ExxonMobil to Grow Shareholder Value by Meeting Need for Energy, Essential Products and Lower- Emissions Solutions

ExxonMobil said today it plans to grow shareholder value by delivering solutions that help meet the global need for energy and for lower greenhouse gas emissions to address climate change. Darren Woods, chairman and chief executive officer, outlined how the company’s strategy leverages its capabilities and competitive advantages at the annual meeting of shareholders.

“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.”

ExxonMobil in April streamlined its business structure to consist of three core businesses – Upstream, Product Solutions and Low Carbon Solutions – to fully leverage the company’s competitive advantages of scale, integration, technology, functional excellence and highly skilled workforce.

ExxonMobil is focused on five key strategic priorities to sustainably grow shareholder value:

• 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 $23 billion and cash flow from operating activities totaled $48 billion, the highest since 2012. Future plans include structural cost savings of $9 billion per year by 2023, compared to 2019, and more than $15 billion of investments through 2027 on initiatives to lower greenhouse gas emissions. They include investments to reduce emissions from company operations and to advance critical technologies like carbon capture and storage, hydrogen and biofuels, which together are expected to develop into multi-trillion-dollar markets in the decades ahead.