“If I outlook to 2027, we will go from something sub-65% liquids to something around 70% liquids in our portfolio in 2027, and 15% or thereabouts of liquefied natural gas, so that takes us up to 85%, I would call liquids index.”

In context

“ut to 2027, the growth in Guyana, the growth in the Permian, and we compare that to where you were, say in 2019, how do you think about the total value-added liquid barrels, the impact on margins, the impact on returns? What’s the right way for us to think about the transition of the company over roughly that eight-year period? Neil Chapman: Roger, it’s Neil again. Let’s just park the Pioneer acquisition for a moment and just talk about our existing plans as Exxon Mobil. Back in 2018 and 2019, I talked about the strength of our developments that we had in the pipeline, and obviously they were headlined by Guyana and by the Permian. What I said at the time is what you will see is an increase in the percent of liquids in our portfolio and a reduction in the percent of dry gas of the total. If I outlook to 2027, we will go from something sub-65% liquids to something around 70% liquids in our portfolio in 2027, and 15% or thereabouts of liquefied natural gas, so that takes us up to 85%, I would call liquids index. Obviously 80% of our LNG sales index to Brent or to crude oil. That’s a big transition but it’s driven by the quality of those resources, primarily in the Permian and Guyana, and we’re going to be adding onto that, of course, the programs we have developed we have in LNG in Papua New Guinea and then in Mozambique at the end of the decade. I’d just add one other comment - if you take the liquids and the LNG, which would take us to 85% liquids indexed in 2027, of the gas that remains, 7% of that is associated gas, so in other words gas associated with liquids production. You can see that we’ll be in the order of magnitude of 7% or 8% of dry gas in our portfolio at that time, and that’s pre the Pioneer acquisition. Darren Woods: I’d just add to that, Roger, if you just step back and think m”