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CERAWeek 2023: Exxon says it is reevaluating Europe strategy after windfall taxes – Reuters

(Left to right) Daniel Yergin, vice chair of S&P Global, speaks with Exxon Mobil Corp. CEO Darren Woods on Tuesday at the CERAWeek by S&P Global conference in Houston. @CERAWeek/Twitter
(Left to right) Daniel Yergin, vice chair of S&P Global, speaks with Exxon Mobil Corp. CEO Darren Woods on Tuesday at the CERAWeek by S&P Global conference in Houston. @CERAWeek/Twitter

Sabrina Valle, Reuters

Energiesnet.com 03 08 2023

Exxon Mobil Corp. (XOM.N) is reviewing its role in Europe in view of new windfall profits taxes as it increasingly invests more in the U.S., Chief Executive Darren Woods said on Tuesday.

Taxation discourage investments, he said. Governments have an important role in the energy transition by incentivating the development of new energy technologies without compromising oil supply to meet the world’s demand, Woods said at a panel during the CERAWeek by S&P energy conference in Houston.

“I think you may be very simply to describe it as carrots versus sticks,” Woods said. “We certainly step back and re evaluate what we are doing in Europe”.

Exxon is increasing investments in the U.S., where the Inflation Reduction Act helped the company launch a new business to help third parties to decarbonize.

“The IRA is obviously very important for your strategy,” Woods said.

Reporting by Sabrina Valle; Editing by David Gregorio

reuters.com 07 03 2023

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