In this episode of Acts of Leadership, Jordan Greenaway and Sam Patchett discuss the company's plans for the future, as Darren seeks to lead the way and show the world that ExxonMobil are ready for the energy transition. On this episode, we're talking about ExxonMobil, and its CEO Darren Woods. Darren Woods is the current CEO and Chairman of Exxon Mobil. endstream endobj 535 0 obj <>/Metadata 29 0 R/Pages 532 0 R/StructTreeRoot 57 0 R/Type/Catalog/ViewerPreferences 555 0 R>> endobj 536 0 obj <>/MediaBox[0 0 612 792]/Parent 532 0 R/Resources<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI]/XObject<>>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 537 0 obj <>stream Sam Patchett: Thanks Jordan. Before joining ExxonMobil, Woods spent 18 years at GE Energy in various roles including Marketing Manager for North America Power Systems and President & CEO for GE Lighting Solutions. Business conditions are improving as the pandemic's impact continues to subside. Exxon Mobil Corp.s February 2021 annual filing with the SEC revealed the company debooked 6.3 billion barrels of oil equivalent in 2020, or almost 30% of its proved reserves. personalising content and ads, providing social media features and to It is based on a noble, worthy contribution which we are uniquely suited for, and that is helping advance growth in global prosperity through innovative solutions that meet societys greatest needs. Yes, there are going to be things you dont have control over, but its your response that matters and you have complete control of that.. And in some ways they're refreshingly upfront about this if you go onto the Exxon website, their main image is an oil rig. Its getting tougher for Americans to secure good entry-level jobs. Additionally, he has invested in the oil and gas sector as well as various real estate projects around the world. We continue to lead the industry with the lowest GHG intensity and are increasing investments in low-emission fuels. The SEC requires companies to estimate annually how much oil and gas they have below the ground that can reasonably be expected to see the light of day; in calculating this number, companies take into account factors such as market prices and the cost of producing said oil. While scarfing down lunch with the mentor he was paired with, the seasoned veteran informed him how people generally advance up the company ranks by maintaining a low profile. The largest remaining descendant of gilded age tycoon John D. Rockefellers Standard Oil Company, Exxon Mobil has traditionally existed as one of Americas most financially reliable corporations. As team values and athlete earnings continue to climb, a dozen new billionaires have emerged from around the sports world. The executive wing of Exxon Mobils headquarters is nicknamed the God Pod. Likewise, Woods spoke about the plan to drill for oil in the Bakken Formation. Mike Trout, the three-time American League MVP and 10-time All-Star is partnering on an 18-hole golf course in southern New Jersey that will be designed by Tiger Woods. So that's why I think his comments in this particular interview are really, really interesting Sam. Prior to joining ExxonMobil, Woods worked at GE Energy in various roles for 18 years, including Marketing Manager for North America Power Systems and CEO for GE Lighting Solutions. He added that the company has engaged with the sitting government, the opposition, and communities in Guyana to make sure the development is understood.. In short, Darren Woods maintains a disciplined approach to investing based on sound principles and principles of risk management. People named Darren Woods. Sam Patchett: It's a very interesting point you bring up Jordan. Transcript Participative leadership leads to higher quality contributions. We seek to be a leader when it comes to helping society achieve its lower-carbon ambitions. One of the founding Directors and investors in Freedom Fibre, November 2020. [7], At an investor meeting in New York in 2017, Woods outlined his growth plan including drilling in the Permian Basin of Texas and New Mexico and the Bakken shale formation in North Dakota. Capitalizing on these emerging technologies and market opportunities could significantly reduce CO2 emissions and help society achieve the ambitions of the Paris Agreement which weve supported since its inception, explains Woods. Join the Brooksy Society by subscribing to our Monthly Newsletter! masters in business administration from Northwestern University. This added up to 355 yards on 24 reception and 5 touchdowns for him. Darren W. Woods Chairman and Chief Executive Officer Darren Woods is a graduate of Texas A&M University, where he earned a Bachelor of Science degree in electrical engineering. ExxonMobil's Industry Leadership Deteriorates Under CEO Darren Woods Company Slips Compared to Peers in Profits, Cash and Shareholder Return Executive Summary ExxonMobil's pre-pandemic financial performance has deteriorated during the first three years of Chairman and Chief Executive Officer Darren Woods's tenure (2017-2019). Now, to date, we've heard about how ExxonMobil and Darren himself are gonna play a role in the energy transition, moving to renewables, moving to green technology, et cetera. Therefore, he quit and invested his next two years into earning a masters in business administration from Northwestern University. We've had outstanding success with discoveries in Guyana and increased the total estimated recoverable resource on the Stabroek block to approximately 10 billion oil-equivalent barrels. Darren Woods. There were a lot