ExxonMobil to Grow Shareholder Value by Meeting Need for Energy, Essential Products and Lower- Emissions Solutions
- Annual Shareholders Meeting highlights company’s plans to play a leading role in the energy transition
- Strategy focused on five priorities to sustainably grow shareholder value
- Streamlined business structure to take advantage of technology, scale and integration
“We have opportunities to play a leading role in helping society achieve its net-zero ambitions and in meeting the world’s growing demand for energy and essential products,” said Woods. “Recent events have reminded us how globally connected energy markets are. They’ve also underscored the importance of our role in creating sustainable solutions that improve quality of life, while supporting a lower- emissions future.”
- Leading industry in financial, operational and environmental performance, including across key metrics of safety, reliability, greenhouse gas emissions intensity reductions, earnings and cash flow growth.
- Being an essential partner through creation of innovative solutions for customers, partners and stakeholders.
- Upgrading the company’s advantaged portfolio to ensure it leads competition and delivers value across a range of external environments and through volatile and evolving markets.
- Continuing to innovate, providing solutions that meet the growing needs of society reliably and affordably. This means new products, technologies and approaches that better meet today's and tomorrow's needs and can be deployed at scale to create meaningful impact.
- Developing the company’s workforce and maintaining a diverse and engaged organization that provides every individual unrivalled opportunities for personal and professional growth with impactful work meeting society’s evolving needs.
Woods highlighted the company’s strong performance in 2021, noting that earnings significantly improved to
“Long-term, we have the portfolio flexibility necessary to pace our investments consistent with advancements in technology, markets and supportive policy,” Woods said. “As we move forward, we’ll remain focused on executing our strategy, sustainably growing value across a broad range of scenarios and time horizons, and importantly, leading the industry, now and through the energy transition.”
In the near term,
For example, in
During the annual meeting, shareholders re-elected ExxonMobil’s board of director nominees, supported the company’s executive compensation program, ratified
The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies.
Statements of future events or conditions in this press release are forward-looking statements. Similarly, emission-reduction roadmaps to drive toward net zero are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; earnings, cash flow, and rates of return; structural cost savings, total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; technology efforts, including timing and outcome of projects to capture and store CO2, produce biofuels, integrate hydrogen projects, and use plastic waste as recycled feedstock; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, or Scope 1 and Scope 2 net zero in Upstream Permian operated assets by 2030, the elimination of routine flaring in-line with World Bank Zero Routine Flaring, or the completion of major asset emission-reduction roadmaps; maintenance and turnaround activity; price and margin recovery; shareholder distributions; the ability to access debt markets; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; policy and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; the development and transportation of our products; taxes, trade sanctions, and actions taken in response to pandemic concerns; the pace of regional and global economic recovery from the pandemic and the occurrence and severity of future outbreaks; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the outcome and timing of exploration and development projects; reservoir performance; timely completion of construction projects; war and other security disturbances; actions of consumers and changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of our or competitors’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this press release and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures or statements as of any future date. Any future update will be provided only through a public disclosure indicating that fact.
This press release references third party scenarios such as the IEA’s Net Zero Emissions by 2050 Scenario. Third party scenarios reflect the modeling assumptions and outputs of their respective authors, not
Actions needed to advance the Company’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Energy Outlook research and publication, which contains the Company’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, and economic development. Reflective of the existing global policy environment, the Energy Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or
Theterm “resource” refers to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. The term “resource” or similar terms is not intended to correspond to
Structural cost savings describe decreases as a result of operational efficiencies, workforce reductions and other cost saving measures that are expected to be sustainable compared to 2019 levels. The total change between periods in expenses will reflect both structural cost savings and other changes in spend, including market factors, such as energy costs, inflation, and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Forward-looking estimates of structural cost savings are based on Company plan, and may include management adjustments.