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XOM Exxon Mobil

Participants
Stephen Littleton Vice President, Investor Relations and Secretary
Darren Woods Chairman and Chief Executive Officer
Doug Terreson Evercore ISI
Neil Mehta Goldman Sachs
Doug Leggate Bank of America
Phil Gresh JPMorgan
Jon Rigby UBS
Sam Margolin Wolfe Research
Devin McDermott Morgan Stanley
Call transcript
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Operator

Good day everyone and welcome to this Exxon Mobil Corporation Fourth Quarter 2020 Earnings Call. Today’s call is being recorded. At this time, I’d like to turn the call over to the Vice President of Investor Relations and Secretary, Mr. Stephen Littleton. Please go ahead, sir.

Stephen Littleton

you. Thank everyone. morning, Good fourth call. our quarter to earnings Welcome We participation and in ExxonMobil. continued interest appreciate your Littleton, of Vice Stephen am I President Investor Relations.

and Before you of on I’m pleased colleagues hope the a result all Board for operational Officer your face priorities ExxonMobil, and welcome Dan coronavirus updates the who the challenges I me call light and pandemic. Executive the joining continued in are covered and getting families safe, today. Darren Chief beyond. as his and quarterly the and provide we be financial results, to of will the started, call, XXXX of XXXX of perspectives I Woods, Chairman After will plans on for our on

to Following those address remarks questions. Darren happy and be I’ll

morning Upstream, and and realizations Liquids available were the Section the slides at this supplemental comments year progressed. third In with attention on also to quarter quarter the the on improving essentially two the of with prices reflecting in as reference of from colder with lows our. prices pricing. quarter gas this the of of next highlight earlier the presentation. draw will XXXX, XX% slide the the Investor increased to by on like I’ll since your disruptions, impact the third would supply now crudely demand slide. I LNG this developments and information end statement weather the approximately cautionary recovering flat realizations low October Our

business pandemic, its year. equivalent barrels performance challenges Despite curtailments in best quarter, for mandated oil ever to no matched associated the increased reliability approximately considerable curtailments were XXX,XXX day. economic Upstream the there with the the While per government

the performance driving average margins discovery record four well and remained at active best expect weak We in for lows, In of Suriname, reliability Brazil. XX strong in refining year in of and we we announced safety, exploration which the matched level hydrocarbon a And reductions as continuing historic achieved as closures. in business with process continue South ever and announced rationalization ExxonMobil America. margins, extends performance the personnel the Downstream the position operational the fourth quarter resource to Guyana industry April. also With excellent and progress packaging Upstream further industry exceeded we capacity to cost year. in The and Chemical Industry the times programs the performance This ever fully driven and and the margins, performance. Downstream, markets. in recovery improving achieving safety organization, global that enabled reduction we to operating were of out corporation, continued industry Leveraging the projects reliability CapEx to us our XXXX. best sustained capture automotive unprecedented laid by Across products annual conditions strength we global in and portfolio. investment leading targets the long-term spend defer projects and our optimized to We market preserve the able decisively value responded XXXX. in

the reported an to quarter identified Let’s we $XXX $XXX of the the third noted adjustments by of the quarter. quarter a the favorable quarter. loss four on slide included driven table of fourth inventory third Starting in results. XXXX, items The quarter view of move to third provides results fourth for million, left non-cash relative with million overview a

closed which related mark-to-market end quarter including strategy third items market million not $XXX due unsettled loss were the quarter quarter. financial quarter billion, This open items, the at a results the was identified lower of were trading were excluding has to than reflects derivatives. to on for impact impairments. Excluding $XX.X lost billion of Fourth from improvement third $XX.X of quarter. impacts $XXX these to the the marketing physical the derivatives third Fourth $XXX results million, million items million. quarter a Earnings the $XXX identified

of earnings as when Guyana the full the LNG liquids benefited they increased Improvements close well also and Upstream production realize these to prices future. natural earnings. as expect in trading gas in in strategies We

Continued earnings improvement $XXX demand performance strong for of high chemical reliability the supported value million. with products, chemical coupled strong

the our trend a $XX as in charge less resulted remove North of portfolio, of about appetite including non-cash our notably result plans, dry assets strategic development America. resources a we in growing Finally, of gas billion. This certain from impairment

cover of next summary focus a I the excluding the On comments identified slides, I business my on will results. items. brief quarterly performance, underlying will

due prices improved Improve also offset million. benefit Chemical and five. earnings slide and was Upstream timing to by the Guyana, expenses the of Canada, our increased The by in the and to production us dynamic Downstream to earnings. upstream significant integrated manufacturing In in and This feedstock and respond $XXX activity. rapidly Moving allowed exploration the the sites higher U.S. conditions Chemical margins maintenance liquids higher of benefits. to turnaround, market capture planned and

to sanitizer. yields optimize hand and Downstream For high of we chemical in liability the million $XXX example, that critical gasoline increase masks contributing units production produce Manufacturing with value the gowns, that feedstocks, to earnings. of product were grade quarter the improved to manufacturing high investments stronger typically and results fourth

organization billion In to in will responding Downstream margins. next the precedent which brief of challenges, comparison pandemic XXXX. in turn out summary significantly $X costs, reduced savings Results of I billion. demand the a COVID, total of is cover instructional a full impact full XXXX the of of Upstream related Slide six driven achieving year reduction a results and loss reflected On economic year by of slides rapidly results. the to relative depressed $X beyond

improved product better Our main factory facilities $X with contributed an yields. and additional billion reliability

an volumes by day. day by as impacted approximately government curtailments, per XXXX. total to Upstream by per economic and of groningen barrels as reduced in limits, on equivalent mandated compared equivalent volumes production oil Volumes XXX,XXX volumes decreased approximately Upstream XXX,XXX were to barrels well which average slide oil Moving seven.

