Chairman and Chief Executive Officer (CEO) of ExxonMobil, Darren Woods has highlighted that the oil giant is on a strong trajectory to meet the future energy demands of the world with Guyana remaining one of the key drivers of its plans.
During the company’s recently held Annual Shareholder’s meeting, Woods said the firm’s near term prospects are quite promising since in Guyana, the company has Liza Phase 1 and Liza Phase 2, which are two oil fields in production, and two more, being Payara and Yellowtail, in development mode. He also pointed to new discoveries made this year which increased the estimated recoverable resource to nearly 11 billion barrels of oil equivalent in the Stabroek Block.
In the Permian Basin in the United States, ExxonMobil, he said, expects to produce more than 550,000 oil-equivalent barrels per day this year, which would represent a production increase of 25% on top of the increase achieved in 2021. Woods said the company’s state-of-the-art Corpus Christi chemical complex started production on schedule and under budget and delivered positive earnings and cash flow in its first quarter of operations.
Woods also highlighted the company’s strong performance in 2021, noting that earnings significantly improved to US$23 billion while cash flow from operating activities totaled US$48 billion, the highest since 2012.
He said future plans include structural cost savings of US$9 billion per year by 2023, compared to 2019, and more than US$15 billion of investments through 2027 on initiatives to lower greenhouse gas emissions. They include investments to reduce emissions from company operations and to advance critical technologies like carbon capture and storage, hydrogen and biofuels, which together are expected to develop into multi-trillion-dollar markets in the decades ahead.
“Long-term, we have the portfolio flexibility necessary to pace our investments consistent with advancements in technology, markets and supportive policy,” Woods said.
He concluded, “As we move forward, we’ll remain focused on executing our strategy, sustainably growing value across a broad range of scenarios and time horizons, and importantly, leading the industry, now and through the energy transition.”