WHEN_CJS IT_PNP COMES_VVZ to_PRP trash-talking_NN1 ,_PUN Exxon_NP0 Mobil_NP0 CEO_NN1 Darren_NP0 Woods_NP0 is_VBZ n't_XX0 exactly_AV0 on_PRP par_NN1 with_PRP ,_PUN say_VVB ,_PUN NBA_NN1 legend_NN1 Michael_NP0 Jordan_NP0 or_CJC former_DT0 Dallas_NP0 Cowboys_NN2 All-Pro_NP0 Deion_NP0 "_PUQ Prime_AJ0 Time_NN1 "_PUQ Sanders_NP0 ._SENT At_PRP least_AV0 in_PRP public_NN1 ,_PUN the_AT0 buttoned-up_AJ0 Big_AJ0 Oil_NN1 executive_NN1 typically_AV0 speaks_VVZ in_PRP a_AT0 near-monotone_AJ0 drone_NN1 ,_PUN softened_VVN slightly_AV0 by_PRP his_DPS light_NN1 Texas_NP0 drawl_NN1 ,_PUN and_CJC chooses_VVZ his_DPS words_NN2 so_CJS carefully_AV0 as_CJS to_TO0 suggest_VVI a_AT0 curated_VVN blandness_NN1 ._SENT That_DT0 understated_AJ0 presentation_NN1 style_NN1 was_VBD on_PRP display_NN1 once_AV0 again_AV0 in_PRP late_AJ0 April_NP0 when_CJS Woods_NP0 announced_VVD the_AT0 oil_NN1 and_CJC gas_NN1 giant_NN1 's_POS first-quarter_AJ0 earnings_NN2 ._SENT And_CJC yet_AV0 ,_PUN behind_PRP the_AT0 Exxon-speak_NN1 ,_PUN there_EX0 was_VBD an_AT0 unmistakable_AJ0 note_NN1 of_PRF triumph_NN1 ,_PUN perhaps_AV0 even_AV0 a_AT0 hint_NN1 of_PRF defiance_NN1 ._SENT 
On_PRP the_AT0 webcast_AJ0 call_NN1 with_PRP Wall_NP0 Street_NP0 analysts_NN2 ,_PUN Woods_NP0 pointed_VVD out_AVP that_CJT a_AT0 year_NN1 of_PRF tumult_NN1 —_PUN a_AT0 pandemic_AJ0 ,_PUN the_AT0 resulting_AJ0 waves_NN2 of_PRF lockdowns_NN2 ,_PUN and_CJC tumbling_VVG crude_AJ0 consumption_NN1 —_PUN had_VHD done_VDN nothing_PNI to_TO0 change_VVI the_AT0 energy_NN1 giant_NN1 's_POS perspective_NN1 on_PRP the_AT0 world_NN1 ._SENT And_CJC he_PNP offered_VVD that_CJT Exxon_NP0 's_POS $_NN0 2.7_CRD billion_CRD profit_NN1 in_PRP the_AT0 first_ORD three_CRD months_NN2 of_PRF 2021_CRD ,_PUN helped_VVN by_PRP rebounding_VVG oil_NN1 and_CJC gas_NN1 prices_NN2 ,_PUN was_VBD proof_NN1 that_CJT the_AT0 company_NN1 's_POS strategy_NN1 was_VBD right_AJ0 ._SENT "_PUQ We_PNP knew_VVD economies_NN2 would_VM0 recover_VVI ,_PUN populations_NN2 and_CJC living_AJ0 standards_NN2 would_VM0 continue_VVI to_TO0 grow_VVI —_PUN ultimately_AV0 driving_VVG demand_NN1 for_PRP our_DPS products_NN2 and_CJC industry_NN1 recovery_NN1 ,_PUN "_PUQ Woods_NP0 said_VVD ._SENT Meanwhile_AV0 ,_PUN he_PNP noted_VVD ,_PUN the_AT0 efforts_NN2 by_PRP the_AT0 company_NN1 over_PRP the_AT0 past_NN1 few_DT0 years_NN2 to_TO0 restructure_VVI and_CJC reinvest_AJS had_VHD paid_VVN off_AVP :_PUN "_PUQ We_PNP are_VBB a_AT0 stronger_AJC company_NN1 with_PRP an_AT0 improving_AJ0 outlook_NN1 ._SENT "_PUQ 
Translation_NN1 :_PUN Take_VVB that_CJT ,_PUN haters_NN2 ._SENT 
