Exxon Mobil Corp (XOM)

“I put out a challenge in 2018 to double recovery. We have an opportunity set that will do more than that, and even accounting for uncertainties around the portfolio, we're getting really close to that objective.”

“And going forward, we're going to see 2x the level of free cash flow in 2030 than we saw in 2025.”

“And again, we're at $16.3 billion cumulative year-to-date, and we plan to get to $20 billion by 2030.”

“As the Strait remains constrained, we expect to continue to see a big benefit in our specialty businesses from having that integrated approach.”

“We also look to FID projects in Papua and Papua New Guinea later this year, and Golden Pass is coming on.”

“We would anticipate, and I think we showed this in the slides, that now that we've reached full recovery of that significant investment, more of our revenues will go toward free cash flow rather than recovering cost and investment.”

“I expect continued inhibition to movement, and even after things are cleared up it will take time for people to regain confidence and ramp back up to prior high levels.”

“It's going to take a while for the industry to kind of climb its way out of that hole.”

“From our perspective, we think we're going to continue to see a very robust refining market with very high margins.”

“Early deployments have gone well, building a strong foundation for larger rollouts in 2027.”

“With this new organization, we expect to deliver improved margins and industry-leading operations excellence, improving safety, reliability, maintenance cost and turnarounds across the portfolio.”

“Longtail is on the path toward final investment decision, and we are evaluating the potential for a ninth FPSO.”

“Errea Wittu, our fifth FPSO, set sail toward Guyana in June and remains on track for start-up by the end of the year.”

“It will take time to realize it because we're starting a brand-new market and product for attractive markets, but customer feedback shows high demand. It will just take time to penetrate, but we see long-term attractive potential.”

“We hope to reach FID on the Mozambique project later this year.”

“We're maintaining a measured pace of share repurchases subject to reasonable market conditions, while preserving flexibility to invest through the cycle.”

“We remain on schedule and on track, and we're beginning to see the benefits accrue even now.”

“Our transformed company will continue to build on this success in 2026, with higher structural earnings power, stronger mix, lower breakevens, and a portfolio designed to perform across commodity cycles.”

“I think we're gonna see reliability and availability and uptime continue to improve across the portfolio.”

“My expectation is with Mozambique, we'll see something here as we move through this year, probably on the back half of year with respect to an FID if things go kind of to plan.”

“By the time we get to the end of next year, at that point, when we're drilling, we should see about 50% of our wells having lightweight proppant.”

“if you look at the annual numbers and the Permian, we expect to be up about 200,000 ko kind of year over year.”

“we expect to see that significant improvement going into 2026 versus 2025 on an annual basis.”

“We expect that number to reach 50% of new wells by the end of this year.”

“These projects are expected to drive meaningful earnings growth through 2030, with 60% coming from assets already online.”

“We expect them to make up roughly 65% of total production by 2030.”

“We expect to reach our 2030 methane intensity reductions by the end of this year.”

“My hope is and expectation is we should see that work manifest itself. Hopefully by year end with the project announcement.”

“My expectation is we will see something similar to that this year.”

“So when we gave that guidance that we expect to be a bit below the low end of the $27 to $29 billion cash CapEx, that is excluding those M&A transactions, and we obviously do not plan for those transactions, so that is why we excluded them.”

“Our Proxima systems expansion and Golden Pass LNG project both remain on track for startup around year-end, completing the last two of our 10 key 2025 startups.”

“Project utilization is currently around 80%, ramping to full capacity by year-end.”

“This year, we are tripling production capacity.”

“Working with their team and incorporating their technology, we will develop and scale a differentiated graphitization process that has higher throughput, is 50% more energy-efficient, and significantly lower cost than available industry alternatives today.”

“Frankly, going forward, we continue to see additional opportunities to become more effective and through that, then get more efficient.”

“They are expected to drive more than $3 billion in earnings contributions next year at constant prices and margin.”