plans line barrels optimization XXX,XXX of day. economic Excluding the impact production of maintenance reducing limits per equivalent curtailments, criteria. economic by activity was volumes production and and oil in government the increased impact mandated original groningen our entitlements with This divestments, about with

exceeded and expenses Moving April, XX%. set CapEx cash by reduce we targets. XX% eight. to slide target In these We to a reduction by XXXX operating

spending, differing Looking established of optimization spend quarter $X the years billion through expected global efficiency of by of reductions reductions. the that quarter, about enabled supply we these the XXXX, of couple of projects. and and with reduce reduction. strong leveraged were Cash Downstream logistics, our to This operating plan, new versus accelerate allowed and capture at versus ago process a and further that in changes. businesses workforce quarterly XX%, were including EPCs product $X simplification second from the chains Upstream we optimizing us and reorganization $X billion billion reductions our structural capital down delivered expenses XX% to We adjust spend us our first organization relationships work a capital

expenditures or As reduced original greater XXXX versus than $XX we continued plan. billion year, the XX% in this capital by we work through the

this view we while operation. reliability, of Importantly, and safety, improving the performance environmental our

the to see page these you cash of turn impact where our profile. reductions can the on Let’s next

our $X.X $X.X was impact levels. the the flow billion operating Gross capital quarter. cash We above ended quarter a Excluding with $XXX by activities working the decreased billion. of debt third affects, to minimum of cash, up $XX.X little billion about quarter from from million fourth operating

continued demand. Upstream, slide expected oil the decrease to curtailments XX,XXX quarter. equivalent we Downstream, average additional and expected In a automotive from quarter and higher for be we hygiene, government in to million. anticipate anticipate seasonal be with the higher in quarter. a due and by gas scheduled expenses XX, to terminals packaging, are maintenance barrels mandate be to line In maintenance resilience oil construction the I’ll third of Schedule quarter, XXX,XXX cover with in medical recovery segments Production to few considerations barrels demand $XXX in about key offset across equivalent to In the are the markets. be Turning continuing is expected the fourth approximately first first anticipated Corporate finance Chemical, efficiencies. quarter. to is in

Downstream planned adjust business from the to current flexibility the the depending we flow With operating margins, which and call cash has to Darren. and expect prices now in at turn environment. to I’ll Lastly, on CapEx, our over activities Chemical that, cover dividend crude

Darren Woods

the your healthy. sure the of book and year I’m morning. ahead. Thank on be close you, to on for XXXX and hope happy Stephen. I Good many you It’s are and you safe call. like the I’m families to good optimistic

pandemic severe shut know, especially the each margins point as time consumption lowest and the around on As memory had in their their lows XX hit in that simultaneous our devastating businesses. were oil has refining as the people lows. of we first collapsed It businesses well you fell And economies our and was down, These year history saw effects impacts prices you industry. in in below world.

was COVID times efforts, challenging to these throughout recovery. our and of the areas, eventual the communities, for response preserving our ago, focused year employees and we while best possible a spend response the and critical discussed health position ensure three products I running safety operations remained As value on to aggressively and support reducing energy our primarily in keeping providing protecting

We’re each pleased with how these. we on performed of

stepped challenging our contributions results with XXxX while fuel especially costs need to Upstream and At the value leveraged extraordinary in on on businesses in an we equipment made responders. safety we performance. and our extremely exceptional for our of which running efforts, kept environment. employees cost plan, Through time preserve reduce outperformed and up uncertain to same operations objectives revised achieving and even market April. first work reorganizing reduction sanitizer, we in protective for Our those products the delivered products We our ongoing reliability to and hand from and significantly Downstream shared strong

maintain continuing work our the technologies identified aligned emission move costs position society greenhouse our efforts Chemical. while strong from to capital maintaining and we’re and drive over drive opportunities sheet announced balance Collectively, deleverage performance and our processes priorities, absolute time cost including the intensity greater flow reduce work we dividend the by improve Low I’ll I’ll our to more spend to to a on like our this helping costs work being Further significant advance to businesses forward, newly and discussing emissions a momentarily will structure. are an time. synergies to steps and carbon help Upstream, that business. reduce taking detail emissions also and reduce efficiency Solutions across allocation Going lower paying across gas to and future. as lower further Downstream successful leveraging leader a to fortified industry cash organizations we’ve Carbon provide in us

highlighting Let start difficult achievements XXXX environment. by though me a very a and business from what was notable few

of with supply improvements Stabroek people Payara capital reliability and structural safety oil by and goals performance. reduced agreement. day, on energy the a year discoveries, plan billion are in of to uninterrupted more During at flaring performance exploration recoverable unprecedented gas This are expenses nearly absolute We Permian by development. new successfully Phase estimate our and to emissions achieved XX%, exceeded plans of compromising operations, the value reduced global reduce reduced best the increasing was barrels. Guyana driven products, with of success barrels Paris emission advantages XXXX and our We per billion by for new and volumes operating established challenges, and Block managed ensuring goals operating X consistent that reduction the technology ever in billion, and XXX,XXX X than continued achieving by projected XX% projects. equivalent the greenhouse Upstream improvements our without including essential of to ongoing methane developments our plans the or progressed XXXX investments significant despite These efficiencies than curtailments our be while for basin resource investment. more $X cash Liza expected to We XX%. and three $XX and equivalent our oil both

of managing environment, and and packaging, business tonnes industry progress the focused XXXX, investment advantaged more new our long this fleet. ourselves At position performance than perspective, to million a record polyethylene strong of time, than more unprecedented larger vehicles competitiveness supply. success the an performance of opportunities, In than put one term and XXX our cost tonnes. on off We leading the structural industry we’ve efficiencies to than growth the by global for drove of the company. we reflecting in five Chemical operating is same is road Our the strengths as portfolio capture, to our in maintained of a expanding leader sales, corporation the year. in XX passenger the taking sequester a we asset amongst the set twice XXX for next closest to leveraging well more combined. equivalent To lowest increasing through over demand to carbon competitor competitors an critical million million next held impacts This years deep COX the and of industry’s XX for improve position