The_AT0 strong_AJ0 quarter_NN1 was_VBD a_AT0 much_AV0 needed_VVN win_NN1 both_AV0 for_PRP Woods_NP0 and_CJC his_DPS company_NN1 after_PRP a_AT0 year_NN1 in_PRP which_DTQ once-mighty_AJ0 Exxon_NP0 has_VHZ suffered_VVN a_AT0 series_NN0 of_PRF painful_AJ0 indignities_NN2 ._SENT Collapsing_AJ0 oil_NN1 prices_NN2 caused_VVD Exxon_NP0 's_POS revenues_NN2 to_TO0 sink_VVI by_PRP some_DT0 $_NN0 83_CRD billion_CRD in_PRP 2020_CRD compared_VVN with_PRP the_AT0 year_NN1 before_AV0 and_CJC sent_VVD the_AT0 energy_NN1 titan_NN1 tumbling_VVG in_PRP this_DT0 year_NN1 's_POS Fortune_NN1 500_CRD ,_PUN from_PRP No._NN1 3_CRD down_AVP to_PRP No._NN1 10_CRD —_PUN Exxon_NP0 's_VBZ lowest-ever_AV0 spot_NN1 in_PRP the_AT0 rankings_NN2 ._SENT Worse_AJC still_AV0 ,_PUN after_CJS more_AV0 than_CJS two_CRD decades_NN2 without_PRP a_AT0 negative_AJ0 quarter_NN1 ,_PUN the_AT0 company_NN1 took_VVD a_AT0 record_NN1 $_NN0 22.4_CRD billion_CRD loss_NN1 in_PRP 2020._CRD That_DT0 made_VVD it_PNP the_AT0 biggest_AJS money-loser_NN1 in_PRP the_AT0 Fortune_NN1 500_CRD by_PRP a_AT0 wide_AJ0 margin_NN1 ._SENT In_PRP August_NP0 ,_PUN Exxon_NP0 was_VBD removed_VVN from_PRP the_AT0 Dow_NP0 Jones_NP0 industrial_AJ0 average_NN1 after_PRP 92_CRD consecutive_AJ0 years_NN2 as_PRP a_AT0 member_NN1 of_PRF the_AT0 30-company_AJ0 index_NN1 ,_PUN and_CJC replaced_VVN by_PRP software_NN1 giant_NN1 Salesforce_NP0 ._SENT Adding_VVG further_AJC insult_NN1 to_PRP injury_NN1 ,_PUN Exxon_NP0 's_POS longtime_AJ0 rival_AJ0 Chevron_NN1 (_PUL No._NN1 27_CRD on_PRP this_DT0 year_NN1 's_POS Fortune_NN1 500_CRD ,_PUN down_PRP 12_CRD spots_NN2 )_PUR kept_VVD its_DPS place_NN1 in_PRP the_AT0 Dow_NP0 ._SENT That_DT0 had_VHD to_TO0 sting_VVI ._SENT 
TBy_NP0 April_NP0 2021_CRD ,_PUN both_AV0 Moody_NP0 's_POS and_CJC S_ZZ0 &_NN1 P_ZZ0 Global_AJ0 had_VHD downgraded_VVN Exxon_NP0 's_POS debt_NN1 for_PRP a_AT0 second_ORD time_NN1 in_PRP just_AV0 over_PRP a_AT0 year_NN1 ._SENT The_AT0 reason_NN1 ?_SENT Increased_AJ0 pressure_NN1 to_TO0 address_VVI climate_NN1 change_NN1 combined_VVN with_PRP the_AT0 highest_AJS debt_NN1 levels_NN2 in_PRP Exxon_NP0 's_POS history_NN1 —_PUN a_AT0 by-product_NN1 of_PRF aggressive_AJ0 investments_NN2 intended_VVD to_TO0 boost_VVI the_AT0 company_NN1 's_POS oil_NN1 and_CJC gas_NN1 production_NN1 ._SENT The_AT0 company_NN1 's_POS net_AJ0 debt-to-capital_AJ0 ratio_NN1 has_VHZ risen_VVN from_PRP 16.5_CRD %_NN0 to_PRP 27.8_CRD %_NN0 in_PRP the_AT0 past_AJ0 five_CRD years_NN2 ,_PUN and_CJC its_DPS total_AJ0 debt_NN1 load_NN1 increased_VVN by_PRP nearly_AV0 $_NN0 21_CRD billion_CRD last_ORD year_NN1 alone_AV0 ._SENT 
