The world will face a shortage of liquefied natural gas over the next four years, according to Exxon Mobil Corp. CEO Darren Woods.
Russia cut supplies of natural gas to Europe in response to the wave of international sanctions that followed Moscow’s invasion of Ukraine earlier this year.
Now read: Exxon Mobil and Chevron together take in more than $30 billion in net income as natural gas prices soared Woods, who became CEO of Exxon Mobil in 2017, explained that the company has taken a “countercyclical” approach to investing under his leadership. “In 2017, 2018, many of you will remember that there was the rhetoric out there that said that oil and gas was on the decline, it wasn’t going to be needed, and you saw a lot of industry players pull back from the development of resources,” he said. “We took the opportunity to lean in and so our capital spending went up in that time frame.
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