“Through our signed MOUs with Masdar and Goel Steel, investments in Proxima-based rebar manufacturing facilities will grow over the next two years.”

“Our rebar infrastructure opportunities are expected to yield approximately 20,000 tons of sales by 2027.”

“This year, we expect about a quarter of our wells will use our new patented proppant, and roughly 50% of new wells by 2026.”

“We also sanctioned our seventh development, Hammerhead, which is expected to begin production in 2029.”

“We started off with $2 billion, we announced we're up to $3 billion per year on average over the next 10 years. My expectation as we go into the corporate plan discussion at the end of this year is that we'll update that number even further.”

“I think again, starting with the end of your question, Golden Pass, I feel really good about how that organization, that venture has recovered from the bankruptcy and the progress that they're making on the construction, and we still expect them to deliver first gas sometime in the back end of this year or early next year.”

“And our expectation is by the end of this year and getting into next year, we'll then be up and running full and that will be contributing at its full potential.”

“By year-end, we expect deployments to reach roughly 150 more wells.”

“We said we're going to have 1.7 million barrels per day of gross capacity by 2030. And that we thought our production would be about 1.3 million, that was reflecting the best estimates of kind of how declines are working and the steps that are being taken.”

“we'd expect continued increase in line with our activity set and production level.”

“This year to date, we've added $1.4 billion to that total. We expect to continue that to get to our $18 billion target by 2030 off a 2019 basis, and we see that as effective in offsetting some of the increased expense levels, which is largely activity driven.”

“This goes a long way towards derisking our plans to achieve [ 20, 30 ] by 2030. That's $20 billion of additional earnings and $30 billion of cash flow versus 2024 on a constant price and margin basis.”

“In total, our 2025 project start-ups are expected to drive more than $3 billion of earnings in 2026 at constant prices and margin.”

“So while some operators in the Permian are talking about peak production, our current plan is grow Permian production from about 1.6 million oil equivalent barrels to 2.3 million by 2030.”

“By 2030, we expect to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.”

“More than half of our oil and natural gas production comes from high-return, advantaged assets. We expect that number to climb to more than 60% by the end of the decade.”

“And so that one, we may say slip versus the original timing. It's a little early to tell, but that's, I think, is certainly a strong possibility.”

“We're seeing better margins in the second quarter than we experienced in the first quarter. I expect some of that will hold just given the seasonality.”

“But so right now, I wouldn't suggest that we're going to see a lot of capital slipping out of the plan horizon. But year-to-year, you may see some movement, but frankly, right now, from what we can tell. We're on track with the longer-term plans that we've laid out.”

“Look to have a first LNJ by the end of this year, potentially slipping into early next year but right now we think we're going to deliver at the back end of this year.”

“As we discussed in detail at the corporate plan update and our newer businesses and for projects that have not yet reached FID. If the necessary policy support or market developments are not sustained or do not materialize, we'll defer investments.”

“We'll hit multiple Proxxima milestones this year, including more than doubling our production capacity.”

“We are bringing on two new FPSOs at our deep-water projects offshore Guyana and Brazil; we expect to start up both later this year.”

“the 15% that we talked about is still a very good number, a good solid base.”

“at the corporate plan update, I know that we upped annual average synergies we expect to see over the first 10 years from $2 billion to $3 billion. Our view today is that numbers are even bigger”

“with firm plans to improve them to $35 per barrel by 2027 and $30 per barrel by 2030.”

“When we get to 2030, I'm confident we will have delivered on our plan $20 billion more in earnings and $30 billion more in cash, assuming constant prices and margins and significantly greater value for shareholders.”

“we tried to make a point in our December corporate plan disclosure to show some sensitivities, including a sensitivity activity at $55 oil, where we showed over the next six year kind of period, 2025 through 2030, we'd still throw off surplus cash flow of $110 billion that included a little bit of excess cash”

“In low carbon solutions, we expect to generate $1 billion of earnings by 2030 in businesses that are insulated from commodity price cycles.”

