CLAIM #64038 · Exxon Mobil Corp (XOM) · 2023Q1 earnings call · Apr 28, 2023 · due Dec 31, 2024
“So my expectation is we've got an inventory of things going forward and would expect to see, in my mind, kind of consistent rate of being out in the market and basically finding -- seeing if we can find buyers who have a higher use for the assets than we do and therefore better value and therefore decent base.”
Darren Woods · CEO
In context
“back in 2018 where we talked about, particularly in the Upstream, increasing our divestments and taking a very thoughtful approach there, making sure that we were positioning ourselves that when the market was right and we had interest from buyers, that we had assets ready to sell and divest has worked fairly well. We've been, I think, pretty successful at consistently putting assets in the market and realizing the value of those. We should hit the objective that we set back in 2018 probably sometime this year. And then we've got -- as we continue to work on high grading the portfolio, continue to look at assets that we don't see are strategic necessarily or where we see a potential value -- higher value for others, we'll continue to feed that divestment portfolio and market those assets. So my expectation is we've got an inventory of things going forward and would expect to see, in my mind, kind of consistent rate of being out in the market and basically finding -- seeing if we can find buyers who have a higher use for the assets than we do and therefore better value and therefore decent base. I'd just make the final point that as we look at the divestments, it is a value proposition. We are comfortable with everything we've got in the portfolio. It's really a question of how do we optimize and maximize the value and that's been the focus from the very beginning and continue to be one. So we're not -- we don't have to sell anything. It's only if we find a valuable opportunity to do that. Doug Leggate: I appreciate the answer. I think I couldn't remember if Jennifer said one question or one plus one follow-up. So I'll risk a follow-up very quickly. I'll delicately ask this question, if I may. Obviously, Kathy was on the wires this morning talking about how picky Exxon would be on M&A. I just want to ask you if you feel that you need to backfill your Permian position at any time”
Verify independently
SEC filings for XOM ↗ · Claim quote is verbatim from the 2023Q1 earnings call.