{
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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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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 29,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The chart is a variation of a waterfall or marimekko chart showing capital expenditure width vs IRR height.",
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      "kind": "chart",
      "text": "Wood Mackenzie Projected Asset Level IRR by Project Size",
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      "kind": "list",
      "text": "ExxonMobil presents any effort to diversify its portfolio as an extreme risk, yet its long-term portfolio contains many projects likely to realize “utility” type returns\nOut of a projected ~$165bn of 2021-30 upstream capex, Wood Mackenzie estimates that $68bn, or ~41%, will be invested in assets with sub-15% asset life IRRs, and $45bn, or ~27%, in assets with sub-10% asset life IRRs",
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      "text": "Wood Mackenzie data as of April 2021. IRR calculated using Wood Mackenzie's Base Brent oil price projections and estimating cash flow over the life of each asset. Asset level IRRs capture development cost to drill and exclude exploration/acquisitions costs and excludes any allocation of corporate G&A costs. Column width represents capex dollars forecasted for each asset. Wood Mackenzie does not provide asset level IRRs for ~$16bn of the ~$165bn of capex spend; these assets are excluded from the chart.",
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      "kind": "title",
      "text": "While ExxonMobil is focusing investors on its best assets, many projects in portfolio offer less compelling returns",
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      "beatName": "Agitate (Make it worse)",
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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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      "parentBeatName": "Development",
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      "evidence": "The document highlights the underlying issues with ExxonMobil's strategy and capital allocation, including lack of discipline and poor returns.",
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