Exxon Says Energy Demand Makes Case for Fossil Fuel Growth
An Exxon Mobil Corp. oil drilling rig near Stanton, Texas.
Photographer: Justin Hamel/BloombergExxon Mobil Corp. will pursue fossil fuel growth long into the future to meet demand it says will “not materially change” between now and 2050.
The Texas oil major is not concerned with “chasing the narrative of the week” but will invest in oil and gas projects that it believes will be needed for decades to come, Dan Ammann, president of the company’s upstream division, said at the BloombergNEF Barrel of Tomorrow in the Age of AI summit in Houston Thursday. Exxon plans to double its sales of liquefied natural gas by 2030 and is investing heavily in oil growth in Guyana and the Permian Basin.