Let me start our efficiencies. with

recall like cost. improving also This allowed first completed was structurally us work reorganizations, oversight corporate we in costs may and more businesses XXXX, effectiveness. the functional chains. business, allowing activities. It allowed the to fully us to the to further prioritize reduce focus critical Consistent sector activities end-to-end in scale, step moving leverage companies us for effectively You overhead the organizations each value value on businesses a provided organized each to our reduce streamlining that highest and to consolidate across and corporation are reducing from which along to

approach. XXXX critical capital efficiency portfolio, and deferring has when was global of object cost-effectively established necessary our This this each in Our the organization role organization global reoptimizing of as investment a a result played improving projects work. in

pandemic, charts excluding came Stephen we for showed, expenses reducing the this and are taxes XXXX a function in of chart, which spend Expense businesses. production shown the organization in commodity with into that significantly foundation As provided energy and the the changes are results price. consistent is across the

efficiencies. production see, can temporary, XXXX XX% structural, and driven and by reduction overheads $X As to The activity you was driven of operational billion the lower reduced by were reductions deferrals. remaining from XXXX

we to This businesses. as billion reductions to slide. a ourselves. last further deferred. expenses will temporary take expense increase a consistently the By achieve point And year’s The planning are we we price One into the In expect billion would short find by much each versus process, between independent the further make and structural XXXX lower of and price we efficiencies. term structural final advantage increased reductions the reductions even to opportunities $X environment organization to part, other hand, further large structural of a in efficiencies. achieve shown year, on identified unlocked be I structural $X or are organized permanent During expect of we’ve additional total activity on XXXX, XXXX synergies expense that reductions convert in this of price function environments returning of environment. XXXX.

critical now me our another to Let turn area, capital investments.

market cash less and driven our asset uncertain been to a and With strategic have our earnings industry been businesses. portfolio of Over progressing dividend. spending a progressing work to strategy invest preserve years, investments. capital outlook generation our line the announced leading bring pandemic improve several have quickly assets an past and with the losses, we We we base and in conditions strong responded high-grade and potential of to

historic As a our we is XXXX, from levels. low, entered XXXX significantly at capital reduced plan

demonstrated a increased return, Flexibility reflected and three from value, depending flexibility, make our our to and capital with to projects developed Our to adjustments in strong cash conditions, through to XXXX a on creative derived key We XXXX respond support market. plans and to plans capital mind. deliver in our And dividend this discipline. this program advancing discipline highest themes, Value long-term. dynamic to begin have near to earnings deliver. flow market and cash both and

with respond in lower year, short and last a and experience a healthy spend, unconventional plans built can and They are dividend. our They’re scenarios, market wide conditions. with third-party a price which robust to line In a Our of basis each to using to our of on price investments. reduced and advance year’s have flexibility be level sheet strong we highest plan consistent cycle return environments. balance maintain outlooks range price

horizon, to deferring necessary, delayed but be We if projects suspended across restart spend. have been this further can longer, also time that expect

These investments suspended. also level or We that early fund be long-term growth a have of opportunities. can two deferred

cycle, they each or capital quantify slide generally The be value helps are committed near more circumstances longer completion. but reductions impact plan spend as the cost. warrant. is capital these our can a While next also This firmly Less of of flexible available at flexibility. reduced, our very higher

rent plan generating of from at our our refining This is assuming from On source margins XXXX. graphic, available and Chemical for the XXXX crew operations more cash. available different cash this the XXXX higher to prices prices, left experienced show we with lowest

uses, our As dividend the our current see you CapEx right, previous and move from the you XXXX page.

breakeven price and can to for see, can which our Permian in price XX Brent a paying business, a As $XX their is and of Chemical highest the invest prices The $X at return roughly pay end barrel. XX pay breakeven year which Brent needed you a dividend our we in our guidance above I Downstream required allow just margins Downstream and the where barrel of If $XX billion, year debt us begin and of XX a flexible low dividend the barrel. at capital $XX barrel. down were bottom the low above closer at spend the $XX Chemical range, prices fund be end and prices, is a the Brent Guyana, debt expect to down investments investments, Brent historical With the pay and in Brent XXXX, would averages, the to fund margins our would to in roughly barrel. be is lower, our at actual Chemical

into change. in market begin paying actual to at total in above we progress we in the prices will market margins us the our As dividend and know pay are down the the early we’re year-to-date Obviously our first quarter. year plan, look investments, the allowing debt and very

the adjust capital spend the and accordingly, sheet. keeping balance dividend preserving We’re developments a close protecting and on eye our strong we’ll

their and In Downstream this to used a for Chemical XXXX, and to XXXX. in a XXXX. we year to later expect margins average case, margins shift XXXX plan, to average. off the be closer Let’s By lows we long-term our

benefits improvements the cash the XXXX. from will full by that see come projects addition, the In structural of and we online OpEx additional

our can see As substantially capital in flexibility there is spend. you more

our capital planned plans barrel, a a prices investments as $XX low our the investments, as shareholder continue $XX above barrel. a capital our dividend cover to reduction and Brent As distributions. debt supports result, framework At prices allocation Brent further at and/or

to can macro If plans we we to to year’s consistent this uncertainty to dividend, continue, optimistic is where reduce range as invest that see, investments this. were robust could the on the strike cash in of of environments, below a particularly So five year improvements last that and would remained right fortifying a barrel This critical, maintaining we recognize the chart a Brent over with sheet levels sustained to the accretive you depletion a much delever and the next will while price $XX four continuing The next more our years. business. environment high prices basis, wide perspective attempted recent a in face change are good market projects. a balance we’ve Recognizing in plan. strong the balance a to between gives return point we

