Leaders.com
  • Business
  • Leadership
  • Wealth
  • Master Classes
  • Business
    • Entrepreneurs
    • Executives
    • Marketing and Sales
    • Social Media
    • Innovation
    • Women in Business
  • Leadership
    • Personal Growth
    • Company Culture
    • Public Speaking
    • Productivity
    • Hiring
    • Social Issues
    • Leaders
  • Wealth
    • Investing
    • Cryptocurrency
    • Retirement
    • Venture Capital
    • Loans and Borrowing
    • Taxes
    • Markets
    • Real Estate
  • Master Classes
Environment exxon's new plan

ExxonMobil CEO Darren Woods says the company has the potential to make a significant new investment into an emerging market. (Photo by KARIM JAAFAR/AFP via Getty Images)

By Hannah Bryan Leaders Staff

Hannah Bryan

News Writer

Hannah Bryan is a news writer for Leaders Media. Most recently she was a reporter for the Sanilac County News...

Full bio


Learn about our editorial policy

Apr 5, 2023

ExxonMobil’s Latest Business Plan Not Oil-Based

ExxonMobil Corp’s CEO Darren Woods told investors on Tuesday that the company’s Low Carbon division could outperform its oil-and-gas division within the decade. 

Key Details

  • Woods told investors the Low Carbon business could generate hundreds of billions of dollars in revenue. 
  • With a new focus on the low-carbon market, Woods says the largest U.S. oil producer will be less susceptible to price swings in the energy market. 
  • Instead, the company will have the advantage of long-term, predictable contracts with customers looking for a smaller carbon footprint. 
  • Exxon’s new vision for its business may take some time to come to life, depending on regulatory support for carbon pricing, Reuters reports. 

Why it’s news

There is a major push around the world to reduce reliance on fossil fuels and increase access to clean energy options such as solar, wind, and hydrogen. The transition from one to the other will take decades.

Nevertheless, energy demand is expected to rise in the next several years, prompting other large oil producers to increase oil output plans, saying that fossil fuels are the more profitable option for the companies. Exxon’s strategy to focus on low-carbon options stands out against its peers who plan to increase oil output. 

Unlike its competitors, ExxonMobil has focused relatively little on renewable energy options like solar and wind. Instead, its climate initiatives focus on reducing carbon emissions from current operations. Its focus on oil production led to record profits for its investors last year. 

The company is now focusing on carbon capture, hydrogen, and biofuels. By 2050, Exxon estimates that this division will have a combined potential to bring in $6.5 trillion—a number that rivals its current oil and gas operations.

Along with outlining plans to increase low-carbon initiatives, Exxon also announced a long-term contract with chemical company Linde Plc, the latest customer looking to pay for the decarbonization of its operations. 

Exxon expects that customers like Linde will grow. The contracts should bring in billions of dollars over the next five years, Reuters reports. Depending on market conditions, Exxon estimates that this low-carbon market could be worth tens of billions of dollars.

Backing up a bit

Shell CEO Wael Sawan is considering whether or not to continue building on the company’s record earnings from last year by increasing oil production. 

While the London-based energy company’s investors would applaud increased revenue, increased production would likely result in complaints from environmentalists. Many critics want Shell to prioritize investment in climate-related activities. Those same critics would see increased oil production as a step back from that goal. 

Though Sawan says the company is still committed to lowering its overall emissions, he recognizes that the most significant profit potential lies with oil and gas, The Wall Street Journal reports. 

Additionally, Sawan believes Shell’s fossil fuel profits should not support renewable and low-carbon energy options. The alternative energy options should be able to support themselves. 

As Sawan looks at the energy company’s portfolio, he is considering revising Shell’s previous commitment to reduce crude output by 1% to 2% each year until 2030.

