Exxon Mobil CEO Darren Woods on Q4 results: 2025 production highest in 40 years

Summary

Exxon Mobil Chairman and CEO Darren Woods discusses the company's strong Q4 and full-year results, highlighting record production, structural cost reductions, and project delivery. He explains that despite lower commodity prices, Exxon clawed back more than half of the earnings impact through advantaged volumes and cost cuts, and he reaffirms plans to grow earnings and cash flow through 2030. Woods also describes Venezuela as uninvestable without major political and legal reforms, citing past expropriations and the need to stabilize the country and its economy.

• Exxon reported strong Q4 and full-year results despite lower oil and commodity prices.
• 2025 production was the highest in over 40 years, with record output in Guyana and the Permian.
• Exxon added $3 billion of structural cost reductions, bringing total since 2019 to over $15 billion.
• Ten major projects were delivered on plan or under budget, adding $3 billion of earnings power.
• Management expects $25 billion earnings growth and $30–$35 billion cash flow growth through 2030.
• Woods says Venezuela remains uninvestable until major political and legal reforms occur.
• Exxon exited Venezuela after expropriations and has recovered a substantial portion of arbitration claims.
• The remaining Venezuela balance is not material to Exxon.