{
  "docId": "019de071-041e-72bc-a4a4-b0331dc0dafb",
  "docSlug": "8f2bf126f524c30adef79c8d33966ec8",
  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
  "authorId": "engine-no-1",
  "authorName": "Engine No. 1",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 11,
  "pageCount": 83,
  "prevPage": 10,
  "nextPage": 12,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 16,
  "notes": "Uses a pull-quote from the Wall Street Journal to reinforce the narrative of financial instability.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de071-041e-72bc-a4a4-b0331dc0dafb/11",
  "deckHref": "/decks/019de071-041e-72bc-a4a4-b0331dc0dafb",
  "deckJsonHref": "/decks/019de071-041e-72bc-a4a4-b0331dc0dafb.json",
  "deckAnchorHref": "/decks/019de071-041e-72bc-a4a4-b0331dc0dafb#slide-11",
  "components": [
    {
      "bbox": {
        "h": 0.52,
        "w": 0.92,
        "x": 0.04,
        "y": 0.39
      },
      "kind": "chart",
      "text": "ExxonMobil Net Debt ($ millions)",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f358a558-f69e-4ca1-b19b-8bec69bd02c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "list",
      "text": "While its balance sheet once had almost zero net debt, today ExxonMobil has the most debt in its history, increasing over $80 billion in the last 12 years, and since 2016 has had three debt ratings downgrades by S&P (including two pre-COVID)\nGiven financial pressure, ExxonMobil last year suspended its employee 401(k) matching program and utilized enhanced “performance reviews” to conduct layoffs",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "30b0429b-0c2f-45da-8ac0-649628275045",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.15,
        "y": 0.48
      },
      "kind": "quote",
      "text": "[ExxonMobil] had been unable to fund its dividends through free cash flow alone even in 2019 before the pandemic. Wall Street Journal, March 19, 2021",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "645cef2a-9172-4b01-b743-3e8b3fdd5b3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.7,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Chart Source: ExxonMobil 10-Ks & Bloomberg. Quote Source: Jinjoo Lee (Mar. 19, 2021). Oil Investors Hunt for Cash Gushers. Wall Street Journal.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0c4f41e3-624d-4caa-aa9a-bf60bda70500",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.85,
        "x": 0.04,
        "y": 0.05
      },
      "kind": "title",
      "text": "ExxonMobil has been funding spending on low-return projects by taking on large amounts of debt",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aa97fbcc-1c88-4aa4-af30-a375115dd982",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "expose_contradiction",
      "slug": null,
      "matchId": "026c9621-368e-4790-984e-0808358fc487",
      "evidence": "The slide contrasts the company's historical financial strength with current debt levels and cost-cutting measures.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 18,
      "from": 6,
      "beatId": "428f1603-cf89-4d90-8454-819b7399c38e",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document identifies ExxonMobil's underperformance and lack of a credible plan for the energy transition as key issues.",
      "position": 0,
      "confidence": 0.9,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 18,
      "from": 6,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "3b87cdb8-96d7-4b48-b7de-ab9fe415dce3",
      "evidence": "The document emphasizes the consequences of ExxonMobil's lack of action on the energy transition, including underperformance and value destruction.",
      "position": 0,
      "objective": "Highlight the risks of ExxonMobil's inaction on the energy transition",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.8,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}