Engine No. 1 Activist Presentation Deck
ExxonMobil and peers are far more exposed to risk
of declining demand than National Oil Companies (NOCs)
• For example, Saudi Aramco sits on the low end of the cost curve with significant
underlying reserves, while ExxonMobil is relatively disadvantaged with production
costs that are ~3x higher, creating substantial risk in declining demand scenarios
ExxonMobil's obligation is to grow returns not market share - including
positioning itself for success if its aggressive demand projections are wrong
National Oil Corporations & Majors 2020 Production Costs / Boe
●
2020 Production Cost Per BOE
$20
$18
$16
$14
$12
$10
$6
$6
$4
$2
$0
Saudi
Kuwait
Aramco Petroleum
Source: Wood Mackenzie Corporate Benchmarking Tool.
Rosneft
Shell
2020 Production
ExxonMobil
Gazprom Chevron
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EXXON//
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