“Each year, the Progressive Policy Institute publishes its list of ‘investment heroes’ – non-financial companies that are investing the most in the U.S. economy. Of the 25 companies that make up the Institute’s ‘investment heroes’ list this year, 10 are involved to some degree in the exploration and production of oil and natural gas or involved in energy distribution and power.”

“For decades now, the United States has pursued energy policies based on the fear of scarcity. The thinking in Washington, D.C. – and even at some energy companies – was that reviving domestic energy production was a dream…. Now, we need energy policies that are designed for this new era of abundance.”

ExxonMobil CEO Rex Tillerson recently addressed the Greater Houston Partnership on the State of Energy. He paid homage to Houston, where ExxonMobil’s far flung operations are about to be brought together at one campus.…

At the May 29, 2013, annual meeting of Exxon Mobil in Dallas, CEO Rex Tillerson adroitly responded to questions concerning the human influence on climate and energy choices in light of climate science. His points? The science is uncertain as to the magnitude of change; there has not been warming in the last decade; and fossil fuels are necessary for the masses, particularly the energy poor. As he asked a questioner:

How do you want to deal with that great social challenge to what good is it to save the planet if humanity suffers in the process of those efforts when you don’t know exactly what your impacts are going to be?

Friendly Floor Comments

Some statements from the floor were friendly. “It’s funny,” said one. “You have helped to find enough oil and gas in this country so that the protestors here [could] leave their heated and air conditioned homes and fly and drive here so they can protest the way Exxon runs their business.”…

I have previously described Exxon Mobil as the anti-Enron. In an opinion-page editorial in yesterday’s Houston Chronicle, I contrasted the two companies in terms of both energy strategy and public policy.

More could be said than is in the editorial (reprinted below). Enron’s first fraud, engineered by Andrew Fastow, came with the purchase of Zond Corporation, which was renamed Enron Wind Corporation and is now part of GE Energy. (This complicated story about a “qualifying facility” under federal energy law is told in McLean and Elkind’s The Smartest Guys in the Room, pp. 166–67 and Kurt Eichenwald’s Conspiracy of Fools, pp. 142–44.)

Enron Energy Services, the energy outsourcing division of Enron that so excited environmentalists (including Joe Romm, now blogging at Climate Progress), was one of the company’s biggest frauds.…

If only the United States economy were as strong as ExxonMobil. If only energy realism and free-market consumer service were guiding lights in Austin, Texas; Washington, D.C.; and other seats of political power.

The good news from Exxon Mobil’s annual stockholders meeting in Dallas earlier this week is that the company is focused on its core competencies amid the energy politicization around it. No Enron political machinations here!

In fact, Exxon Mobil is the anti-Enron of corporate America, a rebuff to Ken Lay, who once worked at Exxon, and Jeff Skilling, who declared in 2000: “You will see the collapse and demise of the integrated energy companies around the world. They are going to break up into thousands and thousands of pieces.” (1)

Key Messages

The key messages of Exxon Mobil CEO Rex Tillerson were: 

1. Petroleum as a primary energy source is the future, not only the recent past.