Exxon Mobil Corporation (NYSE:XOM) Q2 2023 Earnings Call Transcript

Paul Sankey: Can you say more about the downtimes that you had in Q2?

Kathy Mikells: Yes. I’ll just mention, we had given a bit of guidance to divestment and scheduled downtime. And that guidance was that we thought we’d see a reduction of about 110 koebd as I said what the actuals were across both of those items. It was actually 120 koebd, and that’s a sequential number. So we were down sequentially 120 koebd as a result of divestments and the scheduled downtime. If you then just look at why was our overall production down a little bit more than that, it was really driven by two things. So we’ve seen curtailments and obviously, OPEC is cutting production, and so we have an impact coming from that. And then in terms of unscheduled downtime, we had a short strike in Nigeria that tipped up our unscheduled downtime.

But again, I would go back to what Darren said, we had guided for the full year at about 3.7 million oil equivalent barrels a day. And if you look at our year-to-date numbers, we’re up about 15,000 on a year-to-date basis year-over-year.

Paul Sankey : That’s super helpful. And then if I just follow up, if I look at your energy product sales, those are up just about as much, if not more, positively. Obviously, that’s mostly Beaumont, I guess. But is there anything else to add there to the strength?

Kathy Mikells: Yes. No, Beaumont is the main thing. And then we obviously had a bit less maintenance kind of going on, which helped our volumes as well. I’d mention that Beaumont was running at 90% utilization. So again, a really nice, I think, proof point and just the operational excellence across the company.

Paul Sankey: Great. I’ll leave it there. Thank you very much.

Darren Woods: Thank you, Paul.

Jennifer Driscoll: Thanks, everybody, for your questions today. We will post a transcript of our Q&A session on our Investors section of our website as soon as it’s available early next week. Before we conclude, I have one important announcement to share with you. Please mark your calendars for the ExxonMobil Product Solutions Spotlight. It’s going to be on Wednesday, September 20 at 1:00 Central Time. Jack Williams, Senior Vice President, who oversees Product Solutions will be joined by Karen McGee, President of Product Solutions and several other leaders from ExxonMobil to talk about this new group formed in April 2022. For additional information about this upcoming event, watch the Investors section of our website. With that, have a nice weekend, everyone, and I’ll turn it back to the operator to close it off.

Operator: This concludes today’s call. We thank everyone again for their participation.