“We're on track for 80% growth of high value products by 2030, which will bring them to more than 40% of total product solutions earnings.”

“We're on track for more than 60% of our production to come from advantaged assets by 2030, with an increase in per barrel profit from $10 a barrel last year to $13 a barrel in 2030.”

“our total cash CapEx grows to between $28 billion and $33 billion per year through 2030, our reinvestment rate declines from 50% to 40% of cash flow over the planned period.”

“Altogether the 10 advantage projects we're starting up this year are expected to generate more than $3 billion of earnings in 2026 and at constant prices and margins”

“The policy question, I think, early stages. We'll have that answer here as we go through the third quarter, I suspect. And so I don't anticipate at this stage tariffs or uncertainty delaying anything that we're doing with respect to that.”

“and we're confident that we have what we need to generate the returns that it's going to be required to justify the investments we'll move forward. Hopefully, that's later this year.”

“our view is we're going to continue to be a very cost-competitive, low-cost-to-supply source, and therefore we'll continue to outperform competition”

“Bacalhau, I expect sometime in 2025, probably closer to the third quarter. Yellowtail, third quarter, and then, as we've said, with Golden Pass, probably the back end of 2025, expect to see first LNG and mechanically complete kind of around mid-year is the time frame that we run through all of those.”

“Proxxima, second quarter, is when we expect to get some more capacity on, and then going forward in time, a lot more capacity coming on as we continue to work with customers and sell into what we think are some very attractive applications where there's really good demand.”

“We've got two advanced recycling units that we are building at Baytown. So despite the Attorney General's accusations that these are myths, we've actually got two more units starting up, one in the second quarter and one in the fourth quarter”

“In Fawley, we're building a conversion facility to produce low-sulfur diesel. My expectation is we'll have that in early second quarter.”

“We're confident we'll deliver 2030 by 2030, $20 billion more in earnings and $30 billion more in cash flow, all of which enables us to keep our commitment to sustainable, competitive, and growing shareholder returns.”

“We're going to be an even more efficient operator, taking an additional $6 billion in costs out of the business.”

“We're going to develop an even more profitable product mix with 80% growth of high-value product sales and product solutions by 2030.”

“We're going to build an even more advantaged asset portfolio with 60% of our option production from advantaged assets by 2030.”

“we would see $2 billion in earnings growth kind of between now and 2030.”

“And we said, between here and 2030, we expect to get that number up to $18 billion.”

“And then, between 2026 and 2030, that number is $28 billion to $33 billion.”

“if you look at the CapEx profile, a large portion of it is kind of dealing with, as you say, the things that we've already demonstrated we know how to do. And frankly, the CapEx that we're spending in that space is fairly flat as we continue to grow volumes in the cash flow and earnings that go with it.”

“So that moved up our pace from $17.5 billion to $20 billion annually, and we've guided that we expect to be at that pace for this year and next year, assuming continued reasonable market conditions.”

“expect to see more than $3 billion of improved earnings once they're up and running full, which we're considering in 2026.”

“And my expectation is, as we've demonstrated over the last several years, we'll probably do better than what we're estimating”

“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.”

“Overall, the major projects we start up in 2025 will deliver more than $3 billion in earnings potential in 2026 at both constant and current prices and margins.”

“This year, we expect to start up a new facility that can produce 25,000 metric tons of Proxxima products and plan to grow to nearly 200,000 tons by 2030.”

“we now see an average of more than $3 billion per year of synergies from our combined assets, with production growing from 1.5 million oil-equivalent barrels per day at the end of 2024 to 2.3 million barrels per day by 2030, a more than 50% increase.”

“With respect to Yellowtail specifically, I'd say we really like what we're seeing there. ... 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.”

“We're working towards the 2026 timeframe in the Rovuma. In PNG, we're continuing to work through a target. Hopefully, we'll have something near the back end of this year for FID.”

“My guess would be, depending on how the discussions go with customers, that we could get a site up and going by 2028 and then have it decarbonized into 2029.”

