Will Lockett, on the IEA’s analysis:

"...the current valuation of private oil and gas companies could fall by 25% from $6 trillion today if all national energy and climate goals are reached, and by up to 60% if the world gets on track to limit global warming to 1.5 °C."

Translated to dollars: valuation of oil companies will drop by $1.5–$3.6 trillion.

So the industry is "investing in scapegoats, like carbon offsets," and meanwhile expecting to be bailed out.

https://medium.com/predict/oil-companies-are-set-for-an-utterly-gargantuan-loss-332480c1e681?sk=v2%2Fa31536c2-79b9-4b31-989b-8cd4911c4cfa