Exxon Mobil’s Darren Woods: Barron’s Top CEOs 2022

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Empty roads presented a clear problem for a company in the business of pulling oil out of the ground and turning it into fuel. But

Exxon Mobil

under CEO Darren Woods used the pandemic to slash $5 billion from its yearly operating costs, and make targeted investments while energy prices were low. It added debt, but also raised its dividend payment for a 39th consecutive year.

As demand and prices shot back up, Exxon led international oil companies last year on profits. It has nearly paid off its pandemic borrowings, and free cash flow could hit a record $45 billion to $50 billion this year. There’s a new $10 billion stock buyback program.

Woods, 57, has expressed support for the Paris climate agreement and a carbon tax, but he has also recently pressed the case that too little investment in the oil-and-gas industry raises prices for consumers.

As for Exxon’s environmental efforts, Woods has kept the company focused on areas that are adjacent to its core drilling and refining expertise, like carbon capture and biofuels, rather than pushing into new businesses, like building wind and solar farms.

Exxon is currently ramping up production at a massive new offshore oil project in Guyana, while targeting another $4 billion in reduced costs this year and next year.