ExxonMobil
Q1 2022 Earnings Call
Apr 29, 2022, 9:30 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good day, everyone, and welcome to this ExxonMobil Corporation first quarter 2022 earnings call. Today's call is being recorded. At this time, I'd like to turn the call over to the vice president of investor relations, Mrs. Jennifer Driscoll.
Please go ahead, ma'am.
Jennifer Driscoll -- Vice President of Investor Relations
Good morning, everyone. Welcome to our first quarter earnings call. We appreciate your interest in ExxonMobil. Joining me today are Darren Woods, our chairman and chief executive officer; and Kathy Mikells, our senior vice president and chief financial officer.
The slides and our prerecorded remarks were made available on our Investors section of our website earlier this morning along with our news release. In a minute, Darren will provide opening comments and reference a few slides from that presentation, then we'll conduct a question-and-answer session. We expect to conclude the call by about 9:30 a.m. Central Time.
Let me encourage you to read our cautionary statement, which is on Slide 2. Please note, we also provided supplemental information at the end of our earnings slides, which are posted on the website. Now I'll turn the call over to Darren Woods.
Darren Woods -- Chairman of the Board and Chief Executive Officer
Good morning, and thanks for joining us today. As we laid out at our most recent investor day, our goal is to sustainably grow shareholder value through the execution of our strategic priorities seen on this slide. As we think about recent events, our job has never been clearer or more important. The need to meet society's evolving needs reliably and affordably is what consumers and businesses across the globe are demanding and what we delivered this quarter.
First, we continue to build our competitively advantaged production portfolio, bringing new barrels to market today, driven in part by the high-value investments we continue to progress through the pandemic-driven downturn in prices. A prime example of the benefits of our continued investments is Guyana. This quarter saw the successful start of Liza Phase 2. Production is ramping up ahead of schedule and is expected to reach capacity of 220,000 barrels of oil per day by the third quarter this year.
Combined with Liza Phase 1, it will bring our total production capacity in Guyana to more than 340,000 barrels per day. Our third project, Payara, is running ahead of schedule with start-up now likely by year-end 2023. Yellowtail, the fourth and largest project to date on the Stabroek block, received government approval of our development plan, is on schedule to start up in 2025. Further adding to our portfolio, we have made five new discoveries this year that have increased the estimated recoverable resources to nearly 11 billion oil-equivalent barrels.