TThe_NN1 setbacks_NN2 have_VHB given_VVN an_AT0 oil-rig-size_AJ0 opening_NN1 to_PRP Exxon_NP0 's_POS critics_NN2 ,_PUN who_PNQ argue_VVB that_CJT the_AT0 company_NN1 's_POS fortunes_NN2 have_VHB been_VBN on_PRP the_AT0 wane_NN1 for_PRP years_NN2 ._SENT Look_VVB no_AT0 further_AJC than_CJS its_DPS market_NN1 performance_NN1 ._SENT Exxon_NP0 has_VHZ long_AV0 enjoyed_VVN a_AT0 reputation_NN1 among_PRP investors_NN2 as_CJS perhaps_AV0 Big_AJ0 Oil_NN1 's_VBZ most_AV0 disciplined_AJ0 operator_NN1 —_PUN so_AV0 cash-rich_AJ0 that_CJT it_PNP could_VM0 invest_VVI during_PRP downturns_NN2 and_CJC capitalize_VVB in_PRP booms_NN2 ._SENT Love_VVB it_PNP or_CJC hate_VVB it_PNP ,_PUN Exxon_NP0 was_VBD the_AT0 oil_NN1 stock_NN1 you_PNP could_VM0 count_VVI on_AVP ._SENT But_CJC over_PRP the_AT0 past_AJ0 five_CRD years_NN2 ,_PUN its_DPS shares_NN2 have_VHB fallen_VVN 32_CRD %_NN0 while_CJS Chevron_NP0 's_POS have_VHB risen_VVN 6_CRD %_NN0 and_CJC the_AT0 S_ZZ0 &_NN1 P_ZZ0 500_CRD has_VHZ soared_VVN 102_CRD %_NN0 ._SENT Exxon_NP0 also_AV0 lags_VVZ rivals_NN2 BP_NP0 (_PUL down_PRP 16_CRD %_NN0 )_PUR and_CJC Shell_NN1 (_PUL down_PRP 21_CRD %_NN0 )_PUR over_PRP the_AT0 same_DT0 period_NN1 ._SENT 
The_AT0 news_NN1 ,_PUN reported_VVN by_PRP the_AT0 Wall_NP0 Street_NP0 Journal_NN1 in_PRP January_NP0 ,_PUN that_CJT Exxon_NP0 and_CJC Chevron_NP0 had_VHD held_VVN preliminary_AJ0 merger_NN1 discussions_NN2 raised_VVD even_AV0 more_DT0 questions_NN2 about_PRP the_AT0 future_AJ0 direction_NN1 of_PRF the_AT0 company_NN1 ._SENT (_PUL Exxon_NP0 declined_VVD to_TO0 comment_VVI on_PRP the_AT0 report_NN1 ._SENT )_PUR 
Underpinning_VVG all_DT0 the_AT0 tumult_NN1 is_VBZ a_AT0 suspicion_NN1 that_CJT Exxon_NP0 's_POS long-established_AJ0 world_NN1 view_NN1 —_PUN of_PRF oil_NN1 and_CJC gas_NN1 being_VBG at_PRP the_AT0 center_NN1 of_PRF economic_AJ0 growth_NN1 for_PRP decades_NN2 to_TO0 come_VVI —_PUN has_VHZ become_VVN financially_AV0 shaky_AJ0 ,_PUN even_AV0 deeply_AV0 risky_AJ0 ,_PUN in_PRP a_AT0 new_AJ0 age_NN1 of_PRF energy_NN1 transition_NN1 away_AV0 from_PRP fossil_NN1 fuels_NN2 and_CJC toward_PRP more_DT0 sustainable_AJ0 sources_NN2 ._SENT While_CJS peers_NN2 like_PRP BP_NP0 ,_PUN Shell_NN1 ,_PUN and_CJC France_NP0 's_POS Total_NN1 have_VHB made_VVN commitments_NN2 to_TO0 reach_VVI net-zero_AJ0 carbon_NN1 emissions_NN2 by_PRP 2050_CRD and_CJC have_VHB said_VVN they_PNP will_VM0 accelerate_VVI investments_NN2 in_PRP wind_NN1 and_CJC solar_AJ0 ,_PUN Exxon_NP0 has_VHZ dragged_VVN its_DPS feet_NN2 on_PRP investing_VVG in_PRP anything_PNI outside_PRP its_DPS core_NN1 oil_NN1 and_CJC gas_NN1 business_NN1 ._SENT 
