ExxonMobil Chairman and Chief Executive Officer, Darren Woods, has told the firm’s global employees that the company is in a much stronger position now to realize the benefits of the economic recovery, capitalize on market improvements and capture future opportunities.
He added that “we’re also better positioned to apply our corporate competitive advantages and the outstanding talents of our people.”
According to him, ExxonMobil has never been more prepared to deliver the products and solutions that society needs for modern living, in addition to supporting the desire for a lower-carbon future than the Covid-19 pandemic era.
Discussing the current state of the industry, how the company managed through a difficult period, the leadership role the company intends to play in the energy transition, and his optimism for the future, Mr Woods said, “I’m proud of the work that all of you have done to overcome the challenges of the past few years.”
Touching on industry-specific, Mr Woods indicated that ExxonMobil’s Upstream business continues to improve the portfolio and is on track for the best cash flow performance in the industry by 2025.
“We’ve had outstanding success with discoveries in Guyana and increased the total estimated recoverable resource on the Stabroek block to approximately 10 billion oil-equivalent barrels.”
Continuing, Mr Woods noted that the Downstream business is steadily improving with a slow return to pre-Covid markets.
“Our past efforts to increase efficiency are now helping improve our margins as the industry rebounds. We continue to lead the industry with the lowest GHG intensity and are increasing investments in low-emission fuels.
“And our chemicals business is on pace for record earnings this year after contributing $2.3 billion in the second quarter alone. Our strategy to focus on performance products and lead in each product category continues to pay off.
“We are delivering excellent progress and performance in each of our businesses, and we are stronger today than ever,’’ he said.
Despite achieving successes, Mr Woods reminded the firms’ workforce that “we still have work to do though we have turned the corner and are on the right track to regain industry-leading performance. As we have done so many times before, we’ve found our path to leadership and created the opportunity for ExxonMobil to thrive for the next 135 years.”
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Source: https://energynewsafrica.com