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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": "The chart uses a red dashed line to emphasize the downward trend in capital efficiency.",
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      "kind": "chart",
      "text": "ExxonMobil – Upstream Production (BOE) per thousand dollar of Upstream Capital Employed",
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      "text": "ExxonMobil produced 39 barrels of oil equivalent (boe) per $1,000 of capital employed in 2001, 20 boe by 2009, and a mere 8 boe by 2020\nThis ~80% decline in capital productivity (a metric that is not impacted by prices) over two decades along with highly aggressive spending have led to poor returns",
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      "text": "Chart Source: ExxonMobil 10-Ks. Upstream capital productivity calculated by dividing annual oil equivalent production by average Upstream capital employed.",
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      "text": "Rising costs and falling capital productivity have fundamentally changed return profile",
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