A：In the fourth quarter and year-end 2025, ExxonMobil achieved a 30% reduction in emissions and flaring intensity by 2025, with upstream production averaging 4.7 million oil-equivalent barrels per day. Unit earnings were more than double those in 2019 at current prices. The company successfully delivered all 10 key projects for the year, enhancing its portfolio and positioning for long-term profitable growth. It also reduced intensity by over 20% and flaring intensity by more than 40% at the corporate level, and maintained a disciplined investment approach that includes divesting nonstrategic assets. The results showed industry-leading earnings power, stronger cash flow potential, and a focus on profitable barrels and products from assets like the Permian, Guyana, and LNG.

A：Projects such as Growl in Guyana and production growth in the Permian are critical components of ExxonMobil's growth strategy. Growl came online ahead of schedule, increasing fourth-quarter gross production to approximately 875,000 barrels per day, with all four FPSOs producing 100,000 barrels a day above the investment basis. This demonstrates the operational excellence and value of the Guyana asset. In the Permian, the company set a new production record, contributing to the highest annual production in over 40 years at 4.7 million oil-equivalent barrels per day.

A：Technology deployment, particularly the use of lightweight proppant, is expected to significantly influence future production and costs for ExxonMobil. With more than 40 stackable technologies in various stages of testing and deployment, the company anticipates continuing robust production growth at lower capital costs. This deployment strategy indicates that there will be no near-term peak in Permian production for ExxonMobil, as its growth trajectory remains strong, with plans to exceed 2.5 million oil-equivalent barrels a day beyond 2030.

A：The progress in ExxonMobil's carbon capture network is substantial, with the company making progress on permits, bringing an online third-party carbon capture and storage (CCS) project capable of storing up to 1.5 million tons per year, and securing its seventh CCS contract. These projects represent approximately 9 million tons per year of sequestered CO2, showcasing the company's commitment to carbon reduction and environmental responsibility.

A：ExxonMobil maintains a strong focus on execution excellence, as evidenced by the company commencing startup activities for all 13 key projects, meeting its 2025 goal. These include the Golden Pass LNG and the Pascagoula systems expansion. Each project contributes to strengthening the company's global portfolio and supporting long-term shareholder value. The company's execution is characterized by efficiency, with about four times as many mega projects as the nearest competitor, at up to 70% lower cost and up to 15% faster delivery schedules than the industry average.

A：Post-transformation, ExxonMobil's strategy is focused on building on the success with higher structural earnings power. The company aims to perform across market cycles with a mixed portfolio and capitalize on growth platforms with scale in high-margin, technology-driven, differentiated markets. ExxonMobil plans to maintain financial strength, invest in competitive opportunities, and return surplus cash to shareholders. The company is also maintaining a measured pace of share repurchase while preserving flexibility to invest through the cycle.

A：The new enterprise process and platform being implemented by ExxonMobil is expected to substantially change how the company operates, with redesigned end-to-end processes and connected data transactions and decision-making across every business, geography, and function. This initiative is intended to enable faster response times and better decision-making, leverage scale, accelerate the adoption of artificial intelligence, and integrate new solutions. Early results are positive, with more substantial benefits anticipated in the future.

A：Force majeure pauses the clock, providing an opportunity to work on the affected portion of the block when it becomes available again.

A：The fourth quarter production results were significant as they demonstrated the capability to improve production, despite the lumpy nature of quarterly production due to the timing of new cubes coming on line. The company had a strong year-over-year improvement in annual production compared to the prior year.

A：The company is enthusiastic about the technology deployments and considers them to have a great promise. They are focused on maximizing ultimate recovery by using consistent deployment strategies and developing cubes with designs focused on higher cost efficiency. This approach may take longer to see results, but they expect better outcomes.

A：The company is optimistic about the promise of new technologies and expects them to deliver promising results, extending well beyond 2030 in terms of production. They also expect to see benefits from increasing the use of lightweight proppant in new wells.

A：The company recognizes potential in markets like Venezuela and Iraq due to significant resources and is beginning to see opportunities to work with them to develop contractual arrangements with the right fiscal terms. Challenges include past difficulties in accessing resources with suitable fiscal regimes and legal infrastructure. The company is confident in its progress and believes that the work to strengthen capabilities will lead to upside potential not currently in the plan.

A：The company's investment approach focuses on assets where they can deliver more than the market or competitors due to their unique set of capabilities. These advantages are expected to be consistent in new investments and opportunities for growth, regardless of the location or resource type.