Sensing_NN1 weakness_NN1 ,_PUN activist_NN1 investors_NN2 —_PUN led_VVN by_PRP a_AT0 newly_AV0 created_VVN investment_NN1 firm_NN1 called_VVN Engine_NN1 No._NN1 1_CRD —_PUN have_VHB launched_VVN a_AT0 proxy_NN1 battle_NN1 challenging_VVG Exxon_NP0 over_PRP its_DPS lack_NN1 of_PRF action_NN1 on_PRP an_AT0 alternative_AJ0 energy_NN1 strategy_NN1 ._SENT They_PNP are_VBB seeking_VVG to_TO0 remake_VVI the_AT0 company_NN1 's_POS board_NN1 with_PRP a_AT0 slate_NN1 of_PRF four_CRD new_AJ0 directors_NN2 who_PNQ ,_PUN they_PNP argue_VVB ,_PUN can_VM0 help_VVI guide_NN1 Exxon_NP0 's_POS long-overdue_AJ0 evolution_NN1 ._SENT In_PRP response_NN1 ,_PUN Woods_NP0 has_VHZ announced_VVN a_AT0 series_NN0 of_PRF overhaul_NN1 initiatives_NN2 —_PUN in_PRP particular_AJ0 ,_PUN the_AT0 launch_NN1 of_PRF a_AT0 new_AJ0 business_NN1 to_TO0 commercialize_VVI Exxon_NP0 's_POS low-carbon_AJ0 technology_NN1 —_PUN that_CJT have_VHB been_VBN received_VVN with_PRP raised_AJ0 eyebrows_NN2 by_PRP a_AT0 wide_AJ0 range_NN1 of_PRF skeptical_AJ0 observers_NN2 ,_PUN who_PNQ view_VVB the_AT0 moves_NN2 as_PRP half_DT0 measures_NN2 and_CJC distractions_NN2 ._SENT As_CJS Fortune_NN1 went_VVD to_TO0 press_VVI ,_PUN the_AT0 two_CRD sides_NN2 were_VBD gearing_VVG up_AVP for_PRP a_AT0 showdown_NN1 at_PRP Exxon_NP0 's_POS annual_AJ0 meeting_NN1 in_PRP late_AJ0 May_NP0 ._SENT 
Problems_NN2 are_VBB brewing_VVG for_PRP Woods_NP0 inside_PRP Exxon_NP0 ,_PUN too_AV0 ._SENT Morale_NN1 has_VHZ been_VBN hurt_VVN by_PRP the_AT0 company_NN1 's_POS plan_NN1 to_TO0 lay_VVI off_AVP 15_CRD %_NN0 of_PRF its_DPS workforce_NN1 ,_PUN cutting_VVG some_DT0 14_CRD ,_PUN 000_CRD jobs_NN2 ,_PUN including_PRP contractors_NN2 ._SENT And_CJC four_CRD years_NN2 into_PRP his_DPS tenure_NN1 as_PRP CEO_NN1 ,_PUN Woods_NP0 has_VHZ become_VVN a_AT0 divisive_AJ0 figure_NN1 for_PRP many_DT0 at_PRP the_AT0 company_NN1 ,_PUN according_VVG to_PRP interviews_NN2 with_PRP current_AJ0 and_CJC former_DT0 Exxon_NP0 employees_NN2 from_PRP all_DT0 levels_NN2 and_CJC departments_NN2 ._SENT He_PNP is_VBZ criticized_VVN by_PRP some_DT0 as_CJS lacking_VVG the_AT0 blustery_AJ0 defiance_NN1 and_CJC swagger_NN1 of_PRF his_DPS predecessors_NN2 in_PRP the_AT0 corner_NN1 office_NN1 ,_PUN and_CJC by_PRP others_NN2 as_PRP not_XX0 being_VBG more_DT0 of_PRF a_AT0 visionary_AJ0 change_NN1 agent_NN1 ._SENT 
Woods_NP0 insists_VVZ that_CJT the_AT0 company_NN1 's_POS strategy_NN1 does_VDZ n't_XX0 rely_VVI on_PRP higher_AJC oil_NN1 prices_NN2 ._SENT But_CJC he_PNP appears_VVZ to_TO0 be_VBI banking_VVG on_PRP the_AT0 success_NN1 of_PRF a_AT0 classic_AJ0 Exxon_NP0 tactic_NN1 in_PRP times_NN2 of_PRF trouble_NN1 :_PUN push_VVB ahead_AV0 and_CJC wait_VVB for_PRP the_AT0 cost_NN1 of_PRF a_AT0 barrel_NN1 to_TO0 rise_VVI ._SENT The_AT0 higher_AJC that_DT0 crude_NN1 goes_VVZ —_PUN the_AT0 price_NN1 surged_VVD from_PRP $_NN0 37_CRD at_PRP the_AT0 end_NN1 of_PRF October_NP0 to_PRP $_NN0 