with everyone. you you, on great Thank to be morning today. call Neil. It’s Good the
no Let was my me is businesses. last perspective on year sharing doubt There our start by that number margins. beginning of a XXXX a for year challenging with
our point Chemicals. and was at Neil’s Fourth prices challenging And quarter made I think Refining or XX business. margins year Gas, lows and near Chemical for chart on particularly that for
understand us investment our plans. businesses our course, Of it’s and the what’s important driving to and for implications
to and be underpinned the solid. investments particularly remained driven industry I’ll by by significantly, pulls see. margins a show said, in capacity, impact which, Depressed which our each later, we short-term the demand product beginning will are you sectors of As excess these Neil way are if investments back
will than new capacity economic know We excess rise, know and by population, standards be grow then, that continue shrink, to of typically growth will people needed. think and demand living. rising will margins driven will We capacity higher faster
cycles investing the some We price this industries. classic trough of of real capital-intensive commodity that cycle believe the are These has strongly in advantages.
to back, upswing. are resulting a a catch lower – win-win, cycle cost high margins at project costs down, then cost. available lower capacity capturing additions, industries pull in they low is the come This As
The responding cash, to we of which seeing are is on to. grow downside course and
and Our portfolio, on driving and/or reducing investment focused very the for is further optimize while to opportunities efficiencies value draw. looking our we and preserving pace organization
are value in options of projects on the giving sight Upstream efficiently. grow best good lines new organization Our a line us business to
because said an it advantage, important I gives markets. us opportunity And as have in large optionality before, set, our volatile of these we
balance have for to We a very long-term sheet, advantage a in healthy giving maximizing medium significant also us was built like times which value. this,
low to price higher we leads while provides, to So don’t would XXXX environment which that want me opportunity this and performance. our waste prices margins, the prefer we
Our helped generating earnings. the portfolio $XX billion facing integrated in short-term headwinds, in businesses of
for them we potential our Day, were line at If results in the XXXX at March we margin with the industry’s and environment and basis communicated. Investor you price on our earnings same last the look normalize used
stronger We market impacts, business the based progress is out absolutely longer long to environment, a we for very but is theoretical the business. making Obviously, stripping a can’t essential cycle this the allows important a control This underlying on one. exercise, in short-term us a fundamentals. price are the building judge capital-intensive
driving also focused the the of and organization environment outlays capital both are is mean cost. is our lower to and us very time, In This drives ensure our focus price the efficiencies mix optimized. expenditures additional on schedule capital operating in something It puts on.
in portfolio we made XXXX, our OBO In Upstream our the of Norway progress upgrading with asset and business. divestment focusing good
March We last a market. outlined are tracks on in the assets of with the number additional that we plans with
I However, a value this emphasize to is want that play.
no can. we grading strategic and portfolio buyer to Otherwise, our realize have moving who evaluate fit opportunities for can is transact. quality more portfolio, we come our we a are high won’t long-term out, other we there for as assets a asset find deal value into We space than higher
the by remain saw which with the last reinforces test fundamentals in capital very long-term our we It is perform. investment investment opportunities, would our price year, strategy, environment excited against in even investments short-term our lows. invest We
in very progress felt made level We the our to comfortable a year-end XXXX on capacity in our a environment of price leverage with. resulting used financial good XX%, projects mitigate and we
by in increased equivalent by a liquids, all success day this barrels increased oil barrels is increase Nearly, we per – $XXX,XXX X% or XXX,XXX which X% a XXXX. production growing We attributable to had of over relative per XXXX. the XXXX day, to
was this Basin growth. Permian the driver in a up significant of ramp Continued
our organization The development. very continue are what We on progress seeing making resource recovery, to efficiently in good capital maximizing deploying Permian production. and like we is optimizing
good deepwater approach the the of an value in making Refinery Logistics, with are some investments Chemical to leverage in integrated one good Cyprus. five greater exceeded In our Permian had another production, Guyana year We us we and on major that giving exploring six with parts. through addition, whole and progress discoveries,
estimated Guyana billion increase billion resulted a discoveries now in barrels. exceeds which X barrel oil equivalent recoverable in X resources,
of out named top XX four fact, Year. and six In the recognition for world In was the the year this of Exxon discoveries second Mobil the Explorer of had in running, of largest we five The discoveries. oil success,
to progress develop our made work help lower emissions the in technologies also address change. of We’ve new climate risk to
solve and play affordable wind these emissions, challenge like meeting while for market, role, an new important renewable reduce demand solar the or every While application. the technologies energy. that geography they emissions for Deciding don’t reliable and will growing
extended are companies institutions We them. and into our develop variety a or to we technologies. with research signed eight research organization emissions of lower leveraging to In help XXXX, expand agreements
adds to national biofuels, energy-intensive technology, XX the scale more to up manufacturing collaborations labs This processes. place centers advanced in carbon academia, and have than energy and we capture across less