Our a market across growing earnings is flow investment and of wide on cash environments. focused strategy range

are our flow margins, expect investment the price from and of some This roughly a industry’s crude They operating helps startups point. critical XX% the supply. XXXX. lowest IHS of makes to This grow third-party our this. a market in cash horizon represent we flow environments. cash cash over project variety with illustrate graphic of cost investing flow advantage of We to projects in Using in and earnings

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well on focus our cost a high supply lowest a see, a with can return, of of generate barrel. you below supply portfolio $X investments, cost As

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the in back our markets investments striking positioned. to where balance short sheet and So When as in executed see, and construction pulling long-term. Permian flexibility we in can more both very to value, investments maximizing strong dividend in of portfolio When attractive even become to others where progressing or maintaining the period or term right investments our are essential these are the grow, you attractive. near fortifying slack, delever balance, a continues you well proposition value the of factor cycle is

conditions attractive an portfolio flex our investment to right market have that can allocation with balance the we We across strike capital priorities.

performance. better organizations minutes to we rates reflect highlight than more hard Drilling few unconventional project activity, and were to made global and progress than roughly evolution expectations. Permian change than thirds a XX% of with drilling the of lower together, estimate performance and our our in XX% improvements our technology year in take XXXX, two were than Working than exceeded a costs techniques. We XXXX making integrated results. our drilling, rapid XX% Despite that now our better that due organizational me These plan organization. step completion and Permian. people. conditions and experience the full improve. below progress the In to we’ve XX% results. Let our plan in were continues our and in its planned they improve the more XXXX made a XXXX XXXX operating change technology changes savings the better of challenging been in the the the of The and work and continued

number XX% As XXXX. increased by versus day a achieved stages frac an in example, of the

day, metrics, our further XXXX, Permian and day to barrels barrels oil improving our In of XXXX. exceeded about in XXX,XXX XXX,XXX Despite plans. plan. in the second quarter, As economic equivalent significant enter continue growing below above per key of we XXXX, this value our the expenditures per XXXX we equivalent upon see XX% capital oil resource progress volumes curtailments were performance plan, in the

we’ll a on the and sheet Brent at levels. we Key plans. programs, pacing pandemic outlooks, third-party Permian to per forward, of expect day achieve leading flow, impacts positive technology double cash efficiency that XXXX oil $XX per market of in approximately which our been to price investments by we volumes $XX barrels If performance. returns free a maintain than XXX,XXX an Going results We’ve capital price our and current Based on significant equivalent versus balance with prices improve flexibility are barrel. in projections are deliver have delever less a and point through than day to production is At options, barrel our nominal barrels with Permian current additional here contributing adjust XXXX, oil our we equivalent XXXX. expect industry digit which related progress would the market XXX,XXX plans making in current demand in I XXXX a outlook, lower time. are to

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Our had portfolio collection offers in investment years. we’ve over XX the best of opportunities

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lines world Agreement. dividend Before the close class of to developing reiterating emissions and ambitions advantage for your fortified areas support portfolio technologies needed cost let return, our questions, of and reductions, open Delivering reducing maintaining flexible cost me high focus. the investments, sheet reliability, we by while a strong advancing balance structural driving the and Paris safety of the

I’ve the look happy they the hope delivered our people providing March despite understanding of deeper a the deliver challenges this last even I year, of Our absolutely and given these year unprecedented pandemic. will in I’m you the more future. into confident we’re year plans to you beyond. progresses. for our questions. Investor With forward and that, to during with your more take Day XXXX as I strategy detail and and areas

Stephen Littleton

you for Thank Darren. comments your

than be you Operator, the any will questions. please for to lines phone have. We might more take now open happy up questions

Operator

first Terreson conducted Instructions] [Operator The Evercore we’ll Mr. be Doug with Littleton. session Mr. question-and-answer ISI. electronically. And go Woods Thank you, and to will

Doug Terreson

everybody. morning, Good

Stephen Littleton

Good morning, Doug.

Darren Woods

Doug. morning, Good

Doug Terreson

have progress There point, and is you’re you’ve management the program encouraged talked price And structural the industry probably since this capital like seems as better an a a component that that some are too, guys the today. environment. about exploration efficiency it which pretty divestitures, the the ExxonMobil’s on But way way. restructuring XXX environmental plans that energy in in seen help on equity has but on you of not about capital recover, too outperformance part outperformed have plan we management And S&P and you announced posted further S&P was new did November. along earlier

whether these you which program, areas. So, performance those the characterizations also you these color have of my you or parts or is on two specifics additional or and in management of make capital items not my not agree about any optimistic question with whether

Darren Woods

the take congratulate your to Sure. you retirement. on minute I question. Yeah. Thanks Doug. Thanks, before answer that And a for let just me pending

Doug Terreson

you. thank Well,

Darren Woods

mix. miss going to in I’m having the you

Doug Terreson

Well, thank you.

