ExxonMobil’s goal to advance its natural gas and oil trading arm is gaining momentum, as the company eyes more opportunities in the global market, CEO Darren Woods said Friday.

Woods discussed the supermajor’s fourth quarter and full year results during a wide-ranging conference call. 

“We saw energy prices and refining margins start to normalize in 2023, coming down from their 2022 highs,” Woods told analysts. “Global demand for liquids set a record in 2023. Fortunately, supply also continued to grow, a testament to the industry’s ability to innovate. Chemical margins remained well below the 10-year range as continued demand growth was met with robust supply additions.”

In the fourth quarter, “crude prices moderated slightly, settling near the middle of the...