particularly pleased am and made, the account In market of These light summary, address industrial. the challenging the looking we for sectors that progress conditions. efforts in power transportation, have in commercial I generation at year of XX% with total, emissions,
Almost our corporation, road, Two value years those grow to delivering price we years we our would. we we are inherent plan ago, a the doing in of outlined what the said down on robust cycles two to industry. the plans
With while again, we to the investment advantage to a efficiencies, increased optionality turn continue our comes our supply of taking number in focus which with corresponding margins, that of opportunities, and drop like large we’ve on next. the I’d to increased portfolio, optimize
years success activities better next I’ve portfolio asset with In Development in mentioned already quantify key Brazil, of to the in couple high our on back in another this of our which I’ll potential Upstream, remains come over a the moments. resource. exploration few track planned Guyana, to deepwater
which also making the a Permian, to are more in we the We get in later talk progress deck. about I’ll good when slide
contributing plans. of lubricant-based cash in in and the well flow projects three projects our remaining In us progressed challenging stocks. consistent earnings distillates the portfolio and online last projects Downstream, of demand in and year’s market. for our our even to major position are Downstream higher-value These The growth with
margin all in earnings environment be tested been all and the XXXX against have projects would These we cash accretive. and saw
business, and even online our In against market final are last the we facilities our year, of another remain again environment. eight which growth on attractive decisions when XXXX reached Chemical four tested XX investment
remain population, economic portfolio. a higher next extremely we on demand, supported confident by in project project living. chart. Demand Across our growing is the by remain of value competitive leverages the which board, of and the our advantages underpinned standards Each shown fundamentals and strong, is growing expansion
in in historical growth You demand and in can we reflected the provide see energy these that for fundamentals products XXXX. including demand growth
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basis the and built our of That’s projects. for into XXXX the planning story it’s
out leverages and cycles. Our investment fundamentals, improve projects structurally down and laid strategy to our long-term on capacity competitive builds Exxon advantages we generate will This Day. earnings flow, which Mobil’s year’s delivers at Investor to robust last cash
XX years the no since most with average return has developments the of XXXX seen changed course merger an resulted have ago. XX%. that portfolio this. market generated a attractive portfolio our We’ve over This approach investment on of This also
portfolio to optimize we environment from XXXX However, greater effort. to XXXX the to But our drive this using to are ourselves and price It we guidance. further CapEx hasn’t challenge change us expect led efficiencies. benefit the
robust advantaged economics are remain and projects Our industry price the cycles.
efficiently, the in Leveraging and Downstream developing scale capabilities executed Mobil in most are the use realized are this our technology strength. But the Exxon organization, of our industry-leading only me and our startups demonstrate another projects. benefits starting recent essential to Let Chemical. when our
Day. cash chart for our margin that recall of recent prices. left refiner the the a every The in to investment. line Investor blue our XXXX the our on area at world net estimate version grey our represents The may the refinery represents during we shared You of prior Rotterdam
year time, with Second we’ve of the line line This ever after catalyst the we represents realized we the what of yield than executed what a developed. planned. that improvement run actually we different deployment final is no first processing
expected industry be an would standard technology. this for proven Now,
However, improved a for last significantly new technology, year. Rotterdam’s the it’s world that’s earnings a accomplishment to significant one
coker margin Antwerp the our shows before line next investment. This
margin show we Next, project the in expected the assumed basis. improvement
the actual margin Finally, improvement.
performing in see, project better can expected environment. very is you As low a than the margin
expansion started schedule rates. design new Baytown while steam the up polyethylene above by exceeding XX% polyethylene of and and X%, design ahead Beaumont it’s operating The lines rates cracker are
projects we conditions. are in investments these delivered Combined, contributed They our markets value $XXX commitments. and in very over XXXX’s environment. chart, recover, with more in line million will of this low their The exceeding extremely contributions margin Bottom-line challenging expectations even they market are adding significant. meeting or these be
first the to it dedication achievement Guyana. major and the of Upstream people years the turn stakeholders project Reaching me and is Guyana all culmination team. hard a and in of of our oil for by Let Guyana was work
years achieved development schedule, an industry ahead average the First than timeline was industry-leading but oil the faster of five cost. for and at
Liza phase progressing phase production with and at of leading of to the X the up to edge while with continue XXX,XXX XXXX months, barrels a is early over couple in commitments well next in startup X the will industry. our Liza line day ramp
Chart perspective left on schedule. the provides cost industry on and a
targeted X continuing with to are with startup in FID its government towards at XXXX. Phase work We the Payara,
as Block increase resource recoverable than increased from the Stabroek mentioned, Looking estimated have an to already X the X more oil of broadly, we’ve billion more billion equivalent I barrels, barrels.
