- 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.
For further details see:
Exxon Mobil: Nuances From Q2 Earnings Call