Engine No. 1 Activist Presentation Deck
The industry is evolving, and so must ExxonMobil
ExxonMobil has significantly
Oil and gas companies
face significant long-term
challenges.
underperformed and has failed to adjust its
strategy to enhance long-term value
CO
Declining long-term returns
and lower capital productivity
for non-state oil and gas
companies
Growing long-term demand
uncertainty due to
advancements in low and no-
carbon technologies
Growing long-term business
model risk as pressure
increases for countries to
lower carbon emissions
●
●
A focus on chasing production growth over
value has resulted in an undisciplined
capital allocation strategy and has
destroyed value even during periods of
higher oil and gas prices
●
A refusal to accept that fossil fuel demand
may decline in decades to come has led to
a failure to take even initial steps towards
evolution, and to obfuscating rather than
addressing long-term business risk
• A lack of successful and transformative
energy experience on the Board has left
ExxonMobil unprepared and threatens
continued long-term value destruction
REENERGIZE
EXXON//
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