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  "documentTitle": "Engine No. 1 | Activist Presentation Deck | 83 slides",
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  "presentationDate": "2021-05-01 00:00:00",
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  "notes": "The slide uses a Goldman Sachs quote to frame the industry transformation and uses a visual 'Value Destruction Zone' annotation to emphasize poor capital allocation.",
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      "kind": "chart",
      "text": "ExxonMobil Return on Capital vs. WACC",
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      "kind": "quote",
      "text": "Capital markets are driving the transformation of the energy industry... driving a bifurcating cost of capital, up to 20% for long-term oil projects and down to 3-5% for renewables, we estimate.",
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      "text": "Quote Source: Michele Della Vigna et. al. (Sep. 1, 2020). Carbonomics: Re-imagining Big Oils – The Age of Transformation. Goldman Sachs. Chart Source: Company ROCE from Company filings and JP Morgan estimates.",
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      "kind": "title",
      "text": "Lack of capital allocation discipline unlikely to work any better going forward given long-term uncertainty",
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