Exxon Mobil’s earnings, share price and its appetite for antagonising the EU are all in rude health. The EU told energy majors to pristine greenhouse gases and lock□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□□

On the face of it, Exxon Mobil’s move is odd. It has promoted carbon capture, arguing the industry should extract more offending molecules from the atmosphere, not fewer barrels from the ground. Its facilities account for more than a third of all human‑produced CO₂ captured so far, and it can afford the costs thanks to investments in Guyana and the Permian Basin.

The oil major is drawing on a knot of investor protection treaties, notably the Energy Charter Treaty, still binding the EU even after withdrawal. The dispute will go to arbitrators if not resolved within three months. For a $623bn company forecast to make almost $50bn of earnings this year, the cost of complying with the EU’s carbon storage diktat would be negligible.

Fossil fuel companies have secured more than $83bn from disputes with states, and Exxon may seek subsidies, a delay, or policy removal. Critics say lawsuits are unusual for complainants to lose, suggesting they are a way to offset the cost of the energy transition.