Exxon Mobil Corp at JPMorgan Energy, Power & Renewables Conference Summary

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

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. Thanks for the intro, Jack. And from there, why don't we start with maybe some of your high-level views on the broader industry? Exxon is obviously an enormous global player, touching many different subsegments of energy. And so you're uniquely positioned to speak to the broader energy market. What's your view on global energy supply and demand today?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. Then maybe drilling more into ExxonMobil, in particular. I think you addressed this a little bit in your opener, but how does Exxon differentiate versus your peers, both in energy and really just other large-cap companies?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. And then maybe moving on to your long-term strategy. You mentioned the uncertainty in the market and there's a great deal of that now. How is that causing you to -- or is it causing you to rethink your strategy or to revisit your 2030 plan? Has that changed anything in any way?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. Maybe we can dig in a little bit more on the 2030 plan. Can you just talk through some of the various drivers of earnings and cash flow growth that's embedded in the plan?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. And then maybe just thinking even longer term beyond the 2030 plan, considering society's long-term energy transition ambition, do you see still the ability to continue to grow earnings and cash flows in your conventional business beyond 2030? Or do you start to use more of the low carbon start to grow its share of the pie?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : And then maybe drilling into your very significant slate of projects that's starting up this year, you have 10 major 2025 startups. Can you talk about how some of those are tracking? You don't have to talk about all 10, but maybe the major ones and kind of any updates there?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. And then my next question is on your medium-term CapEx guide that you laid out in your corporate plan. As you look at 2025 through 2030, base CapEx looks like it's expected to remain relatively flattish. And there's a pretty sizable incremental wedge from new businesses or policy-dependent businesses. Out of the newer policy dependent businesses, how do you think of the priorities if you don't get all the policy support you're hoping for?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : So my next question is on the Pioneer acquisition. Can you just provide an update on the progress you've made thus far on synergies? I know you have kind of traditional synergies that you've talked about and kind of reverse synergies, but maybe in particular, how you're feeling about the enhanced recovery synergies that you've guided to? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. JUNE 24, 2025 / 12:35PM, XOM.N - Exxon Mobil Corp at JPMorgan Energy, Power & Renewables Conference

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. Then maybe switching gears. The next question is on return of capital. You have a $20 billion share buyback that's meant to be maintained, I think, through 2026 in your slides, assuming reasonable market conditions. So how do you think about the flexibility within that program? And is there a certain crude price that kind of breaks that would lead to either a raise or lower of the buyback?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : I think we have time for one more. So my final question is on M&A. You've done more recently, the Denbury and the Pioneer acquisitions. Following these acquisitions, how do you expect Exxon to position itself in the M&A market from here? And independent of market conditions, do you see a focus of growing the low carbon business via acquisition? Or are you favoring further opportunities to grow the traditional business?

Question: John Royall - J.P. Morgan Securities LLC - Analyst : Great. Well, unfortunately, we are out of time, so we have to wrap up there. But Jack, thank you so much for joining us. We really appreciate you here today.