Squawk Pod: Kevin Warsh, Gov. Wes Moore, & Exxon’s Darren Woods - 01/30/26 | Audio Only
Speakers
Darren Woods
— CEO, ExxonMobil
Wes Moore
— Governor of Maryland
Steve Liesman
— Senior Economics Reporter
Joe Kernen
— Co-Anchor, Squawk Box
Summary
President Trump nominated Kevin Warsh to be Federal Reserve chair, and Steve Liesman analyzed what the pick could mean for Fed policy, independence, and markets. Maryland Governor Wes Moore discussed affordability, energy policy, taxes, baby bonds, and economic development in Maryland. Exxon Mobil CEO Darren Woods discussed the company's strong results, oil market supply, Venezuela's uninvestable status, Europe's energy-policy problems, and opportunities tied to AI data centers and low-emissions power.
- Trump names Kevin Warsh as Fed chair nominee; Steve Liesman examines his record and likely policy approach.
- Wes Moore discusses affordability, Maryland's balanced budget, tax reforms, baby bonds, and business investment.
- Darren Woods says Exxon delivered strong results despite lower oil prices, with record production and structural cost reductions.
- Woods says oil markets are well supplied and spare capacity can absorb disruptions.
- Woods says Venezuela remains uninvestable until political, legal, and contract reforms.
- Woods criticizes Europe's energy policy as damaging investability and competitiveness.
- Woods sees AI data-center power demand as an opportunity for Exxon.
- The episode also covers Fed independence concerns and market reaction to the Warsh nomination.
Ideas
All-of-the-above energy lowers costs
Wes Moore says he wants more energy options and favors an all-of-the-above approach, explicitly wanting to invest in nuclear and solar because it will help drive down costs.
Exxon execution supports earnings, cash flow growth
Darren Woods says Exxon had a strong quarter and year despite lower oil prices, clawing back more than half of the $6 billion earnings hit through advantaged volumes and cost cuts. Total production was the highest in over 40 years with record Guyana and Permian output; structural cost reductions since 2019 exceed $15 billion, more than major competitors combined. Ten large projects delivered on plan and on or under budget provide $3 billion of earnings power, and Exxon plans to grow earnings and cash flow through 2030 on a constant price and margin basis.
Venezuela uninvestable until legal reforms
Darren Woods says Venezuela remains uninvestable unless major political and legal reforms occur. He points to decades of economic and industry damage, prior expropriations of Exxon assets, lack of contract sanctity, and the need for legal protections and fiscal frameworks before long-term investment can resume.
Europe policy damages investability, competitiveness
Darren Woods says Europe is a classic case of ideology-driven climate policy damaging investability, competitiveness, and energy security, with industry shrinking and a slow spiral down. He argues Europe must balance economic growth and support for businesses with emissions reduction.
Oil well supplied; spare capacity caps spikes
Darren Woods says oil markets are well supplied, with comfortable supply and enough spare capacity to offset potential disruptions. He expects possible short-term bumps but thinks the industry is healthy and capable of responding, limiting sustained volatility.
