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2021-10-20

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Exxon Debates Abandoning Some of Its Biggest Oil and Gas Projects<blockquote>埃克森美孚讨论放弃一些最大的石油和天然气项目</blockquote>

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But it takes years for such energy megaprojects to produce additional supplies, and more years after that for the investments to pay off.<blockquote>石油和天然气价格处于多年高位，随着经济体摆脱疫情，世界正在经历化石燃料短缺。但此类能源大型项目需要数年时间才能产生额外的供应，此后投资也需要数年时间才能获得回报。</blockquote> Exxon board members are weighing the fate of future projects as the company is facing pressure from investors to restrain fossil-fuel investment to limit carbon emissions and return more cash to shareholders. Environmentalists and some government officials are also&nbsp;pressuring the company to produce less oil and gas.<blockquote>埃克森美孚董事会成员正在权衡未来项目的命运，因为该公司面临着来自投资者的压力，要求限制化石燃料投资，以限制碳排放并向股东返还更多现金。环保主义者和一些政府官员也在向该公司施压，要求其减少石油和天然气的生产。</blockquote> The discussions are taking place as part of a review of the oil company's five-year spending plan, on which the board is set to vote at the end of this month, the people said. It isn’t clear whether the board will make a final call on the Mozambique or Vietnam projects during the current review, according to the people.<blockquote>知情人士称，这些讨论是对石油公司五年支出计划审查的一部分，董事会将于本月底对该计划进行投票。据知情人士透露，目前还不清楚董事会是否会在本次审查期间对莫桑比克或越南项目进行最终看涨期权。</blockquote> Both projects face potential political obstacles, and some Exxon board members have expressed concerns about whether they would return the billions in upfront investment they would require, some of the people said. The board meetings have been cordial, the people said.<blockquote>一些知情人士表示，这两个项目都面临潜在的政治障碍，一些埃克森美孚董事会成员对他们是否会返还所需的数十亿美元前期投资表示担忧。知情人士说，董事会会议很友好。</blockquote> Exxon said it doesn’t discuss internal board deliberations. “Any depiction of the board’s discussions as being less than constructive in tone or substance is wrong,” said Exxon spokesman Casey Norton.<blockquote>埃克森美孚表示，它不讨论董事会内部审议。“埃克森美孚发言人凯西-诺顿（Casey Norton）说：”任何将董事会讨论的语气或实质内容缺乏建设性的说法都是错误的。</blockquote> As part of the review, Exxon is analyzing the expected carbon emissions from each project and how they would affect the company’s ability to meet pledges to reduce emissions, people familiar with the matter said. The annual projected emissions from the Mozambique and Vietnam projects were among the highest in Exxon’s planned pipeline of oil and gas projects, according to a pre-pandemic internal analysis by Exxon, which was reviewed by The Wall Street Journal.<blockquote>知情人士说，作为审查的一部分，埃克森公司正在分析每个项目的预期碳排放量，以及这些排放量将如何影响公司履行减排承诺的能力。根据《华尔街日报》查阅的埃克森公司在大流行前的内部分析，莫桑比克和越南项目的年度预计排放量是埃克森公司计划的石油和天然气管道项目中最高的。</blockquote> Mr. Norton said the analysis of projected carbon emissions the Journal reviewed was several years old and didn’t include the impact of Exxon’s most recent emission reduction plans and other post-Covid-19 changes.<blockquote>诺顿先生说，该杂志审查的对预计碳排放量的分析已有数年历史，不包括埃克森公司最近的减排计划和 Covid-19 后其他变化的影响。</blockquote> The discussions over the projects represent a new dynamic for Exxon’s board, said people familiar with the matter.<blockquote>知情人士说，关于这些项目的讨论代表了埃克森美孚董事会的新动态。</blockquote> Engine No. 1, the hedge fund that led a campaign that replaced three Exxon board members earlier this year, argued Exxon was investing in low-return projects and lacked a coherent strategy to chart a transition to lower-carbon fuels amid growing concerns about climate change.<blockquote>今年早些时候，对冲基金 Engine No. 1 领导了一场更换埃克森美孚三名董事会成员的运动，该基金认为埃克森美孚投资于低回报项目，并且在人们对气候变化的担忧日益加剧的情况下，缺乏一个连贯的战略来规划向低碳燃料的过渡。</blockquote> The activist was successful in part because it was able to win support from some of the company’s largest investors, including&nbsp;BlackRock&nbsp;Inc.and Vanguard Group. The asset managers said one of the reasons they supported the Engine candidates was that Exxon’s board lacked energy expertise and independence.<blockquote>这位激进分子之所以成功，部分原因是它能够赢得公司一些最大投资者的支持，其中包括贝莱德公司和先锋集团。