Vincent Boland: Exxon loses its way as oil giant goes from leader to laggard

Climate change is now about business rather than emotion and Exxon-Mobil must reinvent itself if it is to catch up with its rivals in the transition to clean energy

7th February, 2021
Vincent Boland: Exxon loses its way as oil giant goes from leader to laggard
Exxon bosses were so well connected that Donald Trump tapped one of them, Rex Tillerson, to be his first secretary of state

Once upon a time, when Big Oil was in its pomp, it must have been fun to work at ExxonMobil.

For decades, the Texas oil giant was one of the world’s richest companies, its value on the stock market reaching $500 billion at one point. In 2008, it had revenues of $425 billion and profits of $45 billion, and it generated more barrels of oil every day than some oil-producing states.

Exxon’s army of mostly male employees,...

Subscribe from just €1 for the first month!

Currency

What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Related Stories

Vincent Boland: Tycoon space race is boldly going where many have gone before

Vincent Boland: Biden wants to be heard on attempt to make America competitive again

Vincent Boland: Global private equity is on a spending spree in Discount Britain

Vincent Boland: In the World v Zuckerberg, the final verdict is still to be delivered