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Proxy Statement Pursuant to Section 14(a)
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EXXON MOBIL CORPORATION
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This submission contains a press release issued December 14, 2020 regarding the Companys emission reduction plans, which may be discussed with shareholders.
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CONTACT: Media Relations
Exxon Mobil Corporation
5959 Las Colinas Boulevard
Irving, TX 75039-2298
972 940 6007 Telephone
972 940 6143 Facsimile
FOR IMMEDIATE RELEASE
MONDAY, DECEMBER 14, 2020
ExxonMobil Announces Emission Reduction Plans; Expects to Meet 2020 Goals
Greenhouse gas plans consistent with goals of Paris Agreement
Sets 2025 greenhouse gas emission reduction plan: intensity of upstream emissions to drop by 15-20%; methane intensity by 40-50%; flaring intensity by 35-45%
Aims for industry-leading greenhouse gas performance across its businesses by 2030
Plans to eliminate routine flaring by 2030; provide Scope 3 emissions beginning in 2021
Anticipates meeting 2020 methane and flaring reductions
IRVING, Texas ExxonMobil said today it plans further reductions in greenhouse gas emissions over the next five years to support the goals of the Paris Agreement and anticipates meeting year-end 2020 reductions.
ExxonMobil plans to reduce the intensity of operated upstream greenhouse gas emissions by 15 to 20 percent by 2025, compared to 2016 levels. This will be supported by a 40 to 50 percent decrease in methane intensity, and a 35 to 45 percent decrease in flaring intensity across its global operations. The emission reduction plans, which cover Scope 1 and Scope 2 emissions from operated assets, are projected to be consistent with the goals of the Paris Agreement. The company also plans to align with the World Banks initiative to eliminate routine flaring by 2030.
These meaningful near-term emission reductions result from our ongoing business planning process as we work towards industry-leading greenhouse gas performance across all our business lines, said Darren Woods, chairman and chief executive officer of Exxon Mobil Corporation. We respect and support societys ambition to achieve net zero emissions by 2050, and continue to advocate for policies that promote cost-effective, market-based solutions to address the risks of climate change.
ExxonMobils plans will leverage the continued application of operational efficiencies, and ongoing development and deployment of lower-emission technologies.
The plan is the result of several months of detailed analysis and includes input from shareholders.
Other measures include:
Continued investments in lower-emission technologies, such as carbon capture, manufacturing efficiencies, and advanced biofuels
Increased cogeneration capacity at manufacturing facilities
Continued support for sound policies that put a price on carbon
Continued accounting for environmental performance as part of executive compensation.
ExxonMobil will also provide Scope 3 emissions on an annual basis, but notes that reporting of these indirect emissions does not ultimately incentivize reductions by the actual emitters. Meaningful decreases in global greenhouse gas emissions will require changes in societys energy choices coupled with the development and deployment of affordable lower-emission technologies.
Since 2000, the company has invested more than $10 billion researching, developing and deploying lower-emission technologies, including nearly $3 billion at cogeneration facilities that more efficiently produce electricity and reduce related emissions.
In 2018, ExxonMobil announced plans to achieve by year-end 2020, a 15 percent decrease in methane emissions and a 25 percent reduction in flaring, compared with 2016 levels. The company anticipates meeting both by year end. Detailed emissions performance is reported in annual publications, including the Energy and Carbon Summary.
The company has supported the Paris Agreement from its inception and continues to support U.S. government participation in the framework. ExxonMobil assesses its business strategy and plans against a range of scenarios, including those that meet the objectives of the Paris Agreement, which assume progress in technologies, infrastructure and government policies related to climate change.
The company supported the Oil and Gas Climate Initiatives announcement to reduce methane and carbon intensity for upstream operations. It also deployed new technologies throughout its operations to reduce flaring and methane emissions, while working to test new technologies to detect and measure fugitive emissions. ExxonMobil publicly supports the regulation of methane from new and existing sources and issued a methane regulatory framework for governments to consider as they draft new policies.
ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the worlds growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.
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Statements of future events, goals or conditions in this release are forward-looking statements. Actual future results, including project plans and timing, future reductions in emissions and emissions intensity, and the impact of operational and technology efforts could vary depending on the ability to execute operational objectives on a timely and successful basis; changes in laws and regulations including international treaties and laws and regulations regarding greenhouse gas emissions and carbon costs; trade patterns and the development and enforcement of local, national and regional mandates; unforeseen technical or operational difficulties; the outcome of research efforts and future technology developments, including the ability to scale projects and technologies on a commercially competitive basis; changes in supply and demand and other market factors affecting future prices of oil, gas, and petrochemical products; changes in the relative energy mix across activities and geographies; the actions of competitors; changes in regional and global economic growth rates and consumer preferences; the pace of regional and global recovery from the COVID-19 pandemic and actions taken by governments and consumers resulting from the pandemic; changes in population growth, economic development or migration patterns; and other factors discussed in this release and in Item 1A. Risk Factors in ExxonMobils Annual Report on Form 10-K for 2019 and subsequent Quarterly Reports on Forms 10-Q, as well as under the heading Factors Affecting Future Results on the Investors page of ExxonMobils website at www.exxonmobil.com.
Important Additional Information Regarding Proxy Solicitation
Exxon Mobil Corporation (ExxonMobil) intends to file a proxy statement and associated BLUE proxy card with the U.S. Securities and Exchange Commission (the SEC) in connection with the solicitation of proxies for ExxonMobils 2021 Annual Meeting (the Proxy Statement). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobils directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in ExxonMobils Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the SEC on February 26, 2020, ExxonMobils proxy statement for the 2020 Annual Meeting of Shareholders, filed with the SEC on April 9, 2020 and ExxonMobils Form 8-K filed with the SEC on December 1, 2020. To the extent holdings of such participants in ExxonMobils securities are not reported, or have changed since the amounts described, in the 2020 proxy statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobils Board of Directors for election at the 2021 Annual Meeting will be included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANYS DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Investors and shareholders will be able to obtain a copy of the definitive Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SECs website, www.sec.gov. ExxonMobils shareholders will also be able to obtain, without charge, a copy of the definitive Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at email@example.com or from the investor relations section of ExxonMobils website, www.exxonmobil.com/investor.