Oil and natural gas are two of the most important energy resources fueling the modern world. Extracted from underground reservoirs, these fossil fuels are the backbone of global energy supply, powering transportation, electricity generation, heating, and numerous industrial processes.
Crude oil is a complex mixture of hydrocarbons refined into products such as gasoline, diesel, jet fuel, lubricants, and petrochemical feedstocks. Natural gas, primarily composed of methane, is valued for its cleaner-burning properties and versatility in heating, power generation, and as a raw material for chemicals and fertilizers.
The exploration and production of oil and natural gas involve sophisticated geological surveys, drilling technologies, and reservoir management techniques to maximize extraction while minimizing environmental impact. Advances in horizontal drilling and hydraulic fracturing have unlocked previously inaccessible reserves, significantly boosting supply.
Despite their importance, oil and natural gas face growing scrutiny due to their carbon emissions and environmental risks, prompting industry efforts toward cleaner technologies and alternative energy sources. Transition strategies include carbon capture, renewable natural gas, and investments in sustainable petrochemical innovations.
Together, oil and natural gas remain vital components of the global energy mix, driving economic growth and development while challenging the industry to balance demand with environmental stewardship and sustainability goals.
The world will continue to need oil and gas for many years, but it must be produced with much lower emissions.
Our strategy supports a balanced energy transition by providing the oil and gas people need today, while helping to build the energy system of the future.
Significant investment is required to continue supplying oil and gas while low-carbon alternatives are developed and made commercially available. This growth is needed because the demand for oil and gas is expected to decline more slowly than the natural depletion of global oil and gas reserves.
To maintain a secure supply of energy, we are growing our world-leading liquefied natural gas (LNG) business, with some of the lowest carbon intensity in the industry, and keeping oil production stable while cutting emissions from production.