{
  "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",
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  "pageNumber": 12,
  "pageCount": 83,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 6,
  "notes": "The chart uses a waterfall-style logic to bridge starting asset value to ending asset value, highlighting the gap as 'Potential Value destruction'.",
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      "kind": "chart",
      "text": "A Decade of Capital Destruction at ExxonMobil",
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      "kind": "list",
      "text": "ExxonMobil invested over $300 billion in capex from 2011-2020, which failed to produce even an equivalent amount of value in undiscounted dollars. We estimate that unproductive capex has destroyed at least ~$175 billion in value.",
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      "kind": "source-note",
      "text": "Chart Source: ExxonMobil 10-Ks for Capex, Dividends and Share buybacks. Pricing data from Bloomberg. Enterprise Value (EV) taken as a proxy for Asset value.",
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      "kind": "title",
      "text": "This strategy has contributed to a decade of value destruction ...",
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  "tools": [
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      "name": "Waterfall / value bridge",
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      "evidence": "The slide features a waterfall chart showing a decade of capital destruction at ExxonMobil.",
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      "evidence": "The chart visually bridges starting and ending values through additions and subtractions.",
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  "arcBeats": [
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      "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"
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  "loops": [
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      "name": "Cost Of Inaction",
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      "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"
    }
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}