And so I’d say right now, it’s a portfolio approach. We’re not changing the $17 billion to date. Frankly, the Denbury acquisition, if that goes through, will allow us to pull back on some of the grassroots investments that we were making in logistics and substitute that with the assets that we brought in from Denbury. So it’s, I’d say, kind of an evolving space. I think the thing to stay focused on, we’re not going to compromise on our return criteria or the advantaged criteria that we’re insisting on for the projects that we bring to bear. We have to be low-cost suppliers in this space. We have to be leveraging the advantages the corporation has, and we have to be generating good competitive returns. That’s going to dictate the pace of the — how quickly that CapEx manifests itself and frankly, the size of it.
And as we go through this year’s plan, I know Dan and his team are very focused on based on a year — having a year under their belt of continuing to execute and drive this business. We’ll develop more detailed plans and update that number. I don’t know, Kathy, do you have anything you want to add for Paul?
Kathy Mikells: Yes. Just the other thing I want to mention is, especially as it relates to the CCS business, what you’re going to see over time is that, we’re building a backlog. And that backlog is what’s going to support the future growing CapEx kind of over the longer term and the profitable growth of that business. So today, I would describe ExxonMobil’s backlog is 5 million tons annually, supported by three very large industrial customers, one in the industrial gas sector, one in the steel sector, one that makes ammonia that’s used for fertilizer, right? And if you just think about what that does for society, those 5 million tons annually, that translates into the conversion of about 2 million cars from gas-powered vehicles to electric vehicles.
That’s about all the cars around the road in the United States today. And when we talk about the overall CCS opportunity across the Gulf Coast, we talk about 100 million tons annually. That’s 20 times that number. But I’m going to go back to the fact that it will be supported by customer backlog that supports a growing profitable business. So that’s how you should think about it.
Paul Cheng: Great. Thank you. Can I sneak in a real quick question?
Kathy Mikells: Of course.
Paul Cheng: Yes. Real quick. Darren, do you have a number, you can share what is the production for Permian this quarter — in the second quarter?
Kathy Mikells: 620 koebd.
Paul Cheng: Thank you.
Darren Woods: You bet, Paul.
Operator: I think we have time for one more question. Our last question comes from Paul Sankey with Sankey Research.
Paul Sankey: Hi. Good morning, everyone. Just a follow-up, actually, just looking at your volumes upstream. First of all, you mentioned that there was turnarounds and stuff, but I wondered if you could talk about the recovery, especially in the light of the stronger Guyana volumes, the fact that your upstream volumes are down quite hard here. Is that going to be a rapid recovery in Q3 and back towards what kind of levels should we expect for the rest of the year? Thanks.
Darren Woods: Yes. Sure, Paul, I’ll take that. If you think about the first quarter, we were up pretty significantly, second quarter down from that first quarter, but essentially on plan with respect to the full year production levels that we talked about at the back end of last year when we put our plan forward. And I would tell you that there’s nothing that we’re seeing today that changes that guidance that we gave last year at 3.7 million barrels a day of production. So I’d say we’re on track with that. We’re not seeing anything that makes us change our mind. And obviously, we’re working real hard to do better than that. But I would say, right now, we feel like we’re on track to meet the plan and meet the numbers that we shared earlier last year.
