Exxon Mobil Corporation Q3 FY2025 earnings call

• Guyana & Permian: Guyana production breaking records, Permian setting production records and acquiring acreage; lightweight proppant improving well recoveries by up to 20%. - Product Solutions Innovation: Proxima systems advancing in multiple sectors (rebar, marine, battery enclosures); Singapore resid upgrade converting fuel oil to high-value products; battery anode graphite showing promising testing results. - Technology & Execution: Discovery Six supercomputer enhancing exploration; global projects organization delivering 8 key startups; free opt-in voting program for retail shareholders launched.

Guyana: Produced over 700,000 barrels per day in Q3, with Yellowtail FPSO online 4 months ahead of schedule (4th and largest development, 250,000 bbl/day capacity) and sanctioned 7th development Hammerhead (expected 2029 start). Permian Basin: Set production record of nearly 1.7 million oil-equivalent barrels per day, acquired over 80,000 net high-quality acres in Midland Basin. Product Solutions: Progress with Proxima systems (tripling production capacity, rebar installation efficiency 40% better than steel, marine cargo tank coating time halved), rebar infrastructure sales expected ~20,000 tons by 2027, Singapore resid upgrade project started up (utilization ~80% ramping to full by year-end), battery anode graphite development with promising early feedback, and acquisition of Superior Graphite assets. Technology: Commissioned Discovery Six supercomputer (17th most powerful globally, speeding seismic processing from months to weeks).

• CapEx guidance: Below the $27 to $29 billion cash CapEx range, due to slower market development in low carbon solutions; excludes M&A transactions ($2.4 billion in Q3). - Permian production growth driven by innovation and capital efficiency; December corporate plan update to provide more details on Permian and broader portfolio. - Continued focus on disciplined capital spending aligned with market development for new ventures.

• Market development risks for low carbon solutions, where pace is slower than planned. - Competition in exploration and resource development, requiring unique capabilities to stay competitive. - Uncertainties in project FID timing and capital spend for new ventures, leading to variability in CapEx guidance.

Q: Neil Mehta of Goldman Sachs on CapEx spend A: Darren Woods and Kathy Mikells discuss CapEx being below range due to slower low carbon market development, excluding M&A, and focus on disciplined capital spending Q: Devin McDermott of Morgan Stanley on Permian production drivers A: Darren Woods talks about Permian innovation, multiple technology improvements driving production growth Q: Arun Jayaram of JPMorgan on global outlook informing strategy A: Darren Woods explains global outlook as foundation for strategy, focusing on long-term fundamentals and energy demand growth Q: Doug Leggett of Wolfe Research on dividend growth rate A: Kathy Mikells and Darren Woods discuss dividend growth rate sustainability, positive investor commentary, and long-term track record Q: Bob Brackett of Bernstein Research on Superior Graphite acquisition A: Darren Woods details acquisition of Superior Graphite assets for battery anode graphite development, TAM up to $40B, and revolutionizing graphitization process Q: Sam Margolin of Wells Fargo on organic and inorganic strategy A: Darren Woods and Kathy Mikells discuss leveraging core competencies for inorganic opportunities, like Pioneer acquisition, and constant focus on finding value-creating transactions Q: Paul Cheng of Scotiabank on organizational capability A: Darren Woods and Kathy Mikells talk about ongoing structural cost reductions, continued efficiency opportunities, and successful project execution with 10 key startups Q: Biraj Borkhataria of RBC on Mozambique project A: Darren Woods provides update on Mozambique project, improved security situation, and progress towards FID Q: Ryan Todd of Piper Sandler on exploration opportunities A: Darren Woods discusses exploration focus on long-term projects, competitive advantage through unique capabilities, and Guyana as an example of effective resource development Q: Betty Jiang of Bank of America on power contracts A: Darren Woods talks about focus on carbon-abated power stations, partnerships with hyperscalers, and progress in decarbonized power projects Q: Jean Ann Salisbury of Bank of America on proppant A: Darren Woods discusses proppant optimization, multiple technologies for recovery improvement, and patent protection efforts Q: Jason Gabelman of TD Cowen on exploration industry trend A: Darren Woods explains industry shift to longer-term projects, Exxon's competitive advantage through unique capabilities, and focus on cost-efficient, timely resource development Q: Paul Sankey of Sankey Research on AI CapEx boom A: Darren Woods talks about disciplined capital spending, aligning CapEx with market evolution, and AI opportunities in low carbon data centers Q: Philip Jongworth of BMO on refining margins A: Darren Woods discusses refining margin benefits from looser crude market and tighter product market, refinery high-grading efforts, and Singapore resid upgrade and Baytown project as examples of high-value product conversion