CERAWEEK Exxon says it is reassessing European strategy after unexpected taxes | – #CERAWEEK #Exxon #reassessing #European #strategy #unexpected #taxes

HOUSTON, March 7 (Reuters) – Exxon Mobil Corp (XOM.N) USAis reviewing its role in Europe in light of new windfall taxes as it increasingly invests in , Chief Executive Darren Woods said on Tuesday.

According to him, taxes prevent investments. During the CERAWeek by S&P energy conference in Houston, Woods said governments play an important role in the energy transition by stimulating the development of new energy technologies to meet the world’s demand without disrupting oil supplies.

“I think you can be too simplistic to describe it as carrots and sticks,” Woods said. “There’s no doubt that we’re taking a step back and reevaluating what we’re doing in Europe.”

Exxon USAis increasing investments in , where the Inflation Reduction Act helped the company build a new business to help third parties decarbonize.

“The IRA is critical to your strategy,” Woods said.

Reporting by Sabrina Valle; Edited by David Gregorio

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2023-03-07 21:28:25
Source – reuters

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