资产管理公司表示，他们支持引擎候选人的原因之一是埃克森美孚的董事会缺乏能源专业知识和独立性。</blockquote> Gregory Goff, one of the Engine No. 1 nominees, is among the directors to raise doubts about the Mozambique project, people familiar with the matter said. Mr. Goff, the former chief executive of Andeavor, which was one the largest U.S. refiners before being purchased by&nbsp;Marathon Petroleum&nbsp;Corp., has said that Exxon should consider more closely the risks presented by the project to assess whether it justifies investing, the people said.<blockquote>知情人士称，一号发动机提名人之一格雷戈里·戈夫是对莫桑比克项目提出质疑的董事之一。知情人士称，Andeavor是美国最大的炼油厂之一，在被马拉松石油公司收购之前，Andeavor是美国最大的炼油厂之一。该公司的前首席执行官戈夫表示，埃克森美孚应该更仔细地考虑该项目带来的风险，以评估其是否值得投资。</blockquote> The Mozambique project, called Rovuma, would tap vast reserves of natural gas off the coast of the southern African country, then chill them to a liquid state at an onshore plant to be exported around the world. It is one of the largest projects in Exxon’s portfolio, and its proximity to India could give Exxon an opportunity to export gas to a fast-growing market.<blockquote>这个名为Rovuma的莫桑比克项目将开采这个南部非洲国家海岸的大量天然气储量，然后在陆上工厂将其冷却成液态，然后出口到世界各地。这是埃克森公司投资组合中最大的项目之一，它靠近印度，可能会给埃克森公司一个向快速增长的市场出口天然气的机会。</blockquote> But Mozambique lacks infrastructure and is fighting an Islamic State-linked insurgency that has claimed more than 3,000 lives.Total&nbsp;EnergiesSE halted construction of a $20 billion gas project there in March after violence erupted near its construction site. Exxon spent $2.8 billion to acquire a stake in the Rovuma project but has delayed a final investment decision for several years. Exxon hasn’t disclosed an exact estimate of the project’s cost; Mozambique has estimated it at $27 billion to $33 billion.<blockquote>但莫桑比克缺乏基础设施，并且正在打击与伊斯兰国有关的叛乱，该叛乱已造成 3,000 多人死亡。道达尔能源公司 (Total EnergiesSE) 于 3 月份停止了该国一个价值 200 亿美元的天然气项目的建设，此前其建筑工地附近爆发暴力事件。埃克森美孚斥资 28 亿美元收购了 Rovuma 项目的股份，但最终投资决定已推迟数年。埃克森美孚尚未透露该项目成本的确切估算；莫桑比克估计为270亿至330亿美元。</blockquote> Abandoning the projects would represent another setback to plans by Exxon Chief Executive Darren Woods to boost spending to increase production. Less than four years ago, Mr. Woods said the company would invest $230 billion to pump an additional one million barrels of oil and gas a day by 2025. Rovuma, in particular, was central to that strategy.The company has already pulled backparts of that strategy after the pandemic decimated demand for oil and gas last year, prompting it to undergo a belt tightening.<blockquote>放弃这些项目将是埃克森美孚首席执行官达伦·伍兹增加支出以提高产量的计划的又一次挫折。不到四年前，伍兹先生表示，该公司将投资 2300 亿美元，到 2025 年每天额外开采 100 万桶石油和天然气。尤其是鲁伍马，是这一战略的核心。去年大流行导致石油和天然气需求大幅下降，促使该公司勒紧裤腰带，之后该公司已经撤回了该战略的部分内容。</blockquote> Exxon’s fortunes have improved this year along with rising oil and gas prices. Analysts expect Exxon to report more than $6 billion in quarterly profit later this month, after a loss of $680 million during the same period last year. The company has said it would give priority to using cash to pay down debt and fund dividends.<blockquote>随着石油和天然气价格上涨，埃克森美孚的财富今年有所改善。分析师预计埃克森美孚将于本月晚些时候公布超过 60 亿美元的季度利润，去年同期亏损 6.8 亿美元。该公司表示将优先使用现金偿还债务和分配股息。</blockquote> Exxon is planning to declare in coming weeks that it will increase its investment in a low-carbon unit it announced in February by billions of dollars, according to people familiar with the matter. It initially said it would invest $3 billion in the unit through 2025 to commercialize carbon capture and storage, hydrogen, biofuels and other technologies. Most of those businesses aren’t profitable, say analysts, and need significant public-policy support and technological advances to become so.<blockquote>据知情人士透露，埃克森美孚计划在未来几周内宣布，将在2月份宣布的低碳部门增加数十亿美元的投资。该公司最初表示，到 2025 年，将在该装置上投资 30 亿美元，将碳捕获和封存、氢、生物燃料和其他技术商业化。分析人士说，这些企业大多无利可图，需要大量的公共政策支持和技术进步才能实现盈利。</blockquote> Exxon is also considering a pledgeto reduce and offset the carbon emissions from its operations to zero by 2050, the Journal has reported. Mr. Woods previously called such net zero commitments a “beauty competition.”