Exxon Mobil shrinks its European operations, and the leader praises Trump's energy policy
Exxon Mobil CEO Darren Woods criticized the EU's energy policy, stating that it slows down business processes, and praised Trump's energy policies. The company is slowing down its investments in Europe and selling assets. Woods expressed concerns about the slowdown in U.S. shale oil production growth and mentioned that projects to return to Iraq still require time to be implemented
According to Zhitong Finance APP, recently, Exxon Mobil (XOM.US) CEO Darren Woods once again criticized the EU's energy policy while praising former U.S. President Donald Trump's energy approach.
The Texas-based oil and gas giant is slowing down its investments in Europe and selling assets. Woods stated that the EU's regulatory measures in climate and human rights "slow down business processes and attempt to impose unrealistic" solutions.
This statement continues his strong criticism of the EU's Corporate Sustainability Due Diligence Directive last month, when he described the directive as having a "devastating" impact.
In stark contrast, Woods pointed out during a speech at the "Energy Intelligence Forum" held in London on Monday that Trump promoted "a more balanced policy discussion" and "clearly recognized the key role that economic growth and the daily well-being of the public play."
Despite receiving such political support, Woods candidly told the audience that Exxon Mobil is concerned about the impending slowdown in U.S. shale oil production growth. He stated that if companies can overcome the current recovery rate limitation of about 10% in shale reservoirs, this trend may be reversed.
Regarding Exxon Mobil's return to Iraq—after the company signed an agreement related to the Majnoon oil field last week—Woods revealed, "We still have a long way to go to make the project effective."
