【Bernstein-2025研报】埃克森美孚公司（XOM）：埃克森美孚：伯恩斯坦SDC会议要点.pdfVIP

COMMENT29May2025

ExxonMobil:TakeawaysfromBernsteinsSDC

BobBrackett,

Ph.D.

+19173448422

bob.brackett@

LinhNguyen

+19173448355

linh.nguyen@

MinnieXu

+19173448574

minnie.xu@

AnshikaBajpai

+19173448306

anshika.bajpai@

ExxonMobilCorp(XOM)

Presenter:NeilChapman,SeniorVicePresident

5/29/2025,8:00am

Takeaway:Long-Termbullishoutlookforenergydemandprojecting15%globalenergydemandgrowthby2050withoilandgasremaining

50%oftheenergymix.Demandisdrivenbyemergingmarkets,AI/datacenters,andLNGexports,particularlyinEurope(post-Russiasupply

disruptions).XOMiswell-positionedwithadiverseproductportfolio.

Highlights:

•Currentoilpricevolatility($65Brent)isseenasanormalcycle,withlong-termpricessupportedby10%annualindustrydepletion

(requiringconstantnewinvestment).U.S.naturalgasisviewedasagrowthdriver,withLNGexports(e.g.,GoldenPassproject)and

decarbonizedpowerfordatacentersfuelingdemand.

•High-QualityAssetBasetosupportgrowthstrategy,includingGuyana,LNGDownstreamIntegration.GoldenPassLNGexportfacility

(18MTPA,30%stake)launchinginlate2025,leveraginglow-costconversionofanexistingimportterminal.Refineriesareintegrated

withchemicalplants(e.g.,Proxima),upgradinglow-valuemolecules(e.g.,pentane)intohigh-marginplasticsandsynthetics.

•DisciplinedCapitalAllocationShareholderReturns:allocates~$28–30Bannuallytoprojectswithover10%returns,andmaintainsa

fortressbalancesheet(7%netdebt-to-capital,AAcreditrating),enablingresiliencethroughcycles.Maintainsdividendgrowthfor42

consecutiveyears,andhopeitmakeitaroutine.

Presentationattendance:High

SeetheDisclosureAppendixofthisrep