Philanthropy remains incredibly important to energy companies, which made financial donations in the wake of horrific events, such as the hurricanes in Texas and Florida and fires in California, in 2017. As of August 2017, ExxonMobil had made a “financial commitment for Harvey relief to up to $9.5 million.” Money is also being sent to nonprofit organizations and educational institutions. One press release that ExxonMobil issued read, “ExxonMobil and Employees Contribute More Than $50 Million to U.S. Colleges and Universities.” In addition, energy companies continue to drive and support social and economic programs in the countries in which they operate.
In an Economic Club of Washington, D.C. interview, John S. Watson said, “Governments all have different priorities and they all want local content. They all want to build up the industry in their own country, they want jobs in their own country. So we do face those demands. In fact, they’re a part of many of our agreements. And a lot of the social work that we do, we do much of it voluntarily, but they want development in their country. They want a better way of life. And they want more than just come in, extract, and leave. That was the model 50 years ago. That’s not the model now.”
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As energy companies thrive in the new operating environment, philanthropic work will increase. Energy companies understand the need to give back and improve communities. It’s about reaching out and lending a hand to those who need it most, often at very difficult times in their lives.
Using the insights we’ve gleaned from conversations with clients and perspectives from industry executives, we have prepared a guide that describes the current state of the energy industry. Use it as a barometer to measure the impact of your own activities and initiatives. How do you compare to your peers? Are you doing the right things? Should you adjust your strategy to remain or become an industry leader?
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