ECONOMICS
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Detailed explanation-1: -And, investments in oil and natural gas production are large and take years to implement. ExxonMobil is investing more money to grow oil and gas production than any other U.S. company. In fact, we invested twice as much to develop global energy resources than we earned ($118 billion invested vs.
Detailed explanation-2: -ExxonMobil’s scientists and engineers are working to develop innovative and scalable solutions to help reduce emissions, with a focus on the highest-emitting and most-difficult-to-decarbonize sectors of the economy: commercial transportation, power generation and heavy industry.
Detailed explanation-3: -The plan is expected to double earnings and cash flow potential by 2027 versus 2019 and supports the company’s strategic priorities, which include leading the industry in safety, shareholder returns, earnings and cash flow growth; cost and capital efficiency; and reductions in greenhouse gas emissions intensity.
Detailed explanation-4: -In 2021, Exxon announced plans to invest $15 billion (€13.8 bn) in ‘lower greenhouse gas emissions initiatives’ over the next six years. It has since increased this to $17 billion (€15.7) through 2027. This amounts to $2.8 (€2.6 bn) billion a year, or around 5 per cent of the company’s 2022 profits.