Exxon CEO’s solution to slumping shares: drill big, drill better

Bloomberg

Darren Woods is mounting a strong defense of his plan to rescue Exxon Mobil Corp. from its share-price slump with a multibillion dollar investment spree that’s at odds with the belt-tightening undertaken by rivals. Far from preaching spending caps or showering investors with cash, Woods’ solution, outlined in an interview, is to invest heavily in mega-projects that he says are so low cost they’ll dominate oil and natural gas markets for decades to come. Now his job is to persuade skeptical investors it will work, a hard sell so far. Since Woods’ became CEO in 2017, Exxon has fallen 9 percent.
The CEO said he sees “a little bit of a disconnect” between the market’s short-term expectations and Exxon’s long-term planning. But he remains confident.

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