The rally resulted in energy companies becoming the best performers in the stock market, overtaking Big Tech, and in record profits, which in turn led to fatter dividend payouts and massive stock repurchases. It also led to a reconsideration of some of Big Oil’s transition plans. In BP’s case, the latest stark reminder that the world still runs on hydrocarbons prompted the company’s senior leadership to abandon plans to cut its oil and gas production by even 25% by 2030.