“We had said for this year that's going to be $28 billion. That's what we still think it's going to be. That's $25 billion for Exxon Mobil and about $3 billion for Pioneer.”

“So, we would expect even though Asia continues to be in bottom of cycle conditions because of the low cost of this facility, we should get to positive cash results reasonably quickly and it will be a very resilient asset for us long-term.”

“Growing things like the Permian and Guyana, investing in strategic projects in our EMPS business like China 1, which will start up next year, as well as continuing to invest in more capacity for things like advanced recycling and building our low-carbon solutions business.”

“We anticipate today that that venture will basically be delayed by about six months. So, we expect to see first LNG out of that train back-end of 2025, to potentially slipping over into the New Year, but it'll be in that timeframe that we see.”

“We're scheduled to spud the first ever 20,000-foot laterals on Pioneer's acreage this quarter.”

“I expect to end this year with 15, bringing us very close to an entire portfolio advantaged by location and configuration.”

“My view is that we're going to deliver on the 15 and then as we look going forward there will be more to come as that organization continues to become more effective and more efficient.”

“And then, of course, each train after that, we anticipate about six months' separation between the trains coming on.”

“So a really big year for the E&PS business in terms of the number of projects we have coming online.”

“My expectation going forward then is we'll continue to see what I would say is historical volatility levels in that. We'll see times when the margins spike and we'll see times. And the margins are challenging.”

“Right now, our estimate is we are going to see about a six month slippage. So we had anticipated kind of first LNG in the middle of next year. We now are looking at probably the back end of 2025 for first LNG.”

“I don't see any big step changes here in the medium-term.”

“So we are feeling good about the progress we're making, and that overall target to get to $15 billion in savings between 2019 and 2027.”

“As a reminder, at Brent between $60 and $80 a barrel real and 10-year average refinery and chemical margins, we expect to generate between $80 billion and $140 billion in cumulative surplus cash from 2024 to 2027.”

“But I would just condition that with the teams are just getting back up and running, and they have a clear mandate to try to bring that in as effectively as they can. And my -- again, my expectation is it will do better than we currently think, but we've got work to do.”

“And while we briefly paused share repurchases following the Pioneer S-4 filing in January, we resumed in February and are on track to complete our $17.5 billion stand-alone share repurchase program this year.”

“We also anticipate an unfavorable working capital impact of about $3 billion from seasonal cash tax payments, similar to what we saw in the second quarter of last year.”

“We expect corporate and financing expenses to total $300 million to $500 million, in line with the first quarter.”

“In Product Solutions, we expect lower scheduled maintenance as we exit the peak of the 2024 turnaround season.”

“This does not impact our 2024 full year production guidance, which is 3.8 million oil-equivalent barrels a day.”

“Turning to the second quarter outlook items. We expect seasonal scheduled maintenance to lower upstream volumes by about 40 KOEBD.”

“As we highlighted on our earnings call last quarter, 2025 is a big year for strategic project start-ups, which will provide a further large boost in earnings growth.”

“In 2024, we'll see a full year of earnings benefit from the Beaumont refinery expansion and Permian Crude Venture.”

“With the Trans Mountain pipeline expansion scheduled to come online May 1, our production from Kearl will have better access to markets in Asia and the U.S. West Coast, which we expect will improve margins and drive higher earnings in future quarters.”

“We have a clear line of sight on the nearly $5 billion in earnings from strategic projects in 2027.”

“In the Upstream, on a stand-alone basis, we're on track to double earnings potential by 2027 compared to 2019 on a constant price basis, as we reshape our portfolio, divesting noncore assets and growing production from industry-leading assets that offer lower cost of supply, lower life cycle emissions and higher returns.”

“We have a clear line of sight to achieve the roughly $1.5 billion in annual savings contained in our plan, and our team has a track record of beating our targets.”

“A significant driver of this earnings growth will be our delivery of additional structural cost savings totaling $15 billion by 2027.”