68_CRD as_CJS of_PRF late_AJ0 May_NP0 —_PUN the_AT0 better_AJC the_AT0 odds_NN2 that_CJT the_AT0 strategy_NN1 succeeds_VVZ ._SENT And_CJC at_PRP a_AT0 moment_NN1 when_AVQ the_AT0 company_NN1 arguably_AV0 is_VBZ under_PRP more_DT0 pressure_NN1 to_TO0 change_VVI than_CJS at_PRP any_DT0 point_NN1 in_PRP its_DPS 135-year_AJ0 history_NN1 ,_PUN the_AT0 bigger_AJC question_NN1 is_VBZ this_DT0 :_PUN Does_VDZ it_PNP even_AV0 want_VVB to_TO0 ?_SENT 
WOODS_NP0 SOUNDS_VVZ RELAXED_AJ0 and_CJC confident_AJ0 ._SENT In_PRP a_AT0 phone_NN1 conversation_NN1 with_PRP Fortune_NN1 in_PRP early_AJ0 April_NP0 ,_PUN he_PNP is_VBZ reflecting_VVG on_PRP the_AT0 turbulence_NN1 of_PRF the_AT0 past_AJ0 year_NN1 ._SENT Painful_AJ0 as_CJS it_PNP might_VM0 have_VHI been_VBN ,_PUN 2020_CRD was_VBD "_PUQ a_AT0 pivotal_AJ0 year_NN1 "_PUQ for_PRP Exxon_NP0 ,_PUN he_PNP says_VVZ ,_PUN "_PUQ not_XX0 only_AV0 because_CJS of_PRF what_DTQ happened_VVD with_PRP the_AT0 pandemic_AJ0 and_CJC the_AT0 economy_NN1 and_CJC the_AT0 demand_NN1 for_PRP the_AT0 products_NN2 that_CJT we_PNP produce_VVB ,_PUN but_CJC it_PNP was_VBD also_AV0 a_AT0 time_NN1 when_CJS I_PNP think_VVB several_DT0 things_NN2 came_VVD together_AV0 ._SENT "_PUQ The_AT0 CEO_NN1 and_CJC his_DPS leadership_NN1 team_NN1 had_VHD just_AV0 completed_VVN a_AT0 reorganization_NN1 plan_NN1 in_PRP the_AT0 fall_NN1 of_PRF 2019_CRD ,_PUN he_PNP explains_VVZ ._SENT And_CJC the_AT0 fallout_NN1 from_PRP COVID-19_CRD pushed_VVD the_AT0 entire_AJ0 organization_NN1 to_TO0 move_VVI faster_AV0 ._SENT "_PUQ The_AT0 pandemic_AJ0 really_AV0 accelerated_VVD the_AT0 effort_NN1 there_AV0 and_CJC gave_VVD the_AT0 organization_NN1 a_AT0 better_AJC understanding_NN1 of_PRF the_AT0 urgency_NN1 ._SENT "_PUQ 
Exxon_NP0 did_VDD n't_XX0 appear_VVI to_TO0 be_VBI in_PRP need_NN1 of_PRF a_AT0 major_AJ0 overhaul_NN1 when_CJS Woods_NP0 succeeded_VVD Rex_NP0 Tillerson_NP0 as_PRP chairman_NN1 and_CJC CEO_NN1 on_PRP Jan._NP0 1_CRD ,_PUN 2017._CRD Indeed_AV0 ,_PUN in_PRP Woods_NP0 '_POS first_ORD full_AJ0 year_NN1 at_PRP the_AT0 helm_NN1 ,_PUN the_AT0 company_NN1 earned_VVD a_AT0 hefty_AJ0 $_NN0 19.7_CRD billion_CRD profit_NN1 ,_PUN and_CJC its_DPS "_PUQ return_NN1 on_PRP average_AJ0 capital_NN1 employed_VVN "_PUQ —_PUN a_AT0 metric_AJ0 traditionally_AV0 beloved_AJ0 by_PRP the_AT0 company_NN1 —_PUN was_VBD 9_CRD %_NN0 ,_PUN or_CJC more_AV0 than_CJS double_VVI that_DT0 of_PRF the_AT0 previous_AJ0 year_NN1 ._SENT But_CJC its_DPS debt_NN1 had_VHD risen_VVN sharply_AV0 in_PRP the_AT0 years_NN2 before_PRP Tillerson_NP0 's_POS departure_NN1 to_TO0 serve_VVI a_AT0 stint_NN1 as_PRP secretary_NN1 of_PRF state_NN1 in_PRP the_AT0 Trump_NN1 administration_NN1 ._SENT