How ExxonMobil Will Survive In The New Climate Reality
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- Опубликовано: 23 июн 2022
- In this extended cut of David Faber’s interview with ExxonMobil CEO Darren Woods, the oil and gas industry leader explains his dedication to biofuels and direct air capture, discusses the company culture, the future of the energy transition and why he doesn’t believe the company should be held responsible for Scope 3 emissions. Watch the video to get the inside scoop on how ExxonMobil sees itself thriving in the next 20-40 years.
Exxon Mobil CEO Darren Woods would like the U.S. government to help incentivize some of the clean energy innovations his company is developing, like biofuels and direct air capture of carbon dioxide.
In an interview with CNBC’s David Faber, the leader of one of the largest oil and gas companies in the world said direct air capture, or the process of pulling carbon from the atmosphere, is in his mind “the holy grail.” He continued, “if you can overcome some of those technology hurdles, get your cost down, you’ve got a technology then that can address this in a very cost-efficient way.” The company estimates the market to capture and store carbon dioxide will be worth $4 trillion by 2050.
There is a current price on carbon dioxide sequestration listed in the IRS tax code and known as the 45Q tax credit, but it tops out at $50 per ton captured and stored. Exxon Mobil would prefer a price of at least $100 per ton.
Woods recognized a higher carbon price could be a difficult political accomplishment and suggested policies focused on specific market sectors could be a good start.
Proposing a carbon tax has been a point of controversy for Exxon Mobil. Keith McCoy, a former Exxon lobbyist, was once caught on camera saying that he did not believe a carbon tax was going to happen, but that it “gives us a talking point that we can say, ‘well what is Exxon Mobil for? Well, we’re for a carbon tax.’” After the tape was released, Exxon said McCoy no longer worked for the company and disavowed his statements.
When CNBC’s Faber asked Woods if he thought carbon capture could be a key profit generator in 25 years, he said it could be. He was encouraged by the clean energy conversation expanding beyond wind and solar and sees growth potential for Exxon Mobil in the future.
McCoy did not respond to CNBC’s request for comment.
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How ExxonMobil Will Survive In The New Climate Reality
Great CEO and Great company, much more rational than Mainstream media on the issue
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You guys have to understand that Exxon as well as other corporations are money-making machines. They don't and will never care about any externalities, unless they are forced to (public pressure or legislative action). You cannot expect a company to be "moral", because the only thing that a company cares for is profits. In the case of Exxon, they already have a huge industrial base and knowledge about extracting and processing of hydrocarbons, therefore they will try to utilize this knowledge as much as possible in order to increase profits. It's up to the people to influence the government, which will put restrictions on companies which cause climate change and make them behave more morally. Then Exxon will adjust to the pressure and change its policy. Why? Because they want to keep making money, that's why.
Exxon now has two anti-fossil-fuel members on their board at the behest of BlackRock. so, some of the big money wants to go green, for selfish interest, to survive.
exxon: "but where's the incentive to not destroy the world?" he might as well have said he's willing to hit 3C by 2050 unless we give him more tax money from poor people.
In summary, “We’re gonna ride the oil train till the wheels fall off”. You’re welcome. Roll credits 🫡
You clueless kids have no idea how the world works. We can't just turn oil off. Oil will be around for many years to come.
Thanks actually. lol.
Yes and that’s just fine, CO2 is good for plant growth!
Never forget. Exxon has known about the effects of climate change since 1952.
You could find television shows informing the public about climate change in the early 60s
My point is that a lot of people did know
@@justhowgoo752 and exxonmobil continued to actively sabotage the efforts to combat climate change while many people remained uninformed or apathetic. These are two different things, two vastly different levels of vice.
I'm with ExxonMobil on plastics recycling technology development!
I am a fan of XOM and think they have a lot of time on their hand to continue to develop and pivot... Even if the world is in the midst of an energy transition, it will take a lot of time... A lot of growth for XOM's future as well as they transition themselves..
What are the volumes and masses of total Earth petrochemical reserves? What is the projected demand? When will the system collapse when the supply is completely consumed?
coming on CNBC to promote your company means your stock price about to go down from what I've seen. guess its puts on Exxon. Thanks CNBC ;)
exactly
Excuse the typo, "petrochemicals be Space Exploration and Military Aviation?"
The shot sum one durin dis interview did yaw hear it?
Hes not wrong though, climate change is a multiple solution approach. There are use cases for CO2 capture, green methane, wind, solar, nuclear.
The interview spends way too much time on biofuels. With current technology, bio-fuels pollute more than just using diesel.
