ExxonMobil plans to cut its low-carbon spending by a third, the latest sign of a pullback on decarbonization across most big oil companies. In its latest corporate outlook, Exxon raised its 2030 targets for earnings and cash flow each by $5 billion. That should be possible without new capital spending, the company said. But it will require low-carbon spending to fall to $20 billion from $30 billion, following what CEO Darren Woods described as lower-than-expected customer demand and less supportive government policies.
Hydrogen is among the divisions on hold, a trend across the industry, which has put more than 60 hydrogen projects on ice this year. Overall, oil majors’ green ambitions have mostly failed to pan out: Shell and BP, which pushed ambitiously into lower-carbon business lines only to pull them back, have seen their share prices fall to a deep discount relative to their US competitors.