And_CJC it_PNP soon_AV0 became_VVD clear_AJ0 ,_PUN inside_AV0 and_CJC outside_PRP the_AT0 company_NN1 ,_PUN that_CJT Tillerson_NP0 had_VHD left_VVN Woods_NP0 with_PRP a_AT0 mess_NN1 to_TO0 clean_VVI up_AVP ._SENT Among_PRP Tillerson_NP0 's_POS missteps_NN2 :_PUN overpaying_VVG in_PRP the_AT0 $_NN0 35_CRD billion_CRD acquisition_NN1 of_PRF the_AT0 Texas_NP0 shale_NN1 company_NN1 XTO_NN1 in_PRP 2010_CRD ,_PUN when_AVQ the_AT0 shale_NN1 boom_NN1 was_VBD in_PRP full_AJ0 swing_NN1 ._SENT 
To_PRP jump-start_AJ0 growth_NN1 ,_PUN Woods_NP0 adopted_VVD a_AT0 quintessentially_AV0 Exxon_NP0 approach_NN1 :_PUN He_PNP decided_VVD to_TO0 bet_VVI on_PRP big_AJ0 projects_NN2 that_CJT would_VM0 pay_VVI off_AVP handsomely_AV0 when_CJS oil_NN1 prices_NN2 rose_VVD ._SENT His_DPS reorganization_NN1 plan_NN1 called_VVN for_PRP the_AT0 company_NN1 to_TO0 bump_VVI up_AVP operational_AJ0 spending_NN1 by_PRP $_NN0 30_CRD billion_CRD to_PRP $_NN0 35_CRD billion_CRD every_AT0 year_NN1 through_PRP 2025_CRD ,_PUN focusing_VVG on_PRP a_AT0 "_PUQ big_AJ0 five_CRD "_PUQ of_PRF particularly_AV0 promising_AJ0 ,_PUN large-scale_AJ0 oil_NN1 and_CJC gas_NN1 projects_NN2 —_PUN from_PRP the_AT0 Permian_NP0 Basin_NN1 in_PRP Texas_NP0 to_PRP Guyana_NP0 to_PRP Mozambique_NP0 —_PUN while_CJS selling_VVG off_AVP other_AJ0 assets_NN2 ._SENT Woods_NP0 projected_VVD that_CJT plan_NN1 would_VM0 result_VVI in_PRP a_AT0 jump_NN1 to_PRP 5_CRD million_CRD equivalent_AJ0 barrels_NN2 of_PRF oil_NN1 per_PRP day_NN1 ,_PUN and_CJC double_AJ0 earnings_NN2 ,_PUN by_PRP 2025._CRD 
Then_AV0 COVID-19_NP0 changed_VVD the_AT0 math_NN1 ._SENT Global_AJ0 oil_NN1 demand_NN1 in_PRP 2020_CRD dropped_VVD a_AT0 historic_AJ0 8.8_CRD million_CRD barrels_NN2 per_PRP day_NN1 from_PRP 2019_CRD ,_PUN according_VVG to_PRP the_AT0 International_AJ0 Energy_NN1 Agency_NN1 ,_PUN and_CJC prices_NN2 fell_VVD even_AV0 more_AV0 dramatically_AV0 ._SENT (_PUL The_AT0 cost_NN1 of_PRF a_AT0 barrel_NN1 even_AV0 dropped_VVD briefly_AV0 in_PRP trading_NN1 to_PRP negative_AJ0 $_NN0 38_CRD per_PRP barrel_NN1 in_PRP April_NP0 2020._CRD )_PUR 
Woods_NP0 immediately_AV0 slashed_VVD capital_NN1 spending_VVG by_PRP 30_CRD %_NN0 and_CJC said_VVD costs_NN2 would_VM0 be_VBI reduced_VVN by_PRP $_NN0 6_CRD billion_CRD through_PRP 2023._CRD Exxon_NP0 's_POS dividend_NN1 ,_PUN however_AV0 ,_PUN was_VBD one_CRD cost_NN1 that_CJT remained_VVD untouched_AJ0 ._SENT Unlike_PRP BP_NP0 and_CJC Shell_NN1 ,_PUN which_DTQ both_AV0 reduced_VVD their_DPS dividends_NN2 for_PRP 2020_CRD in_PRP the_AT0 wake_NN1 of_PRF large_AJ0 losses_NN2 ,_PUN Exxon_NP0 kept_VVD its_DPS payout_NN1 steady_AV0 —_PUN even_AV0 borrowing_VVG to_TO0 keep_VVI it_PNP fully_AV0 funded_VVN ._SENT 
