ExxonMobil statement regarding President Biden Letter to Oil Industry
15 Giugno 2022 - 08:46PM
Business Wire
ExxonMobil today released the following statement in response to
a letter from President Biden.
We have been in regular contact with the administration to
update the President and his staff on how ExxonMobil has been
investing more than any other company to develop U.S. oil and gas
supplies. This includes investments in the U.S. of more than $50
billion over the past five years, resulting in an almost 50%
increase in our U.S. production of oil during this period.
Globally, we’ve invested double what we’ve earned over the past
five years -- $118 billion on new oil and gas supplies compared to
net income of $55 billion. This is a reflection of the company’s
long-term growth strategy, and our commitment to continuously
invest to meet society’s demand for our products.
Specific to refining capacity in the U.S., we’ve been investing
through the downturn to increase refining capacity to process U.S.
light crude by about 250,000 barrels per day – the equivalent of
adding a new medium-sized refinery. We kept investing even during
the pandemic, when we lost more than $20 billion and had to borrow
more than $30 billion to maintain investment to increase capacity
to be ready for post-pandemic demand.
In the short term, the U.S. government could enact measures
often used in emergencies following hurricanes or other supply
disruptions -- such as waivers of Jones Act provisions and some
fuel specifications to increase supplies. Longer term, government
can promote investment through clear and consistent policy that
supports U.S. resource development, such as regular and predictable
lease sales, as well as streamlined regulatory approval and support
for infrastructure such as pipelines.
About ExxonMobil
ExxonMobil, one of the largest publicly traded international
energy and petrochemical companies, creates solutions that improve
quality of life and meet society’s evolving needs.
The corporation’s primary businesses - Upstream, Product
Solutions and Low Carbon Solutions - provide products that enable
modern life, including energy, chemicals, lubricants, and
lower-emissions technologies. ExxonMobil holds an industry-leading
portfolio of resources, and is one of the largest integrated fuels,
lubricants and chemical companies in the world. To learn more,
visit exxonmobil.com and the Energy Factor.
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