Exxon Mobil CEO Woods on Spending, Carbon Capture Plans

The transcript discusses Exxon's investment strategies, focusing on CapEx increases, future energy needs, and the role of the board in capital allocation. It highlights the importance of investing in oil and gas to meet future demands while transitioning to a lower carbon economy. The conversation also covers carbon capture technology, its challenges, and potential partnerships for future investments.

Why does ExxonMobil believe it is necessary to increase CapEx in 2022?

• To focus solely on renewable energy

• To decrease company profits

• To meet future energy demands

• To reduce oil and gas production

What is the primary focus of ExxonMobil's investment strategy between 2021 and 2025?

• Expanding into new markets

• Increasing production volume

• Reducing employee count

• Improving productivity and cash flow

What are the three main priorities in ExxonMobil's capital allocation strategy?

• Investing in short-term projects, reducing workforce, increasing debt

• Maintaining a strong balance sheet, investing in profitable projects, returning cash to shareholders

• Focusing on renewable energy, cutting dividends, expanding globally

• Reducing CapEx, increasing production volume, cutting costs

What is a significant challenge in making carbon capture technology more broadly deployable?

• High cost and need for concentrated CO2 sources

• Lack of interest from investors

• Insufficient government support

• Limited technological advancements

Which sector has seen significant growth in venture funds related to climate tech?

• Retail

• Agriculture

• Transportation and mobility

• Healthcare

What is ExxonMobil's approach to partnering in the low carbon solutions space?

• Partnering with companies in hard-to-decarbonize sectors

• Partnering exclusively with government entities

• Avoiding partnerships to maintain independence

• Focusing only on internal projects

What is the role of government policies in advancing carbon capture technology?

• They focus solely on renewable energy

• They restrict technological development

• They provide financial incentives and regulatory support

• They have no impact