SKU: 141284
Author: Wood Mackenzie

Insight 09 March 2022

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Report summary

ExxonMobil left no doubt that it has come a long way over the last year at its 2022 Analyst Day. The company has moved swiftly to reshape a strategy that plays to its competitive strengths and is adaptable to a range of scenarios. The crux of the strategic repositioning is that low carbon themes have to scale up massively in a rapid transition. That would require a much higher carbon price to deliver the necessary returns to attract investment. These market dynamics would drive the re-allocation of resources from ExxonMobil’s legacy business into building new profit centres in hydrogen, biofuels and CCS. In practice, the Supermajor’s new energy portfolio is in its infancy. The company still has to execute on its strategy to lead the industry in the energy transition. We look at the role an improving legacy business will play and the challenges to address in delivering on the low carbon strategy.

Executive Summary
- A huge potential investible market in CCS, hydrogen and biofuels
- A strong foundation from which to execute the strategy
Shedding more light on the low carbon strategy
Repositioning the core Product Solutions portfolio for the energy transition