As the largest international oil companies carve out businesses in renewable energy and make net-zero carbon pledges, a question arises: Does the energy transition mean the end of the oil supermajors as we know them?

As a group, at least, the answer would seem to be yes. While European majors BP, Shell and Total boost spending on renewable energy — and become increasingly benchmarked to the utilities sector — their US counterparts ExxonMobil and Chevron remain committed to their core businesses.