Net Production of Crude Oil, NGLs, Bitumen, and Synthetic Oil (thousands of barrels daily)

Net Natural Gas Production Available for Sale (millions of cubic feet daily)

Oil-Equivalent Production (thousands of oil-equivalent barrels daily)

Refinery Throughput (thousands of barrels daily)

Chemical Products Sales (thousands of metric tons)

13abcb68e15a5da8fb09d98f2cfb1dda3a6dea5aee07075a37f729eebbec3ca4

da021dd328e757edc06c675339351e0d4aed4017ab4cedd1c70c075700566a23

| Metric [USD Million] | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 |
|----------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| United States        | N/A     | **33,265**  **[0000034088-23-000056_xom-20230930.htm:14]**  | **31,335**  **[0000034088-23-000048_xom-20230630.htm:14]**  | **31,291**  **[0000034088-23-000030_xom-20230331.htm:12]**  | N/A     | N/A     | N/A     | N/A     |
| Non-U.S.             | N/A     | **55,305**  **[0000034088-23-000056_xom-20230930.htm:14]**  | **49,460**  **[0000034088-23-000048_xom-20230630.htm:14]**  | **52,353**  **[0000034088-23-000030_xom-20230331.htm:12]**  | N/A     | N/A     | N/A     | N/A     |
| Total Revenue        | N/A     | **88,570**  **[0000034088-23-000056_xom-20230930.htm:14]**  | **80,795**  **[0000034088-23-000048_xom-20230630.htm:14]**  | **83,644**  **[0000034088-23-000030_xom-20230331.htm:12]**  | N/A     | N/A     | N/A     | N/A     |

bb2bce4b233bc45f0d4e046f9fc1acdf09569cdaf537c29cad6fc6a391aab84c

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

6d9985d2b91055438dd8bd847adc8aaa0593e0f3b8daaa9fbd05666c1e0ca102

ExxonMobil Corporation is a global energy company engaged in the exploration and production of crude oil and natural gas, as well as the manufacture, trade, transport, and sale of petroleum products, petrochemicals, and specialty products **[0000034088-24-000018_xom-20231231.htm:3]** **[0000034088-24-000018_xom-20231231.htm:62]**. The company is also investing in lower-emission business opportunities, including carbon capture and storage, hydrogen, lower-emission fuels, and lithium **[0000034088-24-000018_xom-20231231.htm:3]** **[0000034088-24-000018_xom-20231231.htm:62]**. ExxonMobil's diverse portfolio allows it to capture value across the energy value chain, contributing significantly to its total revenue of $334.7 billion in 2023 **[0000034088-24-000018_xom-20231231.htm:54]**.

1. **Upstream** - Focuses on the exploration and production of oil and gas, significantly contributing to the company's earnings.
2. **Energy Products** - Involves refining and marketing of fuels, closely tied to industry refining margins influenced by global supply and demand dynamics.
3. **Specialty Products** - Includes high-value products like lubricants, contributing to the company's diverse offerings.
4. **Chemical Products** - Involves the production of petrochemicals, adding to the company's comprehensive product portfolio.

