CRAK - Exxon says energy markets to remain tight for years - will the world listen this time?

In 2020 Exxon (XOM) CEO Darren Woods was excoriated by investors, industry and policy makers alike. As shares dipped towards $30, investors clamored for capital spending cuts. Peers like BP (BP) and Shell (SHEL) announced oil demand would terminally decline. And US policy makers determined that $3b to fill the SPR (0.2% of the first $2t Covid bill) was too generous for "big oil." Woods subsequently lost a proxy battle with a shareholder owning less than 1% of Exxon (XOM), and was forced to give board seats as a result. Meanwhile, Exxon (XOM) made the case over and over again that investment would be needed to meet future energy demand. That under investment in upstream production would lead to tightness in oil markets (USO) and accelerated refinery rationalizations would create deficits downstream. While oil (USO), gas (UNG), refining margins (CRAK) and chemicals margins were all below the lowest levels seen

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Exxon says energy markets to remain tight for years - will the world listen this time?