Exxon Mobil will preserve its high dividend in the face of the big oil downturn, laying off 15% and cutting 15 % expenses. "most of its shareholders hold that stock for the dividend," said D. Woods CEO. Exxon will focus on Guyana, Brazil and W. Texas going forward.
Exxon will focus on Guyana, Brazil and W. Texas
Mr. Eric Pletcher who is now the Country Manager of Exxon Mobil Megi in #Equatorial Guinea sees profits rising.
ExxonMobil, Chevron, and BP stock is up 25% in November 2020. Many believe that the three vaccines will get the economy going again after the Pandemic devastated industry. an upturn in the energy sector will result in a quicker return to positive performance for XOM. Projects from New Mexico to Guyana are pumping crude oil into a rising market, while its refineries and petrochemicals plants continue to gain as the economy recovers. Exxon Mobil is an oil and gas corporation headquartered in Irving, Texas.
“Exxon is committed to the future of fossil fuels” says Paul Sankey, an oil analyst who runs Sankey Research. He is right about sticking to Exxon does best, until some other magical solution appears to provide industry with products needed, such as: Asphalt and surfacing on roads, roofs, and floors. plastic, for many kinds of products, materials, and packaging. paint and dye, fuel for jets and cars.
Darren Woods, Exxon’s Chief Executive, said, “as we look closely at the facts and the various expert assessments, we conclude that the needs of society will drive more energy use in the years ahead — and an ongoing need for the products we produce.” So many, so-called "green" start-ups have been heavily subsidized by governments in Europe, but have failed to produce real green solutions.
Mining for lithium — the essential element for batteries used in many electric cars, and other electronics — is bad for the environment in the world's deserts. Mining countries like Congo & Bolivia are exploited by China. The Cobalt Empire that China controls, is the source of much of the world’s supply of cobalt.