United front for US giant

摘要

IN the first quarterly earnings call since an investor insurgency revamped its board, ExxonMobil's leadership focused on shareholder returns while emphasising operations off Guyana and in the Permian basin in the US.Chief executive Darren Woods said the management team had "received some very explicit feedback" from shareholders before and after the annual meeting in May that led to three nominees backed by hedge fund Engine No 1 being added to the board.Woods said that, in spite of their differences, all directors share the desire for improved shareholder returns."I am pleased to say that, without exception, our directors are focused on improving the performance of the company, addressing the challenges faced by our industry and increasing long-term shareholder value," he said."There is very good alignment on the importance of leveraging the diverse experience and skills of the board ... the need to improve transparency and engagement with our shareholders, actively listening and more explicitly addressing concerns and, of course, driving total shareholder return in the short and long run."ExxonMobil said capital expenditures for the first half were less than $7 billion, but would increase in the second half to meet the low end of its $16 billion to $19 billion range."Investments in the second half of the year are expected to be higher due to the timing of spend for major upstream and chemical projects, including Guyana, Brazil, Permian and chemical performance products," director of investor relations Stephen Littleton said.