CLAIM #64205 · Exxon Mobil Corp (XOM) · 2024Q4 earnings call · Jan 31, 2025 · due Dec 31, 2030
“We're going to move from where we're at today of roughly 10 reservoirs to roughly 40 by 2030, a lot of optimization that goes around that, managing those reservoirs, a lot of unknowns.”
Darren Woods · CEO
How to check this claim
Look at: Number of producing reservoirs in company's upstream portfolio (as disclosed by management)
It came true if: Reservoir count reaches approximately 40 (35-45 range) by year-end 2030
Where: Management commentary on earnings calls / investor presentations (company-disclosed reservoir count)
In context
“lly, I'd say we really like what we're seeing there. I think that team who's managing the Guyana developments continues to demonstrate project after project that you just find new ways to innovate and to overcome the challenges and to deliver these things below budget oftentimes and certainly ahead of schedule. And my guess will be for Yellowtail that will come in a little better than what we've publicly talked about. But 3Q25 is a good number, a good date to be thinking about. Longer term, I know I've been part of the conversation in December about what we project going forward and the capacity versus utilization. All I would say is that that's a challenging, to project that far in the future. There's a lot of variables that go into the developments across all of our upstream portfolios. We're going to move from where we're at today of roughly 10 reservoirs to roughly 40 by 2030, a lot of optimization that goes around that, managing those reservoirs, a lot of unknowns. Obviously, there's a depletion curve that continues to bring volumes down, but at the same time our teams are working hard on infills and keeping the utilization up. So we've given our best guess or estimate as to where we'll be, but I would tell you that Neil, myself, all of us, frankly, including the team who's managing it, are challenging themselves to make sure that we're fully utilizing those assets. And my expectation is, as we've demonstrated over the last several years, we'll probably do better than what we're estimating, but I think I want to make sure that we're not over-promising and under-delivering and so we've got, I think, a really sound forecast for where those units will be producing. And, again, we're challenging the team and they're challenging themselves to deliver mor”
Verify independently
SEC filings for XOM ↗ · Claim quote is verbatim from the 2024Q4 earnings call.