EQUITY RESEARCH | November 1, 2018 The following is a redacted version of a report originally published Oct. 8, 2018. All company references in this note are for illustrative purposes only and should not be interpreted as investment recommendations. RE-IMAGINING BIG OILS How Energy Companies can successfully adapt to climate change Michele Della Vigna, CFA Neil Mehta David Chreng Alberto Gandolfi +44 20 7552-9383 +1 212 357-4042 +44 20 7051-0536 +44 20 7552-2539
[email protected] [email protected] [email protected] alberto.gandolfi@gs.com Goldman Sachs International Goldman Sachs & Co. LLC Goldman Sachs International Goldman Sachs International Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. For Reg AC certification and other important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S. The Goldman Sachs Group, Inc. Goldman Sachs Big Oils can lead a profitable path towards Big Energy and a 2° C scenario Low carbon: Some context around climate change and greenhouse gas (GHG) emissions Climate change is a widely debated topic, with ongoing diversity of views. However, there is growing consensus among policy makers and scientists that global surface temperatures are rising and that the main cause is human-induced emissions of greenhouse gases (GHGs), which include carbon dioxide (CO2), methane (CH4), water vapour (H2O) and nitrous oxide (N2O).