Engine No. 1 Activist Presentation Deck
Despite these dynamics, ExxonMobil has repeatedly
committed to more aggressive spending than the industry
●
●
ExxonMobil by its own admission has in recent years pursued one of the most
"aggressive" capex spending plans in the industry, including pursuing heavy
growth (versus maintenance) capex, as peers focused on value over volumes
March 2018 - ExxonMobil
announces plan to significantly
increase capex to $30 billion
through 2025
March 2019 - Company raises
capex guidance to $35 billion in
2019 and targets a 25% increase
in production from 3.95 million
barrels per day (mb/d) to over
5.0 mb/d
• March 2020 - ExxonMobil
reaffirms spending plans,
planning to spend up to $210
billion through 2025 (over 100%
of then-current market cap)
Long-Term Production Estimates Prior to November
2020 Spending Deferrals
Indexed Production
135
125
115
105
95
85
75
2018
2020 2022 2024 2026
BP
Equinor
Total
Chevron
ExxonMobil
Charts Source: Wood Mackenzie Corporate Benchmarking Tool. "Aggressive" quote: Barron's Dec 1, 2020 interview with Neil Chapman, Senior Vice
President and Management Committee Member. See page 47 for full quote.
ExxonMobil
Eni
Shell
bp
Chevron
2028 2030
TOTAL
eni
equinor
REENERGIZE
EXXON//
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