Exxon’s post-pandemic fossil gasoline plans: Drill, child, drill


Whereas it could appear that Exxon is just settling again into its position of cartoon supervillain, after abortive makes an attempt to possibly not be that for some time, the reason is less complicated. Whereas different vitality firms have seen the climate-change writing on the wall and begun to diversify, relatively than face the prospect of outright extinction as nations mandate bigger and bigger roles for renewable sources, Exxon goes the other route. They plan an enormous growth, as a result of Buyers and Wall Road and Your Portfolio or whatnot wish to see development greater than they wish to not be immersed in a slow-rolling apocalypse. So Exxon is planning on ramping up extraction efforts to an extent that will, by way of Bloomberg’s calculations, quantity to a “doubling of earnings by 2025″—and add a further 21 million metric tons of carbon dioxide yearly.

What this seemingly means for buyers long-term is that Exxon is bent on changing into a useless firm. Their marketing strategy is similar to some other oilfield plan: extract as a lot as doable, as quick as doable, to make as a lot cash as doable earlier than all of it dries up. The aftermath is another person’s drawback.

The issue with Wall Road is {that a} plan that assuredly will go away an organization bankrupt and useless twenty years from now will not alarm main buyers, as long as present quarterly returns get a lift. And Exxon appears to be betting that the varied local weather lawsuits filed towards it’ll find yourself not hurting government salaries almost sufficient to offset the bonuses gained by drill, child, drill.