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Speaker 1: We now welcome our TV and radio listeners to take

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Speaker 1: a look at x on Mobile. The stock is down

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Speaker 1: about one two point two percent on earnings now it

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Speaker 1: mis earning estimates in the third quarter, did boost its

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Speaker 1: dividend and a huge huge increase in cash flow. So

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Speaker 1: we want to get more details here with Darren Woods.

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Speaker 1: X on Mobile chairman and CEO. Darren, we really appreciate

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Speaker 1: you joining us on this very busy earnings day. I

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Speaker 1: just want to start a little nerdy and that's what

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Speaker 1: the chemical side of the business that's really what led

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Speaker 1: to some of the weakness and earnings. Chemicals is a

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Speaker 1: really wonderful indicator as to the global economy. What should

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Speaker 1: be our takeaway from that weakness for you guys.

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Speaker 2: Well, I think there's two things to look at our

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Speaker 2: chemical business. One obviously is demand and the link to GDP,

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Speaker 2: but the other is the supply. And we typically see

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Speaker 2: that commodity cycles in chemical are driven by generally growing demand,

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Speaker 2: but then peaks of supply coming on, and that's certainly

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Speaker 2: been the case that post a pandemic, a lot of

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Speaker 2: supplies come on. We haven't seen excessive growth in GDP

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Speaker 2: and so you're seeing that pressure manifest itself in very

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Speaker 2: low margins, but that's a supply issue. Demand hasn't been

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Speaker 2: as strong as in the past, but we're still continuing

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Speaker 2: to see rising demand, just at a much lower rate

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Speaker 2: than historical. My expectation as GB begins to pick up

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Speaker 2: and China continues to kind of come out of its

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Speaker 2: post lockdown issues, that we'll see growth and chemicals pick up,

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Speaker 2: but we're still going to have to work through the

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Speaker 2: supply overhang.

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Speaker 1: Okay, so that's more of a supply issue than a

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Speaker 1: demand issue. That's good to know. To that point, if

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Speaker 1: we just go to the broader oil story, because in

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Speaker 1: some ways, let's get through earnings, but really the story

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Speaker 1: for you guys is the Pioneer deal and the takeover there.

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Speaker 1: And some of the numbers that you guys were tossing

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Speaker 1: out here are huge, like increasing approvable reserve to one

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Speaker 1: billion in the Permian. Some analysts are worried that you

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Speaker 1: can't get that far. What are you guys going to

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Speaker 1: do that gets you there?

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Speaker 2: We're going to do is what we're already demonstrated we're

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Speaker 2: capable of doing. So if you go back in time, Alex,

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Speaker 2: you know, we set out a strategy make sure that

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Speaker 2: we're applying the full weight and force and capabilities of

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Speaker 2: our company into the unconventional space. And that's been a

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Speaker 2: concerted effort to develop technologies to improve recovery. We've been

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Speaker 2: implementing that in the acreage that we've got today in

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Speaker 2: both the Delaware and the Midland. We're seeing very good results.

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Speaker 2: We've demonstrated the ability of those technologies, the techniques and

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Speaker 2: the development processes that we have in place, and what

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Speaker 2: we're doing now is taking that proven capability and applying

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Speaker 2: it to the best acreage in the Midland. And so

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Speaker 2: Pioneer is basically in the fair way of acreage in

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Speaker 2: the Midland, and so we've got this very good acres

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Speaker 2: that we're now going to apply these the capabilities that

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Speaker 2: we have in Xon. So that's the combination. They are

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Speaker 2: demonstrated capabilities that we have built into those synergy numbers.

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Speaker 2: It doesn't comprehend the additional technology that we're working on

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Speaker 2: today that's in the pipeline that frankly we think has promised.

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Speaker 2: So our view is, while the numbers are big and

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Speaker 2: it reflects the capabilities that we bring from Exon, boll

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Speaker 2: and Merry up with the acreage and the capabilities the

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Speaker 2: Pioneer has. We've got additional upside coming down the pike.

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Speaker 3: Wow, Darren, good morning. It's guy. You are to your

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Speaker 3: points and you're just talking about what is happening here,

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Speaker 3: but I think it goes and speaks to beyond that

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Speaker 3: and what else you're doing. You are proving to be

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Speaker 3: very good at execution projects, execution. You're demonstrating that you've

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Speaker 3: got a new refinery coming on. You are proving to

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Speaker 3: be very good at that. Others in the energy space

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Speaker 3: are not, particularly within the renewable space, where it is

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Speaker 3: proving to be very difficult to execute well. Right now,

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Speaker 3: can you just talk to me about how big an

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Speaker 3: advantage that execution story is and how you can leverage it,

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Speaker 3: leverage that to do more.

