October 21, 2020 Read More →

Trump adds insult to ExxonMobil’s 2020 injuries

The Washington Post ($):

President Trump did ExxonMobil no favors when he suggested he would do favors for the oil giant.

Exxon was already in the middle of one of its most tumultuous years ever before the president riffed about a hypothetical phone call between him and the company’s chief executive.

“I would take in more money, but you know what? I don’t want to do that … I call the head of Exxon. I don’t know, you know, I’ll use a company. ‘Hi, how are you doing? How’s energy coming? When are you doing the exploration? Oh, you need a couple of permits?’ ” Trump told supporters in Arizona earlier this week. “I say, ‘You know, I’d love [for] you to send me $25 million for the campaign.’ ‘Absolutely sir, why didn’t you ask? Would you like some more?’ ”

The company quickly made clear that a phone call about donations “never happened.” Trump invoked the company’s name when claiming he could outraise his Democratic rival, Joe Biden, but has chosen not to do so since it would compromise his own job in the White House. 

Once the world’s most valuable company, the Irving, Tex.-based oil icon has slipped from its perch atop corporate America over the past few months during the coronavirus pandemic. 

We don’t think the long term has changed,” Neil Chapman, the company’s senior vice president, told investors in July. “It is a cyclical business. The fundamentals have not changed. The population will continue to grow.”

But Tom Sanzillo and Kathy Hipple of the Institute for Energy Economics and Financial Analysis, which conducts research on energy and the environment, says Exxon is discounting how much both renewable energy and electric vehicles are set to grow following the pandemic.

[Dino Grandoni]

More: The Energy 202: Exxon was already having a tough year. Trump made it worse.

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