YouSaid · the spoken record

Darren W. Woods

lines on the record: 61
first: 2023-06-07
most recent: 2023-06-07
sittings or episodes: 1
sources: podcast

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“This organization, my expectation is this organization will outlive me. And it's actually the contribution of all of us all the way down to the people who are working in the plants turning the vows that actually make ExxonMobil what it is and deliver the value that we. Liver, I just have the unique opportunity to kind of help steer and direct that. But it's really. The organizational contribution that ultimately makes the difference in the bottom line and ultimately the success of the company.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“There's a history here and a legacy that I feel a tremendous sense of obligation to perpetuate and to make the company stronger. As I said earlier, as I've come through the company, the expectation of every job you have is to leave it better than you found it. That's for all of our people throughout our company. And I've stepped into this job with the same mindset is everybody who does the job tackles the challenges in front of them during that time frame and leave the company in a better position. That's what I'm working hard to do is to leave the company in a better position. But frankly,”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“This may sound strange to you. I don't really. Judge myself for the work that I do with respect to the title that I have. I think the challenges I get to work on here, the role that I have in helping steward this company and steer and direct it is very fulfilling. It's very satisfying. I'm quite humbled and honored to have the job because we're a company that's been around for a hundred and over 140 years. And as you pointed out earlier, we've been fairly successful over that timeframe. I think we do really important work. And I think the values that we have as a company and the focus on just do the right thing for the right reasons in the right way. I think, you know, to me.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Know sports teams, you think about athletes dedicate a tremendous amount of their life to the sport that they play and they dedicate themselves to that sport. And I think people never question the amount of time that somebody spends pursuing a sport because they recognize there's a love of that sport and that's fulfilling for those athletes. I actually think if you find the right job, if you pursue the right career, there's a very similar analogy. People don't question how much time an athlete spends practicing and getting ready for a game. And nobody questions. I think most athletes like challenging games. I think certainly from my career coming up through it, I've liked the challenges and the thinking required. And okay, the time that you engage in that grows as your responsibility grows. But it's also part of that.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's. I don't know. I mean, it's at this job, at this level, you dedicate a lot of time to the job and takes a lot of what I would say is critical thinking. I know there's always this discussion about work-life balance. And I think, frankly, if you do what I just talked about in terms of finding a job that fulfills you, that satisfies you. I mean, work is part of life. It's not, in my mind, a trade-off that you're making. It's the question of how that work contributes to your life and how fulfilling do you find it. And frankly, I've always used the”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Motivates you to work harder. And that harder work leads to better results. And those better results leads to more opportunities. That's certainly the advice that I gave to my kids is don't focus on how much money you can make. Focus on the things that you get satisfaction from and then find a company that's aligned with the way you think about things, at least at that early stage in your life, and give you the opportunity to work on the things that you find fulfilling.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I think to thy own self be true, really, I think to me, the success, a successful career starts with understanding what is it that you're looking for in life, what is it that satisfies you. And I think a successful career isn't about job titles. It's not about the amount of money you make. It's about fulfillment and satisfaction. And so that starts with understanding what do you find fulfilling? What is it that satisfies you? And having a job that you find fulfilling and satisfying.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Perspective of a long term approach is really critical. The beauty of coming to work for ExxonMobil is given the scale and the number of businesses that we have, you can have a whole career and never do the same job twice. You can work in our especially chemicals business and sell tackifiers that go into adhesives. You can run pipeline businesses, trading organizations, refinery, manufacturing facilities. You can be in our upstream and offshore platforms. There's just a variety of different things you can do within this company. And you get to move from one job to the other, from one industry, one part of the industry to the other and never leave the company. So always carry your equity with you. So that's, I think, a unique value proposition that we have.