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Speaker 2: No, I think you've hit on a really important point, Guy,

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Speaker 2: and you're absolutely right. It is critical, particularly in a

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Speaker 2: capital intensive industry like ours, to be very good at

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Speaker 2: executing large, complicated projects. In twenty nineteen, we consolidated all

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Speaker 2: of our resources on Price into one global organization. That

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Speaker 2: organization has the sole focus of making sure that we

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Speaker 2: are developing world class, industry leading projects and then executing

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Speaker 2: them ahead of schedule and ahead of budget, and we're

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Speaker 2: demonstrating that that applies itself to our low carbon solutions

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Speaker 2: business today. And so if you look at the challenges

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Speaker 2: of going from carbon capture or biofuels at scale or

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Speaker 2: hydrogen at scale, marrying that with requirements of storing and

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Speaker 2: sequestering CO two, we are in the sweet spot of

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Speaker 2: pulling all those things together and doing it at scale,

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Speaker 2: which is going to be required to adjust the challenges

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Speaker 2: out there with respect to the size of the emissions

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Speaker 2: that we have to reduce. There aren't any other players

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Speaker 2: out there that have that same capability, and.

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Speaker 3: That gives you a huge advantage. Now you're just one

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Speaker 3: the pioneer deal Alex was talking about that does that

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Speaker 3: execution ability though, now give you the opportunity to look

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Speaker 3: at what's happening in the renewables space where there is

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Speaker 3: a tough time emerging, and start to cherry pick assets

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Speaker 3: there as well, and use your ability to executes to

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Speaker 3: turn those assets around.

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Speaker 2: I would tell you we're going to leverage not just

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Speaker 2: our project capability, but our technology capability. And the way

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Speaker 2: I've characterized it, we're a molecule company, not an electron company,

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Speaker 2: and so we bring more value in the space required

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Speaker 2: to manage and transform molecules hydrogen and carbon molecules. That

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Speaker 2: applies to CO two. And so what we're going to

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Speaker 2: apply our capabilities too is the molecule side of the equation,

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Speaker 2: which is carbon capturing, storage, hydrogen, biofuels, capturing the emissions

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Speaker 2: associated with existing harder to carbonized industries that don't have

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Speaker 2: any real practical alternatives, and applying that. So we see

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Speaker 2: huge opportunities there. In fact, our low carbon solutions businesses

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Speaker 2: is turning those opportunities into high return projects today.

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Speaker 1: I know and I know that Dan Emin has talked

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Speaker 1: about the fact that he won't do it unless he

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Speaker 1: gets those high returns for low carbon solutions. Darren, would

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Speaker 1: that include buying a refiner, buying more refining asset or

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Speaker 1: refining assets, Like if you've got to move the stuff,

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Speaker 1: if you've got to move the molecules and make different

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Speaker 1: things out of it, you need different refining capacity.

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Speaker 2: So when we look at our refining circuit, we're looking for,

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Speaker 2: but I'd say is a diversified set of capabilities and advantages.

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Speaker 2: So if you look at what we've been doing in refiner,

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Speaker 2: we've been concentrating our refinery footprint and focusing on the

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Speaker 2: strategic refineries that are producing high value products in the

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Speaker 2: lubricant space, the chemical space, the fuel staate, the traditional

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Speaker 2: fuel space, but also the opportunity to use our technology

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Speaker 2: to then bring in biofuels and biofeeds to make lower

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Speaker 2: emissions fuels. So we feel really good about the finprint

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Speaker 2: we have today. You can't just go out and buy

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Speaker 2: that from a refinery. It really comes from years of

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Speaker 2: integrated approach to investing and making sure you've got a

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Speaker 2: refinery that is producing a portfolio products that meets society needs.

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Speaker 3: Darren, None of this happens at a vacuum. You must

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Speaker 3: be watching very carefully what is happening in the Middle East.

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Speaker 3: I assume you are. Is there to what extent do

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Speaker 3: you think there is the possibility of repeating the nineteen

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Speaker 3: seventies another oil shotcoming or do you think the supply

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Speaker 3: base is now diversified enough to avoid that? And I'm

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Speaker 3: also hearing conversations regarding the possibility of a super cycle

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Speaker 3: re emerging. Do you see any eventuality that could lead

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Speaker 3: to that at this point? How would you how would

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Speaker 3: you address these two issues? Well?

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Speaker 2: I would start with the ladder, and again, the industry

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Speaker 2: is still recovering from the impact of the pandemic and

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Speaker 2: the lower levels of capital that have been going in

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Speaker 2: across the industry to offset the depletion that's been happening,

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Speaker 2: and so supplies are fairly tight. So the big issue is,

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Speaker 2: you know where's demand at. If you see real growth

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Speaker 2: and growth in demand, then that's going to challenge the

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Speaker 2: supply base that we have, which will put more pressure

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Speaker 2: on prices and margins. So I think it's really a

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Speaker 2: function of where does the global economies go in the

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Speaker 2: years ahead, because for the next couple of years, it's

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Speaker 2: it's going to take time to get additional capacity coming on.

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Speaker 2: With respect to the Middle East, now go ahead, Bennet.

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Speaker 2: With respect to the Middle East, what I'd say it

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Speaker 2: is still an important region in the world, and while

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Speaker 2: to date the tragic events are not manifesting themselves in

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Speaker 2: an impact. You know, that's something we're keeping a very

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Speaker 2: close eye on.

