Patrick Pouyanné, CEO of oil and gas giant TotalEnergies, signaled that the U.S. climate law is likely to boost his company’s U.S. investments as its low-carbon business lines grow, Ben writes.
- Driving the news: “The U.S. might be a land of excellence for us because the Inflation Reduction Act is a good incentive,” he said in an Atlantic Council event.
- Why it matters: Pouyanné did not provide specifics, but the law provides new or expanded incentives for hydrogen, renewable power, and other areas where Europe-based oil majors are expanding work.
- The intrigue: The CEO also made several statements touting the long-term future of natural gas, even as petro-giants face criticism for not moving faster on non-carbon sources. Full interview

- Why it matters: Commodity trading is often lucrative for companies like Shell and BP, and now Exxon is looking to compete more aggressively.
- Driving the news: The new global trading unit will “bring together our expertise from across the company in global crude, products and feedstocks, natural gas, power, and freight trading,” the memo states.

