What Happened to Big Oil's Green Pivot?

Over the past 20 years, the story seemed straightforward.

Big Oil would gradually become Big Energy.

Over time, oil majors would use their balance sheets, engineering expertise, and global project-management skills to build wind farms, solar projects, hydrogen hubs, carbon capture networks, and renewable power businesses.

Big Oil did make major investments in renewables.

And that transition is still happening in parts of the energy sector.

But among the oil majors, the strategy has become far more selective.

The latest example is Equinor.

The Norwegian…