YGRN - Will Q1 Financials Change International Oil Firms' Energy Transition?

• US and European international oil companies (IOCs) have registered positive financial income in the first quarter of 2021 following huge losses registered throughout most of 2020.
• The revenues came as a result of higher oil prices, improving refining margins and higher demand prospects.
• While the IOCs have started talking about their plans to switch to renewable energy, they lack tangible projects on the ground, and the huge investments are not yet a reality, meaning they are still vulnerable to the pandemic oil demand shock and the huge losses as a result.

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