<blockquote>据《华尔街日报》报道，埃克森美孚还在考虑承诺到 2050 年将其运营中的碳排放量减少并抵消为零。伍兹先生此前将这种净零承诺称为 “选美比赛”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Exxon Debates Abandoning Some of Its Biggest Oil and Gas Projects<blockquote>埃克森美孚讨论放弃一些最大的石油和天然气项目</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nExxon Debates Abandoning Some of Its Biggest Oil and Gas Projects<blockquote>埃克森美孚讨论放弃一些最大的石油和天然气项目</blockquote>\n</h2>\n<h4 class=\"meta\">\n\nWall Street Journal2021-10-20 23:00\n\n</h4>\n</header>\n<article>\nExxon Mobil&nbsp;Corp.’s&nbsp;remade board of directors is debating whether to continue with several major oil and gas projects as the company reconsiders its investment strategy in a fast-changing energy landscape, according to people familiar with the matter.<blockquote>据知情人士透露，埃克森美孚公司（Exxon Mobil Corp.</blockquote> Members of the board—which includes three directors successfully nominated by an activist investor in May and two other new members—have expressed concerns about certain projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam, the people said.<blockquote>知情人士称，董事会成员（包括五月份由一位激进投资者成功提名的三名董事和另外两名新成员）对某些项目表示担忧，包括莫桑比克价值 300 亿美元的液化天然气开发项目和越南另一个价值数十亿美元的天然气项目。</blockquote> Oil and gasprices are at multiyear highs, and the world is experiencing a shortage of fossil fuels as economies emerge from the pandemic. But it takes years for such energy megaprojects to produce additional supplies, and more years after that for the investments to pay off.<blockquote>石油和天然气价格处于多年高位，随着经济体摆脱疫情，世界正在经历化石燃料短缺。但此类能源大型项目需要数年时间才能产生额外的供应，此后投资也需要数年时间才能获得回报。</blockquote> Exxon board members are weighing the fate of future projects as the company is facing pressure from investors to restrain fossil-fuel investment to limit carbon emissions and return more cash to shareholders. Environmentalists and some government officials are also&nbsp;pressuring the company to produce less oil and gas.<blockquote>埃克森美孚董事会成员正在权衡未来项目的命运，因为该公司面临着来自投资者的压力，要求限制化石燃料投资，以限制碳排放并向股东返还更多现金。环保主义者和一些政府官员也在向该公司施压，要求其减少石油和天然气的生产。</blockquote> The discussions are taking place as part of a review of the oil company's five-year spending plan, on which the board is set to vote at the end of this month, the people said. It isn’t clear whether the board will make a final call on the Mozambique or Vietnam projects during the current review, according to the people.<blockquote>知情人士称，这些讨论是对石油公司五年支出计划审查的一部分，董事会将于本月底对该计划进行投票。据知情人士透露，目前还不清楚董事会是否会在本次审查期间对莫桑比克或越南项目进行最终看涨期权。</blockquote> Both projects face potential political obstacles, and some Exxon board members have expressed concerns about whether they would return the billions in upfront investment they would require, some of the people said. The board meetings have been cordial, the people said.<blockquote>一些知情人士表示，这两个项目都面临潜在的政治障碍，一些埃克森美孚董事会成员对他们是否会返还所需的数十亿美元前期投资表示担忧。知情人士说，董事会会议很友好。</blockquote> Exxon said it doesn’t discuss internal board deliberations. “Any depiction of the board’s discussions as being less than constructive in tone or substance is wrong,” said Exxon spokesman Casey Norton.<blockquote>埃克森美孚表示，它不讨论董事会内部审议。“埃克森美孚发言人凯西-诺顿（Casey Norton）说：”任何将董事会讨论的语气或实质内容缺乏建设性的说法都是错误的。</blockquote> As part of the review, Exxon is analyzing the expected carbon emissions from each project and how they would affect the company’s ability to meet pledges to reduce emissions, people familiar with the matter said. The annual projected emissions from the Mozambique and Vietnam projects were among the highest in Exxon’s planned pipeline of oil and gas projects, according to a pre-pandemic internal analysis by Exxon, which was reviewed by The Wall Street Journal.<blockquote>知情人士说，作为审查的一部分，埃克森公司正在分析每个项目的预期碳排放量，以及这些排放量将如何影响公司履行减排承诺的能力。根据《华尔街日报》查阅的埃克森公司在大流行前的内部分析，莫桑比克和越南项目的年度预计排放量是埃克森公司计划的石油和天然气管道项目中最高的。</blockquote> Mr. Norton said the analysis of projected carbon emissions the Journal reviewed was several years old and didn’t include the impact of Exxon’s most recent emission reduction plans and other post-Covid-19 changes.<blockquote>诺顿先生说，该杂志审查的对预计碳排放量的分析已有数年历史，不包括埃克森公司最近的减排计划和 Covid-19 后其他变化的影响。