Engine No. 1 Activist Presentation Deck
The Board would benefit from a wider range of views
• Reasonable people can disagree about the long-term future of energy
However, we believe good risk management requires gradual repositioning for
scenarios other than decades of continued fossil fuel demand growth and the hope
that carbon capture alone will address the resulting emissions - from directors with
track records of profitably adapting to changing energy industry dynamics
●
"Nearly two-thirds [of global energy] comes from non-OECD countries. In fact, going forward, all of the
growth in global emissions is expected to come from non-OECD countries ... Wind and solar, while
growing rapidly, are challenged in some areas." Darren Woods, March 5, 2020 ExxonMobil Investor Day
"Energy transition, as many call it, is just an additional energy requirement, instead of a transition. Oil and
gas will still play a major role, but will be complemented by other forms of energy." Wan Zulkiflee, January
22, 2020 Bloomberg Interview
"Two-thirds of the energy consumed right now is in non-OECD countries ... so if these countries want to
develop, like we got to develop, you're going to see energy consumption grow ... electrification doesn't get
you there." Jeffrey Ubben, April 20, 2021 Morgan Stanley Conference
"To use the existing infrastructure and capture the carbon is probably the least expensive and quickest
way to net zero." Jeffrey Ubben, April 22, 2021 CNBC Interview
"With regards to the energy transition, I'm confident that gas is the way to go." Wan Zulkiflee, January 24,
2019 CNBC Interview
REENERGIZE
EXXON//
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