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't interview too many people joining the company to tell you the truth. I actually at the senior level, which is where I get engaged, we try to make sure that the value systems are aligned. And so the values that I articulated earlier asking questions to understand that fit. And I think as you go further down at lower levels within the company, that's certainly an important part, making sure that the value system that people are bringing into this space are aligned. I think that's probably one of the most important things for a successful career is making sure that the things that you value, the things that you're looking for in a company, that that company is aligned with that and that the opportunity set at the company matches what the individuals are looking for. Our investment cycles in this industry spanned a good decade. And so having the kind of that”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Around the world, and we're also engaged in working with private ventures and technology companies, small startups, to try to, again, bring in the relevant perspective. So I think depending on which part of the business we're in, we're engaged with the relevant, I'd say, thought leaders in that space to make sure that we're responding to an understanding what the art of the possible is, how people are thinking about things. I think we're fairly humble in our understanding of how things are going to develop and what the right answer is. I think what we've found in our company is very difficult to predict where things are going to go, very important to stay open to the range of possibilities and to make sure we're positioning ourselves so that we're successful, irrespective of which way things are.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a collection depending on which part of the business that we're looking at. So just take a couple of examples. If you look at what we're trying to do in safety and the improvement and our safe operations, we're engaging with the airline industry, with the nuclear industry, with our other peers, really challenging ourselves to what does it take to raise the bar in safety and taking the best ideas that are out there and translating them so they're relevant for us within the company. Technology is such a critical foundational element for our company and the evolution of our company. And frankly, our success over time. And so while we do a lot of technology internally, we also do a lot of work externally in working with the national labs here in the US. We have universities that we work with around.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“The needs evolve as they have since we've started. If you think back when this company was formed, we were making kerosene to replace whale oil for lighting. And then with time, the electric light came along. We moved into making gasoline. And if you look across our history as a company, we've always evolved relying on these fundamental capabilities in terms of molecule management to meet society's needs. We formed our chemical business and the portfolio products that we make out of that business continue to grow. And so my view is you're going to continue to see that evolution. And it comes from focusing on these very fundamental, what we're good at, what the demands of society are and how we can meet those and meet the multitude of demands. And I think that underpins the success that we've had as a company.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Underpins the success that we've had in the company. I think that value system combined with this focus on the fundamentals, we recognize that as a company, we're here to meet the needs of society. We don't define them. And if you think about our role in the energy system, we're at best 3%, probably closer to 2% of the world's energy system. So we're not moving this industry. We're not moving it. We're a participant in it. We're a price taker. So as”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it starts with the values that we work towards. And it's actually been the foundation of the company for a long, long time. But integrity is a really important part of how we run this company and making sure that we do the right things for the right reasons in the right way. As I mentioned before, we have a value of care caring for each other, caring about the impact that we have on society and the environment. We have a value of courage and basically standing up for the things that we believe in and standing on our principles. We have a value of resilience, of doing the tough things and not shying away from the hard conversations and the hard work. I think that value system.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“We've much more closely aligned what we're doing in the IT space and AI with our technology organization and the engineering and the research work that we do there. I think that's going to play a huge dividends. And that's a reflection of the recognition of the role that that can play in driving this business and the success that we can have.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that then frees our people up to focus on the higher value, I think more intellectually challenging opportunity sets and improve. I think it's going to shorten the time cycle of innovation. It's going to shorten the time cycle for implementation. And so I think what's generally going to happen is we're going to work on harder problems and we're going to solve them faster in a simple way of thinking about that. And I think the scope as to where this will apply itself frankly is under development. And I think, you know, we're pretty excited about the opportunity space here. We recently, when we reorganized on May 1st and created our global business solutions group, our supply chain group, we made a decision to move our information technology group into our research and technology organization.