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Exxon Mobil Corp XOM

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Activist Involvement Remains Bullish for Best Idea Exxon As Pivot to European Model Remains Unlikely

Allen Good, CFA Sector Strategist

Analyst Note

| Allen Good, CFA |

On July 6 we had the benefit of speaking briefly with representatives from Engine No. 1 at a Morningstar town hall where they were discussing their latest ETF initiative. On the top of our mind was whether they envisioned Exxon replicating its European peers and pivoting toward renewable power generation as part of a long-term strategy to adapt to a low-carbon world. In short, they don’t, according to Charlie Penner, who was one of the firm’s leaders on its campaign to place four new directors on the Exxon board. Although he stressed that the three newly elected board members were selected for their ability to guide Exxon through the transition, not as firm proxies, his view was that pushing into renewables, particularly through acquisition, would not be value accretive.

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Company Profile

Business Description

ExxonMobil is an integrated oil and gas company that explores for, produces, and refines oil around the world. In 2020, it produced 2.3 million barrels of liquids and 8.5 billion cubic feet of natural gas per day. At the end of 2019, reserves were 15.2 billion barrels of oil equivalent, 58% of which were liquids. The company is the world's largest refiner with a total global refining capacity of 4.8 million barrels of oil per day and one of the world's largest manufacturers of commodity and specialty chemicals.

Contact
5959 Las Colinas Boulevard
Irving, TX, 75039-2298
T +1 972 940-6000
Sector Energy
Industry Oil & Gas Integrated
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2020
Stock Type Distressed
Employees 72,000

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