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Exxon Mobil (NYSE:XOM) To be review its operations in Europe CEO Darren Woods said Tuesday at CERAWeek by S&P Energy Conference in Houston.
Managing director slam European profits tax on oil and gas producers, saying it reduces investment and undermines energy transition efforts, while praising the U.S. Inflation Reduction Act
The tax would wipe out multi-year gains from recent refinery investments and would mean Exxon (XOM) hopes to pull back on future spending in Europe in favor of the US, Woods said.
The executive said such policies have produced unintended consequences, such as countries burning more coal to meet consumer energy needs when supply is in short supply after when the war in Ukraine started.
Exxon Mobil (XOM) “performed brilliantly by expanding its production output cyclically, allowing it to fully benefit from favorable spot oil/gas prices in 2022”, but perhaps it’s time to sell. to lock in recent gains, Juxtaposed Ideas wrote in a report. Analysis recently posted on Seeking Alpha.
