Article Summary –
ExxonMobil CEO Darren Woods says that while renewable energy sources and electric vehicles are crucial, they are not sufficient on their own for the energy transition. Instead, he suggests a broader set of solutions including carbon capture, storage, hydrogen and biofuels, and supports the Inflation Reduction Act (IRA) for its technology-agnostic stance in achieving lower carbon intensity. Furthermore, following Chevron’s $53 billion deal to buy Hess, Exxon claims it has a right of first refusal on Hess’s stake in the Stabroek Block in Guyana and has therefore filed for arbitration with the International Chamber of Commerce.
Saudi Aramco CEO Encourages Further Oil and Gas Development
Saudi Aramco CEO Amin Nasser encouraged attendees at CERAWeek by S&P Global to cease the idea of phasing out oil and gas.
ExxonMobil CEO Advocates for Broader Energy Solutions
Discussing Nasser’s comments, ExxonMobil CEO Darren Woods expressed to Yahoo Finance’s Julie Hyman that renewable energy sources such as wind and solar power, and the growing popularity of EVs, aren’t the only solutions to the energy transition. He suggested a wider array of solutions, like carbon capture and storage, hydrogen, and biofuels. Woods praised the Inflation Reduction Act for encouraging ideas to reduce emissions beyond just wind and solar power.
ExxonMobil CEO Views on Inflation Reduction Act
Speaking about the Inflation Reduction Act, Woods described it as “technology agnostic” and highlighted its role in reducing carbon intensity, something Exxon is a “fan” of. Despite criticism from Republicans, Woods believes the Act is a significant step towards decarbonisation and emission reduction.
ExxonMobil Faces Off Against Chevron Over Hess Acquisition
Currently, ExxonMobil is contending with Chevron’s $53 billion deal to acquire Hess. Exxon, Hess, and China National Offshore Oil Corporation all have shares in the Stabroek Block in Guyana. Exxon has filed for arbitration with the International Chamber of Commerce to confirm its preemption rights, understand Chevron’s valuation of assets, and determine the value of Exxon’s preemption right in the interest of its stakeholders.
Video Transcript Highlights
The video transcript includes various topics such as: Woods’ perspective on reframing the energy transition; his opinion on the Inflation Reduction Act; the balancing act between fossil fuel requirements and emission reduction; plans for ExxonMobil to be net zero in the Permian Basin by 2030; and Woods’ views on the Chevron-Hess deal and Guyana.
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