Pumpjacks are obscured by heat as they operate and a flare burns Thursday, July 7, 2022, in Midland.

A company logo sits on the side of a crude oil storage tank at the Juaymah tank farm at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. MUST CREDIT: Bloomberg photo by Simon Dawson/

A drill rig stands at a Fervo Energy geothermal site under construction near Milford, Utah, Nov. 26, 2023. Southern California Edison will purchase electricity from Fervo Energy.

This chart, produced by the nonprofit research organization Climate Central and based on data from NOAA, shows that Houston's average daily low temperatures between June and August have warmed by 5.5 degrees since 1970.

Exxon Mobil and Saudi Aramco are banking on fossil fuel demand growing for another decade, and if they’re right, average global temperatures will likely rise to dangerous levels, collapsing sensitive ecological systems, worsening wildfires and fueling stronger storms.

Shareholders can count on a steady return, though.

Every year, major energy companies release outlooks for their industry. While they include extensive data sets and sophisticated economic projections, these reports are investor relations documents explaining why executives think you should buy their stock.

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Until recently, these reports jibed with forecasts from the International Energy Agency, a........

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