VST - Exxon Mobil: Nuances From Q2 Earnings Call

• Good times for XOM starting to fade; will they last?
• Complacency about exit from fossil fuels continues, with no change in XOM’s plan to expand oil & gas production (increased emissions).
• Big emphasis on Carbon Capture and Storage (CCS) without acknowledging that CCS increases the cost base of fossil fuels at a time when renewable energy gets cheaper.
• XOM’s $100 billion (or more) public/private CCS proposal would have negligible impact on emissions, capturing 1% of annual US CO2 emissions by 2030.
• A rumour that XOM is contemplating net-zero emissions by 2050 suggests new ideas are being discussed in the newly constituted board.

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