fb4c6b124b49d34c2d67bb4335e6a770e015590f041cc30b450406103ae55e3e

| Metric (Unit) | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|---------------|---------|---------|---------|---------|---------|---------|---------|---------|
| Net Production of Crude Oil, NGLs, Bitumen, and Synthetic Oil (thousands of barrels daily) | **2,461**  **[0000034088-23-000011_f8k4q22991.htm:18]**  | **2,495**  **[0000034088-23-000028_f8k1q23991.htm:15]** **[0000034088-23-000030_xom-20230331.htm:17]**  | **2,353**  **[0000034088-23-000048_xom-20230630.htm:21]** **[0000034088-23-000046_f8k2q23991.htm:18]**  | **2,397**  **[0000034088-23-000054_f8k3q23991.htm:19]** **[0000034088-23-000056_xom-20230930.htm:22]**  | **2,550**  **[0000034088-24-000007_f8k4q23991.htm:23]**  | **2,557**  **[0000034088-24-000025_f8k1q24991.htm:17]** **[0000034088-24-000029_xom-20240331.htm:18]**  | **2,984**  **[0000034088-24-000050_xom-20240630.htm:23]**  | **3,187**  **[0000034088-24-000068_xom-20240930.htm:23]**  |
| Net Natural Gas Production Available for Sale (millions of cubic feet daily) | **8,167**  **[0000034088-23-000011_f8k4q22992.htm:2]** **[0000034088-23-000011_f8k4q22991.htm:18]**  | **8,016**  **[0000034088-23-000028_f8k1q23991.htm:15]** **[0000034088-23-000030_xom-20230331.htm:17]**  | **7,529**  **[0000034088-23-000048_xom-20230630.htm:21]** **[0000034088-23-000046_f8k2q23991.htm:18]**  | **7,748**  **[0000034088-23-000054_f8k3q23991.htm:19]**  | **7,645**  **[0000034088-24-000007_f8k4q23992.htm:2]**  | **7,362**  **[0000034088-24-000025_f8k1q24991.htm:17]**  | **8,243**  **[0000034088-24-000050_xom-20240630.htm:23]**  | **8,369**  **[0000034088-24-000066_f8k3q24991.htm:20]**  |
| Oil-Equivalent Production (thousands of oil-equivalent barrels daily) | **3,822**  **[0000034088-23-000011_f8k4q22991.htm:18]**  | **3,831**  **[0000034088-23-000030_xom-20230331.htm:17]** **[0000034088-23-000028_f8k1q23991.htm:15]**  | **3,608**  **[0000034088-23-000048_xom-20230630.htm:21]**  | **3,688**  **[0000034088-23-000056_xom-20230930.htm:23]** **[0000034088-23-000056_xom-20230930.htm:22]**  | **3,824**  **[0000034088-24-000007_f8k4q23991.htm:23]**  | **3,784**  **[0000034088-24-000029_xom-20240331.htm:18]** **[0000034088-24-000025_f8k1q24991.htm:17]**  | **4,358**  **[0000034088-24-000050_xom-20240630.htm:24]**  | **4,582**  **[0000034088-24-000068_xom-20240930.htm:24]** **[0000034088-24-000068_xom-20240930.htm:23]**  |
| Refinery Throughput (thousands of barrels daily) | **3,983**  **[0000034088-23-000011_f8k4q22992.htm:2]**  | **3,998**  **[0000034088-23-000028_f8k1q23992.htm:2]**  | **4,173**  **[0000034088-23-000048_xom-20230630.htm:23]**  | **4,215**  **[0000034088-23-000054_f8k3q23991.htm:0]** **[0000034088-23-000054_f8k3q23992.htm:2]**  | **3,886**  **[0000034088-24-000007_f8k4q23992.htm:2]**  | **3,843**  **[0000034088-24-000025_f8k1q24992.htm:2]**  | **3,740**  **[0000034088-24-000048_f8k2q24992.htm:2]**  | **3,985**  **[0000034088-24-000066_f8k3q24992.htm:2]** **[0000034088-24-000066_f8k3q24991.htm:21]**  |
| Chemical Products Sales (thousands of metric tons) | **4,658**  **[0000034088-23-000011_f8k4q22991.htm:5]**  | **4,649**  **[0000034088-23-000030_xom-20230331.htm:19]**  | **4,849**  **[0000034088-23-000048_xom-20230630.htm:24]**  | **5,108**  **[0000034088-23-000056_xom-20230930.htm:25]** **[0000034088-23-000054_f8k3q23991.htm:3]**  | **4,776**  **[0000950103-24-001709_dp206302_425.htm:19]** **[0000034088-24-000007_f8k4q23992.htm:2]**  | **5,054**  **[0000034088-24-000025_f8k1q24991.htm:3]** **[0000034088-24-000029_xom-20240331.htm:21]**  | **4,873**  **[0000034088-24-000050_xom-20240630.htm:26]** **[0000034088-24-000048_f8k2q24991.htm:21]**  | **4,830**  **[0000034088-24-000066_f8k3q24991.htm:4]** **[0000034088-24-000066_f8k3q24991.htm:21]**  |

40ef93c2f2a527fb978758fb4419e8665f04a6e669b81241c67812a98c462896

c33c40a9be3cca5b033376d4881aeee3eb63f4daa3921bc3c0f6434e03bdabed

1. Given the variables affecting production in Guyana, such as project timing, depletion rates, and infill drilling schedules, how do you plan to optimize production versus capacity to ensure full utilization and maximize returns on your capital investments?

2. With the $15 billion cost savings target by 2027 and approximately three-quarters already achieved, can you elaborate on how much of these savings are attributable to AI and technology initiatives, and what specific plans you have to leverage technology further to drive additional efficiencies beyond the initial target?

3. After withdrawing from the farm-down process in Namibia, how are you balancing the pursuit of new exploration opportunities with maintaining a robust upstream portfolio, especially when assessing the commercial viability and scalability of new resources in light of your already full upstream hopper?

4. Considering your ambitious plans for Proxxima and the Carbon Materials venture, both aiming to generate multiple billions of dollars in revenue within the next 5 to 10 years, what specific milestones and challenges do you anticipate in scaling up production and achieving market acceptance for these new technologies?

5. Given the current bottom-of-cycle conditions in the Asia chemical markets, how confident are you that the China One project will meet your projections without a return to mid-cycle margins, and what strategies are you implementing to ensure its competitiveness and profitability in a market with excess supply?

