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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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  "pageNumber": 42,
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  "notes": "Includes a quote from former CEO Lee Raymond regarding the importance of aggregate ROCE over individual project attractiveness.",
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      "kind": "chart",
      "text": "Upstream ROCE (LHS)",
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      "kind": "chart",
      "text": "Crude price per barrel (XOM realized avg, RHS)",
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      "kind": "quote",
      "text": "Return on capital employed [ROCE] is a report card, and while everyone can talk about individual projects and how attractive they may appear to be, ultimately, over time, you have to look at, ‘Well, how do all of those individual projects add up?’",
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      "kind": "source-note",
      "text": "Chart Source: ExxonMobil 10-Ks; Upstream ROCE excludes corporate investment and costs. 2020 ROCE includes $19.4bn in asset impairment, excluding which the ROCE is still negative (-0.4%). Quote Source: Private Empire by Steve Coll (Penguin Books, 2012), page 50.",
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      "kind": "title",
      "text": "Returns on upstream projects (~75% of capex) have been falling for years, even during times of higher prices",
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