No. of Recommendations: 3
There have been recent posts on OXY and other oil majors. Texirish had high praise for Exxon. I thought this AI-generated summary of the earnings call is interesting.
CEO Darren Woods discussed the company's focus on resilience amidst market volatility, emphasizing a strong balance sheet with a 7% net debt to capital ratio and structural cost reductions totaling $12.7 billion since 2019. He highlighted that Exxon Mobil generated $13 billion in cash flow from operations during the quarter.
Woods reaffirmed the company’s capital expenditure plans, projecting expenditures of $28 billion to $33 billion annually through 2030. He emphasized a focus on advantaged projects to reduce break-even costs to $35 per barrel by 2027 and $30 per barrel by 2030.
The company expects 10 key projects starting in 2025 to collectively generate over $3 billion in earnings by 2026, underpinning long-term growth.
Management confirmed that more than 60% of upstream production is expected to come from advantaged assets by 2030, with a targeted increase in per-barrel profit from $10 in 2024 to $13 by 2030.
https://seekingalpha.com/news/4440448-exxon-mobil-...Darren Woods has proved to be an excellent CEO after the terrible record of Rex Tillerson and his disastrous XTO acquisition when NG prices were at their peak.
