Thread by @cm_energyintel

$XOM Darren Woods: industry coming together at #CERAWeek ‘united’ around two objectives: 1) meeting world’s energy needs 2) addressing climate change

$XOM Woods: current events reinforce importance of developing diverse sources — points to Permian as development that has transformed energy map and improved energy security of US and world #CERAWeek

$XOM Woods reinforces ‘deep concern’ surrounding Russia-Ukraine and calls out ‘needless destruction’ and loss of life

(I know this type of statement has become routine over the past week but it really is unprecedented - Big Oil historically tried to thread neutrality) #CERAWeek

$XOM Woods says the 14 companies involved in the Houston Ship Channel CCS hub are working toward a ‘concrete proposal’ to put forward to governments.

Would be the world’s largest CCS scheme by far, but needs support #CERAweek

$XOM Woods: oil companies committed to trying to bring more production online given crisis and balance markets but ‘it’s going to be a tough time’ given further drop in investments during pandemic and sheer size/speed with which global system can move #CERAWeek

$XOM Woods re-emphasizes that he doesn’t see wind and solar bringing the value proposition to shareholders vs expectations for hydrogen, CCS and biofuels, which play more to existing capabilities #CERAWeek

$XOM Woods flags likely differences in how various jurisdictions get after emissions redux. Example — sees ‘blue’ hydrogen as a big opportunity in the US given natural endowment of nat gas and sequestration, but Europe will likely take a different path. #CERAWeek

$XOM Woods on Scope 3: if we stop making products in our refineries, the demand doesn’t go away and we run some of the most efficient refineries in the world. Similarly, if we raise nat gas output to displace coal, our corporate emissions rise but we’re helping lower the world’s