Exxon Mobil Corporation (NYSE:XOM) Q1 2024 Earnings Conference Call April 26, 2024 8:30 AM ET

Company Participants

Darren Woods - Chairman, Chief Executive Officer
Kathy Mikells - Senior Vice President, Chief Financial Officer
Marina Matselinskaya - Director of Investor Relations

Conference Call Participants

Devin McDermott - Morgan Stanley
Neil Mehta - Goldman Sachs
Roger Reed - Wells Fargo
Betty Jiang – Barclays
Bob Brackett - Bernstein Research.
Jason Gabelman - TD Cowen
Ryan Todd - Piper Sandler
Stephen Richardson - Evercore ISI
John Royall - JP Morgan
Biraj Borkhataria - RBC
Josh Silverstein - UBS
Paul Cheng - Scotiabank

Operator

Good morning everyone, and welcome to Exxon Mobil Corporation First Quarter 2024 Earnings Webcast. Today's call is being recorded.

I'll now turn it over to Ms. Marina Matselinskaya. Please go ahead.

Marina Matselinskaya

Good morning, everyone. Welcome to Exxon Mobil’s first-quarter 2024 earnings call. We appreciate you joining the call today. I’m Marina Matselinskaya, Director of Investor Relations.

I’m joined by Darren Woods, Chairman and CEO, and Kathy Mikells, Senior Vice President and CFO.

This presentation and prerecorded remarks are available on the Investors section of our website. They are meant to accompany the first-quarter earnings news release, which is posted in the same location. Shortly, Darren will give you an overview of our performance. Then we'll take your questions.

During today's presentation, we'll make forward-looking comments, which are subject to risks and uncertainties. Please read our Cautionary Statement on slide two. You can find more information on the risks and uncertainties that apply to any forward-looking statements in our SEC filings on our website. Note that we also provided supplemental information at the end of our earnings slides, which are posted on the website.

And now, please turn to slide three for Darren's remarks.

Darren Woods

Thanks for joining us. Our strategy and the way our people are executing created significant value in the first quarter. We delivered $8.2 billion of earnings and $14.7 billion of cash flow. Even more important, we continued to strengthen the underlying earnings power of the company. An important driver of this improved earnings power is our ongoing focus on structural cost savings, which reached $10.1 billion in the quarter versus 2019, furthering our progress towards our goal of $15 billion by 2027.

CapEx in the quarter was $5.8 billion as we continue to invest in advantaged growth projects that will drive future earnings and cash flow. At the same time, we further strengthened our balance sheet, bringing our net debt to capital down to 3%, the lowest in more than a decade.