</blockquote> The discussions over the projects represent a new dynamic for Exxon’s board, said people familiar with the matter.<blockquote>知情人士说，关于这些项目的讨论代表了埃克森美孚董事会的新动态。</blockquote> Engine No. 1, the hedge fund that led a campaign that replaced three Exxon board members earlier this year, argued Exxon was investing in low-return projects and lacked a coherent strategy to chart a transition to lower-carbon fuels amid growing concerns about climate change.<blockquote>今年早些时候，对冲基金 Engine No. 1 领导了一场更换埃克森美孚三名董事会成员的运动，该基金认为埃克森美孚投资于低回报项目，并且在人们对气候变化的担忧日益加剧的情况下，缺乏一个连贯的战略来规划向低碳燃料的过渡。</blockquote> The activist was successful in part because it was able to win support from some of the company’s largest investors, including&nbsp;BlackRock&nbsp;Inc.and Vanguard Group. The asset managers said one of the reasons they supported the Engine candidates was that Exxon’s board lacked energy expertise and independence.<blockquote>这位激进分子之所以成功，部分原因是它能够赢得公司一些最大投资者的支持，其中包括贝莱德公司和先锋集团。资产管理公司表示，他们支持引擎候选人的原因之一是埃克森美孚的董事会缺乏能源专业知识和独立性。</blockquote> Gregory Goff, one of the Engine No. 1 nominees, is among the directors to raise doubts about the Mozambique project, people familiar with the matter said. Mr. Goff, the former chief executive of Andeavor, which was one the largest U.S. refiners before being purchased by&nbsp;Marathon Petroleum&nbsp;Corp., has said that Exxon should consider more closely the risks presented by the project to assess whether it justifies investing, the people said.<blockquote>知情人士称，一号发动机提名人之一格雷戈里·戈夫是对莫桑比克项目提出质疑的董事之一。知情人士称，Andeavor是美国最大的炼油厂之一，在被马拉松石油公司收购之前，Andeavor是美国最大的炼油厂之一。该公司的前首席执行官戈夫表示，埃克森美孚应该更仔细地考虑该项目带来的风险，以评估其是否值得投资。</blockquote> The Mozambique project, called Rovuma, would tap vast reserves of natural gas off the coast of the southern African country, then chill them to a liquid state at an onshore plant to be exported around the world. It is one of the largest projects in Exxon’s portfolio, and its proximity to India could give Exxon an opportunity to export gas to a fast-growing market.<blockquote>这个名为Rovuma的莫桑比克项目将开采这个南部非洲国家海岸的大量天然气储量，然后在陆上工厂将其冷却成液态，然后出口到世界各地。这是埃克森公司投资组合中最大的项目之一，它靠近印度，可能会给埃克森公司一个向快速增长的市场出口天然气的机会。</blockquote> But Mozambique lacks infrastructure and is fighting an Islamic State-linked insurgency that has claimed more than 3,000 lives.Total&nbsp;EnergiesSE halted construction of a $20 billion gas project there in March after violence erupted near its construction site. Exxon spent $2.8 billion to acquire a stake in the Rovuma project but has delayed a final investment decision for several years. Exxon hasn’t disclosed an exact estimate of the project’s cost; Mozambique has estimated it at $27 billion to $33 billion.<blockquote>但莫桑比克缺乏基础设施，并且正在打击与伊斯兰国有关的叛乱，该叛乱已造成 3,000 多人死亡。道达尔能源公司 (Total EnergiesSE) 于 3 月份停止了该国一个价值 200 亿美元的天然气项目的建设，此前其建筑工地附近爆发暴力事件。埃克森美孚斥资 28 亿美元收购了 Rovuma 项目的股份，但最终投资决定已推迟数年。埃克森美孚尚未透露该项目成本的确切估算；莫桑比克估计为270亿至330亿美元。</blockquote> Abandoning the projects would represent another setback to plans by Exxon Chief Executive Darren Woods to boost spending to increase production. Less than four years ago, Mr. Woods said the company would invest $230 billion to pump an additional one million barrels of oil and gas a day by 2025. Rovuma, in particular, was central to that strategy.The company has already pulled backparts of that strategy after the pandemic decimated demand for oil and gas last year, prompting it to undergo a belt tightening.<blockquote>放弃这些项目将是埃克森美孚首席执行官达伦·伍兹增加支出以提高产量的计划的又一次挫折。不到四年前，伍兹先生表示，该公司将投资 2300 亿美元，到 2025 年每天额外开采 100 万桶石油和天然气。尤其是鲁伍马，是这一战略的核心。去年大流行导致石油和天然气需求大幅下降，促使该公司勒紧裤腰带，之后该公司已经撤回了该战略的部分内容。</blockquote> Exxon’s fortunes have improved this year along with rising oil and gas prices. Analysts expect Exxon to report more than $6 billion in quarterly profit later this month, after a loss of $680 million during the same period last year. The company has said it would give priority to using cash to pay down debt and fund dividends.