ExxonMobil Gearing Growth to Permian, Guyana and Increasingly to Global LNG Markets

Growth in the Permian Basin, Guyana’s offshore and the global liquefied natural gas (LNG) market are gaining momentum, along with low-carbon opportunities, ExxonMobil CEO Darren Woods said Friday.

During the 1Q2022 conference call, Woods told investors that “recent events” have clarified the direction for oil and gas producers.  New investments in Russia were scuttled by the supermajor during the quarter, but a plethora of opportunities exists elsewhere, he said.

The “rapid increases” in prices for crude, natural gas and refined products during the first three months were inflamed by “a tight supply/demand environment, primarily due to low investment levels during the pandemic…Clearly, the events in Ukraine have added uncertainty to what was already a tight supply...