The annual results from the oil majors have started to roll in, exposing the year of reckoning that was hoped for or feared by many – depending on their standpoint on climate change. While profits were sparse, ExxonMobil, Shell and BP all appear to be taking different approaches to carving out a new space for themselves in the energy sector. Throughout the pandemic, economic shutdowns – particularly in the aviation sector – suppressed oil demand in 2020 by nearly 10% compared to 2019. For the oil majors, not only did this mean reduced sales, but with a surplus of oil production – particularly at the start of the year – the average price of oil fell substantially, crushing margins for…