Exxon Mobil (XOM) Bernstein 42nd Annual Strategic Decisions Conference summary

Opening remarks and conference structure

• Conference opened with safety instructions and an invitation for audience engagement via digital Q&A tools.

• Session structured as a fireside chat, starting with macro topics and moving to strategy, operations, and technology.

Corporate transformation and financial performance

• Over six years, $15 billion in structural costs removed and $25 billion in non-core assets divested.

• Cash flow and earnings have grown at double-digit rates annually, with a plan to continue through 2030.

• Dividend has increased for 43 consecutive years, with $20 billion in share buybacks planned for this year.

• Earnings per barrel in 2030 projected to be three times 2019 levels at constant prices.

Market outlook and macroeconomic analysis

• 15% of upstream production flows through the Strait of Hormuz, with operations in Qatar and the Emirates continuing despite regional tensions.

• Oil prices have been stabilized by inventory drawdowns and strategic reserve releases, but inventories are nearing historic lows.

• Models suggest a potential price spike to $150–$160 per barrel if inventories fall further, with high prices expected in the coming weeks.

• LNG markets are more balanced due to new supply and fuel switching, but regional price disparities persist.