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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "notes": "The slide highlights a strategic divergence between ExxonMobil and its peers, using historical capex guidance and production forecasts to frame the company's strategy as risky or out of step.",
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      "text": "Long-Term Production Estimates Prior to November 2020 Spending Deferrals",
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      "text": "March 2018 – ExxonMobil announces plan to significantly increase capex to $30 billion through 2025",
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      "text": "ExxonMobil by its own admission has in recent years pursued one of the most “aggressive” capex spending plans in the industry, including pursuing heavy growth (versus maintenance) capex, as peers focused on value over volumes",
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      "text": "March 2019 – Company raises capex guidance to $35 billion in 2019 and targets a 25% increase in production from 3.95 million barrels per day (mb/d) to over 5.0 mb/d",
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      "text": "March 2020 – ExxonMobil reaffirms spending plans, planning to spend up to $210 billion through 2025 (over 100% of then-current market cap)",
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      "text": "Charts Source: Wood Mackenzie Corporate Benchmarking Tool. “Aggressive” quote: Barron’s Dec 1, 2020 interview with Neil Chapman, Senior Vice President and Management Committee Member. See page 47 for full quote.",
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