c356b91ca7c0bbc6428463bb3bbf5aecf738855f1c5d0d87292d1d5b3b732332

| Name               | Position                                             | Start Date     | Short Bio                                                                                                                                                                                                 |
|--------------------|------------------------------------------------------|----------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Darren W. Woods    | Chairman of the Board and Chief Executive Officer    | January 1, 2017 | Darren W. Woods has been serving as Chairman and CEO since January 1, 2017. He was previously the President of ExxonMobil starting from January 1, 2016. He has over 30 years of global industry experience  **[0000034088-24-000018_xom-20231231.htm:35]** **[0001193125-24-092545_d784249ddef14a.htm:23]** . |
| Neil A. Chapman    | Senior Vice President                                | January 1, 2018 | Neil A. Chapman has been serving as a Senior Vice President at ExxonMobil since January 1, 2018. He has held various positions within the company, contributing to his extensive experience in the industry  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** . |
| Kathryn A. Mikells | Senior Vice President and Chief Financial Officer    | August 9, 2021  | Kathryn A. Mikells has been serving as the Senior Vice President and Chief Financial Officer since August 9, 2021. She was previously the CFO and a board member at Diageo plc from November 2015 to June 2021  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** . |
| Jack P. Williams, Jr. | Senior Vice President                             | June 1, 2014    | Jack P. Williams, Jr. has been a Senior Vice President at Exxon Mobil Corporation since June 1, 2014  **[0000034088-24-000018_xom-20231231.htm:35]** .                                                                                                   |
| James R. Chapman   | Vice President, Tax and Treasurer                    | November 28, 2022 | James R. Chapman has been Vice President, Tax and Treasurer since November 28, 2022. He was previously EVP, CFO, and Treasurer at Dominion Energy, Inc. from January 2019 to November 2022  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** .            |
| Len M. Fox         | Vice President and Controller                        | March 1, 2021   | Len M. Fox has been Vice President and Controller since March 1, 2021. He was Assistant Treasurer from February 1, 2020, to December 31, 2020, and VP, Chemical Business Services and Treasurer from June 1, 2015, to January 31, 2020  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** . |
| Jon M. Gibbs       | President of ExxonMobil Global Projects Company      | April 1, 2021   | Jon M. Gibbs has been President of ExxonMobil Global Projects Company since April 1, 2021. He was previously SVP, Global Project Delivery from July 1, 2020, to March 31, 2021  **[0000034088-24-000018_xom-20231231.htm:35]** .                          |
| Liam M. Mallon     | Vice President; President, ExxonMobil Upstream Company | April 1, 2022  | Liam M. Mallon has been Vice President and President of ExxonMobil Upstream Company since April 1, 2022. He was President of ExxonMobil Upstream Oil & Gas Company from April 1, 2019, to March 31, 2022  **[0000034088-24-000018_xom-20231231.htm:35]** . |
| Karen T. McKee     | Vice President; President, ExxonMobil Product Solutions Company | April 1, 2022  | Karen T. McKee has been Vice President and President of ExxonMobil Product Solutions Company since April 1, 2022. She was President of ExxonMobil Chemical Company from April 1, 2019, to March 31, 2022  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** . |
| Craig S. Morford   | Vice President and General Counsel; Secretary        | November 1, 2020 | Craig S. Morford has been Vice President and General Counsel since November 1, 2020, and became Secretary on March 1, 2022. He was Deputy General Counsel from May 1, 2019, to October 31, 2020  **[0000034088-24-000018_xom-20231231.htm:35]** **[0000034088-23-000020_xom-20221231.htm:37]** .       |
| Darrin L. Talley   | Vice President, Corporate Strategic Planning         | April 1, 2022   | Darrin L. Talley has been Vice President of Corporate Strategic Planning since April 1, 2022. He was President of ExxonMobil Research and Engineering Company from April 1, 2020, to March 31, 2022  **[0000034088-24-000018_xom-20231231.htm:35]** .      |
| Maria S. Dreyfus   | Non-Employee Director                                | May 3, 2024     | Maria S. Dreyfus was elected as a non-employee director effective on May 3, 2024, and was appointed to the Audit and Compensation Committees on July 29, 2024  **[0000034088-24-000045_xom-20240503.htm:0]** .                                          |

45d80a754f7cab6e525a3aa119064d68a30ba7c51ee553ffac478b2c65e61243

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD]

EPS - Diluted [USD]

c9e193cd579632be05af7bbe0ddc7aa6b97c18eaeb5c7519863fbfda912ad031

Upstream

- United States

- Non-U.S.

Energy Products

Chemical Products

Specialty Products

Downstream

Chemical

All Other

Corporate and Financing

Total Revenue

db9ced5f8c73553c4d865df07a17520fa01074015efc4616318eabf11c0520a4

| Program Details          | Program 1     |
|--------------------------|---------------|
| Approval Date            | N/A           |
| End Date/Duration        | **Through 2024**  **[0000034088-24-000068_xom-20240930.htm:38]**  |
| Total additional amount  | **$50 billion**  **[0000034088-24-000068_xom-20240930.htm:38]**  |
| Remaining authorization  | **$25.5 billion**  **[0000034088-24-000068_xom-20240930.htm:38]**  |
| Details                  | The program aims to repurchase up to **$50 billion** in shares through 2024, with an increased pace to **$20 billion annually through 2025** following the Pioneer transaction close.  **[0000034088-24-000068_xom-20240930.htm:38]** **[0000034088-24-000018_xom-20231231.htm:84]**  |

7507bf95d53c885a9e2a7520a9e08e66e9157f7e4654aaa671e846e158d75b4a

### Q3 2024 Earnings Call
- **Issued Period:** Q3 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Capital Expenditures (CapEx) and Exploration Expense:** $28 billion, including $25 billion for ExxonMobil and about $3 billion for Pioneer  **[XOM_3405425_13]** .
  2. **Golden Pass LNG Project:** First LNG expected in the back end of 2025, potentially slipping into the new year, with each subsequent train coming online about six months apart  **[XOM_3405425_6]** .
  3. **Dividend:** 4% increase to the quarterly dividend, raising it to $0.99 per share  **[XOM_3405425_2]** .