<blockquote>随着石油和天然气价格上涨，埃克森美孚的财富今年有所改善。分析师预计埃克森美孚将于本月晚些时候公布超过 60 亿美元的季度利润，去年同期亏损 6.8 亿美元。该公司表示将优先使用现金偿还债务和分配股息。</blockquote> Exxon is planning to declare in coming weeks that it will increase its investment in a low-carbon unit it announced in February by billions of dollars, according to people familiar with the matter. It initially said it would invest $3 billion in the unit through 2025 to commercialize carbon capture and storage, hydrogen, biofuels and other technologies. Most of those businesses aren’t profitable, say analysts, and need significant public-policy support and technological advances to become so.<blockquote>据知情人士透露，埃克森美孚计划在未来几周内宣布，将在2月份宣布的低碳部门增加数十亿美元的投资。该公司最初表示，到 2025 年，将在该装置上投资 30 亿美元，将碳捕获和封存、氢、生物燃料和其他技术商业化。分析人士说，这些企业大多无利可图，需要大量的公共政策支持和技术进步才能实现盈利。</blockquote> Exxon is also considering a pledgeto reduce and offset the carbon emissions from its operations to zero by 2050, the Journal has reported. Mr. Woods previously called such net zero commitments a “beauty competition.”<blockquote>据《华尔街日报》报道，埃克森美孚还在考虑承诺到 2050 年将其运营中的碳排放量减少并抵消为零。伍兹先生此前将这种净零承诺称为 “选美比赛”。</blockquote>\n<div class=\"bt-text\">\n\n\n 来源：<a href=\"https://www.wsj.com/articles/exxon-debates-abandoning-some-of-its-biggest-oil-and-gas-projects-11634739779?mod=hp_lead_pos2\">Wall Street Journal</a>\n为提升您的阅读体验，我们对本页面进行了排版优化\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XOM":"埃克森美孚"},"source_url":"https://www.wsj.com/articles/exxon-debates-abandoning-some-of-its-biggest-oil-and-gas-projects-11634739779?mod=hp_lead_pos2","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1172683327","content_text":"Exxon Mobil Corp.’s remade board of directors is debating whether to continue with several major oil and gas projects as the company reconsiders its investment strategy in a fast-changing energy landscape, according to people familiar with the matter.\nMembers of the board—which includes three directors successfully nominated by an activist investor in May and two other new members—have expressed concerns about certain projects, including a $30 billion liquefied natural gas development in Mozambique and another multibillion-dollar gas project in Vietnam, the people said.\nOil and gasprices are at multiyear highs, and the world is experiencing a shortage of fossil fuels as economies emerge from the pandemic. But it takes years for such energy megaprojects to produce additional supplies, and more years after that for the investments to pay off.\nExxon board members are weighing the fate of future projects as the company is facing pressure from investors to restrain fossil-fuel investment to limit carbon emissions and return more cash to shareholders. Environmentalists and some government officials are also pressuring the company to produce less oil and gas.\nThe discussions are taking place as part of a review of the oil company's five-year spending plan, on which the board is set to vote at the end of this month, the people said. It isn’t clear whether the board will make a final call on the Mozambique or Vietnam projects during the current review, according to the people.\nBoth projects face potential political obstacles, and some Exxon board members have expressed concerns about whether they would return the billions in upfront investment they would require, some of the people said. The board meetings have been cordial, the people said.\nExxon said it doesn’t discuss internal board deliberations. “Any depiction of the board’s discussions as being less than constructive in tone or substance is wrong,” said Exxon spokesman Casey Norton.\nAs part of the review, Exxon is analyzing the expected carbon emissions from each project and how they would affect the company’s ability to meet pledges to reduce emissions, people familiar with the matter said. The annual projected emissions from the Mozambique and Vietnam projects were among the highest in Exxon’s planned pipeline of oil and gas projects, according to a pre-pandemic internal analysis by Exxon, which was reviewed by The Wall Street Journal.