ExxonMobil's Low-Carbon Retreat Dovetails Neatly With Trump's Energy Policy Revolution
In a move that no doubt sends shockwaves through the corridors of Davos, Brussels, and the echo chambers of the climate-industrial complex, ExxonMobil announced Tuesday it will slash its low-carbon spending by a third, redirecting billions back to its more profitable core oil and gas business. Over the next five years, from 2025 through 2030, the supermajor plans to invest just $20 billion in low-emission ventures—down from the $30 billion penciled in a year ago. It’s a strategic pivot away from ESG mania back towards energy reality, a nod to the seismic shift in Washington under President Donald Trump’s second act.
Exxon’s updated corporate plan, unveiled amid a backdrop of steady, if low oil prices and surging U.S. production, couldn’t be timelier. Assuming Brent crude holds at $65 per barrel - a conservative bet given an array of geopolitical and economic factors - the company now forecasts a staggering $145 billion in cumulative surplus cash flow through the decade’s end. That’s real money, not the vaporware of carbon credits or the pie-in-the-sky promises of net-zero by 2050.
Rather than chasing subsidies for unproven/unscalable tech like direct air capture or biofuels, Exxon is doubling down on liquefied natural gas (LNG) expansion, Permian Basin drilling, and its Guyana offshore bonanza. As CEO Darren Woods put it in the plan’s release, “We’re focusing on high-return projects that deliver value to shareholders while meeting society’s energy needs.” Translation: More oil, more gas, more affordable, abundant, real, tangible energy that is so crucial to America’s national security.