### Q2 2024 Earnings Call
- **Issued Period:** Q2 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Capital Expenditures (CapEx):** $25 billion for the year, including the Pioneer acquisition  **[XOM_3396173_8]** .
  2. **Production and Integration:** Permian production at 1.2 million barrels per day, with expectations of delivering more synergies than initially announced  **[XOM_3396173_2]** .
  3. **Earnings Growth:** Increase earnings potential by an additional $12 billion over the next four years, reflecting a CAGR of more than 10%  **[XOM_3381392_6]** .
  4. **Structural Cost Savings:** Additional structural cost savings of over $5 billion by 2027  **[XOM_3381392_6]** .
  5. **Project Timelines:** Golden Pass LNG project expected to see about a 6-month delay, with first LNG anticipated at the back end of 2025  **[XOM_3396173_10]** .
  6. **Product Solutions and New Markets:** Progressing projects like Proxxima, with start-ups planned in 2025, and a total addressable market for Proxxima at 5 million tons and $30 billion by 2030  **[XOM_3396173_3]** .

### Q1 2024 Earnings Call
- **Issued Period:** Q1 2024
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Upstream Volumes:** Seasonal scheduled maintenance expected to lower upstream volumes by about 40 KOEBD, with full-year production guidance at 3.8 million oil-equivalent barrels per day, excluding Pioneer  **[XOM_3381392_10]** .
  2. **Product Solutions:** Lower scheduled maintenance expected as they exit the peak of the 2024 turnaround season  **[XOM_3381392_10]** .
  3. **Corporate and Financing Expenses:** Expected to total $300 million to $500 million  **[XOM_3381392_10]** .
  4. **Working Capital Impact:** Unfavorable working capital impact of about $3 billion from seasonal cash tax payments  **[XOM_3381392_10]** .
  5. **Capital Expenditures (CapEx):** Guidance remains at $23 billion to $25 billion for the year  **[XOM_3381119_9]** .

### Q4 2023 Earnings Call
- **Issued Period:** Q4 2023
- **Guided Period:** FY 2024
- **Guidance:**
  1. **Capital Expenditures (CapEx):** $23 billion to $25 billion to grow its portfolio of advantaged low-cost supply assets and reduce emissions  **[XOM_3371749_2]** .
  2. **Structural Cost Savings:** $15 billion in structural cost savings through 2027  **[XOM_3371749_2]** .
  3. **Low Carbon Solutions:** Pursuing more than $20 billion of lower emission opportunities, with expected returns of approximately 15%  **[XOM_3371749_2]** .
  4. **Permian Production:** Volumes expected to grow to about 650,000 barrels per day in 2024, with a target of close to 1 million barrels per day by 2027  **[XOM_3371749_13]** .
  5. **Guyana Production:** Optimizing operations with plans to continue optimizing production in this region  **[XOM_3371749_5]** .

a1a2ac9ab293215fedfe517324bbb12f809f9181aca7bfb3663a64600894a2e1

1. **Earnings Call Summary**  
   **Q:** Can you summarize the key points from the XOM earnings call Q&A?  
   **A:** The documents do not provide information regarding the XOM earnings call Q&A session, so I am unable to provide the requested summary.

85d16c1f6b6579f37006a828f8d352e4220a4232a2f21d551d9b4b5319d40f38

7173151914718b25e6d7ebfc79fead4b0b7b17411004d6092b284bdaeb1a4ace

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

United States

Non-U.S.

- Canada

- United Kingdom

- Italy

- Belgium

- Singapore

- France

- Australia

- Germany

0d670b0934ce3b566c9f22d272c554d85e43f6a41c75c637e0e95cffbac1c172

**Annual guidance for FY 2024:**
- **Capital Expenditures (CapEx) and Exploration Expense**: $28 billion  **[XOM_3405425_13]**  (raised from $25 billion  **[XOM_3396173_8]** )  
- **Golden Pass LNG Project**: First LNG expected in the back end of 2025, potentially slipping into the new year  **[XOM_3405425_6]**  (lowered from first LNG anticipated at the back end of 2025  **[XOM_3396173_10]** )  
- **Dividend**: $0.99 per share  **[XOM_3405425_2]**  (no prior guidance)  

fc706a8c0be24f791d43de9b37a5893b477666d0083f8d94ecd3da5bf8231d9f

| Name                        | Start Date | End Date | Reason for Change |
|-----------------------------|------------|----------|-------------------|
| PricewaterhouseCoopers LLP | 1934  **[0000034088-24-000018_xom-20231231.htm:102]**    | Present  | Current auditor   |

d2e673e57d02d29c536ee1a3ca18db4f124beeb39d9a806d148633dbe7202f3e

- **ExxonMobil has multiple major projects starting up in 2025 that are expected to deliver more than **$3 billion** in earnings potential by 2026, including the **Yellowtail project in Guyana**, which is likely to exceed expectations and contribute more than estimated.**  **[XOM_3413967_7]** **[XOM_3413967_4]**
- **ExxonMobil plans significant growth in earnings (**$20 billion** increase) and cash flow (**$30 billion** increase) by 2030, supported by clear capital investment plans and **$6 billion** in additional structural cost reductions, enabling increased profitability with flat CapEx.**  **[XOM_3413967_12]** **[XOM_3413967_9]**
- **ExxonMobil is well-positioned in the LNG market with advantaged low-cost supply projects, long-term contracts linked to crude pricing, and plans to capitalize on strong global LNG demand growth, supporting future revenue growth.**  **[XOM_3413967_11]** **[XOM_3413967_10]**

