Texas briefs: Exxon aims to boost oil, gas production

DAVID KOENIG, Associated Press

DALLAS — Exxon Mobil Corp.’s CEO says the company can more than double its earnings by 2025 and will invest in new oil and gas production even if policymakers adopt rules to combat climate change.

CEO Darren Woods told shareholders Wednesday that technology like biofuels will allow the company to produce energy with lower carbon emissions.

Environmentalists say Woods is offering political spin instead of solutions.

The Irving-based oil giant’s annual meeting was a tame affair, lacking the usual number of protesters. For the first time in years, there were no environmental resolutions from activist shareholders and no fiery speeches during the open-comment period.

Woods, like his predecessor and former Secretary of State Rex Tillerson, said the world will need oil and gas for decades. Exxon Mobil, Woods said, is responding to that demand while investing in technology such as carbon capture and biofuels to reduce heat-trapping carbon emissions. Last week, the company promised to cut its own emissions of methane, a powerful greenhouse gas, by 15 percent before 2021 largely through reducing leakage from natural gas wells.

“We see our role as helping close the gap between what people want and what can be responsibly done,” Woods said.

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