Engine No. 1 Activist Presentation Deck
Rising costs and falling capital productivity have
fundamentally changed return profile
ExxonMobil produced 39 barrels of oil equivalent (boe) per $1,000 of capital
employed in 2001, 20 boe by 2009, and a mere 8 boe by 2020
• This ~80% decline in capital productivity (a metric that is not impacted by prices)
over two decades along with highly aggressive spending have led to poor returns
ExxonMobil - Upstream Production (BOE) per thousand dollar of Upstream Capital Employed
40 38.8
35
30
25
20
15
10
5
0
27.9
19.6
10.0
Chart Source: ExxonMobil 10-Ks. Upstream capital productivity calculated by dividing annual oil equivalent production
by average Upstream capital employed.
8.7
7.9
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
REENERGIZE
EXXON//
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