Engine No. 1 Activist Presentation Deck
ExxonMobil still has no credible plan to protect value
in an energy transition ...
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ExxonMobil is world's 5th largest
producer of greenhouse gas (GHG)
emissions (after coal from China, Saudi
Aramco, Gazprom, and Nat'l Iranian Oil)
• This is an existential business risk given
that 2/3 of emissions come from
countries that have pledged to reach
net zero emissions by 2050
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Any diversification strategy must be
profitable over the long-term to be
sustainable. However, ExxonMobil's
Board must be able to balance
maintaining current profitability with
addressing the risk of a narrow focus
on fossil fuel projects that can take
decades to deliver a return and for
which there may be significantly
reduced future demand
Bloomberg's Business Model Score,
which rates Energy Transition readiness
Shell (#1)
Total (#2)
BP (#5)
Equinor (#7)
Eni (#9)
Chevron (#10)
Maior average
ExxonMobil (#20)
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First bullet as per CDP Carbon Majors Report 2017 that collected Cumulative Greenhouse Gas Emissions From 1988-2015
Chart Source: Bloomberg's report BNEF Oil and Gas Transition Scores, Leaders and Laggards (March 24, 2021). Scores out of 10, 10
being the best. Score as per BloombergNEF methodology as of March 2021. Figures in parentheses are rankings among all integrated oil
and gas companies. ExxonMobil ranks 20th out of 23 global integrated companies.
Quote Source: Terry Slavin (March 23, 2021). Has Exxon Mobil turned over a new, green leaf? Reuters.
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7.0
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"As late as October, Exxon Mobil's [CEO]
dismissed the suggestion that climate change
concerns posed long-term risk
to his industry..." - Reuters, March 23, 2021
7.9
"Exxon stands out among its peers for having
doubled down on the old oil and gas business
model, hardly even giving lip service to the
energy transitions that are realigning the
market." Clark Williams-Derry, IEEFA (CNBC,
Feb. 5, 2021)
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REENERGIZE
EXXON//
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