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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 Bloomberg quote to frame the problem of ExxonMobil's current strategy.",
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      "kind": "list",
      "text": "Earnings volatility – The risk of a systematic decline in earnings and free cash flow. Cost of Capital – ExxonMobil's cost of capital will likely continue to increase. Market Sentiment – Unlikely to create long-term value given low growth multiples.",
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      "text": "ExxonMobil is solely reliant on the hope of consistently high oil and gas prices well into the future to generate long-term returns. Better capital management can boost profitability. Gradually repositioning can help maximize long-term value.",
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      "text": "Shrinking discipline and rising leverage make what was once the smartest oil major [ExxonMobil] a risky play on crude prices.",
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      "kind": "source-note",
      "text": "Quote Source: Liam Denning (Dec. 1 2020). ExxonMobil Has Become the Thing It Wasn't Supposed to Be. Bloomberg.",
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      "text": "Gradually repositioning for the future can enhance returns for long-term investors",
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