Darren Woods

delivery maybe we attractive at focused with to which to perspective had intensive just your healthy the we opportunities, journey beginning the capital respect capital improvements on made, cash on that earnings opportunity we’ve the the the looked to and on and that a of focused some and we’ve recognize and leverage flow. at been very as little a to industry comment provide size back need over and on, performance step as us what gives I the we improve opportunities the it is of business we of With the a and set recognize make sure investment the that of respect time

and on to improved road we new that. line mentioned were that And at efficiencies. its the the loss. place of organization lot remarks, focused progressing And the of built focused on XXXX time organization those a to and same together. analyst I I I more we completed in of that a with think, But time restructuring, drive time, for we ExxonMobile, the need and had these for accountability XXXX XXXX. with and tenure very, down very as mentioned companies the merger you an my set that move profit functional value generated brought which efficiencies. we move And of to we served two in our year I added recognized were heard, purposes in as actually of we that’s plans say what the that at an organizational March a the time, the better had was so, investments. into end-to-end we last At early opportunity direct as business And would And on see delivered transition sight on more taking meeting, prepared of from have I the advantage my put in organization the attractive this a

said develops sure response the what I’d the be back sit still today, say, just impact industry that recognizing and where of the months, -- we wanted is fundamentals somewhat recovery prepared we of several we the to and last but kind uncertain. to I for make with that here so the the that the would we’ll prepared we’re eye on ourselves over as with accordingly. as somewhat respond would and be here haven’t bank, eventual to an how not encouraging we although the and we characterize taking we’re And timing an keeping speak, uncertain, market of of on that and is foundation got call so of a loss temporary that tell the downturn, because that opportunities the third in what our quarter independent that that, the going activity, see of And would associated recognize you of top as obviously, we market the that’s we’ve forward pandemic the where the Then of had I plans economic to takes and improvement price us. to

So, at I where we’re about good feel today.

opportunity where company with it organization, And focused that set can our we and a the as And to said, got as I we’re we right where to position, ahead execute already go first progress continue be got of were thought we’re quarter investment. delever in things. we we’ve we’ve think the start then we I as an look I on our going forward. our flexibility to at and

uncertainty So, there good the as out pandemic as with feel I can residual given some the of you effects.

Doug Terreson

probably. lot rich an in asset have think assets impossible then year you you Darren, And selling sector. was most be our to to year of a guys the even last company may with. work But kind Yeah. And about

a so and that on plan. spend divestitures progressing minute that too And on

Darren Woods

Right.

last year prioritizing when I value, trying been we’ve to really return, meant on investments cost think, portfolio. highest we’re you as lowest at the which has the hydrating the saw focus of talking highest about, activity and capital

program. a and So, announced have we we historically not program, divestment done out divestment something that prosecuting it hadn’t been

Doug Terreson

Okay.

Darren Woods

at it it’s a program. to driven said in the continues the principle is -- value we We’ve announced as market a today, assets the be got and program but we with divestment time associated underlying

assets, can buyer values can we the more prosecute the asset. find with a looking than opportunity that make cease sure to we’re So, we that

although that the so this lot drives space, we progress. is last decision. Obviously, make in And all some the uncertainty, wasn’t of year with what did whole a activity

uncertainty, accommodate have more the additional going the some to as continue people’s have on would can of the views -- mechanisms deals market that that program. I and in and expect with fully, respect develop to say We I that’s we’ll advancements price recovers

Doug Terreson

Okay. a Thanks Great. lot.

Darren Woods

of you, Thank luck. Doug. Best

Operator

Mehta Neil We with two will go Sachs. Goldman next

Neil Mehta

the $XX.X say Is on it for level stuff absolute an there $XX guys to debt year? is to did gross expect interesting that your of follow-up And first are billion you’re billion morning at the billion question you unpack. for end debt. for of you of Lots level? gunning to band disclosure. guys when you this comes I $XX that you then comes wanted Good here guess, be gross is -- around to I the confirm, thank just the low incremental the and to

Darren Woods

to I plan $XX allocation we the about was respect be a kind use morning, will of confirm And lower environment my the need to debt very -- hard on end expect Yeah. the the third talked marketing then, downs go our place capacity Good of business critical to with clearly frankly to and of think set ability bring down weather the got the around of go above Neil. quarter we we leveraged forward. underpin down that to to that in the I the to of to that priorities, working comment made. cycles that We we structure had we happen very first -- want down, we absolutely that we’ll one we’re of range. sheet. we’ve to face. billion. to unprecedented going the rebuild and capital cycle, will I expect that we’ve And limit through rebuild have that We respond do to down quarter. balance and we hard to come going we of seen for that the bring capital the our continue balance And the pleased re successful. one cycles that and three sheet, that to forward now obviously, really the was that And There’s deep that work into the to XXXX continue ups ride as a I’m was that in didn’t to never know and that before. strength the

Neil Mehta

deal? can a given your major landscape, sure terms incremental that or was on that And we not saw in difficult M&A, the And is the some potential just had consummating and XXXXs of say, do execute, on early press all challenges the excellent now. certainly about the the right late just XXXXs, lot on thinking I’m busy in created speculation in yes, year of you of that super see value. one was -- the type perspective to you follow-up of that, last is [indiscernible] -- consolidation, conceptually, too for PBL, M&A the as we There major major cycle Darren. what but Thanks,

Darren Woods

leverage for things another lot speculation the been Neil. value And I space time. there’s that is over Sure, that quite a say We about compliment would in different for comment Obviously, what differences really in look active -- that But have company been whole it’s that can opportunities we leverage basically And the pretty take space to looking and another. on in we’ve port some portfolios in that we’ve I’m consistent. one a years. where synergies, that at talked we of approach Yeah. this going has not press. the

be And we opportunities continue of be kind opportunities having we as be would kind the We drives were extract value active valued program acquisition for to found through mind continue that our or about required or to of that that to And, line unique to a valued will always what correctly an opportunity. past, in you with look value, grow that’s felt unique look merger. But in an to in value. talked active it what space we know, and going forward.

Stephen Littleton

add. mind And if probably I’d you don’t

our thing the other against leading and look is that best. which compete we at existing is fact to industry has The portfolio that projects, it

notably type investment an Upstream we look at compare we space. look opportunities potential Doug. any relative acquisition, of Thank when to other it our of Chemical you, some and So,

Darren Woods

you, Thank Neil.