There is also the negative consequence that producing biofuels lowers the food supply.
Carbon capture technology is probably going to lead to the development of sustainable fuels before corn does.
They use corn for animals not humans there are two types of corn most don't know that
thats only true if you are stupid with it like usa. like raising corn just to use it in biofuel. finland neste for example uses industry waste as biofuel, stuff that would otherwise be hazardous waste. never actual food that you can eat. "In 2021, the share of waste and residues increased to 92% of Neste’s total renewable raw material inputs globally. "
@G w
yeah but the space could be used for food for humans.
@@Redmanticore Corn is a global commodity and the US is one of the biggest exporters so if it goes up here it will go up around the world. The last study I found it was only about 3 to 5%, I think inflation is actually beating that right now. However in the US we might start putting 20% ethanol in our gas so that plus inflation might not be good.
Also as a fun fact puffed Cheetos used to be considered industrial waste. I think the inventor discovered it while cleaning horse food machines, he took home the pellets and fired them, now it's a major chip brand.
@@woodchuck003 Seen "Exxon is cartoonishly-evil" by 'Climate Town'?
@@nenmaster5218 I looked it up because the name sound familiar.
He's the guy with the conspiracy theory that the plastic industry purposely made the resin code a triangle to make people think that it's the recycle logo.
It's really funny because he put it out during a time when you can go to the supermarket and products have really large icons telling you which parts of the packaging are recyclable in which aren't.
As someone who grew up in the 90s I never thought nor have I ever met anybody who thought that the resin icon was the recycle icon.
I think he's just trying to rely on his viewers being young and naive to not realize he's talking out of his ass.
From the 5 videos of his I've seen they're all filled with conspiracy theories and alarmist content. He is an example of why people don't like "environmental activists," they too sprinkle their content with lies and misinformation but they believe the ends justifies the means in their case.
How do we convince these foreign countries to open up to American investment; what do they want for access to their markets and resources?
The probability of failure must be taken into account in the business model!
Should the future of petrochemical by Space Exploration and Military Aviation?
Where did you learn to stretch your back like that? Ever visit a Las Vegas Strip Club?"
Race & Sports book gambling is so similar to stock market investing the comparisons never cease!
I wonder how many people from the world economic forum owns this company?
All of them!
Instead of artificially increasing share prices through stock buybacks, invest in an alternative energy portfolio to prepare for a long therm strategy that recognizes the fact that fossil fuels are limited and not clean burning!
Okay so this guy is all talk. Remember,mber Exxon new in 1980's that carbon was going to warm the earth and cause catastrophic damage and yet they did nothing, and hid the information with false research. So spare me the "we need to build the market" or the "we need to build CCS technology." It is 2022, you have had 42 YEARS to make those investments. Price carbon now ramp it up fast and get these companies MOVING. They have ground to make up. And if they don't move, fine them and use the money to fund the solar, wind, and renewable energy companies working day in and day out of bringing down the price of these technologies. They need the money more than the "Hydrocarbon Manager." Give me a break.
A lot of people have said or thought that...Perhaps not in those words.
What would Exon Mobile trade in exchange for access to Venezuelan petrochemicals?
TITANE may be fun for these two to watch this Thanksgiving & Christmas 2024.
I haven't seen the entire movie , yet.🙂
Morale sucks at XOM the forced ranking is brutal and prevents teamwork and stifles creativity
What will the government of Venezuela accept in exchange for American oil interest to reenter their market?
like literally this dude won't take a second of responsibility
If oil is cut off tomorrow, you'll likely die. So what's your plan?
There is no reason to believe Exxon will survive That's not the way business has worked in the past The only company that survived the transition from horse and buggy to ice was Studebaker All of the others went under
In what year did we hit Peak Coal?
@@anonymousAJ 2019
How can we turn the products of combustion into useful industrial products?
Will the system completely collapse when the petrochemical reserves are completely consumed?
What does Europe have to trade for Exxon Mobile's products? Electric BMWs, Industrial machinery, German nuclear reactors, Euro's?
Many aspects of business are analogous to gambling; play the best you can, but ultimately the outcome is uncertain to what percentage!
The aspect of casino gaming that is most analogous to stock market investing is the race and sports book; think about it!
this guy got thrown more fastballs than I have ever seen in an interview. and he somehow striked out. Like forreal this guy just downplayed every question.
What did Fugencia Bautista receive in exchange for allowing American Casino companies operate in Cuba? SUITCASES FULL OF United States CURRENCY!!!
Can wind or solar even generate enough power to be feasible?
