Engine No. 1 Activist Presentation Deck
Benefits of investor engagement
but preserving gains will require real change
Indexed Share Price
"After [Engine No. 1] kicked off a proxy fight against Exxon's board yesterday, the oil giant
quickly responded, including by promising to provide updates on efforts to address
climate change." - New York Times, Jan. 28, 2021
210%
190%
170%
150%
130%
110%
90%
70%
50%
"ExxonMobil is considering further cuts to capital expenditure, changes to its
board and more investment in sustainable technologies... The potential changes
surfaced hours after Engine No 1, which launched a proxy battle with the group
in December, announced that it had formally nominated four independent
director candidates to Exxon's board."
The Financial Times, Jan. 27, 2021
OCT. 9, 2020
CNBC report
regarding reports
of activist at XOM
1-Oct-20
16-Oct-20 31-Oct-20
NOV. 30, 2020
XOM reduces capital
expenditure program
by ~$10bn per year
2022-2025
DEC. 14, 2020
XOM announces new
emissions intensity
reduction targets
DEC. 7, 2020
Engine No. 1 letter to board
have been tangible,
15-Nov-20 30-Nov-20 15-Dec-20 30-Dec-20
ExxonMobil
"ExxonMobil has outperformed
Chevron after [Engine No. 1]
launched its campaign."
Bloomberg, Feb. 22, 2021
FEB. 2, 2021
XOM enhances focus on capital
expenditure discipline and announces
formation of new business segment -
Low Carbon Solutions
"[CalSTRS] is backing Engine No. 1 and other investors formed
a coalition to push Exxon into making more sweeping changes.
In the face of that pressure, Exxon has cut its spending plans and
disclosed updated emissions targets."
Reuters, March 1, 2021
MAR. 3, 2021
New 2025
production
target of flat
production
(vs. prior -25%
growth)
Source: Bloomberg data as of 1-Apr-2021. Quote Sources: Dealbook Newsletter (Jan. 28, 2021). What's scaring Exxon Mobil? New York Times. Akshat Rathi
& Kevin Crowley (Feb. 22, 2021). Exxon Pushed by Activist Investor to Set Net-Zero Climate Goal. Bloomberg. Derek Brower, Justin Jacobs & James
Fontanella-Khan. (Jan. 27, 2021). Exxon considers capex cuts and board shake-up. Financial Times. Svea Herbst-Bayliss & Jennifer Hiller (Mar. 1, 2021).
Exxon names Ubben, Angelakis to board amid investor pressure for change. Reuters.
14-Jan-21 29-Jan-21 13-Feb-21 28-Feb-21 15-Mar-21 30-Mar-21
Chevron
REENERGIZE
EXXON//
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