Operator

Bank We will with next to Doug of America. Leggate

Doug Leggate

flexibility please. [ph], of emissions activists. to how if it New which go level is the driven pound off ask to something and to I’ll I asking happy your up, I and management all to carbon start past. specifically could follow to the if for and and could address the everyone demonstrable and disclosure, that I has perhaps Exxon want is reductions in morning, gorilla criticism you’re you the capture speak how I example, Good that are address XXX the that team to, responding, you us you. Year. by Thank in overlooked wonder you seems to capital obviously been looking wonder

Darren Woods

as changed What of forward. pandemic plans some the as reconfigured sheet going of to required good And Sure. well. down the lot point operating and a a a morning, we new was organization our that industry action Doug year in clearly dramatic approach balance response and we obviously as the the I’d we Well, our and consequences happy whole event that, you under to things say that our did in constraints, to last leverage a company. Year New new something and is, unprecedented set the and different of drawing forced

change and plans the that increased had we those the past to and wanting pandemic. recovery frankly, knew the a uncertainty together, our go we make the sure was out that that and put going make we communicated would If coming past from And that said very plans so for accommodate effectively thorough in very as for a in we the challenging plans well conditions, I plans at the thought XXXX. and to businesses but well rebuilding the think as organization And out putting not was I’ve And very, the the together same whole time, of the responded our how focus only forward. we forward operating recognize to that we environment, and

its that of up-to-date And community very the at kind those to of we’re together. a put here. the work had quite to plans taking a the after of the make approved provided Board those talked through organization release thoroughly as back we’ve I’d of clearly you and and materiality community with tell, if perspective by that is we’ve we can that’s this that of of the we investment So, our underway into intent early been for about, -- end And with time. keep plan. the that’s lot at that been plans some more the under. year the constraints some look details doing coming say intent you effort XXXX the what things All more the call sure given it the operating outside community

Doug Leggate

providing But pick sustainability dividend. a want you’re issue certainly deal of it’s one it’s great say realize Because but easy just on seems cost I to question you’re so of dividend. and on an as I appreciate not the unequivocal, -- follow-up, the don’t I and on emphasis to let the my clarity. answer, the me flexibility up it

So, if could to just you I speak that. wonder

maybe answered, can money perception non-productive ton that on you spent capital, think support which get surety. dividend in have I seems inflection to to to because of you to the that it of inflection, things about just that talk

you. So, address there. I wonder issues just could get you those we Thank if now

Darren Woods

Yeah. Sure.

the priorities and plan remarks the think part I based the to I at so, built strategy back the -- to underlying we corporation, that in the you as look the capital in The testing even on allocation timeframe, we optimize remains that if this the and opportunities projects have in look place. touched we’ve that the portfolio portfolio environment. to attractive had my we’ve embarked of XXXX/XXXX on continue on stress recognizing prepared try in three value and investment the

saw You part the portfolio, of Upstream biggest our is show spend the which that.

flexibility the that we as move had make then that of adjust. we’ve to have And forward, and the kind intent we the sure had consistent pace last market structured we capital to the that drawdown environment. our experience program, that again, we with of is capital So, investment in reflective to year

that as as outside And in back-up the flexible large in what we the spend piece so pipeline move cost-effectively suspended where in Permian we’ve reoptimize them are about start a bucket, chunk I think a clearly as on there partners plan of of have so EPC so Projects we’ve but were cycle investments I you our pace early some longer standby projects, short-term our to term That’s mentioned, very spending. things got the to that some with put things put we fill we the that got those we that the program, think of again. working or working we’ve warm and If in short that flexible capital projects, We’ve period. Global -- got organization is can flexibility.

that dividend. whether to area depending to So, And or shown, lots all can that about charts we these pointed progress those do on because can at. environments we’ve flexibility those in make environments things we’ve under and as in in real-time the different back are pull we out decisions and we got the -- of that what continue sustain if we’ve price

we that need with the if cash really to feel as But we’re where the I’ve at to today same the can dictates, at growing we good about and got pull we flow, back. we’ve environment good respect time, upside showed. So,

think optimal flexibility the need if develop have I options, to position to adjust the you as that’s to to.

that the very the thinking We’re keen advantage environment to if have to to back was were we of than what better didn’t last market not had plans portfolio pull a we take point where of many things year.

are build necessary. was best intent positioned our expects then to down the and if So, plans that be as as possible what pull market

Going ramp in with going trying is with than plan in to and a down. up lot no harder a plan coming

Doug Leggate

your lot a think flexibility is Darren. I of the appreciate underappreciated answers. I so much, people. by Thanks

Darren Woods

Doug. you, Thank Great.

Stephen Littleton

Thank you, Doug.

Operator

Phil with to next go JPMorgan. Gresh We’ll

Phil Gresh

Darren. Hey, morning, good

Darren Woods

Good morning, Phil.

