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Exxon, Once a 'Perfect Machine,' Is Running Dry

Struggling with laryngitis, the oil giant’s chief executive stepped before a ballroom full of analysts and investors at the New York Stock Exchange in March and unveiled a strategy to spend more than $230 billion to double profits and pump an additional one million barrels a day of oil and gas. As Mr. Woods walked away afterward and peered at his phone, he received an unwelcome surprise. Exxon faces a number of challenges, including investigations of its accounting and tax practices as well as lawsuits by cities and states seeking funds to pay for the effects of climate change.