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ExxonMobil (XOM) CEO Urges Collaboration for Net-Zero Success

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Exxon Mobil Corporation’s (XOM - Free Report) CEO Darren Woods cautioned against casting Big Oil as "villains" in the fight against climate change, asserting that such characterization hinders the global pursuit of net-zero emissions.

Speaking at the Asia Pacific Economic Cooperation CEO Summit in San Francisco, Woods argued that prevailing climate change solutions have been excessively fixated on limiting the supply of fossil fuels, deeming it a "recipe for human hardship and a poorer world." Instead, he called for a collaborative effort, with governments supporting the industry's capacity for change through taxpayer-backed initiatives for emissions-reducing technologies like carbon capture.

During his address, Woods reaffirmed the company's commitment to maintaining oil and gas production while simultaneously investing in low-carbon technologies that complement fossil fuels. According to him, this approach represents the most effective way to contribute positively to the environment.However, he highlighted the need for government support to facilitate the transition.

Woods urged governments to provide taxpayer assistance for emissions-reducing technologies such as carbon capture and hydrogen. He argued that this support is essential until market forces can naturally drive the adoption of these technologies.

Woods concluded his speech by challenging the "ExxonKnew" slogan often used by environmentalists to highlight the company's historical stance on climate change. He asserted that ExxonMobil possesses the necessary tools, skills, size and resources to significantly reduce emissions and contribute to the global effort against climate change.

ExxonMobil is set to host its 2023 Corporate Plan Update on Dec 6. The update will include presentations from CEO Darren Woods, CFO Kathy Mikells and other key figures within the company.

Zacks Rank & Other Key Picks

ExxonMobil currently carries a Zack Rank #2 (Buy).

Some other top-ranked players in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.

MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.

Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared to most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty. LBRT has witnessed an upward earnings estimate revision for 2023 and 2024 over the past 30 days.

LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.

Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. The company has witnessed an upward earnings estimate revision for 2023 in the past seven days.

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