20f0c0d5e7668c5f26d4699fd1bdd1d9b3efe1bd7456d710ac4149f6f9d4d2bc

1. **2025 Project Start-ups**  
   **Q:** When will key projects contribute earnings in 2025?  
   **A:** Darren Woods outlined several major projects starting up in 2025, including the China Chemical complex in Q1, Rotterdam conversion in early Q1, two advanced recycling units at Baytown in Q2 and Q4, Strathcona renewable diesel in Q2, Singapore resid upgrade starting up at the back end of Q2, Bacalhau in Q3, Yellowtail in Q3, and Golden Pass LNG towards the end of 2025. These projects are expected to contribute **over $3 billion** in improved earnings once fully operational, considered in 2026. Even at current challenging margins, they still contribute about **$3 billion** in earnings.  **[XOM_3413967_7]** 

2. **CapEx and Cost Management**  
   **Q:** What CapEx levels are assumed to achieve 2030 goals?  
   **A:** Kathryn Mikells stated that for 2025, ExxonMobil expects cash CapEx between **$27 billion and $29 billion**, and between **$28 billion and $33 billion** from 2026 to 2030. To offset growth expenses and inflation, they've achieved over **$12 billion** in structural cost reductions since 2019, aiming for **$18 billion** by 2030. Darren Woods added that since 2019, they have offset all additional costs of growth and inflation, and further reduced costs by **$1.5 billion**.  **[XOM_3413967_12]** 

3. **Share Buybacks and Dividends**  
   **Q:** Is Exxon waiting to buy back Pioneer shares before increasing dividends?  
   **A:** Kathryn Mikells explained that they increased their buyback pace from **$17.5 billion to $20 billion** annually, coinciding with the Pioneer acquisition, but it's a coincidence that this amount will effectively buy back the Pioneer shares over three years. Exxon focuses on a dividend philosophy that is sustainable, competitive, and growing, having increased the annual dividend for **42 years**. They understand the importance of dividends to shareholders and continue to prioritize them.  **[XOM_3413967_8]** 

4. **Low-Carbon Strategy Amid Policy Changes**  
   **Q:** How might policy changes on CO2 impact Exxon's low-carbon investments?  
   **A:** Darren Woods emphasized that Exxon's low-carbon strategy is based on offering cost-effective solutions to reduce emissions while meeting energy needs, irrespective of specific policies. They focus on long-term fundamentals and have built capabilities to affordably reduce emissions. Kathryn Mikells noted that policy changes aiming to streamline regulations could facilitate projects like CO2 sequestration. Exxon remains adaptable to changes and continues to advance its low-carbon initiatives.  **[XOM_3413967_13]** 

5. **LNG Market and Contracts**  
   **Q:** What's Exxon's LNG contracting strategy and market outlook?  
   **A:** Darren Woods expects strong LNG demand as economies grow and decarbonize. ExxonMobil's LNG projects will be predominantly underpinned by long-term contracts linked to crude pricing. They reserve some volume uncontracted to support their trading business, capitalizing on market opportunities. For projects like Rovuma in Mozambique, they focus on low-cost supply and advantaged returns, working towards a 2026 timeframe for FID.  **[XOM_3413967_10]** **[XOM_3413967_11]** 

6. **Guyana Project Progress**  
   **Q:** How is the Guyana asset tracking relative to expectations?  
   **A:** Darren Woods expressed confidence in the Guyana developments. The Yellowtail project is tracking consistent with public expectations and may come in slightly ahead of schedule, with **Q3 2025** being a good date to consider. They anticipate moving from roughly **10 reservoirs to 40 by 2030**, with ongoing optimization and reservoir management, potentially exceeding their current estimates.  **[XOM_3413967_4]** 

7. **Carbon Capture Growth**  
   **Q:** What's the outlook for Exxon's carbon capture business?  
   **A:** Darren Woods highlighted that Exxon is uniquely positioned with the world's only end-to-end carbon capture, transport, and storage system. There's strong customer interest and a healthy sales pipeline. Kathryn Mikells stated that they expect **$2 billion** in earnings growth from their low carbon solutions business, including CCS and hydrogen, between now and 2030. Aggressive growth plans are dependent on customer demand and long-term contracts.  **[XOM_3413967_15]** 

8. **Chemical Market Outlook**  
   **Q:** Any signs of improvement in the chemical margins?  
   **A:** Darren Woods noted that despite challenging industry margins, Exxon's chemical facilities are advantaged, particularly in North America, which is the most advantaged region. Demand remains at record levels, but supply is challenging. Kathryn Mikells added that upcoming projects like the China Chemical complex will enhance their position, focusing on performance chemicals and advanced recycling, ensuring they remain a low-cost supplier even in difficult market conditions.  **[XOM_3413967_16]** 

9. **Gulf of Mexico Strategy**  
   **Q:** Why is Exxon underrepresented in Gulf of Mexico deepwater?  
   **A:** Darren Woods explained that Exxon's limited presence is due to evaluating opportunities based on cost of supply and geology. The Gulf of Mexico's development costs and challenging geology impact the cost structure. If new exploration areas open, Exxon will evaluate them, but they remain focused on pursuing advantaged barrels that provide cost-effective supply and high returns, regardless of location.  **[XOM_3413967_14]** 

