXY not going to happen. APC had attractive pieces aside from Permian that now have been sold off while keeping things that are unattractive or have big attached uncertainties (eg Algeria). They for sure will look at other things when they get the data room invitation. They also need to get moving on transitioning but it is not clear how this perturbation changes the cost to transition. IMO seems like it gets more and more expensive gauging by relative drawdowns in valuations of Orsted and NewEra compared to majors. Big decisions for all oil majors over the next couple of yrs.