“By executing with excellence on our strategy, we expect to grow our earnings potential by an additional $12 billion from 2023 to 2027 at constant prices and margins, a growth rate of more than 10% per year.”

“We're doing just that with multiple project startups planned for 2025 and that will contribute nearly $4 billion in earnings potential in 2027 at constant prices and margins.”

“By 2027, we expect high-value products to deliver about 40% of Product Solutions total earnings.”

“Moving to Product Solutions. We're focused on nearly tripling earnings from 2019 to 2027.”

“Unit earnings from our advantaged assets are expected to be $9 per barrel higher than our base portfolio by 2027 at constant prices.”

“We expect our stand-alone production in 2024 to be about 3.8 million oil-equivalent barrels per day, rising to about 4.2 million oil-equivalent barrels per day by 2027, as growth from advantaged assets more than offset base depletion.”

“We expect to grow Upstream earnings by an additional 50% between 2023 and 2027.”

“Our initial goal is to cut the cost in half, which will still be too expensive, but will help move us down the cost curve.”

“We are planning to develop more than 1 billion pounds per year of plastic waste processing capacity by 2027.”

“As covered in the corporate plan update in early December, we expect to generate an additional $12 billion in earnings potential from 2023 to 2027 on a constant price and margin basis. That represents a compounded annual earnings growth rate over the plan period of greater than 10%.”

“My expectation is that you will see improved trading results embedded in our businesses because frankly those -- that trading organization's objective is to enhance the value of the businesses.”

“But we expect to see with time, a continued growth, structural improvement in the earnings with the work that we're doing in the trading space.”

“My expectation is, with time, when we -- as we negotiate the opportunities with customers, we'll see more and more deals that bring emissions into that pipeline.”

“My expectation is you'll see us move faster and faster as we go.”

“By combining the capabilities of our two companies and leveraging the advances we’ve made in technology, we expect to recover more resource, more efficiently, with lower emissions.”

“For 2024, we expect to invest $23 billion to $25 billion to grow our portfolio of advantaged, low-cost of supply assets, further shift our product mix towards higher value, higher margin performance products, and reduce emissions, both our own and others.”

“So as you think about cash flow, our earnings expectation in the corporate plan in terms of doubling it out to 2027, it's well ahead of doubling it.”

“Overall, our portfolio of low carbon investments is expected to generate returns of approximately 15%.”

“We continue to say we’re on track to execute $17.5 billion of share repurchases this year.”

“Our year-to-date production of 3.7 million oil-equivalent barrels per day is on track with our full year guidance.”

“We’ll complete that before the end of the year and we already have a program in place, a similar program in place for 2024, so we’re trying to get that balance right.”

“As we go forward with the changes that we’ve been making in the organization continuing, we’re going to continue to deliver more structural cost savings.”

“We continue to look and we’ve probably got order of magnitude three, what I’d call true wildcats or exploration targets, looking for [indiscernible] wells in the next 10 to 12 months, something like that.”

“We have to start that up--the plan is to start that up in the middle of November, and that would give us a combined nameplate capacity of 560,000 barrels a day, but obviously with the first two boats running more like 400,000 barrels, we expect to be in excess of 600,000 barrels a day of production.”

“We expect 2023 capex to finish the year at the top end of our guidance range as we continue to invest in high return advantaged projects, our top priority for creating long term shareholder value.”

“This is all part of our drive to get to Permian net zero that we said we would get to by 2030. Our plans are in place for that and we’re on schedule for it.”

“Based on what we have seen so far during the transition work and the due diligence, the answer is no, we don’t see any bottlenecks in getting to the production levels that we anticipate.”

“What we can be firm on is we will have six boats by the end of 2027, they will have a nameplate capacity of 1.2, and obviously we will strive to keep them as full of liquids or of oil as we can over that period.”

“By applying what we’ve already demonstrated, we’re confident we can recover an additional 1 billion oil-equivalent barrels, more than either Pioneer or industry could have demonstrated with their existing performance.”