of people who spoke out in one way or another, but Woods is interesting in that he wrote a personal letter to Donald Trump to state his opinion on the matter. Our past efforts to increase efficiency are now helping improve our margins as the industry rebounds. You have entered an incorrect email address! I liked problem-solving and had an affinity toward math, so engineering seemed a natural fit for me, the then aspiring student, and current chief executive explains. As December of 2016 reached its midpoint, former Exxon Mobil CEO, Rex Tillerson, expected to waltz his way into the new year poised to retire from the American oil giant on his birthday that upcoming March. Darren W. Woods (born 1964/65) is an American businessman, and the chief executive officer (CEO) and chairman of ExxonMobil since January 1, 2017. Today, we're seeing the benefits of investments we made at the bottom of the commodity cycle, when many of our competitors pulled back. I worked with people from different backgrounds, and it was hard, hot, and very dirty work, he remembers. ExxonMobil is one of the worlds largest integrated energy companies, offering oil and gas products and services to customers around the globe. Straight from Darren Woods Jr.'s mouth-that is his leadership style. His focus on customer-centricity has also allowed ExxonMobil to become more customer-focused and deliver exceptional value for its customers. Beyond CCS, we've been a leader in advocating for comprehensive federal methane regulations, and we are pleased that policymakers are increasingly making this a key part of their emission-reduction plans. Jordan Greenaway: Great point, Sam. Tiger Woods has been in the news - for his golf course design business. Were increasingly confident about our Permian growth strategy due to our unique development plans, said Neil Chapman, ExxonMobil senior vice president. After theprice of crude collapsed, the firm slashed capital spending by $10 billion,cut thousands of workers, and said it would write downbillions morein assets. For those who are unsure about what Peak Oil means, it can be summed up as the idea that at some point in time, oil production will reach a maximum and then start falling because oil is a limited resource. offers FT membership to read for free. What I learned in those three years of working was you could be the best engineer but if you dont know how to sell your ideas or get funding for those ideas, its difficult to be successful, he reveals. Jordan Greenaway: I was thinking about the way he communicated this. We will be connecting homes and businesses in the cities and in the . The middle of eleventh grade brought with it a reliably big move, on this occasion, teenage Woods was going back to Dallas, where he would receive his high school diploma and transition to college. Mr. Woods' comments to ExxonMobil's employees are summarized as follows: Unprecedented times Talk about your stomach falling through your feet, he laments. After all, before he was promoted to the position of CEO, he was running a division of Exxon Mobil. Woods is known as a collaborative leader who encourages creativity throughout the organization. Youve shown tremendous resilience and professionalism over the past few years as we've dealt with the pandemic. I was shocked!. One interesting observation to point out is, a couple of self-made billionaires also found themselves working amongst TRWs west coast offices at a particularly early stage in life, their names are Henry Samueli and Henry Nicholas III. Here's what to expect when the club opens in 2025. Transmission Private. Darren W. Woods is on the board of Center for Strategic & International Studies, Inc. and US-China Business Council and Chairman & Chief Executive Officer for Exxon Mobil Corp., Member of The National Petroleum Council, Member of The Business Roundtable and Member of The Business Council. As Chief Executive Officer of Experian plc, Brian brings strong leadership experience and a substantial background in operating within a regulated environment. Theyve made significant progress in reducing their greenhouse gas emissions thanks toa robust development portfolio of technologies and products aimed at capturing carbon output. It's a new year, but many of 2020's challenges linger: The layoffs sunk morale, oil markets are still stunted, and some investors are pressuring the company to address the risks associated with climate change, as many of its peers have done. I went on to manage the retail business in Scotland and northern England before becoming Supply and Trading Manager for the UK and Ireland, he recollects. 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Since Exxon made an initial discovery of crude about 120 miles off the Guyanese coast in 2015, it launched one of the biggest underwater geological surveys in the industrys history and landed a remarkable string of 16 world-class discoveries. [2] Early life and education Woods was born in Wichita, Kansas. He can even go a step further and say, this is how we can work with government and have a meaningful impact on the transition. Woods said he reaggravated his plantar fasciitis, a condition that causes pain near the heel of the foot. Exxon faced a difficult 2020. You may be wondering who this person is, but if youre interested in learning more about operating electric vehicles as, Read More 10 Things You Didnt Know about Khaled HassounahContinue, If youre like most people, you cant live without your phone. In this role, he had primary responsibility for ExxonMobil's global refining, supply, and transportation