ExxonMobil

IEEFA Research

IEEFA: Despite strong Q2, ExxonMobil upstream continues to underwhelm

IEEFA: Despite strong Q2, ExxonMobil upstream continues to underwhelm

Exxon’s U.S. upstream division makes up little ground in the Permian Basin

August 9, 2021 (IEEFA) – ExxonMobil’s U.S. upstream operations have yet to regain their footing after a decade of turmoil. While the second quarter of 2021 was the company’s best in years, ExxonMobil has invested $61.5 billion on U.S. upstream capital projects since 2013, only to report $5.3 billion in cumulative losses. These losses may […]

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

IEEFA U.S.: Texas confronts decline in oil and gas industry

IEEFA U.S.: Texas confronts decline in oil and gas industry

Analysis of long-term trends indicates slower growth, fewer jobs and lower tax contributions

July 28, 2021 (IEEFA) ⎼ Texas policymakers, regulators and public opinion have long held that “what’s good for oil is good for Texas.” But Texas’s economy has become more broad-based and the oil and gas sector’s proportionate contribution has declined. State leaders face a new set of facts on the ground about the future of […]

IEEFA: Global investors are moving away from the massive climate-related risks associated with fossil fuels

IEEFA: Global investors are moving away from the massive climate-related risks associated with fossil fuels

Top debt and equity investors committed over $300 billion in 2020 into building renewable energy capacity

19 July 2021 (IEEFA Australia): Despite the economic disruption from COVID-19, top global debt and equity investors are continuing to drive capital into the renewable energy infrastructure sector due to its consistency in providing investment opportunities, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). “Global investors are accelerating their […]

IEEFA U.S.: ExxonMobil touts Permian Basin success but achieves mixed results

IEEFA U.S.: ExxonMobil touts Permian Basin success but achieves mixed results

Data suggests that ExxonMobil is underperforming in the Permian Basin

June 9, 2021 (IEEFA) – ExxonMobil’s claims that its Permian Basin oil and gas reserves are world-class will need the immediate attention of the new board, according to a new analysis by the Institute for Energy Economics and Financial Analysis (IEEFA). In recent investor presentations, ExxonMobil has highlighted the superior performance of its oil wells […]

IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors

IEEFA: Oil supermajors made $20.5 billion in 2020 but spent $49.9 billion to please investors

Five largest private-sector oil supermajors have dropped more than a half-trillion on shareholders over last decade

March 4, 2021 (IEEFA) —The world’s five largest private-sector oil and gas companies collectively spent $29.4 billion more on shareholder payouts than they generated from operations, according to a new report by the Institute of Energy Economics and Financial Analysis (IEEFA). The five supermajors—ExxonMobil, Chevron BP, Total and Shell—generated $20.5 billion in free cash flow, […]

IEEFA U.S.:  Appalachian frackers report $504M in negative free cash flow despite capex slashing

IEEFA U.S.: Appalachian frackers report $504M in negative free cash flow despite capex slashing

Tide of red ink shows little sign of ebbing any time soon for shale-focused regional gas producers

December 3, 2020 (IEEFA)—Even after cutting their capital expenditures (capex) by more than one-third from the previous year, nine shale-focused gas producers in Appalachia spent a half-billion dollars more during the third quarter on drilling and building projects than they earned from selling oil and gas. Capex investments during the third quarter were the lowest […]

IEEFA update: ExxonMobil’s financials indicate slide under CEO Darren Woods’s leadership

IEEFA update: ExxonMobil’s financials indicate slide under CEO Darren Woods’s leadership

Profits, cash and shareholder return slip compared with rivals using company’s own performance metrics

October 28, 2020 (IEEFA) — A close look at ExxonMobil’s financial performance metrics compared with its peers reveals significant slippage during Chairman & CEO Darren Woods’s tenure (2017-2019) even before the coronavirus pandemic, according to a briefing note released today by the Institute for Energy Economics and Financial Analysis (IEEFA). IEEFA analysts found that the […]

IEEFA U.S.: Plummeting oil and gas prices leave New Mexico’s budget short by hundreds of millions of dollars

IEEFA U.S.: Plummeting oil and gas prices leave New Mexico’s budget short by hundreds of millions of dollars

Industry problems hit before the pandemic, were made worse by it and will persist even after the economy improves

October 20, 2020 (IEEFA) — After years of benefitting from record oil and gas revenues, global markets are signaling the beginning of the end of New Mexico’s financial reliance on fossil fuels. Leases, royalty payments and taxes from the oil and gas industry have directly accounted for as much as 30 percent of the state’s […]

IEEFA: ExxonMobil financial performance slides from industry leader to laggard

IEEFA: ExxonMobil financial performance slides from industry leader to laggard

Company’s own metrics reveal slippage compared with oil major peers

October 15, 2020 – An analysis released today by the Institute for Energy Economics and Financial Analysis (IEEFA) reveals lagging performance by ExxonMobil under the leadership of Chairman & CEO Darren Woods. IEEFA analysts detail how the company racked up deeper or more rapid declines based on three critical financial metrics it has long used […]

