Big Oil’s Back In Fashion

Over the past couple of weeks, Big Oil majors reported a string of record profits for 2022. This was no surprise after an even longer string of record quarterly income reports as oil and gas prices soared during much of the year. What was a surprise was an apparent change in investors’ sentiment towards their industry. Energy industry vet and market analyst David Blackmon last week noted in a podcast that U.S. oil companies have been outperforming their European peers consistently thanks to their greater focus on their core business. Meanwhile,…