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, that's a tough question to answer because I think we're on a, I think, a very steep part of the curve with respect to evolutions in AI and the direction that AI is heading. I think it's got it's going to have a profound impact, I think, on the world and all industries, including ourselves. At the heart of things, as I mentioned before, we're a technology company. And I think using AI and applying that to our business and the different technical aspects that we do are going to have huge benefits. I think fundamentally, the advances in AR are going to allow us to high grade the work that we ask our folks to do. And a lot of the things we can now automate. When did you say high grade?”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I testified to Congress the first testimony I gave was with the pressure of trying to reduce the amount of investments we were making in oil and gas. Six months later, it was another congressional testimony explaining why we weren't investing more within a six-month period. From my standpoint, you can't move back and forth and switch so closely given the dynamics of the investment cycle and what's required to make these big investments. So you got to take a long-term view, stay very focused on the fundamentals and try to drive the right decisions for the long term. That doesn't, again, lend itself to the political cycles.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Doing what we think is right to balance the needs and to face the criticism and the headwinds that come along with that. I don't find typically that that's a works well in the political arena. But for us, given the long investment horizons for the company, the significance of what we do, taking a long-term view and sticking to that, the fundamentals of that long-term view are critically important. And we don't try to swing with the ups and downs, but instead try to do the right thing for the right reasons in the right way. And we think ultimately if it's not popular at one point in time that with the passage of time, that those elements become clearer to people and then they get aligned with it. So I can give you one example in a six-month period.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think some might take exception to that characterization. We tend to stand by the principles and the fundamentals that we think are right. And if you look at our history and even my short tenure in this job, the challenges that we face, the criticism we faced, has been based on”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Every day, every day. I mean, our business spans the world, right? And so I think it's a really important part of managing this business. The products that we make play such an important role in societies. And we saw that recently in Europe with the Russian invasion of Ukraine and the disruption that it brought to the energy markets and how that then affected people all through Europe and impacted their ability to their lifestyles and their standards of living. And so I think the national security aspects of energy come into play here. So rightfully so governments all around the world are very focused in this space and many of them are chasing different policies to try to manage the competing forces. Around the things that we do. And so it's an important part of managing this company and our businesses as you look around the world.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Think as part of the broader So we don't start off by looking at any one place and drawing an opinion on that resource or that country. We instead look at what's the opportunity set look like? Where can we bring the most value? If we have assets or resources where others are better positioned to extract more value than we think we can or where we have the resources, available resources to dedicate to extract that value, that opens up an opportunity to improve, grow value by monetizing it today and allowing somebody to take those resources and focus their efforts in that space. And then we focus ours in other areas.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Needs. Way too much emphasis on the supply side of the equation, not enough on the demand side of the equation. So as long as society continues to demand projects, the supply is going to come from somewhere. Taking it out of Europe and penalizing European companies or companies that are located in Europe for making those products just shifts that to some other jurisdiction. But ultimately, as long as the demand is sustained, prices go up, but consumers and society continue to use those products because today we don't have good alternatives.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's kind of what I'd say is the carrot approach, the stick approach, which is closer to the European, is one, I think very prescriptive in terms of what they're trying, they're actually trying to micromanage the solution set based on what they know today. And frankly, we're at such an early stage. I think it's a huge mistake to be picking winners and losers and focusing on specific technologies, but instead should be looking more broadly at letting the markets figure out which solutions provide the most emissions reductions for the lowest cost. I think that's really clear. The other thing they're doing is penalizing companies or taxing them. So it's more of a stick approach. I mean, one of the issues there, frankly, is you start to drive industry out of the economy. And so it has significant consequences associated with that, with the penalizing companies for the emissions associated with making products that society still needs.