Engine No. 1 Activist Presentation Deck
Change will surely be gradual, but it is possible to begin
bending the long-term trajectory
ā
Peers have shown it is possible to begin gradually diversifying - and embracing
long-term total emissions reduction targets - while maintaining focus on core
business profitability and explaining strategy to the market
2.0x
1.0x
0.0x
ExxonMobil's share price has lagged those
that adopted clean energy (2015-2020)
Dec-15
Dec-16 Dec-17
Exxon Mobil
Jong
qay
Dec-18 Dec-19
-Equinor
1.2x
Total
0.9x
0.5x
Dec-20
"Renewables has opened up a whole new set of
opportunities for value creation for our company, while also
diversifying our portfolio, making it more resilient both
strategically as well as financially."
Eldar Saetre, Former CEO, Equinor, Feb. 2020
"[Renewables are] strengthening our group business model,
because it's balancing the cash flow risk profile by giving
predictable cash flows."
Patrick Pouyanne, Chairman and CEO, Total, Sep. 2020
"If we include the farm down[s], the IRR increases to above
14% ... It's generated from a business with a very different
risk profile ... It deals with proven resources with no risk
from exploration reservoir or decline rates. It also has fixed
prices and guaranteed revenues for our current portfolio."
Pal Eitrheim, EVP New Energy Solutions, Equinor, Feb.
2020
Chart Source: Bloomberg share price data normalized to reflect relative share price performance. Quote source: Equinor and Total call transcripts.
REENERGIZE
EXXON//
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