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Show Notes

[00:02:25] - [First question] - What is Exxon Mobil

[00:04:46] - Metrics to understand their scale and revenue streams

[00:07:37] - How many people Exxon’s oil touches

[00:08:31] - Ways to think about how a barrel of oil can be used

[00:09:42] - The supply chain of oil and gas and why Exxon chooses to be integrated

[00:10:48] - What a non-integrated supply chain looks like in comparison

[00:14:33] - How technology has impacted the exploration and discovery of oil

[00:17:22] - Once the land is bought and the oil is coming out of it, what next?

[00:19:04] - Overview of what a refinery does to crude oil and its economics

[00:23:58] - Final steps of the non-integrated oil supply chain

[00:25:23] - The history of the oil industry and John D. Rockefeller

[00:29:51] - Why Exxon hasn't had the largest market cap in the world these past few years

[00:38:20] - Some of Exxon’s bad capital allocation decisions

[00:43:06] - Thoughts on the XTO acquisition

[00:44:12] - Would Lee Raymond have been able to figure out a better way forward

[00:46:36] - Exxon’s bet on renewables and climate change and whether or not it paid off

[00:51:19] - The size and consumption of the energy market today and its size

[00:55:17] - Unit costs of oil and coal versus wind and solar and their trends

[00:59:16] - How this will play out on a fifty-year time horizon

[01:02:06] - Exxon’s peer set during their long career

[01:04:14] - Other factors that may have contributed to Exxon’s recent downturn

[01:06:32] - COVID-19’s impact on the oil industry

[01:09:20] - Opportunities for the future and what could cause a double in market cap

[01:12:07] - What could have contributed to a smaller market cap in the future

[01:12:52] - Lessons for builders and investors

[01:17:05] - Resources for learning more