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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "authorName": "Engine No. 1",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "Uses a combination of a dual-axis combo chart and a bar chart to illustrate the degradation of financial performance over three major market shocks.",
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      "kind": "chart",
      "text": "Structurally Declining Earnings...",
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      "kind": "chart",
      "text": "...With Worsening Down-Cycles",
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      "kind": "paragraph",
      "text": "While its stock has risen recently partially due to commodity price recovery, ExxonMobil’s down-cycles have declined over the past 15 years, and future mid-cycle earnings are expected to fall below historical down-cycle performance",
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      "kind": "quote",
      "text": "ExxonMobil’s “original definitive strategy of being immune to market vagaries is dead.”",
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      "kind": "source-note",
      "text": "Source: 2020 excludes one-time asset impairment expenses. Net Income projections (2021E – 2025E) are Bloomberg consensus. Capex Projections per ExxonMobil guidance ($20-25bn 2022 – 2025). Historical Brent Price actuals per Goldman Sachs. Quote Source: Christopher Helman quoting Paul Sankey of Sankey Research (Dec. 29, 2020). Forbes Energy Awards 2020: NextEra Energy, Bigger Than Exxon, Greener Than Tesla. Forbes.",
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      "kind": "title",
      "text": "ExxonMobil may currently be a good trade, but long-term goal should be becoming a good investment",
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      "evidence": "Contrasts the 'good trade' narrative with the reality of 'structurally declining earnings'.",
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      "evidence": "The document highlights the consequences of ExxonMobil's current strategy, including value destruction and lack of progress on emissions reduction.",
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      "objective": "Reveal the underlying issues with ExxonMobil's strategy and capital allocation",
      "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause",
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