10. **Data Center Decarbonization**  
    **Q:** How is Exxon enabling AI expansion with decarbonized power?  
    **A:** Darren Woods stated that Exxon's strategy is to offer decarbonized power for data centers by leveraging their end-to-end CO2 capture, transport, and storage capabilities. They are not entering the utility business but are acting as an integrator to accelerate schedules, with potential to have a site operational by **2028** and decarbonized by **2029**. There is strong customer interest in building decarbonized data centers.  **[XOM_3413967_6]** 

11. **Impact of Tariffs**  
    **Q:** How might North American tariffs affect ExxonMobil?  
    **A:** Darren Woods indicated that, despite noise and speculation, tariffs are not expected to impact Exxon's competitive position. They focus on being effective and efficient operators, producing high-value products, and being at the low end of the cost of supply curve, ensuring they continue to outperform competition regardless of tariffs.  **[XOM_3413967_5]** 

12. **Additional Project Contributions**  
    **Q:** Are other projects contributing beyond the $3 billion earnings increase?  
    **A:** Kathryn Mikells clarified that they focused on projects where Exxon is the operator and new start-ups when discussing the over **$3 billion** earnings contribution. Projects like TCO and existing ventures like the Permian crude venture, where Exxon is not the operator or projects already underway, will also provide incremental benefits but were not included in that specific figure. Typically, earnings from new projects may lag cash flow slightly.  **[XOM_3413967_17]** 

85a6811766279775efd3e3d7d035134892ca91b04c8aa6d1fd52355fddbcb9e0

ExxonMobil targets $20bn earnings and $30bn cash flow growth by 2030, fueled by 2025 start-ups delivering $3bn+ by 2026. Plan includes $6bn in further cost cuts with flat CapEx, boosting returns. Low chemical margins remain a concern.

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**Annual guidance for FY 2025 and beyond:**

- **Capital Expenditures (CapEx) for FY 2025**: $27–$29 billion  **[XOM_3413967_12]**  (no change from prior $28 billion for FY 2024  **[XOM_3405425_13]** )  
- **Capital Expenditures (CapEx) for FY 2026–2030**: $28–$33 billion  **[XOM_3413967_12]**  (no prior guidance)  
- **Structural Cost Reductions**: Achieved $12 billion since 2019; targeting an additional $6 billion by FY 2030  **[XOM_3413967_12]**  (no prior guidance)  
- **Earnings Contribution from Major Projects**: More than $3 billion in earnings potential in FY 2026  **[XOM_3413967_2]**  (no prior guidance)  
- **Share Buybacks**: $20 billion annually in FY 2025 and FY 2026  **[XOM_3413967_8]**  (no prior guidance)  
- **Permian Basin Production**: From 1.5 million boepd in FY 2024 to 2.3 million boepd by FY 2030  **[XOM_3413967_1]**  (no prior guidance)  
- **Guyana Production**: Yellowtail project starting in FY 2025  **[XOM_3413967_2]**  (no prior guidance)  
- **Return on Capital Employed (ROCE)**: 13% in FY 2024 (17% excluding certain balances)  **[XOM_3413967_1]**  (no prior guidance)  
- **Low Carbon Solutions**: Continued focus on carbon capture, hydrogen, and lithium ventures  **[XOM_3413967_9]**  (no prior guidance)  

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- Total Revenue: $90,016 million (Q3 2024) vs. $90,760 million (Q3 2023), -1% YoY  **[0000034088-23-000056_xom-20230930.htm:2]** **[0000034088-24-000068_xom-20240930.htm:2]**   
- Net Income: $8,610 million (Q3 2024) vs. $9,070 million (Q3 2023), -5% YoY  **[0000034088-23-000056_xom-20230930.htm:2]** **[0000034088-24-000068_xom-20240930.htm:2]**   
- EPS (Diluted): $1.92 (Q3 2024) vs. $2.25 (Q3 2023), **-15% YoY**  **[0000034088-23-000056_xom-20230930.htm:2]** **[0000034088-24-000068_xom-20240930.htm:2]**   
- United States Revenue: $36,302 million (Q3 2024) vs. $33,265 million (Q3 2023), +9% YoY  **[0000034088-23-000056_xom-20230930.htm:14]** **[0000034088-24-000068_xom-20240930.htm:15]**   
- Non-U.S. Revenue: $51,490 million (Q3 2024) vs. $55,305 million (Q3 2023), -7% YoY  **[0000034088-23-000056_xom-20230930.htm:14]** **[0000034088-24-000068_xom-20240930.htm:15]**   
  - Canada: -6% YoY, UK: -9% YoY, Singapore: +7% YoY, France: -11% YoY  **[0000034088-23-000056_xom-20230930.htm:14]** **[0000034088-24-000068_xom-20240930.htm:15]**   
- Share Repurchases: **$5,512 million** (Q3 2024) vs. $72 million (Q3 2023), a massive increase YoY  **[0000034088-23-000056_xom-20230930.htm:4]** **[0000034088-24-000068_xom-20240930.htm:4]**   

