"I think you may be very simply to describe it as carrots versus sticks," Woods said. "We certainly step back and re evaluate what we are doing in Europe". Exxon is increasing investments in the U.S., where the Inflation Reduction Act helped the company launch a new business to help third parties to decarbonize. "The IRA is obviously very important for your strategy," Woods said. (Reporting by Sabrina Valle; Editing by David Gregorio)
By Sabrina Valle
HOUSTON, March 7 (Reuters) - Exxon Mobil Corp. is
reviewing its role in Europe in view of new windfall profits
taxes as it increasingly invests more in the U.S., Chief
Executive Darren Woods said on Tuesday.
Taxation discourage investments, he said. Governments have
an important role in the energy transition by incentivating the
development of new energy technologies without compromising oil
supply to meet the world's demand, Woods said at a panel during
the CERAWeek by S&P energy conference in Houston.
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