Oil and gas companies – navigating to a low carbon economy

Oil and gas companies are important actors in the European Union's economy. Many of these companies are listed on the European stock exchanges and are of interest to many portfolio investors. Their activity is increasingly followed by stakeholders with the downgrading of the new energy transition, which brings a new form of energy to the forefront of the energy mix: renewable energy. The geopolitical tensions generated by the armed conflict in Ukraine have determined changes in the energy landscape. For these reasons, the activity of oil and gas companies is undergoing a change, as they finance complex energy projects aimed at the production of renewable energy. Moreover, by specific means, these companies try to manage the negative externalities generated in the environment. Using the content analysis of the sustainability reports published by the European oil and gas companies in the period 2010−2023, the paper aims to identify the behavioral changes of these companies, taking into account the challenges imposed by the energy transition. The study's conclusions reveal both the good faith involvement of these companies in promoting the principles of sustainable development and the support of greenwashing actions, which are, however, identified and sanctioned accordingly by the stakeholders.