ExxonMobil’s Failure to Go Green Could Worsen Its Financial Future
In 1999, Enron CEO Jeff Skilling mocked ExxonMobil, the largest U.S. oil and gas company, calling it a “dinosaur.” Yet Exxon lumbered on, churning out steady profits, even after Enron collapsed in bankruptcy two years later and Skilling went to prison for fraud. But now, as the planet continues to heat up, COVID-19 has blasted into Exxon’s finances like some giant asteroid. The energy industry is evolving, and large fossil fuel producers like Exxon must transform or get left behind. While its major rivals such as BP and Shell have invested in renewables, like wind and solar, or shifted to producing more natural gas, which emits less carbon, Exxon has insisted on staying the course even as investors and consumers increasingly turn away from dependence…View Original Post
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Source: Texas Monthly