There's a lot of money to be made with renewables. Do O&G companies not like making money?
Most of the money I've seen is all based on subsidies in the renewable space. Don't get me wrong, I've got issue with developing alternative sources of energy where it makes sense... Nuclear sure does...
Dong Energy (now Orstad) was the first integrated company to decide to go "all in" on renewables 7 years ago and took advantage of all the subsidies available. (Most the the windmills you see in the North Sea are theirs.) The sold off their O&G division to Ineos and the stock at the time was around $20/share and is currently $30/share and dropping... (it did hit a high in the 70's during COVID but has been screaming downward since everything opened back up...) Ineos isn't publicly traded but I'm sure they are printing money right now like everyone else in the integrated O&G business.
Do you know that over 90% of the world's O&G is controlled by National Oil Companies (NOC's)? Even if all the "majors" went away tomorrow, the NOC's will keep pumping as for most of them, it's their primary source of income... (Dubai runs out of their oil in around 20 years which is why they have pumped so much into development so they can survive once the oil runs out.) The only real place left to make real money for E&P is in the US (at least for now). XOM or Chevron may be in Saudi or Iraq but they basically are acting as sub-contractors to the NOC. They get to recover their costs and make a few bucks a barrel. Oil at 50/bbl? Here is your 3 bucks. Oil at 120? Here is your 3 bucks... Guess who gets to profit? The NOC's...
Only in the US and somewhat Canada allows the companies to profit from the upside (and take the losses on the low prices). I know companies who reformed their companies to only work in areas where they can make money at $50 oil and $3 gas. Divested anything that didn't meet that criteria. They are printing money now but 2 years ago, they were laying off staff and cutting to the bone just to keep the lights on. There is a big stink of XOM making something like $24B in profit this year but it isn't mentioned that they lost something like 22B last year... How did "big pharma" do last year? Why aren't they paying windfall profits tax?