The ‘crisis' that explains why Exxon is ignoring Europe [Fortune]
Exxon Mobil Corporation (XOM)
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Source: Fortune
Asian and European stocks ticked up this morning. US futures called for some profit-taking today. Moscow rejected Trump's call for a ceasefire in Ukraine . “A ceasefire is a road to nowhere,” Russian Foreign Minister Sergei Lavrov said Good morning. Is 2025 going to be the year in which Europe becomes competitive again, after years in which it trailed both the US and China in economic performance? Not according to Philippe Ducom, President, Europe, of oil giant Exxon. Europe's competitiveness is “in a crisis”, he told me in a phone interview. And if in the next few years the EU keeps trying to regulate itself out of the crisis, “it's not going to work.” Despite his company having major operations in the continent, and investing $20 billion globally in decarbonization by 2027, the Texas-based company isn't anticipating more than a “fraction” of its investments to happen in Europe. The US is expected to get much more of Exxon's clean energy investments, including new low-carbon
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XOM
Earnings
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XOM
Sec Filings
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- 12/2/24 - Form 4
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