And_CJC as_CJS he_PNP was_VBD leading_VVG the_AT0 company_NN1 through_PRP these_DT0 challenges_NN2 ,_PUN Woods_NP0 was_VBD struggling_VVG to_TO0 find_VVI his_DPS footing_NN1 with_PRP Exxon_NP0 's_POS workforce_NN1 ,_PUN according_VVG to_PRP current_AJ0 and_CJC former_DT0 employees_NN2 ._SENT His_DPS two_CRD forerunners_NN2 in_PRP the_AT0 CEO_NN1 job_NN1 were_VBD a_AT0 tough_AJ0 act_NN1 to_TO0 follow_VVI as_PRP front_AJ0 men_NN2 ._SENT Lee_NP0 Raymond_NP0 —_PUN who_PNQ in_PRP 1999_CRD orchestrated_VVD the_AT0 merger_NN1 of_PRF Exxon_NP0 and_CJC Mobil_NP0 ,_PUN reuniting_VVG two_CRD offspring_NN0 of_PRF J.D._NP0 Rockefeller_NP0 's_POS Standard_AJ0 Oil_NN1 ,_PUN and_CJC led_VVD the_AT0 combined_AJ0 company_NN1 until_PRP 2005_CRD —_PUN was_VBD famously_AV0 hard-charging_AJ0 ._SENT And_CJC Tillerson_NP0 was_VBD a_AT0 brash_AJ0 and_CJC charismatic_AJ0 leader_NN1 in_PRP his_DPS own_DT0 right_NN1 ._SENT Woods_NP0 ,_PUN by_PRP contrast_NN1 ,_PUN is_VBZ more_AV0 publicly_AV0 reserved_VVN ._SENT An_AT0 Exxon_NP0 lifer_NN1 who_PNQ studied_VVD engineering_NN1 at_PRP Texas_NP0 A_ZZ0 &_NN1 M_ZZ0 ,_PUN he_PNP is_VBZ a_AT0 product_NN1 of_PRF the_AT0 company_NN1 's_VBZ conservative_AJ0 ,_PUN command-and-control_AJ0 culture_NN1 and_CJC was_VBD regarded_VVN as_PRP sharp_AJ0 and_CJC straight_AV0 talking_VVG when_CJS he_PNP landed_VVD the_AT0 job_NN1 ._SENT But_CJC his_DPS leadership_NN1 style_NN1 has_VHZ failed_VVN to_TO0 inspire_VVI some_DT0 employees_NN2 and_CJC rubbed_VVD others_NN2 the_AT0 wrong_AJ0 way_NN1 ._SENT 
As_CJS an_AT0 example_NN1 ,_PUN current_AJ0 and_CJC former_DT0 employees_NN2 point_VVB to_PRP a_AT0 disastrous_AJ0 town_NN1 hall_NN1 meeting_NN1 about_PRP a_AT0 year_NN1 into_PRP Woods_NP0 '_POS tenure_NN1 as_PRP CEO_NN1 ._SENT Speaking_VVG off-the-cuff_AJ0 ,_PUN Woods_NP0 defended_VVD the_AT0 company_NN1 's_VBZ rigidly_AV0 competitive_AJ0 ,_PUN deeply_AV0 unpopular_AJ0 employee_NN1 ranking_NN1 system_NN1 as_CJS meritocratic_AJ0 ._SENT He_PNP also_AV0 related_VVD a_AT0 story_NN1 about_PRP firing_VVG a_AT0 crying_AJ0 female_AJ0 employee_NN1 ,_PUN only_AV0 for_PRP her_PNP to_TO0 come_VVI back_AVP and_CJC thank_VVB him_PNP a_AT0 year_NN1 later_AV0 for_PRP giving_VVG her_PNP the_AT0 chance_NN1 to_TO0 pursue_VVI new_AJ0 opportunities_NN2 ,_PUN according_VVG to_PRP employees_NN2 who_PNQ saw_VVD the_AT0 town_NN1 hall_NN1 ._SENT The_AT0 meeting_NN1 's_POS overall_AJ0 effect_NN1 was_VBD to_TO0 give_VVI an_AT0 impression_NN1 of_PRF Woods_NP0 as_PRP tone_NN1 deaf_AJ0 and_CJC arrogant_AJ0 ._SENT Internally_AV0 ,_PUN the_AT0 appearance_NN1 was_VBD regarded_VVN as_PRP a_AT0 "_PUQ car_NN1 crash_NN1 ,_PUN "_PUQ says_VVZ one_CRD former_DT0 