Exxon Mobil Corp at Barclays CEO Energy & Power Conference Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Betty Jiang - Barclays Services Corp - Analyst : Great. Thank you for that. So maybe starting with the global energy outlook, which you mentioned you guys just put out. Over -- since last year, we have seen more macro volatility, more geopolitical tension. And then the top of the drawer is AI, where we need more and more electricity demand. How is Exxon's energy outlook incorporating some of these changing dynamics? And along that line, I know Exxon plans very long term. So is there any implication on your planning focus areas? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 12:35PM, XOM.N - Exxon Mobil Corp at Barclays CEO Energy & Power Conference

Question: Betty Jiang - Barclays Services Corp - Analyst : And we definitely need Exxon to be doing all of that. Maybe pivoting more to the company level, the M&A has been a big topic. And do you think that over the last quarter, probably more explicitly last quarter, the -- Exxon is taking more of a proactive stance on M&A and that you're seeing opportunities across business units or business segments. My question is, what's driving that view? Do you think there is a widening value gap between what Exxon can do versus the rest of the market? Or is it more driven by the macro volatility that's creating these opportunities?

Question: Betty Jiang - Barclays Services Corp - Analyst : Right. We do hear a lot about the upstream. But I guess from a value creation standpoint, it's across upstream and downstream. So when you think about the portfolio, do you want to lean more? Or is there a balance between upstream and downstream chemicals areas?

Question: Betty Jiang - Barclays Services Corp - Analyst : Great. Maybe doubling down the upstream story, but you highlighted the synergies with Pioneer. It was a big claim when Exxon said you think you can double the resource recovery in the Permian. And there's a lot of questions around how do we get there, what is Exxon seeing. What do you think the market or the industry is underappreciating from Exxon's technology edge over the peers?

Question: Betty Jiang - Barclays Services Corp - Analyst : Expect to see continued steady improvement from here. So -- in contrast, though, I'll say, the Guyana resource has been kept at 11 billion barrels for a while. And [newer marketing] that number is too conservative and then despite the technology innovation for the seismic infill drilling. So can you just speak to the conservatism there? Or what's the upside could we see from the Guyana assets? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 12:35PM, XOM.N - Exxon Mobil Corp at Barclays CEO Energy & Power Conference

Question: Betty Jiang - Barclays Services Corp - Analyst : It's a big number. And it's not just about the resource step, but it's also about execution. It's quite impressive that how consistently project is able to bring online under budget, ahead of schedule. So the execution has been really great. Can you speak to what organizationally has changed or that's enabling that type of track record and allow integration with what you're seeing with the advancement there? And how are you integrating that to enable you to do even better?

Question: Betty Jiang - Barclays Services Corp - Analyst : Do you think AI integration can be transformative?

Question: Betty Jiang - Barclays Services Corp - Analyst : Great. In your prepared remarks, you mentioned it's not just the next five years, but it's Exxon is also looking into the 2030s. A big differentiation is the capital you're allocating for the next generation of projects. Can you talk through the project selection process? And where do you see the best opportunity that differentiates Exxon beyond 2030?

Question: Betty Jiang - Barclays Services Corp - Analyst : Yeah. I truly believe in the CCS potential from Exxon, just given the infrastructure you have on the Gulf Coast. Maybe putting it all together, profitable growth is a big mantra for Exxon. $20 billion earnings growth, $30 billion cash flow growth by 2030. Do you -- how high is the confidence for you to sustain that level of being able to through cycle returns and the sustainability of that cash flow beyond 2030? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 03, 2025 / 12:35PM, XOM.N - Exxon Mobil Corp at Barclays CEO Energy & Power Conference

Question: Betty Jiang - Barclays Services Corp - Analyst : And that 's a very strong position. And we'll end it there. But thank you so much, Jack, for the conversation.