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I would just say what the IRA has tried to do is incentivize broader industry to make investments and reduce emissions intensity. And it's given, I think, in most cases carbon intensity standards. So it's leaving it up to the industry. Try to figure out how to meet those standards and not pick winners and losers, but instead or pick technologies specific answers and instead just let the market work to deliver on the objective of reducing emissions and lowering emissions intensity”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“We think that's a better way of holding companies accountable. We are holding ourselves accountable to our emissions intensity and driving our missions intensity down, both our overall CO2 emissions intensity as well as methane. And I think that's a much more effective way. It still drives the accountability. It still drives the focus for the company. But it doesn't come along with the unintended consequences that the Scope 3 target does.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“If you look at the benchmarking that's been done by third parties, we have some of the lowest emissions intensity refineries in the world. And so from our perspective, as long as the world needs diesel and gasoline and other petroleum products produced for refining, you want a company that has low emissions. We're one of those companies. If we stop producing diesel and gasoline, the world demand doesn't change. Somebody else will meet that. And almost by definition, you're taking one of the most efficient lowest emissions intense companies out of the mix for somebody else, probably with less transparency and certainly higher emissions associated with that production. So it doesn't make sense to do that. So we've been advocating for kind of a life cycle analysis looking at carbon intensity for the value chain and how we contribute to that space.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Oil and gas products are needed. Society ought to be preferencing companies that can produce those products at the lowest emissions possible. So if I look at my refining circuit today, we're one of the largest refiners, IOC companies, international oil companies that have refining.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“And therefore, we reduce emissions. And so growing our LNG business today, certainly in the medium term, short to medium term, is absolutely critical to backing out coal and reducing the world's emissions. While we're working on these other solution sets, while we're working on the transition, if I have a scope three target, every ton of LNG I produce is more scope three emissions for me as a company. And so if I want to meet my objectives of reducing scope three, I stop growing LNG. And the world burns more coal. That's not a good answer for society. Likewise, scope three is an absolute measure. It doesn't take account size. And so the bigger the company, the more penalized you are on your emissions. But the reality is we ought to be focused on companies who are effective at managing their emissions, have a low emissions intensity. And for as long as products are needed,”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“For those emissions, but I also think it's important to have the right measures in place. And I'll give you an example of some of the unintended consequences associated with Scope 3 targets for a company like ExxonMobil. We produce LNG, liquefied natural gas. For every ton of natural gas that we produce and ship, typically to Asia, we back out coal.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure. I think the GHG protocols and the scope one, two, and three emissions that you've referenced, it's an important measure when used at the right level. I think the JHG protocol in thinking about your missions in Scope 3 emissions particular is good to use at a macro level to understand for an economy, a society where the emissions coming from and how do you focus on addressing those emissions. But when you take scope three and start to narrow that down and put it on specific companies, I think there are a lot of unintended consequences that result from that. There are better ways of holding companies accountable for their profiles and the intensity of their emissions. And I think that's important. So I think it's important that companies understand what they're doing in this space and how they're contributing, but also think it's important to hold them accountable.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Amount of investments that are going to be required to basically replace today's existing energy system. It is enormous and therefore I think, again, all of the above cost is going to be a challenge for society to bear that cost to reduce emissions. And so finding the cheapest applications that reduce the most emissions quickly is a really important priority in the short term.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think fusion, you know, it's like a lot of these technologies, fusion's, it was encouraging to see the recent breakthrough, but I also think developing, going from where we're at in a lab to something that you can commercially apply at scale. You know, the time horizon for these things are a lot longer than I think people realize. And so I think while it's encouraging, I think we've got a lot of other solutions we have to pursue in the short to medium term to kind of fill that gap. And so I'm hopeful, but I'm also, I think at the same time, recognize the practical challenges of scaling up brand new technologies and getting them to a commercial state that is working.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Have abundant and cheap methane. Green hydrogen can make a lot more sense in the right set of circumstances with the right solar intensity and wind intensity. And so I think as you move around the world, the solution is going to change depending on the Endowments of the area that you're working in. So we tend to look at it as it's an all of the above. We don't have a good answer in any one place. And so the world should be pursuing solutions and all of the areas, not just our industry, but more broadly in energy, nuclear and other capabilities, I think are going to be absolutely critical to basically ultimately achieving the objective the world's trying to meet.