\nMr. Norton said the analysis of projected carbon emissions the Journal reviewed was several years old and didn’t include the impact of Exxon’s most recent emission reduction plans and other post-Covid-19 changes.\nThe discussions over the projects represent a new dynamic for Exxon’s board, said people familiar with the matter.\nEngine No. 1, the hedge fund that led a campaign that replaced three Exxon board members earlier this year, argued Exxon was investing in low-return projects and lacked a coherent strategy to chart a transition to lower-carbon fuels amid growing concerns about climate change.\nThe activist was successful in part because it was able to win support from some of the company’s largest investors, including BlackRock Inc.and Vanguard Group. The asset managers said one of the reasons they supported the Engine candidates was that Exxon’s board lacked energy expertise and independence.\nGregory Goff, one of the Engine No. 1 nominees, is among the directors to raise doubts about the Mozambique project, people familiar with the matter said. Mr. Goff, the former chief executive of Andeavor, which was one the largest U.S. refiners before being purchased by Marathon Petroleum Corp., has said that Exxon should consider more closely the risks presented by the project to assess whether it justifies investing, the people said.\nThe Mozambique project, called Rovuma, would tap vast reserves of natural gas off the coast of the southern African country, then chill them to a liquid state at an onshore plant to be exported around the world. It is one of the largest projects in Exxon’s portfolio, and its proximity to India could give Exxon an opportunity to export gas to a fast-growing market.\nBut Mozambique lacks infrastructure and is fighting an Islamic State-linked insurgency that has claimed more than 3,000 lives.Total EnergiesSE halted construction of a $20 billion gas project there in March after violence erupted near its construction site. Exxon spent $2.8 billion to acquire a stake in the Rovuma project but has delayed a final investment decision for several years. Exxon hasn’t disclosed an exact estimate of the project’s cost; Mozambique has estimated it at $27 billion to $33 billion.\nAbandoning the projects would represent another setback to plans by Exxon Chief Executive Darren Woods to boost spending to increase production. Less than four years ago, Mr. Woods said the company would invest $230 billion to pump an additional one million barrels of oil and gas a day by 2025. Rovuma, in particular, was central to that strategy.The company has already pulled backparts of that strategy after the pandemic decimated demand for oil and gas last year, prompting it to undergo a belt tightening.\nExxon’s fortunes have improved this year along with rising oil and gas prices. Analysts expect Exxon to report more than $6 billion in quarterly profit later this month, after a loss of $680 million during the same period last year. The company has said it would give priority to using cash to pay down debt and fund dividends.\nExxon is planning to declare in coming weeks that it will increase its investment in a low-carbon unit it announced in February by billions of dollars, according to people familiar with the matter. It initially said it would invest $3 billion in the unit through 2025 to commercialize carbon capture and storage, hydrogen, biofuels and other technologies. Most of those businesses aren’t profitable, say analysts, and need significant public-policy support and technological advances to become so.\nExxon is also considering a pledgeto reduce and offset the carbon emissions from its operations to zero by 2050, the Journal has reported. Mr. Woods previously called such net zero commitments a “beauty competition.”","news_type":1,"symbols_score_info":{"XOM":0.9}},"isVote":1,"tweetType":1,"viewCount":2543,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/853085181"}