At first glance, the story of First Republic bank wouldn’t seem to have much to do with the fossil fuel industry. The former was just seized by regulators after becoming the third U.S. lender to fail since March, and sold off to JP Morgan Chase. The latter has experienced record profits both last year and in the first quarter of 2023, so much so that two of its leading lights—ExxonMobil and Chevron—now face a novel problem: how to spend too much cash. With tens of billions of dollars on hand, both companies are poised to snap up smaller and more beleaguered drillers over the coming years. They’ll keep what of their assets the profitable and spit out the rest.In both cases, massive, thriving
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