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Exxon Mobil's (XOM) CEO Rex Tillerson Hosts Annual Shareholder Meeting (Transcr... Page 14 of 25
Well, thank you Mr. Rauscher and thank you for being here on behalf of the Christopher Reynolds Foundation. As you
indicated, we have published two reports and those are available to any of you who have not seen those, they are available in
the print material that's out in the lobby area, but they are also available on the website. And we also appreciate the dialogue
we have had. And I think as we have said for many, many years now and as you have properly characterized my comments in
various forms, we do view this as a risk management problem. And I think for a long time all we were talking about whole
conversation was about how are we going to stop greenhouse gas concentrations from reaching certain levels in the
atmosphere. And my view of that was multiple fold and I have shared with this audience before in past shareholder meetings
that achieving certain levels that some suggest had to be achieved. There is no one today that can map a viable pathway to
achieve that, no one. No one has a viable pathway to get there. It doesn't mean we shouldn't strive.
And I think the steps we are taking as a corporation are enabling at least progress towards mitigation. Our expansion of
natural gas portfolio to displace higher carbon intense forms of power generation fuels to the lower efficient to higher efficiency
fuels that we are producing for transportation sectors, for industrial uses are lubricants, our manufacturing of lightweight high
strength plastics that displace heavier weight materials, more efficient to produce lighter weight, improve energy efficiency. I
think as we have long said that the first and important step to every consumer, whether it's an individual consumer and
industrial consumer should be taking is to look at your ability to utilize energy more efficiently, smartly, because then you carry
out your same activity and have a lower overall impact.
But even when you take all of those things in consideration in our energy outlook, we project what we think the effects of those
are is still very difficult our map a viable pathway to certain concentrations that some people's models indicate or desirable.
So, a few years ago, in recognition it's a risk management problem, the way you deal with risk is you take the steps you can to
mitigate, but recognize you cannot eliminate the risk or certainly you can't eliminate all of it. So, you should be spending some
time thinking about well, what if everything I am doing even it doesn't work or what if it turns out the reasons for all this
happening aren't what we thought they were, but the end result is the same. How are we going to deal with that?
So, as part of prudent policy discussions, we have begun to promote the dialogue around we think you have to think about this
problem with both of those areas in mind. So, that's the genesis of the conversation. And as we have looked at our own
operations, we take a very broad view to where we can harden our assets, harden our facilities and we learned a lot through
some of the terrible storms we have been through the Gulf Coast. And so where we see opportunities to do so we are
hardening our own facilities and assets, but I think importantly we are also investing in those forms of energy delivery that we
know will help with the mitigation as well.
I think you rightly acknowledged this is the most complex area of scientific and social conversation anyone is having today. It is
extremely complex. And it is one that there is not going to be a ready set of solutions that are going to fit the world's peoples,
because the world's peoples all have very needs at this stage of their development, which is why it makes it so complex. So,
we all - we do support and engage in and we will continue to engage in active dialog. And we are going to continue our active
engagement with UN's Intergovernmental Panel on Climate Change. We have been actively engaged in that panel now for
almost two decades with our own scientist, peer reviewing their work. So we are keenly aware of what that work is indicating.
We are going to maintain our engagement with that.
So, I think it's something that the ongoing dialogue is important. People need to be examining what the various pathways to
mitigate are, but being realistic, if those don't produce the outcome, we won't - how we don't deal with it. And I am a - this is a
technology driven company. And so we have enormous faith in the technological prowess of the human mind in the innovation,
because we have seen what is producing all of our lifetimes. And I am as confident about the things we do today that I never
dreamed we would do 30 years ago. I am just as confident that the solutions to a lot of these problems, the same technical
innovative minds will deliver those as the problems present themselves. And people are actively working on that. So, I
appreciate and take the dialogue important. We take it seriously. We appreciate the engagement and we intend to continue
that dialogue and engagement. I wish there was a simple list of things, I can tell everybody to go do. It's just a little more
complicated than that, but thank you for your comments. Yes, the lady in the blue right here.
Unidentified Analyst
Can you hear me?
Rex Tillerson
Yes, ma'am.
App. 773
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