Exxon CEO says the company can more than double its profit and will invest in production even if policies to limit climate change take hold; says world will need oil and gas for decades
DALLAS (AP) — Exxon’s CEO says the company can more than double its earnings by 2025 and will invest in new oil and gas production even if policymakers adopt rules to combat climate change.
Darren Woods told shareholders Wednesday that technology like biofuels will allow the company to produce energy with lower carbon emissions.
The oil giant’s annual meeting in a symphony hall was a tame affair, lacking the usual number of protesters. For the first time in years, there were no environmental resolutions from activist shareholders and no fiery speeches during the open-comment period..
Woods, like his predecessor and former Secretary of State Rex Tillerson, said the world will need oil and gas for decades. Exxon, Woods said, is responding to that demand while investing in technology such as carbon capture and biofuels to reduce heat-trapping carbon emissions.