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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": "Uses a 'before-after' framing to highlight inconsistency in dividend policy, capital allocation, and performance metrics.",
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      "text": "Metrics: 'Good management of this business over time and across price cycles has to be reflected in solid returns on capital employed (ROCE).'",
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      "text": "Dividend: 'XOM's 2Q was arguably the most interesting of the global majors, not because of the results, rather the about-face on dividend commentary...'",
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      "text": "Priorities: 'Compare these two press releases from ExxonMobil seven months apart and decide if the oil giant has a coherent strategy...'",
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      "text": "'This quarter, SVP Neil Chapman made quite a different statement that ‘a large portion of our shareholder base has come to view that dividend as a source of stability...'",
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      "kind": "quote",
      "text": "'Nov. 30, 2020: It’s cutting 2021 capital spending... What changed between April, when the Permian Basin was the focus of investment reductions, and Nov...?'",
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      "text": "'ROCE... within its annual meeting presentation, ExxonMobil had dropped the subject.'",
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      "kind": "source-note",
      "text": "Sources: Phil Gresh (Aug. 2, 2020)... Peter Coy (Jan. 26, 2021)... Darren Woods (Mar. 6, 2019)... Paul Sankey (Mar. 11, 2021).",
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      "text": "History of shifting stances instills little confidence that Board now has a coherent strategy",
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