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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "authorName": "Engine No. 1",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2021-05-01 00:00:00",
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  "pageNumber": 44,
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  "notes": "The chart is a classic industry cost curve, often used in energy sector analysis to demonstrate competitive positioning.",
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      "kind": "chart",
      "text": "National Oil Corporations & Majors 2020 Production Costs / Boe",
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      "text": "For example, Saudi Aramco sits on the low end of the cost curve with significant underlying reserves, while ExxonMobil is relatively disadvantaged with production costs that are ~3x higher, creating substantial risk in declining demand scenarios. ExxonMobil’s obligation is to grow returns – not market share – including positioning itself for success if its aggressive demand projections are wrong",
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      "kind": "source-note",
      "text": "Source: Wood Mackenzie Corporate Benchmarking Tool.",
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      "kind": "title",
      "text": "ExxonMobil and peers are far more exposed to risk of declining demand than National Oil Companies (NOCs)",
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      "evidence": "The chart displays production costs per unit across industry players, a standard cost curve analysis.",
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      "beatId": "9bd661fe-88d6-4551-876f-d6bd438ebca8",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
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      "evidence": "The document presents a solution, including new board members and a coherent returns-focused strategy, to address ExxonMobil's issues.",
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