D. E. Shaw Group Welcomes ExxonMobil’s (XOM) Announcements

The D. E. Shaw group, which manages funds that have been shareholders in Exxon Mobil Corp. (the “Company,” or “Exxon”) (NYSE: XOM) for over 10 years, expressed its support for the addition of Jeffrey Ubben and Michael Angelakis to the Company’s Board of Directors as well as Exxon’s emphasis on cost and capital spending discipline.

Edwin Jager, Managing Director of D. E. Shaw & Co., L.P., said, “We welcome today’s additions to the Exxon Board of Directors. We believe these individuals will bring significant capital markets and capital allocation experience to the boardroom and will provide meaningful value to the Company as it focuses on its investment priorities while navigating the transition to a low-carbon future.”

Michael O’Mary, Managing Director of D. E. Shaw & Co., L.P., said, “We also welcome the steps Exxon has taken to identify $6 billion in permanent, structural cost savings, and we believe the Company will be able to identify additional areas to improve its productivity and enhance its cash flow profile during this period of significant industry transition. We are encouraged by these important steps, and we also believe there will be opportunities to reinvest a portion of these cash flows in emerging and high return carbon abatement technologies and strategies. We look forward to continuing our constructive dialogue with Exxon’s management team and Board of Directors.”

About the D. E. Shaw Group

The D. E. Shaw group is a global investment and technology development firm with more than $55 billion in investment and committed capital as of December 1, 2020, and offices in North America, Europe, and Asia. Since our founding in 1988, our firm has earned an international reputation for successful investing based on innovation, careful risk management, and the quality and depth of our staff. We have a significant presence in the world's capital markets, investing in a wide range of companies and financial instruments in both developed and developing economies.

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