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“There's no silver bullet in this solution set. It's really going to be a mix of solutions that are needed. And that mix is actually going to change as you move around the world and look at the context of the applications. I'll just give you an example. In a lot of discussion today about blue or green hydrogen, a lot of folks are very focused on the green hydrogen equation. In my mind, we're fairly color agnostic and instead look at where does it make the most sense? Where can you get the most carbon reduction for the least cost? Because that's the right answer for society. In the Gulf Coast of the US, where you have abundant methane and abundant storage, blue hydrogen, I think, makes a lot more sense. for less cost and therefore you can advance further down the emissions reduction curve quicker by focusing on blue hydrogen if you move to Europe you don't have”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“High. And so we've got to work on bringing that down. And frankly, the policies are being put in place today are incentivizing Of those investments. And the way I look at that is it's a good catalyst to get us started. We got to find a way to get on this path and start down the road. But ultimately, a market's going to have to develop. The government cannot subsidize this business in perpetuity. It can act to accelerate it. It can catalyze the needed investments. It can start industries down this technology curve to get us going, but ultimately markets are going to have to develop. And I would say we're at very early stages of that. And frankly, if you look at the investments that we are making, I'd say that we're actually kind of ahead of a pack in looking at these other opportunities and investments that are required to advance those.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Investments are needed to offset that. And our investment in that space is reflective of our market position and the need to kind of offset that depletion and continue to meet society's needs. While we work on this new industry, the new business of carbon reduction, which today is nascent, is extremely small. And so we're working hard to develop the opportunities that leveraging the capabilities that I referenced earlier. But the opportunity set is extremely limited. And there is today limited policy around the world that is incentivizing that broader set of solution sets. There really is no market today for carbon reduction. There are very few companies who are willing to pay for lower carbon intense products. And so there's not a market that strive force that's driving things. And the technology, as I said, most cases remains high. The cost is”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“It's really, we're not limiting it. We don't start with a budget. We start with the opportunity set. And so I would tell you, you know, people, and you just made the reference to the relative size of that investment, but I would also put that in the context of the relative size of those businesses as they exist today. You know, the oil and gas markets are enormous today. We represent a fairly small position in those markets, but they are depleting resources. And so as the world works on the transition, there's a continuing need for oil and gas. And as we produce that and that resource depletes.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Costs for society? How do you continue to meet these other Needs the benefits that today people are enjoying while eliminating the cost. And that's what our focus has been on.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“At the end of the day, the issue that we're trying to deal with are emissions and the reduction of emissions. People have taken a shortcut. There's been a narrative that's been progressed that says, you know, what that means is you got to get rid of oil and gas. And that may be true in some applications. But if you can preserve the infrastructure, the industrial processes that we have today, and reduce the emissions or eliminate the emissions, that's a much lower cost solution for society. So I think the challenge here is stay focused on the problem statement, which is reduction of emissions and elimination of emissions. How do you do that? Like I said, in some cases that means eliminating the combustion products. In other cases, it may mean eliminating the emissions associated with that combustion. We're kind of agnostic as to which way it goes. It's just looking for what makes the most economic sense.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Basically, sources, dilute sources of CO2. And that's one of the technical challenges associated with that. We've got work to do to make that technology more economic for more dilute sources of CO2. But that's work that we've got ongoing. I think it's going to play a critical role. And if you just step back and think about it, does it make sense?”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's a critical element of the solution set, and it's not just ExxonMobil, I think if you step back, the IEA, IPCC, a lot of credible third parties in looking at the world and the solutions needed to rapidly address the emissions, carbon capture is going to play a really important role. It is a technology that exists today. It's one that we have a lot of experience in. In fact, as a company, we've captured more anthropogenic CO2 than any other company on the planet, so we're pretty familiar with it. It's been used in the past for different reasons, but the technology remains the same. The cost is high when you start applying it to”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“I think what we're challenging ourselves on is if we bring a real advantage to this space, then we ought to be able to generate above average industry leading returns. And that's the criteria that we're using. And if we can't do that, then it says to me, you're not bringing a unique, valuable advantage to this space. And therefore, you got to look for other areas. And so that's the standard we hold ourselves to. We don't have to, you know, focus on a solution and give up returns or focus on returns and give up a solution. We can do both of these things. The projects that Are allowing us to do both to generate solutions, invest in solutions, and generate returns.