Exxon Mobil Corporation (XOM) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 28, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, everyone, and welcome to this Exxon Mobil Corporation First Quarter 2023 Earnings Call. Today's call is being recorded.

And 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 - VP, IR

Good morning. Welcome to ExxonMobil's first quarter 2023 earnings call. Thanks for joining us today. I'm Jennifer Driscoll, Vice President, Investor Relations. Here with me are Darren Woods, Chairman and Chief Executive Officer; and Kathy Mikells, Senior Vice President and Chief Financial Officer.

Our presentation and prerecorded remarks are available on the new Investor Relations section of our website. They're meant to accompany the first quarter earnings news release, which is posted in the same location.

Shortly, Darren will provide opening comments and reference a few slides from this presentation. That will give analysts more time to ask questions before we conclude at 8:30 A.M. Central Time.

During the presentation, we'll make forward-looking comments, which are subject to risks and uncertainties. We describe some of them in our cautionary statement here on slide 2. Additional information on the risks and uncertainties that apply to any forward-looking statements are listed in our most recent Form 10-Ks and 10-Qs available on our website for investors. Also, please note that we provided supplemental information at the end of our earnings slides, which are posted on the website. And now please turn to slide 3 for Darren's remarks.

Darren Woods - Chairman & CEO

Good morning. Thanks for joining us today. Following a record year, ExxonMobil delivered the highest first quarter earnings in our history even as energy prices and refining margins moderated from the fourth quarter. This ongoing success reflects the hard work of our people, executing our strategic priorities and fully leveraging our competitive advantages. Through investments in advantaged assets, mix improvements and cost and operating discipline, we are delivering the structural earnings improvements outlined in our corporate plan update last December and expanding the energy supplies needed to meet growing global demand.

Compared to the first quarter of 2022, we added about 300,000 oil-equivalent barrels per day to global supply, primarily from a 40% increase in production from Guyana in the Permian Basin, increase more than offset our divestments in the expropriation of Sakhalin-1, which we no longer account for, but which importantly remains part of global supply.