4cb846e4f52b8de0b9edb305064ba6dc27c7b2aa28827f92dab8197a6470f7ca

- **The Pioneer acquisition is exceeding expectations**, with enhanced synergies and **Permian production surging to 1.2 million barrels per day**.  **[XOM_3396173_4]**
- **Production in Guyana continues to exceed expectations**, with higher production rates across all FPSOs, indicating strong future growth potential.  **[XOM_3396173_5]**
- **Significant progress on structural cost savings**, achieving **$1 billion in savings year-to-date**, targeting **$15 billion by 2027**, improving efficiency and profitability.  **[XOM_3396173_13]**

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- **ExxonMobil has achieved $10 billion of its planned $15 billion in cost savings**, contributing to an expected **$12 billion increase in earnings potential by 2027**.  **[XOM_3381119_6]**
- **ExxonMobil's strong balance sheet**, with net debt to capital down to about **3%**, provides flexibility to invest and return cash to shareholders, differentiating the company from peers.  **[XOM_3381119_9]**
- **Continued operational success and growth in Guyana**, including new project approvals like Whiptail and new discoveries like Bluefin, support future growth and value creation.  **[XOM_3381119_3]**

7f0cdda7b2db92dd5c7b0c0a411e581b4ed1e12f835f50e7780f3e7fdb274bcb

1. **Guyana Production Capacity**  
   **Q:** How do you reconcile production vs capacity in Guyana?  
   **A:** Darren Woods explains that there are many variables affecting production versus capacity in Guyana, including the timing of project startups and scheduling of infill drilling to maintain capacity utilization. The focus is on fully utilizing capital and pushing production safely, finding ways to fill capacity. They plan to provide more details in December during the corporate plan review.  **[XOM_3405425_7]** 

2. **LNG Projects Update**  
   **Q:** What's the status of the Golden Pass and Qatar LNG projects?  
   **A:** Darren Woods states that the Golden Pass project is expected to be delayed by about **6 months**, with first LNG anticipated at the end of **2025** or early **2026**, due to a contractor bankruptcy. Each train is expected to follow approximately **6 months** apart. Regarding Qatar's North Field expansion, they feel good about the collaboration with Qatar Energy but defer detailed updates to them. Overall, they have a strong LNG portfolio with positive market response and strong customer interest.  **[XOM_3405425_6]** 

3. **Downstream Earnings Beat**  
   **Q:** Can you discuss the drivers behind the downstream earnings beat?  
   **A:** Darren Woods attributes the strong downstream results to a new approach optimizing the full value chain, cost reductions, centralizing activities, and improving maintenance efficiency. Eliminating barriers between chemical and refining businesses and optimizing molecules across both have had a significant impact. Kathryn Mikells adds they saw a **$0.5 billion** uplift year-to-date from advantaged project growth and cost savings, including the Beaumont expansion and Permian Crude Ventures. A faster-than-expected restart at Joliet also contributed positively.  **[XOM_3405425_5]** 

c6242397e6d2b8fa09402ddbf73a49d6726d7fdd9eddfaf2c1d49b632a053827

- **Exxon Mobil is achieving more synergies than initially anticipated from the Pioneer acquisition, particularly in the Permian Basin, resulting in increased efficiencies and value generation.**  **[XOM_3405425_9]**
- **The company sees significant growth potential in innovative technologies like Proxxima and Carbon Materials Venture, which could contribute multiple billions of dollars in revenue over the next 5 to 10 years.**  **[XOM_3405425_14]**
- **Exxon Mobil continues to maximize production capacity and value in key projects like Guyana, with expectations of ongoing strong performance and value creation.**  **[XOM_3405425_7]**

38e04fbb644c5245814e8221fd8fa9b0c0b196b2ff5d398a5c63121a755a49a4

1. **Pioneer Acquisition Performance**  
   **Q:** How are the Pioneer assets performing post-acquisition?  
   **A:** The Pioneer assets are performing **better than anticipated**, delivering **record performance** in the second quarter.  **[XOM_3396173_4]**  Early integration shows significant **upside potential**, with more value opportunities identified than initially expected.  **[XOM_3396173_4]**  Synergies are tracking ahead of expectations, leveraging best practices from both ExxonMobil and Pioneer.  **[XOM_3396173_4]** 

2. **CapEx Guidance Increase**  
   **Q:** Why has the legacy CapEx guidance increased to $25 billion?  
   **A:** The increase to the **top end** of the range reflects progression of highly advantaged projects and attractive opportunities identified since last year.  **[XOM_3396173_8]**  Projects coming online in 2025, such as the large **China One chemical complex**, contribute to the higher capital expenditure.  **[XOM_3396173_8]** 

3. **Golden Pass Start-Up and Upstream Sales Mix**  
   **Q:** What's the update on Golden Pass LNG start-up and sales mix diversification?  
   **A:** Golden Pass LNG start-up is delayed by about **six months**, with first LNG expected in the back end of 2025 due to restaffing after contractor settlement.  **[XOM_3396173_10]**  ExxonMobil intentionally remains weighted toward liquids pricing in its upstream portfolio, aligning with contracting practices in LNG markets, and is comfortable with this exposure.  **[XOM_3396173_10]** 

4. **Portfolio High-Grading and Divestments**  
   **Q:** Will there be asset disposals after acquiring Pioneer?  
   **A:** ExxonMobil has been actively divesting non-core assets, reaching around **$15 billion** in Upstream divestments and additional billions in Downstream.  **[XOM_3396173_6]**  The company continues to assess assets for competitiveness, improving or divesting if they don't meet criteria, but doesn't anticipate big step changes in the medium term.  **[XOM_3396173_6]** 

