Insight
Strategy Update: ExxonMobil’s 2021 Investor Day
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
ExxonMobil presented its vision for the energy transition at its 2021 Investor Day. Deploying technology at scale into carbon-related themes such as CCS is where the company believes it can make a difference. The strategy leans heavily on ExxonMobil’s competitive strengths. But the pivot into low-carbon opportunities is still in its infancy. The crisis of 2020 has undoubtedly concentrated minds on the challenges that lie ahead. The big question is how aggressively ExxonMobil will use an upcycle to reposition for a low-carbon future?
Table of contents
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Executive Summary
- The dividend is much more secure
- Production growth downgraded by 1.3 million boe/d
- Investment cut of US$55 billion has a powerful high-grading effect
- Limited details on high-grading plans
- Energy transition strategy is still at an early stage
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Flexibility prioritised in updated financial framework
- Huge shift in the Permian investment strategy
- Investment plans unchanged in Guyana and Brazil but risks are to the upside
- More uncertain outlook for the next wave of LNG projects
- What about portfolio high grading?
- Refining and Chemicals – are bigger changes coming?
- Positioning for the energy transition
Tables and charts
This report includes the following images and tables:
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Wood Mackenzie’s forecast of pre-capex cash flow per boe (at US$50/bbl Brent, 2021 terms)The Majors’ reported R&D spend
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Permian drilling inventory by NPV,10 breakeven priceDevelopment IRR at US$50/bbl real Brent
What's included
This report contains:
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