ExxonMobil leaned in when some competitors leaned out, and the supermajor has used the advantage to capture the upside, CEO Darren Woods said Tuesday.

ExxonMobil

Woods and his executive team shared 4Q2022 and full-year results during a wide-ranging conference call. 

“Our results clearly benefited from a favorable market,” Woods told investors. “But to take full advantage of the undersupplied market, our work began years ago, well before the pandemic when we chose to invest counter-cyclically. 

“We leaned in when others leaned out, bucking conventional wisdom. We continued with these investments through the pandemic and into today.”

The entire oil and gas industry failed to invest in resources for years, he said, followed by “significant losses” during the Covid-19...