RATING
Outlook
Negative
SECTOR
Manufacture Of Coke And Refined Petroleum Products
Chief Sustainability Officer
D. G. Wascom — Vice President-Global Operations & Sustainability
Contact Details:
LinkedIn: N/A
T: N/A
E-mail: N/A
Stock Exchange and Ticker
NYSE: XOM
Website
Contact
T: +1 (972) 940-6000
E.mail: N/A
Listing
- #339 America’s Best Large Employers (2023)
- #401 World’s Best Employers (2022)
- America’s Best Employers By State (2022)
- #15 Global 2000 (2022)
- #487 Best Employers for Diversity (2022)
- #237 Canada’s Best Employers (2022) (Dropped off in 2023)
- #197 Best Employers for Veterans (2021) (Dropped off in 2022)
- #202 Best Employers for New Grads (2021) (Dropped off in 2022)
- #195 America’s Best Employers (2021)
Awards
- Offshore Guyana, the Liza Unity floating production storage and offloading (FPSO) vessel was awarded the SUSTAIN-1 notation by the American Bureau of Shopping
- ExxonMobil supports the U.S. and European Union’s Global Methane Pledge, the U.S. Methane Emissions Reduction Action Plan, and the Oil and Gas Climate Initiative’s (OGCI) Aiming for Zero Methane Emissions by 2030
- Awarded #1 most attractive U.S. energy company for engineering students, #2 globally
- Exxon Mobil “ Top in In Industry ” for Most Attractive U.S . Employed by the 2021 Universum Annual Awards
- ExxonMobil’s mass flow metering system (MFMS) technology has received a prestigious Seatrade Award for Innovation in Ship Operations
Revenue
$23B
Market Capitalisation
$235.34B
Employees
63.000
Content source
- Advancing Climate Solutions 2022
- ExxonMobil Sustainability Report 2019
- ExxonMobil: Investing in people
- Community investments | ExxonMobil
- Safety | ExxonMobil
- Shareholder relations | ExxonMobil
- Environmental management | ExxonMobil
- Mitigating emissions in our operations | ExxonMobil
- Developing and deploying scalable technology solutions | ExxonMobil
ExxonMobil Sustainability Report
Evaluation of ExxonMobil
Due to ExxonMobil’s main operations in the oil and gas industry and lack of bold renewable energy investments the company cannot be deemed as sustainable. The investments in carbon capture solutions and low carbon technologies do not solve the problem of climate change. They definitely do help, but the main problem is the use of fossil fuels and the very slow branching off from it. Exxon may use these investments to continue polluting as ever, while promising net-zero by 2050. Capital expenditure plans through 2027 show that Exxon Mobil spending was just $15 billion on emission reduction investments, despite the company having earned $23 billion in profits in 2021. In fact, $15 billion is of course a lot of money, however compared to the company’s profits and still, the lack of investment in renewable energy, such investment may not seem honest.
The company has been supporting communities and donating hundreds of millions of dollars a year and has been focusing on improving the life of its employees, diversity and equality. Further, the company possess valuable certifications, but not so many awards or listings.
No matter what ExxonMobil writes in its report, its actions towards climate change and global policy are extremely harmful and we don’t know yet what the consequences will be. It is unforgivable that the company lied to the whole world about climate change, while scientific evidence proved otherwise. On top of that, lobbying against climate policies, when we urgently need them, is (allow me to get personal) just utterly disgusting and shameful. ExxonMobil shall be graded a fat F.
Sustainability Scorecard
ExxonMobil Company Activity
ExxonMobil Corporation is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller’s Standard Oil, and was formed on November 30, 1999, by the merger of Exxon and Mobil.
Over the course of its long history of more than a century, ExxonMobil has evolved from a regional marketer of kerosene to an advanced energy and chemical innovator, and one of the largest publicly traded companies in the world.
ExxonMobil is the largest non-government-owned company in the energy industry and produces about 3% of the world’s oil and about 2% of the world’s energy.
Exxon Mobil is one of the most consequential and profitable companies in U.S. history. For more than a hundred years, the company’s oil and gas have helped power the global economy.
ExxonMobil Sustainability Activity - As per company declarations
ExxonMobil is committed to producing the energy and chemical products that are essential to modern life and economic development, while protecting people, the environment and the communities where they operate, including mitigating the risks of climate change. The company regards this dual challenge to be even more important in the coming decades as growing populations and global economic expansion are expected to drive energy demand higher. ExxonMobil has not reduced its oil and gas operations, nor did it invest in renewable energy. Instead it is focused on carbon capture technology, improving efficiency and low carbon solutions like hydrogen.
