I don't know how much Exxon would change as a result of agreement to purchase renewable diesel for 5 years, but the course change is inevitable in order to survive those sharp drops.
https://steelguru.com/gas-oil/exxonmobil-global-clean-energy-holdings-sign-pact-for-renewable-diesel/562240
After all the bailouts EM is still losing, maybe it's time to try something different.
There is no energy transition...
I'm a reporter with InsideClimate News and am interested in this discussion about the energy transition that's going on inside the company. I'd welcome speaking with employees or former employees, on or off the record. You can contact me at nicholas.kusnetz@insideclimatenews.org or securely at nicholas.kusnetz@protonmail.com or by text or Signal at 917-719-0671.
It is true. I have never seen a company spend or waste as much as we do. This is not the lower tier people because they are not approved to spend money. It’s the higher tier that spends big. HR also spends more than necessary because no one is watching.
No - California biodiesel and algae R&D are linked because they are both used to argue how “green” and “woke” the company has become. While
Some managers are using both initiatives to stroke their own egos, everyone else (including Dallas) knows that there is no real future in either of them. While most employees shake their heads at the colossal waste of money (mostly spent outside the company), it barely even registers to Darren and the boys on the board. The California deal certainly wasn’t the sole reason that Milton left, but he must have been in the bottom 8% of people at the President or VP level
You are simply wrong. There is no relationship - none- between the Algae project and the California thing. The second has nothing to do with R&D.
Everything Exxon does in the space is window dressing. They think they can fool analysts by making small gestures and peddling advertorials in the press. Exxon has no strategy for energy transition. Not even the carbon sequestration project is functional. Partnerships with universities and national labs are just PR.
There is no incentive to pursue renewables within the company because managers suscribe to the paranoid view that everyone is out to get them, any criticism is unfounded, and everyone is wrong because they are right. It’s sadly the race to be the last dinosaur.
Those that are aware it’s an issue for the longevity of the company also understand they will be gone and cashed out before the last investors are left holding a bag of worthless junk.
The only thing Exxon really is doing is investing in lobbying and entrenching into places where they can get away with business as usual.
Milton retired at 55. Not exactly the age that people at this level retire. His replacement is 2 years older. I am pretty sure he was “retired”. Is it a coincidence that the California announcement - under his name, mind you- came the next day? I think that the previous poster might have a point.
Drop in the ocean as an earlier poster said. For all we know, that's what did Bryan Milton in. ExxonMobil is proudly, unrepentantly a fossil fuel company. As Darrin said in the Houston town hall a couple of years ago, if you want renewables, go buy stock in companies who do that, we'll stick with what we know and do well.
Oh wait! That's what everybody did!
EM is done, this is just the steel industry in the 1900s or coal in the 1930s, it s on the decline and anyone worth half a brain will realize the money is not in this industry anymore. Like the steel companies it will all be offshored.
This purchase is pennies in the grand scheme of things... Not sure this is a change of course...