At some point between now and the heat death of the universe, yes. However feasible wind & solar may be closer the latter than the former
If they get as much governments' subsidies as the fossil fuel industry gets up to this day (even with their billionaire profits) *sure.*
Technology has improved greatly in the last decades to make clean energy more efficient (doesn't your phone battery last longer? Aren't electric cars traveling longer and faster?), many civilized countries are already transitioning to clean energies (even in not sunny places like northern Europe), and China is leading in the making of electric cars - because the USA left the market open for grabs.
Think historically. When cars just started to go around, horses dominated the landscape, as they had done for centuries. There were no gas stations, no spare parts to be bought anywhere - cars were unaffordable for most people. Still they are, counting the whole of humankind. Cars are mostly unnecessary, if you count in public transportation. Why do you think cars are basically the only way of transportation in so many places in the USA, and public systems were dismantled? Fossil fuel lobbying much?
It has been in their policy of public misinformation to convince the public that CO2 is innocuous, that climate change isn't real - and that clean energies aren't viable, so everyone must keep paying them for fuel instead of putting some solar panels on the rooftop and getting energy for free.
I highly recommend you to look for the documentary Merchants of Doubt, and related investigative works, denouncing how these companies have been marketing their products as tobacco companies do. They know they are harming everyone, yet they won't stop - until people vote their paid politicians out, and manage to stop buying their stuff.
using nuclear for process heat would allow petro;eum distillation with substantially lower carbon costs and position big oil for the transition.
Very interesting!
A slick guy
Well done for doing the rebuy of shares on the 20 billion profit of this year .
Seen "Exxon is cartoonishly-evil" by 'Climate Town'?
@@nenmaster5218 no, I said well done .
I better put down the TV remote and pick up some books on chemical engineering, mathematics, physics, and many branches of chemistry!
The majority of Research and Developments' probably fail. Does that mean we should abandon them when the payout can be so giant?
The real question is should Exxon survive?
Yes because they have huge mortgages *the executives.
And don't buy gas if you don't think they should survive, , don't drive a car, then, but don't you dare play that an electric car doesn't cost more pollution in manufacture and generation over the life of the vehicles
@@danasmith1899 That's exactly my point. If a system requires you to hurt something to get things done, then that's not a good system. In this case, the problem are cars. Advocate for public transportation. And fyi I don't buy gas because I don't drive a car and am fortunate enough to have somewhat good(not best) public transportation. If you don't have good public transport infrastructure, the more reason to advocate for it. You're not helping by supporting something that you know is wrong. Looking for alternatives is the way to go.
I don't get this negative thoughts, blaming, shifting of responsibility from all people to one company or industry. In this world do not exist even one single person which don't use the goods which comes from oil industry... If some1 do not agree with this they should try not not use all modern things we used to, all of them, all are driven in our world by oil...
So instead of putting blame on some1 those eco-friendly people should propose feasible solution which will work for all. If they can't they should keep silent...
Uhm, maybe we can blame them though for the CRIMES-AGAINST-HUMANITY?
Is that a thing we should maybe not praise someone for?
Best way to capture CO2 is already here but companies like this are cutting them. These guys are drilling in other countries to support the US truck driver's need for gas.
yes they are working on car emission, but what about the military?
This interview could be 10 minutes
The job of a lawyer, "...write a law my enemy broke or will brake!"
The job of a lawyer, "Look through the laws for one my enemy broke!"
What's it like doing business in foreign countries; how does the financing work? Ancient Venetian merchants sailed the globe in wooden ships powered by wind often dying at sea or at the hands of their trading partners murdered and robbed in foreign lands! Some made it home and became fabulously rich!
What happens when there is no hydrocarbon to manage?.. the future energy will be carbon-free technology!
Yes in 3000 years maybe
This is an intelligent, thoughtful and holistic conversation. Thank you CNBC....and Xom.
.
I heard nothing but fluff from this guy. Not sure where you thought he made sense...
If ExxonMobil disappeared today that would solve little to nothing as man made co2 emissions are only 5% of the contribution. The problem is we've removed 50% of the world's forest (the natural solution) and continue doing so every year. If we start replacing what we've removed, what all the oil companies contribute in total is suddenly balanced just like the natural co2 once was. We need forest and oceans to balance our world. Instead of focusing on the real problem it's convenient to blame ExxonMobil because it allows us to violate their constitutional rights in policy that discriminates in taxation...
Nice change in the company over where it was not that many years ago!
