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  "notes": "Uses analyst quotes to undermine management's narrative of fiscal discipline.",
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      "kind": "disclaimer",
      "text": "Table Source: S&P Capital IQ annual capex estimates as of 9/30/2020. Quote sources: Phil Gresh (Nov. 30, 2020). Thoughts on Guidance Update, JP Morgan. Phil Gresh (Jan. 19, 2021). Investor Feedback on Our Upgrade. JP Morgan. Jeanine Wai (Feb. 26, 2021). Why There's Still Legs Beyond the Current Crude Rally. Barclays.",
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      "text": "While presented with great fanfare, ExxonMobil's near-term spending cuts came as little surprise to analysts given ExxonMobil's deteriorating financial position",
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      "kind": "list",
      "text": "After our campaign began, ExxonMobil further embraced the language of spending discipline and even abandoned near-term production growth targets",
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      "kind": "list",
      "text": "However, the history that preceded this creates serious doubt, as does ExxonMobil's continued adherence to a strategy solely predicated on long-term growth in oil and gas",
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      "kind": "quote",
      "text": "[M]ost investors are uncertain as to whether XOM will stick to the $20-25B long-term budget in a higher ... price environment. JP Morgan, Jan. 19, 2021",
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      "text": "All in, we think that the ... capex guidance [is] not too surprising... JP Morgan, Nov. 30, 2020",
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      "text": "Despite the cuts, XOM continues ahead with much the same slate of longer-term growth projects in place. Barclays, Feb. 26, 2021",
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      "text": "Company's Capex Cuts vs Pre-Existing Analyst Estimates",
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      "kind": "title",
      "text": "We believe shareholders need a Board that will maintain a consistent strategy of capital allocation discipline",
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