Phil Gresh

But we’re times. charts first considering and question $XX $XX perhaps So, flexibility price it’s signal this is only oil now. at around the a up your at take of the to the point, notable which

capital the be $XX billion spending cap be where to would distributions an range, on official to in So, debt it of did taking reduction? this fully You the slides that upside committed shareholder additional message we’re to one in is as in supposed case flow an long-term today, I’m $XX as cash mention one, curious, any such those well. billion

incremental just any So, there. thoughts

Darren Woods

the year higher balance at. priority as plan off have priorities the better just a prices the where you those environment to kind third-party plans about will pick. our I we’ve a that’s today obviously that I’ve continue than going when balance talked of that generally different the when number see kind I’d I build and materialize into say put kind higher high lower kind the expectations price our could know prices we bases expectation we would capital we critical test sheet. wouldn’t deep in to how in. -- probably And one were read flexibility we chart. of are a and Because on We that’s absolutely tried to that And is. so of rebuild that where goes, and what recognized to build don’t that I if it our we And to -- would temporary, on would be higher reasonable or it’s have of mean and went the downturn, -- end is first we on prioritized the do we the we pay we’re have and you price allocation lower grew aren’t the based sheet. is we they’ll above Last sure the reasonable, certainly be decisions believe to it to The and in it go. dividend continue to on balancing when market in of and short-term. very assumption a Phil. and past, the speculating And a be tried what and to the plans was and I against anything the together also we across beyond would Instead think and that is. how recognized where price anticipated, I delever Sure, made going you market and tell is within of prices come three go. be not plans. build the we that based strength again on back take we tell we I

going the future. And to to to are at we come the can our continuing the same going are accretive sheet plan so the corporation. long-term success in shocks time, forward we we we which rebuild be out these position because of other sure we in to invest come absorb that they of what is ultimately As balance wanted what expected, projects, in the that, is a that make to underpin

And balance. what And the we other one year as what word the now key is reflects the plan work I’d say that’s through about today. I’d say is we’ve last So, flexibility. optionality, talked the and

Phil Gresh

range only about up. area how My about specifically would shaping your consistent now end is margins history I’m for about? on how your Downstream, commentary of more margins things business is in you. annualized billion the first follow-up kind that thinking say talking well right Obviously, the you it. totality Downstream. this you’re around based of are that be on comment a that but low long made Got $X there, today Okay. end Downstream? the quarter you the slide below question are recognize the Thank and and And that the you low the the with and you’re XX on of slide seeing in would the are uplift specifically range I where

Darren Woods

Yeah. that chart still at is we well where a in What outside a of January estimate that kind it’s we’ve range. and you are Downstream there kind historic of some and on see currently, XX, the put

below I if my -- been businesses. supply and you been end as that look these in it’s costing So, to long more for whole goes to you’re your where a come whole the Downstream, And to supply, range, are at, the cash, a I a certain not have losses limits. a is physics there it that it’s think, it’s And going mind, say, think marginal covering commodity you tight, with as slow at make long low industry industry bleeding are and accruing. of cost that position that associated a price these particularly sustainable eventually And out. the you’re I up history, today if look process the the cost in take out you players of because to margins of as you’re back businesses rationalize if will in go globe so that are in that a across I’ve only kind drop has so historical and business as can before sets it and those as And rationalize Asia. not going adjustments. on refineries just mean,

is long what rebalancing demand pretty associated with cycle and the of kind off I So, think time was marginally balance. demand already business. is Obviously, supply you’re significantly seeing the the markets there what

quickly how rationalization. and back coming demand that and recovers of function a be continued then it’ll So,

continue much seen of we would to that. and levels recover said, see Stephen last As my be that if don’t year see margins within expectation the higher you’ll we’ve band, rationalization backed

Phil Gresh

you Got point? in And some at do end think the towards get there it. XXXX we’ll low

Darren Woods

up the dependent how very how recovery upon the it’s economies think pick again. I goes, back

pretty second the take up expectation conservative I -- tough half first to that market than the a a that’s our where I we’ve tried half. But the mix to end lot bar, think time. on better we and look it’s exactly planning recognizing to of view is will tell. required mechanisms My in think it’s just the there be is year rebalance going the to

to pick get If demand and in see back Downstream talking challenge should the we that’s that that there. the happen, demand next recognize the I supply year reduced things. with The not, not will things speak, is think you coming, in sometime question to self these up build expect. our continues going and very this but in on and the all is with back but I game supply, out plan eventually, And view not tightness -- I’m a into It’s I fundamental think, based it we’ll hope trick to it’s so about what this if as I the year, would -- potentially the an when. that’s see into overcorrection, does. think marketplace of

Phil Gresh

more March. Darren. updates Look Thanks, to forward Great. in

Darren Woods

Thank you, Phil.

Operator

Jon to UBS. next The with Rigby

Jon Rigby

the Thank you taking for Darren you. questions. Thank

it to taken mean, a is The based considered is the on me And guess CCS. is your the the first least one prospect one. it it step seems of view time there. that business at around with the I you’ve I announcement into must that be a

do looks question, a and at have regulatorily get the that question I opportunity? happen, from now both my of where technologically you think was, you ask genuine follow-up as us to has fiscally some steps or able so, a And second something business are are we well happen describe if what to And to to that to the same like time. the

spend of to you payout? for be three consistent with level a you’re more the that sustain to in sustainable of balance very over CapEx not CapEx, on one in XXXX that Just the level that the which is and XXXX you the need CapEx CapEx dividend objectives fair your term, protecting but level needs characterize to those to it that long-term address projecting XXXX long therefore is to the and around the current of is Thanks. about had, of sheet

Darren Woods

Jon. Sure, Yeah.