“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.”

“We would anticipate that Pioneer’s production under Exxon Mobil and Pioneer’s combined operations would also get to a million barrels a day by the end of 2027.”

“For our basis, we’ve talked about an outcome being a million barrels a day by the end of 2027 based on our Delaware and Midland Basin.”

“We will increase our Permian production with plans to accelerate Pioneer’s net zero plan to 2035 from 2050, and decrease our combined Permian emissions.”

“Based on our initial assessment, we expect our combined Permian production to increase to approximately 2 million oil-equivalent barrels per day by the end of 2027.”

“We expect synergies of approximately $1 billion before tax annually, beginning in the second year post closing, and an average of about $2 billion per year over the next decade driving double-digit returns.”

“We plan to accelerate Pioneer’s Permian net zero ambition by 15 years and fully leverage their advances in water recycling.”

“If you think about the first quarter, we were up pretty significantly, second quarter down from that first quarter, but essentially on plan with respect to the full year production levels that we talked about at the back end of last year when we put our plan forward. And I would tell you that there's nothing that we're seeing today that changes that guidance that we gave last year at 3.7 million barrels a day of production.”

“We remain on track to reach our target of $9 billion in savings by the end of this year.”

“In the Permian, we set another production record and remain on track for an overall growth in production of 10% this year.”

“Yes. I mean, the way that we're thinking about inflation and whether it's oilfield services costs or other costs across the business, I'd say we've gone to a point where we're actually starting to see inflation come off in certain cost categories.”

“But overall, I'd say it's probably too early to see much of that come through the second half of the year. But as we're looking forward into 2024, I'd say we fundamentally feel like inflation is going to come off as we're looking forward, because we're starting to see those signs across multiple categories now throughout the business.”

“In the back half of this year alone, we expect to bring on two advantaged projects: Baytown Performance Chemicals and the Payara FPSO in Guyana, further growing our capacity to generate industry-leading earnings.”

“And Golden Pass, the last of our Growing the Gulf projects, should have its first train up at the back end of 2024.”

“In fact, we see the potential to increase the combined gross capacity of these two FPSOs to above 400,000 barrels a day with further debottlenecking, which is nearly a 20% increase above the investment basis and a testament to the ingenuity of our people.”

“We're very much on track for the $9 billion at the end of this year relative to 2019.”

“We're sticking at this point to same year-end guidance that we gave late last year.”

“A significant contributing factor was structural cost savings that now total approximately $7.2 billion, keeps us on track to meet our target of $9 billion by the end of this year.”

“So my expectation is as these new organizations come together, they'll begin to find things. The organizational changes we've already made are continuing to find things.”

“So, I think -- and time from the markets are on the high end of the cycle, I would expect to see cash balances higher so that we're well positioned as we go into the low end of the cycle, which we know will come.”

“Our expectation is that we'll continue to, I think, differentiate our production and what we're able to do versus many of the others -- many of our other competitors who started off on this best bench, high initial production rates.”

“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.”

“Uaru will provide an additional 250,000 barrels a day of gross capacity with start-up targeted for 2026.”

“My expectation is that that refining expansion will do much, much better than what we -- the basis on which we appropriate it just because we find the timing of where we find ourselves in that cycle.”

“As we go into next year, we're going to rebuild that inventory, get to an optimum level that we can then use and maintain as we go through the next several years.”

“We expect to deliver another $2 billion in structural cost reductions, meeting our target of $9 billion in savings versus 2019.”

“If you think about, ultimately getting to 1 million barrels a day by 2027, that's roughly at 13% compounded annual growth rate. That's going to -- that's not going to be steady every year, that'll kind of fluctuate, call it, plus or minus 5%.”

“If you'll look at my comments and the plans, we're now forecasting that our Permian production will reach about 1 million barrels a day by 2027.”

“We mentioned in the earnings release that to date, we have $6.4 billion of structural savings versus 2019 and we're well on our way to meeting the objective we set by end 2023 of $9 billion in structural savings.”

