Exxon Mobil Corp. is open to partnering with venture funds and other investors to advance its carbon-capture business, Chief Executive Officer Darren Woods said.
Climate tech currently has “really been concentrated in transportation and mobility, there’s a big opportunity in the power-generation sector and industrial sectors for additional investment,” Woods said in an interview with Bloomberg TV on Thursday. “There’s opportunities which are part of what our new Low Carbon Solutions business is focused on.”
Under pressure from investors to address climate change and weak corporate returns, Woods sought to reposition Exxon in his annual presentation to Wall Street analysts this week.
He pledged to rein in production growth, particularly in the Permian Basin and North American gas fields, and to generate more cash for dividends and debt repayments. A flat production profile also signals lower potential emissions.
Whether that will be enough to rebuild Exxon’s reputation among investors remains to be seen. The CEO is adamant that Exxon can be a cash cow for shareholders and contribute meaningfully to the energy transition.
This article was provided by Bloomberg News.