The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: So I'm just looking at your bridge for energy products, and you have over $2 billion of negative margin. It's right in line with the
number out of your 8-K so no surprises there. But definitely a bigger decline on a relative basis than we're seeing from your couple
of peers that have reported so far.
So just looking for any additional color on the drivers of that margin decline. Maybe there's something to call out around regional
mix or crude slates that are a bit more unique to Exxon?
Question: John Macalister Royall - JPMorgan Chase & Co, Research Division - Analyst
: Sure. I was just looking at it's kind of like a 50% cut to the 1Q number on the margin side. But yes, appreciate it.
Question: Joshua Ian Silverstein - UBS Investment Bank, Research Division - Analyst
: The cash balance is still around $30 billion for about 4 quarters now. And Kathy, last quarter, you mentioned that you were comfortable
holding the larger balance because of the net positive spread in interest rates versus your debt cost. The spread is still there, so you're
probably not in a rush to do anything, but just wondering if this is still the best use of cash versus deploying it into higher rate of
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JULY 28, 2023 / 12:30PM, XOM.N - Q2 2023 Exxon Mobil Corp Earnings Call
return projects or buybacks. And if the forward curve holds the current kind of strip right now, can you foresee Exxon going into a
net cash position next year?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: You previously that -- had set a [strong] target to spend $17 billion in the low carbon business through 2027. Denbury sale -- the
acquisition is about 30%. And you're also saying that you're seeing a lot more opportunities. So should we interpret that your $17
billion, that number, will need to -- will increase perhaps quite substantially?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Great. Can I sneak in a real quick question?
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: Yes. Real quick. Darren, do you have a number you can share what is the production for Permian this quarter -- in the second quarter?
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