5. **Guyana Production Performance**  
   **Q:** Will outperformance in Guyana continue with future projects?  
   **A:** Production in Guyana has exceeded expectations, with FPSOs producing **above capacity**.  **[XOM_3396173_5]**  ExxonMobil anticipates continued outperformance due to organizational focus and technology application, though recognizing each development is unique.  **[XOM_3396173_5]** 

6. **Cost Savings Progress and Outlook**  
   **Q:** What's driving recent cost savings and future outlook?  
   **A:** Structural cost savings reached **$1 billion** year-to-date, with **$600 million** in the quarter.  **[XOM_3396173_13]**  Savings are driven by optimized maintenance, supply chain efficiencies, and centralized organizations standardizing processes.  **[XOM_3396173_13]**  ExxonMobil aims to achieve **$15 billion** in savings between 2019 and 2027.  **[XOM_3396173_13]** 

7. **Low Carbon Investment Progress and Roadmap**  
   **Q:** What's needed to advance low carbon investments?  
   **A:** ExxonMobil requires low carbon projects to be advantaged and generate good returns across cycles.  **[XOM_3396173_7]**  Progress depends on final regulations (e.g., IRA legislation for blue hydrogen) and developing markets, with a focus on building strong, long-term foundations rather than rushing investments.  **[XOM_3396173_7]** 

8. **Economic Outlook and Demand Trends**  
   **Q:** What are current demand trends and economic outlook?  
   **A:** Global demand remains strong with **record levels** in oil and petroleum products.  **[XOM_3396173_12]**  Chemical demand is returning to pre-pandemic growth rates, but margins are pressured due to supply additions.  **[XOM_3396173_12]**  China and the U.S. show reasonable growth, while Europe faces economic challenges.  **[XOM_3396173_12]** 

9. **2025 Project Updates**  
   **Q:** How are key 2025 projects progressing?  
   **A:** Major projects like the **China One chemical complex**, Singapore residue upgrade, and Strathcona renewable diesel are on track.  **[XOM_3396173_9]**  These projects contribute to underlying earnings growth and are proceeding consistent with planned development and announced dates.  **[XOM_3396173_9]** 

10. **Long-Term Project Pipeline Beyond 2027**  
    **Q:** Are new projects being developed beyond 2027?  
    **A:** ExxonMobil is leveraging its reorganized structure to unlock new opportunities across businesses.  **[XOM_3396173_11]**  The company continues to build a pipeline of projects extending well beyond 2027, focusing on applying core capabilities to create value.  **[XOM_3396173_11]** 

11. **Lithium Complexity Clarification**  
    **Q:** Does lithium complexity refer to marketing or processing challenges?  
    **A:** The comment on lithium complexity pertains to integrating new production methods with established technologies.  **[XOM_3396173_14]**  Challenges involve combining new technology in processing and building new value chains, with complexities in both upstream and downstream.  **[XOM_3396173_14]** 

187ea724adc6c7484c437be7a960a84745c4314e341e5f21c1a94bfbed8efcbb

- **ExxonMobil's Chemical business is facing bottom-of-cycle conditions with depressed margins due to oversupply, which are expected to persist for some time.**  **[XOM_3381119_10]**
- **The investment environment in Europe is challenging, with additional taxes, expanded disclosure requirements, and non-technology-agnostic regulations making European investments less attractive for ExxonMobil.**  **[XOM_3381119_12]**
- **ExxonMobil's efforts in direct air capture technology face significant challenges, as current costs are between $600 and $1,000 per ton of CO₂ removed; even halving these costs won't be sufficient, and they aim to reach approximately $100 per ton, which is a tough goal.**  **[XOM_3381119_16]**

5cecebc17fbbb714402f189a4f8743a81ff1fb66f8026bfe5751158e87f25552

- **Exxon Mobil is withdrawing from exploration opportunities like the farm-down process in Namibia**, potentially limiting future growth in upstream reserves.  **[XOM_3405425_12]**
- **Uncertainties exist in the commercialization timelines for new ventures such as Proxxima thermoset resin and Carbon Materials Venture**, as they require proving success before ramping up production, which may delay potential earnings contributions.  **[XOM_3405425_14]**
- **Entering the challenging Asia chemicals market with the China One project amid bottom-of-cycle conditions and overcapacity**, which may impact the project's returns despite being low-cost and high-performance.  **[XOM_3405425_11]**

14a274d42ba46b70fb0db5d0b2762d10c250c035acdbb3afb507424ca3189f74

- **Chemical margins are under pressure due to significant new capacity coming online**, leading to oversupply and reduced profitability in the sector.  **[XOM_3396173_12]**
- **The Golden Pass LNG project is delayed by approximately 6 months**, with first LNG now expected in late 2025 instead of mid-2025, potentially impacting future earnings.  **[XOM_3396173_10]**
- **Developing low-carbon solutions faces significant challenges**, including the need for finalized government regulations to ensure project viability and the complexities of building new markets, which may affect future profitability in these areas.  **[XOM_3396173_7]** ,  **[XOM_3396173_14]**

cd037ce73d98dafed67adc090ee035a1edbae6614476f1debf3aa5c9dd5a22da

Exxon Mobil Corp (XOM)

Financials