senior_AJ0 manager_NN1 ,_PUN and_CJC word_NN1 spread_VVN rapidly_AV0 within_PRP the_AT0 company_NN1 ._SENT In_PRP response_NN1 to_PRP questions_NN2 about_PRP the_AT0 town_NN1 hall_NN1 ,_PUN an_AT0 Exxon_NP0 spokesperson_NN1 provided_VVD this_DT0 statement_NN1 :_PUN "_PUQ Darren_NP0 continues_VVZ to_TO0 engage_VVI and_CJC talk_VVI with_PRP employees_NN2 on_PRP a_AT0 regular_AJ0 basis_NN1 ,_PUN takes_VVZ part_NN1 in_PRP town_NN1 halls_NN2 ,_PUN and_CJC listens_VVZ to_PRP employee_NN1 feedback_NN1 and_CJC considers_VVZ it_PNP as_CJS he_PNP leads_VVZ the_AT0 company_NN1 ._SENT "_PUQ 
ENGINE_NN1 NO._NP0 1_CRD did_VDD not_XX0 waste_VVI any_DT0 time_NN1 announcing_VVG itself_PNX to_PRP the_AT0 world_NN1 ._SENT On_PRP Dec._NP0 7_CRD ,_PUN the_AT0 newly_AV0 formed_VVN activist_NN1 investment_NN1 firm_NN1 ,_PUN with_PRP a_AT0 bankroll_NN1 of_PRF $_NN0 250_CRD million_CRD deployed_VVN in_PRP public_AJ0 markets_NN2 ,_PUN launched_VVD its_DPS very_AV0 first_ORD campaign_NN1 ,_PUN with_PRP Exxon_NP0 as_PRP the_AT0 target_NN1 ._SENT As_CJS an_AT0 opening_AJ0 salvo_NN1 ,_PUN the_AT0 fund_NN1 said_VVD in_PRP a_AT0 statement_NN1 that_CJT "_PUQ no_AT0 company_NN1 in_PRP the_AT0 history_NN1 of_PRF oil_NN1 and_CJC gas_NN1 had_VHD been_VBN more_AV0 influential_AJ0 ,_PUN "_PUQ but_CJC that_CJT "_PUQ it_PNP is_VBZ clear_AJ0 ,_PUN however_AV0 ,_PUN that_CJT the_AT0 industry_NN1 and_CJC the_AT0 world_NN1 it_PNP operates_VVZ in_PRP are_VBB changing_AJ0 and_CJC that_CJT Exxon_NP0 Mobil_NP0 must_VM0 change_VVI as_PRP well_AV0 ._SENT "_PUQ 
The_AT0 San_NP0 Francisco_NP0 –_PUN based_VVN firm_NN1 was_VBD founded_VVN by_PRP Chris_NP0 James_NP0 ,_PUN a_AT0 hedge_NN1 fund_NN1 veteran_NN1 and_CJC cofounder_NN1 of_PRF Partner_NN1 Fund_NN1 Management_NN1 and_CJC Andor_NP0 Capital_NN1 Management_NN1 ._SENT It_PNP 's_VBZ backed_VVN in_PRP the_AT0 Exxon_NP0 campaign_NN1 by_PRP some_DT0 of_PRF the_AT0 largest_AJS pension_NN1 funds_NN2 in_PRP the_AT0 U.S._NP0 ,_PUN and_CJC it_PNP asserts_VVZ that_CJT Exxon_NP0 's_POS board_NN1 of_PRF directors_NN2 does_VDZ not_XX0 include_VVI members_NN2 with_PRP sufficient_AJ0 knowledge_NN1 of_PRF the_AT0 energy_NN1 industry_NN1 to_TO0 lead_VVI a_AT0 green_AJ0 transition_NN1 ._SENT They_PNP have_VHB picked_VVN four_CRD candidates_NN2 to_TO0 join_VVI the_AT0 board_NN1 who_PNQ ,_PUN they_PNP say_VVB ,_PUN have_VHB the_AT0 right_AJ0 credentials_NN2 ._SENT One_CRD candidate_NN1 is_VBZ the_AT0 former_DT0 CEO_NN1 of_PRF Andeavor_NP0 ,_PUN the_AT0 U.S._NP0 oil_NN1 and_CJC gas_NN1 company_NN1 ;_PUN another_DT0 led_VVD the_AT0 transformation_NN1 of_PRF a_AT0 Finnish_AJ0 energy_NN1 company_NN1 's_POS shift_NN1 toward_PRP renewable_AJ0 fuel_NN1 ._SENT 