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Speaker 3: Darren.

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Speaker 1: Do you see the global economy entering a recession soft landing?

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Speaker 1: Do you see any of that on the horizon.

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Speaker 2: I think if you step back and look the US

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Speaker 2: I think is in reasonably good shape. I think China

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Speaker 2: continues a very slow emergence from some of the challenges

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Speaker 2: had in the past. I think Europe is probably the

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Speaker 2: most challenge reason as I look around the world, and

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Speaker 2: obviously they've been disadvantaged with the lack of energy security

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Speaker 2: and some of the challenges they've had with the loss

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Speaker 2: of affordable and natural gas, and so I think that's

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Speaker 2: going to continue away on the European economies. And then

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Speaker 2: I think feel relatively comfortable with what we're seeing in

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Speaker 2: the other parts of the world, and we'll see we

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Speaker 2: build the business to handle any economic situation. We certainly

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Speaker 2: go through these cycles and so make sure that we're

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Speaker 2: robust to the down cycle.

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Speaker 1: Darren, you kind of let me perfectly there because I

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Speaker 1: wanted to ask about LNG in particular. You have a

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Speaker 1: new partner there and at Chevron, you guys are not

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Speaker 1: unlike working with each other. You guys do this all

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Speaker 1: the time. Have you talked to Mike recently? What kind

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Speaker 1: of development can you guys come together and really drive

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Speaker 1: technology to get more stuff out of the ground there.

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Speaker 2: Well, I think if you look at what we've been doing, Guyana,

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Speaker 2: we've got a really good track record there. You know,

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Speaker 2: we're the operator there. We run the projects, we're developing

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Speaker 2: those projects. We've demonstrated over the last several years the

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Speaker 2: ability to bring in these large, complicated projects at world

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Speaker 2: class schedules, world class costs. We're beating our budgets, we're

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Speaker 2: beating our schedules, and then once we get them online,

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Speaker 2: we're running them at levels higher than what the investment

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Speaker 2: basis was. So a very successful development process. We've got

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Speaker 2: three votes, the third vote coming on here in November,

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Speaker 2: and three more in the pipeline. So I think we've

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Speaker 2: got a pretty good suite of technologies and capital projects

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Speaker 2: that our organization is developing. We've worked with HESSE in

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Speaker 2: the past, of course, we we work with Chevron all

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Speaker 2: around the world. I see them their participate patient basically

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Speaker 2: coming in and supporting the work that we've already demonstrated

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Speaker 2: our ability to deliver on.

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Speaker 3: Don This is an industry that feels like it's back

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Speaker 3: on the front foot, that you are optimistic that you

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Speaker 3: can see deals getting done. The industry is doing deals.

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Speaker 3: We've seen two massive ones over the last few days,

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Speaker 3: yours obviously included within that age. Do you think that's true?

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Speaker 3: Which then takes me to a kind of bigger picture story.

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Speaker 3: This industry has been pushed back hard over the last

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Speaker 3: ten years, let's call it, by the ESG movement. Do

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Speaker 3: you think that ESG movement is now over?

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Speaker 2: I hope not. I don't think you know ESG. From

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Speaker 2: our standpoint, this is not an either or proposition. This

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Speaker 2: is an and equation where you've got to do both.

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Speaker 2: You've got to develop the resources and the energy supplies

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Speaker 2: that the world quickly needs to support economic growth and

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Speaker 2: support people standards of living, and we've got to do

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Speaker 2: things to reduce the emissions. We're working on both of

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Speaker 2: those things, and so I don't see those competing against

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Speaker 2: one another. In fact, to my point before, we're working

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Speaker 2: on a set of solutions that are complementary and leverage

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Speaker 2: the same skills and capacities. So we've always leaned into

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Speaker 2: the need to produce low cost, low emissions energy sources

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Speaker 2: and do that in our traditional businesses. We have continued

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Speaker 2: to invest in that space, and we're continuing to work

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Speaker 2: opportunities to grow value in that space. At the same time,

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Speaker 2: we're leaning into the energy transition and using those capabilities

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Speaker 2: to help not only reduce emissions in our own operations,

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Speaker 2: but we're helping third parties, particularly harder to carbonize industries

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Speaker 2: lower their emissions. We've got three large world scale contracts

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Speaker 2: with fertilizer manufacturer, industrial gas manufacturer, and steel manufacturer to

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Speaker 2: capture their emissions. Those three contracts in themselves is the

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Speaker 2: equivalent of putting two million electric vehicles on the road.

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Speaker 2: That's a number of electric vehicles that are currently on

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Speaker 2: the road in the US. So think about that. Free

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Speaker 2: deals with carbon capture and storage equate to the same

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Speaker 2: level of electric vehicles that are currently on the market.

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Speaker 1: Hey, Darren, we know you've got to run. Thank you

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Speaker 1: so much. We really appreciate your taking the time with

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Speaker 1: us today. It was great to get through that. Next

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Speaker 1: time we're going to talk about four mile laterals and

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Speaker 1: new technology. Darren Wood's an excelln Mobile chairman, n CEO,