Here’s a quiz for you: What line of business is ExxonMobil in?
The answer’s not as simple as one might think. We’re one of the world’s largest oil and natural gas producers, of course. And ExxonMobil’s chemical division ranks among that industry’s leaders as well.
But we’re a lot more than just an energy and petrochemical company. At heart, ExxonMobil has always been a technology company – pioneering the technological solutions to solve society’s most pressing challenges and support its progress.
It’s a message that came through loud and clear this week in a speech from ExxonMobil Chairman and CEO Darren Woods. He was in Istanbul to address the triennial meeting of the World Petroleum Congress.
This focus on technology, Darren noted, explains the kind of company ExxonMobil has been for the 135 years of its existence. More than that, it maps out our path for the future.
As Darren put it:
At our core, we’re a technology company. We have almost 20,000 scientists and engineers, including more than 2,000 PhDs. We spend about a billion dollars a year in researching and developing new technologies, including potential breakthroughs, like algae for biofuels, fuel cells for carbon capture, and reverse osmosis for more efficient manufacturing processes.
We’re finding innovative ways to operate more effectively and more efficiently: Better seismic imaging and reservoir modeling; lower-cost projects; higher yield, less energy-intensive manufacturing processes; and advantaged performance products.
Developing future technology advances will be key to ExxonMobil and other industry leaders achieving two critical and interrelated goals in the coming years.
The first is to provide the energy supplies the global economy requires and help reduce energy poverty around the world. The second is to reduce greenhouse gas emissions and the other environmental impacts of energy use.
At ExxonMobil, our optimism about the transformative power of technological progress makes us confident we can do both.
I invite you to read Darren’s full remarks here.