Home Business Chevron’s Climate Question: What Wouldn’t Exxon Do?

Chevron’s Climate Question: What Wouldn’t Exxon Do?


The other half of U.S. Big Oil haunted Chevron’s “Energy Transition” event this week — or rather, was invited, if not by name. Early in the proceedings, CEO Mike Wirth said “Chevron begins in a different place than others in our sector,” begging a purely rhetorical “such as?” in rejoinder. He then listed a series of advantages that have little to do with net-zero, such as low (and dropping) leverage and the only Big Oil dividend higher now than before the pandemic. Exxon Mobil Corp. cannot claim the same. As if to drive the point home, Wirth also dropped in the resumption of share buybacks, something that used to be its Texan rival’s calling card.

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