Exxon CEO Woods discusses Pioneer acquisition, emissions initiatives at COP28

  • Investing.com
  • Stock Market News
Exxon CEO Woods discusses Pioneer acquisition, emissions initiatives at COP28
Credit: © Reuters.

NEW YORK - Exxon Mobil (NYSE: XOM )'s CEO Darren Woods addressed several key issues at a talk at COP28, Dubai, including the company's strategy on responsible energy production and its $60 billion acquisition of Pioneer Natural Resources (NYSE: PXD ) Co. Woods highlighted Exxon's commitment to long-term emission reductions and sustainable operations amidst ongoing demand for fossil fuels.

Woods dismissed antitrust concerns regarding the Pioneer acquisition, pointing to Exxon's relatively small global and U.S market share, which he believes will lead to smooth regulatory proceedings. He also mentioned proactive engagements with the Biden administration, aiming to balance environmental concerns with a reliable energy supply.

In light of potential policy changes post-elections, such as those impacting the Inflation Reduction Act, Exxon is maintaining its focus on responsible energy production. Woods emphasized the company's leadership role in emissions reduction initiatives among national oil companies.

Additionally, Woods spoke about how Exxon Mobil is aiding Guyana by efficiently producing oil during its border conflict with Venezuela over Essequibo. The region has been under Venezuelan nationalist scrutiny ahead of their presidential vote in 2024. The boundary dispute escalated following Exxon’s discovery of oil off the shores of Guyana seven years ago.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Add Chart to Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or

100
Please try another search