activities. I think the real question is whether it's rhetoric or whether it's actually meaningful, and whether he can back up a sentiment with doing their part of the deal. Exxon Mobil looked to Canadas oil sands, natural gas fracking, and even Russias Arctic, all of which required higher prices to be profitable. Great leaders can inspire political movements and social change. Here are further demographic highlights of the leadership team: The Exxon Mobil executive team is 43% female and 57% male. ', The astute young mans first day on the job was August 31st, 1992, and because his wife was tired of living in student-like apartments, he managed to get them moved into their first house on December 2nd of that same year. So I think they're gonna go further. We can't forget that with unprecedented times comes unprecedented opportunity. People are starting to come to the understanding that it needs to be a gradual and sustainable transition it's not gonna happen overnight. His salary as chairman and CEO of ExxonMobil is report to be around $26 million per year. In 2005, Darren Woods was appointed vice president of Exxon Mobil Chemical Company in Houston, Texas, where he managed global specialty-chemical businesses. Our plans are attractive at a range of prices and we expect them to drive more value as we continue to lower our development and production costs.. A consortium led by Exxon plans to produce 750,000 barrels a day by 2025 from its Guyanese fields an enormous addition to its current global production of four million barrels a day. What are your thoughts? Log In. 554 0 obj <>/Filter/FlateDecode/ID[<2B9A827D00AED8438CDA789594005A46><8E50C78C2CA7B24CB9A387A47C91F3C4>]/Index[534 49]/Info 533 0 R/Length 105/Prev 552488/Root 535 0 R/Size 583/Type/XRef/W[1 3 1]>>stream -- CNN Business' Matt Egan contributed to this report He received an undergraduate degree from Texas A&M University and an MBA from Kellogg School of Management. Garrett by trade is a personal finance freelance writer and journalist. And I think the tipping point for that was about 20 years ago when Al Gore released the Inconvenient Truth movie. To accomplish this mission, we've set three high-level objectives: To meet these objectives, we focused on three key priorities: A first step was better organizing our businesses to improve visibility and accountability across value chains in order to improve decision making, speed, and end-to-end ownership of results. REUTERS/Daniel Kramer Base. Some of the most widely discussed include: authoritarian (autocratic), participative (democratic), delegative (laissez-faire), transformational, transactional, and situational. As we have done so many times before, weve found our path to leadership and created the opportunity for ExxonMobil to thrive for the next 135 years. And our Chemicals business is on pace for record earnings this year after contributing $2.3 billion in the second quarter alone. Sign up for notifications from Insider! ExxonMobil's CEO, Darren Woods, has a CEO approval rating of 63/100, as scored by 210 ExxonMobil employees, placing Darren Woods in the Bottom 30% of similarly-sized companies for CEO score. These times have been truly unprecedented for the world, for our industry, and for our company. Darren Woods - Biography - MarketScreener.com Rather than promoting to the nearest junior high with the rest of his recently-made friends, he hopped on a one-way flight to Hawaii, where hed spend another four years. When senior year rolled around, he conducted some fairly intense research on the area he intended to study, but in the midst of it all, felt incredibly burnt out which set off doubts in his mind as to whether a career in academia was right for him. These companies account for more than 70% of the emissions in that region, so it's a very important grouping of interested parties that could make a significant difference in that region. I would tell you, that was probably one of the most important first steps I took in my life because it established a foundation that weve built on ever since then., In one of his more difficult electrical engineering classes, Woods received a 56/120 on the first exam. Darren Woods, chairman and CEO of Exxon Mobil Corporation, denied any inconsistency between what the company told the public and what Exxon scientists had privately warned. How to Lead: 6 Leadership Styles and Frameworks - Verywell Mind Woods has seen major success under his leadership at ExxonMobil, including increasing production capacity by 40%, doubling dividends, and becoming one of the worlds top-ranked oil & gas companies based on return on capital employed (ROCE). HOUSTON (Reuters) - Exxon Mobil Corp's XOM.N $200 million write-down last month on abandoned ventures in Russia - once its next big frontier - points to challenges facing Chief Executive Darren. Some of his fondest childhood memories took place on the Korean peninsula, although, those experiences were eventually followed by several formative years in the Philippines. But his leadership style has failed to inspire some employees and rubbed others the wrong way. But I think the clamour for more action is not going to stop, and being part of the solution to that energy transition is not the same as actually trying to stop the bad stuff that you've been doing for the last 10, 20 years. You will be redirected once the validation is complete. And I wonder Sam, if you've got any reflections on how that was framed, and using that quote rather than something else. Jordan Greenaway: Thanks Sam. 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