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“And to make technologies work at the scale required play a really important role here. Our ability to start businesses from scratch. You think about when we went into Papua New Guinea, when we go into Mozambique, went into Guyana, you know, we're basically working with governments to establish brand new industries in those countries. There is no carbon industry today, but we're hard at work to establish that value chain and working with governments around the world to do that. So there's a lot of things that we bring into this space that I think is unique to our company and really important for long-term successful solutions in this space, solutions that are desperately needed.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Think you need to focus on what the skills and capabilities, the competitive advantages you bring to bear? If it's just a checkbook, I think there are a lot of people who have checkbooks, and a lot of people can put money in this space. The standard that we hold ourselves to is making sure that we can bring something unique to that space, that we can add value that others would be challenged to bring. And I think our technology capabilities certainly, I think lend themselves to these other solution spaces, which are going to play a really critical role. Our ability to scale things up.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Needs are capabilities in that molecule space translate directly to opportunities with these new solutions. So think carbon capture and storage, think hydrogen, think biofuels, all of those recognized by credible third parties are going to be needed as part of the solution. We think we can bring something to bear there, bring an advantage to society, offer advances that are going to help drive solutions that address the risk of climate change and at the same time generate unique value for our shareholders. We think that makes more sense. At the end of the day, we're a molecule company, not an electron company.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, we've looked at it from the standpoint of, first of all, what do we bring to that space? As a public company with shareholders' money, my view is we got to bring something unique there to deliver a return to our shareholders. I would say fundamentally, if you look at what we do as a company, while we've talked about it being an energy company, we have one of the largest chemical companies in the world. And if you look at fundamentally, our core competitive advantages in managing and transforming molecules, hydrogen and carbon molecules. And so if you look at the history and what we've done and the progress we've made, it's been in our ability from a technology standpoint to better manipulate, manage, and transform molecules to make products that society needs. That's where we've been focused and continue to stay focused. And if you look at these additional solutions that I referenced, what the world”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Role they're necessary, but nowhere near sufficient. We've been too focused on that without enough emphasis on the other solutions that are required and the work that we need to do to find those solutions.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Society's ability to bear that cost. That's been a huge challenge here. I think we'll continue to make progress, but it won't be at the rate and pace that I think society's objectives reflect. And then I think the question is longer term. Do we find as a society better technologies, improvements in technologies that lower that cost, improve availability to meet those other needs while addressing the emissions? And I think, you know, frankly, that's a question that hasn't been addressed or we don't have the answers to yet. We're in the discovery mode. We're in the research and development mode. And unfortunately, I don't think we've put enough society as a whole has put enough emphasis in that space in coming up with the additional solutions. We got very focused early on on wind and solar electrification. And no doubt those are important technologies that are going to play an important role.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think the challenge here is we focus on the point around climate change and the emissions and the cost associated with the use of today's energy system and the emissions associated with it. You've got to at the same time, though, as you're thinking about how things are going to change, be very cognizant of the benefits and recognizing the benefits it's provided to society. And as you move to change the energy system and reduce emissions, you got at the same time think about how you continue to meet the other needs of society. So it is a multi-dimension challenge. A lot of give and takes. And the challenge that we have is finding alternatives that have the same utility, the same affordability, the same availability. That's been the challenge here. And I think if you look at then the cost of that transition.”
2023-06-07 · In Good Company with Nicolai Tangen · Darren Woods CEO of ExxonMobil · IDENTIFIED FROM THE TRANSCRIPT · source