ExxonMobil Corporation said on Wednesday that it plans to grow shareholder value by way of a five-pronged plan that underpins the global need for energy and for lower greenhouse gas emissions to address climate change.
During a recently concluded annual meeting of shareholders, Chairman and Chief Executive Officer (CEO) Darren Woods outlined how the company’s latest strategy leverages its capabilities and competitive advantages.
ExxonMobil, he said, is focused on five key strategic priorities to sustainably grow shareholder value. He noted that the first objective includes leading the industry in financial, operational and environmental performance, including across key metrics of safety, reliability, greenhouse gas emissions intensity reductions, earnings and cash flow growth; while the second pillar involves being an essential partner through the creation of innovative solutions for customers, partners and stakeholders.
The strategy also includes upgrading the company’s advantaged portfolio which includes its almost 11 billion barrels resource base in Guyana’s Stabroek Block to ensure it leads the competition and delivers value across a range of external environments and through volatile and evolving markets.
It also involves continuing to innovate, providing solutions that meet the growing needs of society reliably and affordably. Exxon said this means new products, technologies and approaches that better meet today’s and tomorrow’s needs and can be deployed at scale to create meaningful impact.
Finally, Exxon said its strategy includes developing the company’s workforce and maintaining a diverse and engaged organisation that provides every individual unrivaled opportunities for personal and professional growth with impactful work meeting society’s evolving needs.
In light of the foregoing, ExxonMobil’s Chairman said, “We have opportunities to play a leading role in helping society achieve its net-zero ambitions and in meeting the world’s growing demand for energy and essential products.”
He added, “Recent events have reminded us how globally connected energy markets are. They’ve also underscored the importance of our role in creating sustainable solutions that improve quality of life, while supporting a lower-emissions future.”
Additionally, Woods was keen to note that ExxonMobil in April streamlined its business structure to consist of three core businesses – Upstream, Product Solutions and Low Carbon Solutions – to fully leverage the company’s competitive advantages of scale, integration, technology, functional excellence and highly skilled workforce.
The ExxonMobil boss said the company continues to mitigate emissions from its operations and achieved its 2025 emission-reduction plans four years earlier than planned. He said this progress supports the company’s more aggressive 2030 greenhouse gas emission-reduction plans and its ambition to achieve net-zero scope 1 and 2 greenhouse gas emissions from operated assets by 2050.
During the annual meeting, shareholders re-elected ExxonMobil’s board of director nominees, supported the company’s executive compensation programme, ratified PricewaterhouseCoopers LLP as independent auditors and passed one proposal by shareholders. OilNOW understands that the proxy voting results will be made available on the company’s website as soon as practical.