He will have a rude awaking if Mr glenn lall becomes the president
High quality person one would want running a leading energy firm!
oh brother 🙄🤦♂️
It seems to me many good comments it’s coming from people working for X Mobile but they don’t mention what the heck they did for last decade and oil price is going so high And why many companies working oil field they prevent any new fineries for the last 10 years they prevent that so the gas prices going up all the oil company they just sucking up any cents in your pocket .
Will you respect ExxonMobile Patents if we do business?
This guy had nothing specific to say, but a lot of general sales pitch.
Seen "Exxon is cartoonishly-evil" by 'Climate Town'?
"Providing reliable and affordable energy "
Laughable
Could careless if Exxon survives or not.
You care very much. YOUS top concern is the ceo has a nice mansion.
CNBC as usual bootlicking hedgefunds and oil giants.
you would care if you like to drive cars or buy food. without oil there would be no grocery stores
@@sten260 yeah, I heard viking travelled the world in v8 powered engine
@@royal-recordz so you are suggesting that we should import stuff on the sail boats? okay dude, take your meds
They survive by gouging you at the gas pump. Eventually they will have to go into renewable energy or go out of business.
Because renewables are extremely promising
The BIG money and the SMART money is all moving into the global hydrogen economy.
Wrong. Them cars make water farts. Sorry son but me car drinks whiskey.
@@ericB3444 😂😂😂
I am putting all my bets on steam engines that is the future!
Do the hippies realise their Chinese windmills and electric cars are made using oil gas and coal? How do they think we are going to build al these 'green' projects without energy?
Is Manuel Noriega just like Donald Trump and Pablo Escobar? What's defrauding the IRS!!!
Why can't Christian denominations peacefully coexist and transact business? Their are a set of shared values and beliefs among them!
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@Damain McKay THANKS A LOT I HAVE CONTACTED HER NOW AND SHE RESPONDED
This topic isn’t interesting. Electric cars will take over and other means that don’t involve oil. Period. I don’t care about the company.
Apparently you aren't aware of all the oil that is needed to build an electric car.
A lot of people who claim to care about carbon emissions don't seem to realize electric cars don't eliminate emissions, it transfers when and where emissions are created. A lot of times those emissions are transferred to developing countries that have lower environmental standards.
@@woodchuck003 oil is needed at this time for that process. Possibly not in the distant future. Also this is a much smaller fraction. Any small amount won’t support this super-rich company.
electric cars are like 0.1% of economy right now. there are no electric cargo ships or airplanes either. Most of the planet runs on diesel right now. Lets see in 100 years
@@sten260 the scope of my statement is an answer to the title of the documentary. I think it got likes from others because these companies are massively ripping us off as they let the door slam on time. They are creating a shortage. We don’t care about their future as presented in a suit and tie. Don’t let the door hit them on the way out.
@@ericB3444 thats just not true
Not many likes
I respect everyone who were involved in this Seriously the best piece that i ve ever seen on RUclips 💌 Hate off to well all 💟 love your videos
Nobody Kares bout Exxon
Carbon capture literally does not work
it baffles me since Co2 is heavier then air!
XOM is a fantastic company, without them the modern world would be a very very different place. People have no idea how ubiquitous oil is in their lives and how it touches EVERYTHING in their sights. We will transition but it's a decades long process, not a 5 year project. Oil demand is still rising and as the 3rd world modernizes like Africa and South America they can't afford green tech so it's going to be fossil fuels for a long time to come. Good to see a bunch of greeny clowns here though that are completely disconnected from reality and/or stuck in conspiracy theories like "price gouging"...if you are a capitalist then you probably should stfu and if you aren't a capitalist then you are basically a moron. Capitalism created the wealth the world has, learn to adapt.
Agreed. And CNBC's David Faber came off like a total tool in this interview with condescending "yeah, ..." and "right, ..." responses to this CEOs statement. It was not an informative dialog at all; just a scolding to play to those viewers whose understanding is "oil bad, electricity good."
Bs
He's such an evil man. Price gouging and causing a ripple effect in the economy. I hope on a decades time that majority of the vehicles sold are electric and put these oil barrons put of business for good
Pearl clutcher
Hey Ronnie, I'll bet you can't guess where most of that electricity comes from. Hint: it's not magic.
@@realSamAndrew from your wife...
@@ronbrown7941 who knew the one who goes around calling other people evil is such a nice guy. What a sweetie pie you are. But not too bright. I notice you have no substantive response.
@@realSamAndrew typical commie agitator..... prolly gets a check from that other wonderful human being, george "i am God" soros..... I am glad you get it.....
Worst CEO I have ever heard to
tell that to the shareholders!!
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.
Never forget. Exxon has known about the effects of climate change since 1952.