Certificate & Labels, Standards and Frameworks
- Advanced recycling of plastic waste based on ISO 14067 feedstock basis
- the 2020 ExxonMobil greenhouse gas emissions inventory meets ISO 14064 expectations
- ISO 9001 Certificate
- ExxonMobil receives top certification for methane emissions management for natural gas from Permian Basin
- ExxonMobil Receives Second Certification for WEC Performance by DNV-GL
- IATF Certification: ExxonMobil Product Solutions France (IATF 16949:2016)
- ISO 14001 and 45001 LRQA Attestation Stmt 2020
- International Energy Agency’s (IEA) Net Zero Emissions by 2050 (NZE) scenario
- The reporting guidelines and indicators of Ipieca, the American Petroleum Institute (API) and the International Association of Oil and Gas Producers (IOGP) Sustainability Reporting Guidance for the Oil and Gas Industry (2020)
- TCFD framework
ExxonMobil in the news: Press Reviews and Social Media
An activist investor [Engine No. 1] successfully installed three directors on the board of Exxon with the goal of pushing the energy giant to reduce its carbon footprint. Chris James, the founder of Engine No. 1, argued that Exxon’s management wasn’t making needed changes fast enough, so he took the matter into his own hands.
Even after the board has changed due to Engine No. 1, it is ultimately up to the shareholders to agree to larger investments in the energy transition, acknowledged board member Jeff Ubben. Capital expenditure plans through 2027 show Exxon Mobil spending just $15 billion on emission reduction investments, despite the company having earned $23 billion in profits in 2021. The company also plans to increase its output in the Permian Basin, an area comparable to Nebraska, through its subsidiary XTO Energy which is developing a massive new processing plant there.
ExxonMobil misled the public about the climate crisis. Now they’re trying to silence critics
In 2017, TheGuardian published the first peer-reviewed analysis of ExxonMobil’s 40-year history of climate change communications and found out that it misled the public about climate change and its severity. Not only did ExxonMobil lie, but now the company is trying to silence its critics. In order to defend itself ExxonMobil’s critique has resorted to quoting a non-peer-reviewed report commissioned and paid for by the company.
An undercover reporter from Unearthed was told by two senior lobbyists in Washington that ExxonMobil worked to undermine Joe Biden’s plans to limit greenhouse emissions and other environmental measures in his infrastructure bill. One of the lobbyists also admitted that Exxon “aggressively” fought against climate science and funded shadow groups to deny global heating.
Highlights from ExxonMobil Sustainability Report
- Last sustainability report from 2019
- Net-zero emissions from operated assets by 2050
- GHG emissions have been decreasing across equity basis, operated basis and flaring, only energy operated basis have remained stable
- Exxon to invest $15 billion in lower-emission opportunities through 2027 (compared to $23 billion revenue in 2021 alone)
- ExxonMobile has advanced its recycling processes
- In 2019, 22% of ExxonMobil’s executives were women vs. 13 percent in 2009, while in 2021, there was 29% of women in the global workforce
- In 2019, ExxonMobil contributed $253 million to communities around the world, in 2021 it was $163M
- ExxonMobil’s team of internal auditors annually reviews approximately one-third of the corporation’s activities and processes
- No concrete action towards renewable energy
- No reduction of oil and gas operations
- Greenwashing and misleading the public about climate change
- Lobbying against climate solutions
Targets vs Progress Reported
| Target | Results reported |
|---|---|
| Achieve net-zero operated Scope 1 and 2 greenhouse gas emissions by 2050 | - Reduced its Scope 1 and 2 emissions intensity by 9%, as we continue progress toward its 2030 greenhouse gas emission-reduction plans |
| Have about 1 billion pounds of annual advanced recycling capacity by yearend 2026 | - Advanced recycling of plastic waste for certified circular polymers, for every 1000 metric tons of waste plastic processed, GHG emissions are expected to be 120 metric tons lower than the conventional process - Plastic packaging has 54% lower life-cycle GHG emissions versus alternatives - ExceedTM XP enables up to 30% thinner plastic packaging versus conventional plastics - Certified circular polymers with equivalent performance of virgin plastics |
| A joint venture in Norway will provide nearly 1 million barrels of renewable diesel annually by 2024 from woody biomass | - No progress reported yet |
