ExxonMobil

Column / Harder Line

Facing climate change, ExxonMobil ramps up energy research

Illustration of an oil barrel with a battery compartment, a hundred dollar bill is rolled into one of the battery sockets.
Illustration: Aïda Amer/Axios

ExxonMobil is expanding its research efforts with the stated goal of producing more — but cleaner — energy in the face of climate change.

Driving the news: The world’s biggest publicly traded oil company has been creating new partnerships with American and foreign universities in recent years totaling at least $75 million, and it just inked another, unprecedented $100 million deal with the U.S. Energy Department.

Big Oil faces a slowing economy and renewed trade war

A barrel of oil knocked over forming a frowny face
Illustration: Sarah Grillo/Axios

Oil and natural gas companies are staring down the barrel of a slowing economy, President Trump's on-again-off-again Chinese trade war, persistently low oil prices that plunged yesterday, and even lower natural gas prices.

Where it stands: Big Oil's second-quarter earnings are mixed this week. European majors Total, Eni and Shell reported large drops in profits while BP "bucked the trend." On this side of the Atlantic, ExxonMobil faced a 21% drop in quarterly profit while Chevron saw a 26.3% rise in its quarterly profits, per Reuters.