A：Return on capital employed is a key performance indicator that demonstrates how effectively capital is being deployed in a long cycle business. Over the past five years, the subject company has achieved an average return of 11%, which is 2 percentage points higher than its closest peer, indicating a focus on competitive advantages that drive consistent higher returns.

A：The Permian as an advantaged asset is characterized by its finite acreage and scalable technology, which is a combination of finite resources and technology that can be expanded or adapted for use in various future extraction scenarios.

A：The Permian Technology Toolkit is scalable and can be applied not just within the shale industry but also to a range of future extractions. The company benefits from a centralized technology organization that consolidates diverse experiences and core technology areas to solve problems across the portfolio, allowing innovations from the Permian to be applicable in other upstream operations.

A：While working on improving the recovery rates of current operations, the company continues to challenge its personnel to find ways to enhance recovery rates even in fields that have already been developed. There is an opportunity to unlock higher recovery rates in the future using technology.

A：The company is progressing with the LNG projects in Mozambique and Papua New Guinea, driven by cost-competitive project designs and innovation from the project organizations. For Mozambique, an FID is expected in the back half of the year if things go as planned. The delay due to force majeure was used productively to create a more cost-advantaged design. In Papua New Guinea, the company has moved past the bankruptcy of a previous partner and is on track with the Golden Pass project, anticipating first LNG production in early March.

A：The corporate-wide data system transformation is a significant part of the company's transformation, which aims to achieve structural cost savings, improved productivity, and material financial benefits over time. The restructuring has led to a unified data construct across the corporation, enabling the company to leverage scale and reduce duplication. To date, the company has saved over $2 billion through this initiative, which is more than any competitor has achieved collectively. The new operating model and this data transformation are underpinned by the same discipline that has driven the company's investments and cost management strategies.

A：The strategies implemented involve focusing on divestitures of assets that no longer compete in the portfolio due to not having the same opportunities as other assets. This allows for a portfolio where assets are advantaged and can compete for capital. Success in divestitures has been driven by finding buyers who place a higher value on the assets than the company does, leading to investments and divestitures amounting to up to $25 billion since 2019. This process has been continuous to ensure that the remaining assets in the portfolio are competitive and at the low end of the cost of supply curve.

A：The current focus in the carbon business is on the development of new applications for batteries and other products that leverage the same technology used in existing products. This development is driven by the recognition that as the world transitions to cleaner energy and focuses on lowering emissions, carbon becomes a cheaper feedstock. The technology organization has developed a molecule with properties suitable for battery applications, which has shown performance improvements when tested with original equipment manufacturers (OEMs). The goal is to build this at scale in a cost-competitive manner and to position the company to enter the battery business.

A：The company is preparing for potential growth by ensuring it can produce lithium at a cost competitive with existing producers. This involves developing a process to bring lithium to market at a very competitive cash cost. The company is testing and demonstrating this technology to convince itself that it can achieve the desired cost levels. Lithium holds promise for the future, but the company is also focused on ensuring it can execute this process efficiently and maintain a robust and resilient business irrespective of pricing fluctuations.

A：ExxonMobil sees a significant role for itself in the data center industry and carbon capture and storage (CCS). The company has invested in Danbury and now operates the only end-to-end carbon capture and sequestration system and has an integrated set of capabilities that can manage the molecule from capture to subsurface storage. This unique offering puts ExxonMobil in a position to have substantive conversations with hyperscalers, and the company is engaged in serious and substantive discussions with several hyperscalers to decarbonize data centers. A potential project announcement is expected by year-end, which would be a tangible manifestation of these discussions.

A：The future goals of the global operations organization include enhancing and supercharging the efforts to further improve reliability, availability, and uptime across the portfolio, which will help in becoming a lower cost supplier and managing through market cycles more effectively.

A：The speaker believes there is a clear line of sight to improve the effectiveness and efficiency of the company's operations and anticipates that learning and maturing these new organizations will lead to improvements.

A：The chemicals segment is facing challenges on the supply side despite robust global demand for chemical products, as new capacity is impacting margins. The focus has been on cost efficiencies, effectiveness, and selling into high value products to differentiate and improve margins.

A：The speaker believes it is hard to judge how the market will resolve itself based on current competitive dynamics alone.

A：Kathy joined the company at a unique time and became an instant partner to the management committee. She contributed significantly over five years, struggled with personal challenges, and leaves a legacy of achievements and a robust succession plan.

A：Neil Hanson is succeeding Kathy. He has been with the company for 25 years, with most of his experience in the finance organization. The speaker and others are confident in his ability to fill the shoes left by Kathy.