“We continue to believe we're going to bring that in a little bit early and we're progressing the ones after that.”

“We are on track to get $15 billion of that program done by the end of the year.”

“And so we've challenged ourselves to deliver on our expense budget for the year and to offset inflation. The organization is doing a pretty good job at that. I think we'll be within rounding with respect to that.”

“We've got Golden Pass here in the U.S., that's progressing very large LNG export terminal that should come online in 2024. That's going to probably increase the exports out of the Gulf Coast by 20%.”

“I wouldn't expect it to have a meaningful impact.”

“If you look more broadly, we expect basically to meet the objectives that we talked about at the beginning of the year on overall production.”

“So I expect this year, we'll probably come in at about 20% up on last year's growth, which was up 25% from the year before.”

“So I mentioned specifically the program that we have, that we use derivatives to basically ensure ratable pricing of refinery crude run. Over time, we'd expect that to be neutral.”

“So we expect to see benefits out of those areas. They're not always ratable every quarter. But if you look over time, those benefits clearly accrue to the business.”

“We do not anticipate any new material costs associated with the exit.”

“We continue to expect total upstream production of 3.7 million oil equivalent barrels per day for the year.”

“In aggregate, the work we are doing today is delivering critical products in a very short market. Longer term, we're delivering improvements that strengthen our structural advantages, meet society's growing needs for energy and modern products, reduce greenhouse gas emissions and double earnings and cash flow by 2027 versus 2019.”

“Looking longer term, we remain on track to grow low-cost production and meet our 2027 plan, with more than 90% of our Upstream investments, generating over 10% returns at $35 per barrel.”

“It is possible that our cash balance is going to float up a little bit from there depending on what the market environment continues to look like.”

“which is now up to $30 billion of share repurchases this year and next.”

“Coral LNG and Mozambique is set to deliver its first cargo in the second half of this year.”

“My expectation is as that gets resolved in automotive production, that was to pick up, we'd see that again, recover within our portfolio.”

“Those will, over time, also drive additional efficiencies for us.”

“And as we saw on the package, if you look at our tight oil production in the U.S. versus 2017, we expect to end 2022 at 3x the level of production.”

“The plans that we have in place should deliver, and our current production is in line with that 25% growth versus last year, which, as you know, was on top of 25% growth the year before.”

“We have a trajectory as we looked at the plan that we presented at Investor Day and based on that price set to kind of bring our breakevens down farther to $35 a barrel.”

“we expect it to build our cash balance to between $20 billion to $30 billion, which gives us both a strong balance sheet and a strong cash balance, which we view as a competitive advantage that provides us flexibility through the cycle.”

“Once completed, Golden Pass will increase LNG from the Gulf Coast by 20%.”

“For the full year, in the Permian, we expect to achieve 25% production growth for the second consecutive year.”

“giving us the opportunity to help grow Qatar's LNG capacity by 30 million tons per annum by 2026.”

“So overall, I think we talked a little bit about inflation on CapEx and the fact that certainly in the near term, we're feeling pretty good... So as it relates to our overall capital projects, we feel pretty good over the next couple of years.”

“The expectation is that will continue to grow as the work activity opens up and as some of the logistics constraints get resolved.”

“should have 30,000 metric tons in place by the end of this year.”

“The way you should think about that is we took a $200 million bad guy in March, and we will see a $200 million good guy in April.”

“some of the timing impacts we expect to see unwind.”

“We're not immune to inflation, obviously, and we would see a fair amount of both energy and feedstock inflation coming through the business in certain areas that put a little bit of pressure on margins.”

“So you should expect with the backdrop of the strong market conditions that even with the higher buyback program that we announced this morning, we would be building our cash in the near term potentially between $20 billion to $30 billion over time.”

“Coral South is on budget with the first LNG cargo expected in the fourth quarter.”

“In March, we produced about 560,000 oil equivalent barrels per day, on pace to deliver a 25% increase versus 2021.”