More News and Commentary

IEEFA: Months after tumultuous ExxonMobil annual meeting, no substantial change expected

IEEFA: Months after tumultuous ExxonMobil annual meeting, no substantial change expected

Despite pressure, old leadership and old habits haven’t changed at ExxonMobil

The ExxonMobil shareholder meeting this year will go down in the annals of business as either the start of a new era of progress on climate change or evidence of a tired, ineffectual system of shareholder rights that governs U.S. companies.  The jury is out on the long-term impact, but for the moment there has […]

August 6, 2021 Read More →

ExxonMobil reportedly considering promise to reach net zero by 2050

Wall Street Journal ($): Exxon Mobil Corp. is considering a pledge to reduce its net carbon emissions to zero by 2050, according to people familiar with the matter, in what would amount to a significant strategic shift by the oil company. In March 2020, Exxon Chief Executive Darren Woods described ambitious carbon reduction targets made […]

August 6, 2021 Read More →
IEEFA: ExxonMobil contract leaves Guyana out of oil gains
and

IEEFA: ExxonMobil contract leaves Guyana out of oil gains

A loophole allows ExxonMobil consortium to reduce profits to Guyana for oil discoveries that may never be developed

July 29, 2021 (IEEFA) – In a deal with ExxonMobil, Hess and China National Offshore Oil Company, Guyana was promised robust revenues from its recently discovered oil reserves in exchange for covering all development costs for the projects. However, the deal is one-sided, benefitting ExxonMobil and its partners and leaving Guyana and its people out […]

IEEFA U.S.: Texas confronts decline in oil and gas industry
, and

IEEFA U.S.: Texas confronts decline in oil and gas industry

Analysis of long-term trends indicates slower growth, fewer jobs and lower tax contributions

July 28, 2021 (IEEFA) ⎼ Texas policymakers, regulators and public opinion have long held that “what’s good for oil is good for Texas.” But Texas’s economy has become more broad-based and the oil and gas sector’s proportionate contribution has declined. State leaders face a new set of facts on the ground about the future of […]

Over 500 organizations say carbon capture hinders energy transition

Canada’s National Observer: Investment in carbon capture technology will hinder Canada’s transition away from fossil fuels and exacerbate the effects of climate change, says a new letter co-signed by hundreds of organizations. Over 500 environmental groups and other organizations from Canada and the U.S. put the piece together, which ran as a full-page ad in […]

July 21, 2021 Read More →

BlackRock proxy climate votes against companies rose 502% in 2021

Bloomberg ($): BlackRock Inc. rejected almost five times more board directors at companies, including Berkshire Hathaway Inc. and Exxon Mobil Corp., during the recent proxy season because they failed to act on climate issues. The New York-based asset manager voted against 255 directors in the period ended June 30, up from 55 a year earlier, […]

July 21, 2021 Read More →
IEEFA: Global investors are moving away from the massive climate-related risks associated with fossil fuels
, and

IEEFA: Global investors are moving away from the massive climate-related risks associated with fossil fuels

Top debt and equity investors committed over $300 billion in 2020 into building renewable energy capacity

19 July 2021 (IEEFA Australia): Despite the economic disruption from COVID-19, top global debt and equity investors are continuing to drive capital into the renewable energy infrastructure sector due to its consistency in providing investment opportunities, finds a new report from the Institute for Energy Economics and Financial Analysis (IEEFA). “Global investors are accelerating their […]

and

IEEFA U.S.: Prices are up—but the oil industry’s return is more complicated

Rising oil prices fail to mask long-term fundamental weaknesses for oil business

Former ExxonMobil CEO Lee Raymond advanced the idea in the 1980s that the quality of management trumped all else in evaluating the oil industry’s prospects. He believed oil company executives were in the best position to project supply and demand, ride worldwide growth cycles, and provide robust returns to investors, no matter how oil markets […]

Biggest U.S. companies talking climate talk while lobbying against solutions

Bloomberg ($): While more than 80% of the largest U.S. companies have set emissions reduction goals, less than half engaged with lawmakers to advocate for science-based climate policies — and more than 20% have lobbied against them, according to report released Tuesday by sustainability nonprofit Ceres. “Claiming credit for making operational climate change commitments while […]

July 14, 2021 Read More →

Sustainability metrics midway through 2021 already surpassing 2020 totals

Bloomberg ($): We’re halfway through 2021, and it’s already proving to be a bumper year for sustainability. Almost every major activity in sustainability is above last year’s trend lines: Corporations are making more pledges to procure clean energy. Financial markets are issuing more sustainable debt. And investors are putting more money into environmental, social, and […]

July 9, 2021 Read More →