drilled successful of equates these had discovery per each size XX or of discoveries of discovery. for including giant out recently average barrels equivalent the XX an our a Resource XXX to Mako at successful Uaru. We’ve across wells million XX than announced wells now and more
making plans move the to are and Significant the We remains Stabroek. few and phases for east to Kaieteur recently beyond the brought to ship Blocks test first north in to we drill Canje a a potential and as basin fifth. fourth
scope of and Increasing is to news and drilling exploration increase our good costs for value to this are resource, of substantial when low enables the for investors. years relative the us which development appraisal country, recent activity, the the
Let with made our XXXX, commitments. me integrated which turn to in growth significant now another progress Permian development, line play, our again in major
me this early Let of Delaware that we start the days relatively still Basin. by in are development, particularly saying in the
in of our and X% we’ve the only in developed Delaware. resource XX% the resource perspective, our of around roughly For Midland
Production are good nearly this We for by and increased barrels XXXX. develop are per making year or to equivalent Having as to relative we day said delineate progress. the this, XX% continuing we learn resource. XXX,XXX oil very
previously, balancing said program resource efficiency we’ve is As to development and our capital rates, driven by production maximize recovery value.
We are in at continued cost, completions, the while leading drilling and improvements improving Delaware industry. significantly edge well performance seeing of our is
optimizing drilling subsurface to technology well and cube continuously which improved our capital are resulting We our in production, and enabling recovery development spacing is us is efficiencies. tailor higher
building in last made separation that plan development of Last year, the aboveground we of investments scale cost-efficient for efficiency is program This which supports drilling. logistics in laid comprehensive current we March capital development. considerable the the infrastructure captures follows not and This only compression, drilling infrastructure. future out
his again, March. the looking discussing more do are I expectations noted to in though magnitude of forward potential on our Day. I at we upcoming excited want will briefly to and have XXXX, we're the are detail and Investor Neil for touch Chapman team by our the seeing improvements
wells work exploration the before, Guyana and with continue As potential undrilled efforts five Our construction in will I ramp considerable, planned. and the broaden Phase our X through we we X Phase mentioned as additional up will basin
oil and year-end. make progress of cube in Permian to development, completion of Center XXX,XXX large-scale the delivery execution We Cowboy per point, considerable first by with equivalent the day the growth barrels the volumes of expect
FID projects wave We growth Brazil. X major Phase next our including for Guyana are anticipating the of in
our in test planning the We of years also position. for over tremendous activity exploration began are Brazil. to the two next significant acreage We potential
the will higher higher products maintenance, In startups significant with our coming margin Downstream, a in expect refinery XXXX. capitalize of project year the we on off and associated recent uplift utilization value of scheduled
positive pressures, grow products performance earnings business, will continue of startups and we the cash. our project with deliver margin expect continue will we Chemical generate sales the to near-term and In to recent even
base the of the sharp investment value we maintain portfolio. focus will our businesses, Across optimizing driving a and on efficiencies corporation, improving our
cycles. divestments. market continue effort value our an course, We financial capacity, through in will we And to competitive continue advantage accretive the will actively our across strategic of portfolio capture high to of industry-leading less assets leverage key the value to grade price
advantage Given important opportunities, our organic attractiveness an year. of investment was this the last
in capacity As this upswing. can as that capture in chart, projects we to Downstream margins competitiveness to the business dropped the and fund lows, improved to eventual our historic positioned financial you us Chemical our the utilized
below our broader leverage $X additional to year, X% during peer of advantage, you incremental billion slightly our equates group sense in scale sector. well the this, our leverage energy of remains the increased To but give in debt. With a about
an it’s important with advantage, we maintain to While to significant given our a the thoughtfully, it, opportunity of financial capacity buffer optionality. volatility industry the we one use is come and preserve our very strive to
hand a Neil, few thoughts. before Now I’ll I back closing offer it to
high over our earnings As cash committed we plans the the investment portfolio the our grading range of delivering two we’ve to broad business of generation our environments. and and strengthen demonstrated across past price to years, are asset on
value very these as We have and on long-term. we to optimizing develop total work rich remain the opportunities, we of over a investment opportunities focused set
environment, margin and compromising value. drive efforts efficiency increased capital our further to without have we optimize price XXXX pace and
we utilizing capacity, value-accretive We opportunities remain to without of will our financial advantage will compromising take in it full our thoughtful capture but flexibility.
driving focus corporation. improving we efficiencies and our will the across on to Finally, base business continue entire
With back that, to hand I things will Neil.