Home / News / ExxonMobil’s Latest Business Plan Not Oil-Based
Share
FacebookTweetEmailLinkedIn

Related Stories

Seattle Takes The Crown For Advanced Tech Talent

by PJ Howland Leaders Staff
Tech

Oct 24, 2023

Seattle tech talent

Seattle has emerged as the metro area with the most advanced tech talent, beating out tech hubs like San Francisco and Silicon Valley.

Key Details

  • According to a new ranking by the Burning Glass Institute, Seattle has the highest proportion of advanced tech workers compared to other cities with similarly sized tech workforces.
  • The ranking evaluated 60 million high-paying, in-demand tech job postings and histories to identify cities with cutting-edge roles like AI and cybersecurity rather than legacy tech positions.
  • With tech giants Amazon and Microsoft headquartered in Seattle, the city edged out the San Francisco Bay Area, Boston, Austin, and Raleigh on the list.
  • The report found that demand for software developers and IT support specialists has declined over the past five years as companies seek more specialized tech talent.

Go deeper

FacebookTweetEmailLinkedIn

More Americans Can’t Keep Up With Car Payments

by Colin Baker Leaders Staff
Loans and Borrowing

Oct 23, 2023

car loans, used cars

A record number of Americans are behind on their car loan payments as higher interest rates and prices weigh on consumers.

Key Details

  • According to data from Fitch Ratings, 6.11% of car loans were at least 60 days delinquent in September, the highest since tracking began in the early 2000s.
  • Some interest rates on used cars can rise to as much as 21%, according to Bankrate.
  • Soaring prices and rising interest rates are squeezing consumers, making it difficult for some to keep up with their auto loans.

Go deeper

FacebookTweetEmailLinkedIn

Chevron Makes $53 Billion Deal Amid Surging Gas Prices

by PJ Howland Leaders Staff
Markets

Oct 23, 2023

Chevron Gas Deal

Chevron is acquiring Hess Corp. for $53 billion, the second significant oil producer acquisition this month as crude prices climb.

Key Details

  • Chevron is purchasing Hess in an all-cash deal worth $53 billion, including debt and preferred stock redemption.
  • This comes just weeks after ExxonMobil announced its $59.5 billion purchase of Pioneer Natural Resources.
  • With oil over $80 per barrel, major producers are using their windfall profits to acquire smaller players and boost payouts to shareholders.
  • Chevron expects the deal to close in H1 2023 pending regulatory approvals and Hess shareholder vote.
  • Hess CEO John Hess will join Chevron's board once the acquisition is complete.

Go deeper

FacebookTweetEmailLinkedIn
nike logo
Company Culture

Oct 20, 2023

Nike to Require More In-Office Days From Employees

by Colin Baker Leaders Staff
blue collar workers
Retirement

Oct 20, 2023

Explaining The ‘C+ Grade’ Retirement Ecosystem in The United States

by PJ Howland Leaders Staff
netflix building
Entertainment

Oct 19, 2023

Netflix Hiking Prices While Adding Millions of Subscribers

by Colin Baker Leaders Staff

Recent Articles

Hiring

Nov 1, 2023

Learn the Winning Answers to the Most Common Phone Interview Questions

Come to your next phone interview fully prepared

Personal Growth

Oct 30, 2023

85 Quotes on Self-Love to Boost Your Self-Esteem

Don’t fall into the trap of harsh self-criticism

Company Culture

Oct 27, 2023

What is a Sabbatical? Your Ticket to Restful Growth and Meaning

Sabbaticals can benefits both employees and businesses

  • Business
  • Leadership
  • Wealth
Join the Leaders Community

Get exclusive tools and resources you need to grow as a leader and scale a purpose-driven business.

Subscribing indicates your consent to our Terms & Conditions and Privacy Policy

Leaders.com
  • Privacy Policy
  • About
  • Careers
  • Cookie Policy
  • Terms
  • Disclosures
  • Editorial Policy
  • Member Login

© 2025 Leaders.com - All rights reserved.

Search Leaders.com