“We anticipate the facility will have the capacity to produce up to 1 billion cubic feet of hydrogen per day.”

“And maybe the final point I would make is with the new organization, it's working hard and our leadership team is working hard to offset inflation and out of that, we think we've got a pretty good handle here, certainly in the short term.”

“So we’ve kind of have an expectation as we bring new assets on that those operating teams figure out unique ways to get beyond constraints and improve the performance.”

“And our expectation is the businesses will work to offset that inflation growth.”

“So, I would expect that volumes are fairly consistent with what we’ve seen this year.”

“As I stand here today, I’d say increasing the pace with the faster end of that 12- to 24-month pace in mind.”

“And finally, we expect to further strengthen our balance sheet and progress our share repurchase program while continuing to retain capital flexibility and optionality to adapt to market conditions and opportunities.”

“We also anticipate beginning to lift renewable diesel from our agreement with Global Clean Energy’s biorefinery in California later this year, as well as making a final investment decision on our renewable diesel project at our Strathcona refinery in Canada, expanding our lower emissions fuels offering.”

“In emission reductions, we expect to meet our 2025 reduction plans four years early.”

“We’ve talked about 50% of our volume from post-2020 start-ups in 2027 from the Upstream.”

“And then we also talked about, by the time we get to 2027 in Downstream and Chem over 40% of the earnings coming from those high-value, high-performance products.”

“What I would tell you is, as a result of the comment with regard to the portfolio improvement, continuing to take place over time. As you would expect, we start out at the higher end and then move to the lower end.”

“And ultimately, as we look at the combination of Downstream and Chem over that period of time, looking to triple earnings and so it is a strong component of what sits behind tripling earnings.”

“And then with time, as you head out in the later years, you’ll see volumes grow with that improved quality mix.”

“We’re continuing to drive that down even more, expecting to average $35 per barrel between now and 2027.”

“I’d say, as we look forward in the near term, just the next few years out, we don’t really see our U.S. cash kind of tax position changing, but that is with a big caveat that there’s obviously been a lot coming forward in Congress with respect to potential tax changes.”

“So, the comment that we're making with respect to doubling the earnings and cash flow potential of the business.”

“my expectation is we'll continue to see that manifest itself in better production and better capital efficiency and that's those would be the three pieces of the equation that I think are resulting in the performance that you're seeing.”

“Yeah. And our portfolio is heavily weighted to long-term contracts. About 80%, so we'd expect that to continue to be the case.”

“If you think about how that is going to cause us to kick up, I'd say that clearly will put us in that 20 to 25 billion range, and then clearly, we would leave ourselves some level of flexibility in that range for things that we can't fully anticipate as we sit here today.”

“We are expecting higher CapEx in the fourth quarter and a significant increase as we head into 2022.”

“As we look at the fourth quarter, we expect to move into a more comfortable zone within that range and further reduce that in the fourth quarter.”

“So, my view is we'll see continued progress in that space and I would expect it to pick up here compared to certainly 2020 when the market was much more challenging.”

“I think you should start off thinking about that as rateables over that two-year range that we discussed. And then we'll assess market conditions in terms of adjusting the pace of the program over time.”

“We expect to deliver the same growth in earnings and cash flow as our pre-pandemic plans, offsetting the pandemic induced delays.”

“We expect to keep our capital spend within the previously communicated range of $20 billion to $25 billion.”

“we expect to deliver more than the $6 billion in structural savings by 2023.”

“We now expect to meet our objectives this year and are working to significantly raise the bar and reset our 2025 objectives.”

“What I'd say is we look at that and say we think we can see really strong double-digit returns coming from there.”

“we expect double-digit returns across all of our business and we don't look at this business really any differently.”

“From 2022 to 2027, our cumulative capital investment in emission reduction projects is expected to be $15 billion.”

“On the share, repurchase side, what the commodity cycle looks like as we enter 2022, is going to have a lot in determining what the rate and pace of the share repurchase program looks like.”