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Fit for the lower carbon future


Fit for the lower carbon future
What is ExxonMobil doing to prepare for a lower-carbon future while meeting energy needs of a growing population?
ExxonMobil plays a critical role in providing the energy that supports economic growth and improves the quality of life for people around the world. Major forecasts project energy demand to increase as the global population rises to well over 9bn by 2040, from 7.5bn today, and owing to growing prosperity and an expanding middle class, according to thinktank the Brookings Institution.
Even under 2°C and net-zero scenarios, meeting this increase in energy demand will require significant investment in new supplies of oil and natural gas, generally consistent with ExxonMobil’s investment levels. This is mainly due to the significant natural decline rates associated with oil and natural gas production. At the same time, there is a need to pursue further emissions-reduction efforts and technologies in support of the goals of th ....

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ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans


ExxonMobil reports results for fourth quarter 2020 and provides perspective on forward plans
 
Source: Reuters
Fourth quarter loss of $20.1 billion included unfavorable identified items of $20.2 billion, primarily non-cash impairments; earnings excluding identified items were $110 million, or $0.03 per share assuming dilution
Exceeded cost-reduction objectives, with 2020 capital spending of $21 billion below target by $2 billion; cash operating expense more than 15% below 2019, of which $3 billion is a structural reduction
Met 2020 methane emissions (15%) and flaring (25%) reduction targets versus 2016 
1 , and announced 2025 emission reduction plans; projected to be consistent with the Paris Agreement
Management Perspectives on Forward Plans
Additional annual structural operating expense reductions of $3 billion expected by 2023, resulting in total annual structural reductions of $6 billion versus 2019 ....

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