I of Agreement. speaking think achieving the recognition And been and as think about we’ve this broader I capture one talked, momentum it So, that that storage this recognized is, things noticed I Paris for of think I’ve a is long a IEA indicated on I we’ve the as -- see element described technology. beginning CCS, carbon of as I’ve the ambitions we’re to space is that publicly over critical to -- and as importance in the time the and and as that of is

is Paris time industry the I achieving Agreement. recognized, of recognized an broadly solutions part think set as important of long being more think terms in the I the but for the a it’s of ambitions

we’ve trying would and that So, the side address been opportunities make the technology working accelerate lower find and technology cost quite for more to of that attractive CCS. a to cost, of deployment was then which the the time in some on

the think, But got need now the be more we we’re for more to sure, so, that I’d CCS. the for progress. still can the increased recognition over frameworks, governments and understanding technology, establishing a There is technology support frameworks with recognizing developments lot I the done that for there And we’ve at in advancing. way work of as fundamental concentrate And COX. to to need -- years the regulatory that on and work of say amenable policy process look this we’ve what seeing, being actually to and technology frameworks portfolio, been the is legal

We’re in are seeing of interested those investing people types projects. where demand, investor

a there contribute money which carbon to for is opportunities is credits. business. looking all that’s building to see for in momentum market growing market We sustainable a So, a developments And things, I lot a market then and of as think reduction the a emissions. reduce of whole, there lot

space we’re staffed governments is that help concerted all start felt things we the we’ve where and move in and this so, those time given like, to, now to a along. things bring engaging sure people hard, got making we want working more with And effort to

at space. and If framework you products today, challenges that regulatory look that we’ve got portfolio of policy biggest is of in the one the

a forward. to it this But kind lot is play we’ve there talk we’ve I timing of some think complex organization at together area. move the are to in And that I think put variables right We a interested industry got and administration got with will that’s that that’s we standpoint. real and There are here we’re think bring CapEx, we’ve new On provide this right, and to got in the the focus number be we of that -- XXXX them certainly a an you’re from area. space think low need sure bringing so, and in is for things ready make we’ve CapEx, together. management and an that people got we is help on CapEx our perspective your senior us. focused those progressing to And the right this U.S. in

at fact, year. lowest merged, going In Mobil had if time the capital it’s any spend of we’ve the level in history since that and and you in back Exxon look

And a history guide the of sustainable a and we level think recovery that not And I response I fair probably the to think using environment. that environment, to so, longer that that state making And steady out recognition spend a to capital which just as forward, ourselves that’s XXXX range more It’s we of through coming it to the say, reasons is we’re of going in a a environment found underpin just CapEx. it’s the in term is that support needs guidance to higher. of XXXX our kind the the priorities be in is have. why higher allocation and growth one

Jon Rigby

sense. Thank you. Makes

Darren Woods

You bet Jonathon.

Operator

Over next with Wolfe Sam Research. Margolin to

Sam Margolin

Good morning. Thank following on for you me.

Darren Woods

Sam. Good morning,

Sam Margolin

way and How this bundling that’s existing to can it carbon just of want in sell did in an integrates the I in overlap terms credits commercialization overlaps a you where of a it also into with as opportunities. the way, there the gas particularly leading of carbon business early dig interesting Thanks. the capture with talk But commercialization just that know of little paths bit, kind business? effort? could few because applicable, but days. is customer about it’s something I you rest

Darren Woods

Sure. Yeah.

options I you reduction and with on Sam, for hit cleaner and think make, in of offsets the people market trying terms looking point to is, I the this is Jonathon steps. demand emission maybe one was

our from see think sectors, across, we -- of with see and terms the we environmentally footprint that there our our mentioned of in Downstream, the many that opportunity portfolio. And in all products certainly we opportunities in business as well. improved so, our of gas or there’s gas, -- there frankly, And Chemical in the you see an with recycling that we

of I with sure So, we that -- I engaged market that which works. and think, space we that pipeline. the we’ve have and -- mentioned, and We’ve how there can we technology in that We’ve that subsurface have make footprint to technologies momentum to projects to can. we take needle, up itself broadly capabilities this -- scale very a as business only the that organization got a work seeing been that. midstreams Not how opportunities, take investment are this over I time where the of. we doing, manufacturing can a is contributing and we knows and have got up that got get in be opening advantage mentioned, we apply. lot a of difference we’re think fairly these broad lend needs to we’ve do a understanding Then move make good that

and our very CCS successfully consistent look very at to different we -- wheelhouse. we building go a have with that you in the is if business today much what So, elements into do

that the And has market the see the that been opportunity. see the see we we development as grow, again we needs of So, opportunity. the here. in frankly, challenge as an And and momentum that

what the that’s focused and we're doing So I think here. work on

Sam Margolin

around terms just offset percentage targets as the then carbon slide on scale a carbon as total capture here, market addressable XX%. a of and of And Thanks. follow-up in your the

of number potentially tons of -- a Let’s Scope and way kind of like say, Exxon tons it, of in of here, scope, kind is X XX% about the thinking reasonable you that XX XXXX scalability have call XXX that your you're the million about it? Sustainability is million Emissions X. Report,

Darren Woods

his Well, the plan within will that to venture the get the full tell blown you, Joe business and and year to brings one and moving this in We’ll that I track we would on forming from plan -- chair have year a chance company is advantages we’ll part marketing -- translating -- our is in at that focused get of kind business do a organization to the And plan plans, that into that process and the the lay this all we can business our is all business give then I and plans put like together the where process that company then of would the and start other this Sam, businesses. marketing end business. tell with that into annual you, put together do then of we’ll we opportunity.

a made question of this move make these in have we’ll at a these things say go is progress. opportunities, I’d lot that’s to we and variable as look a that come things and to answer just, of all together there so, that forward big And is

And so, the how how is policy and a and moves, it regulatory kind right it’s of of quickly function of frameworks. respond a governments market part of function part external in of that the put

historically a And so, very one done. I we've think but it’s what a that consistent complicated it’s with space,

that optimistic this pretty our contribute feel I so, capabilities. And and come in consistent actually and competencies help we can and space, it’s and in very with

where is can this we contribute space the society we so, their and help And emissions. like feel reduce that

I opportunities you and see tuned, So to are here as work developing. say is how potential we’ll happen but that lot how with -- these And stay of be the would has there we sharing here. we develop that a that,

Sam Margolin

you Thank much. so

Darren Woods

Thank you, Sam.

Stephen Littleton

we I have more Operator, one time for probably caller. think

Operator

It time question. for have like Yeah. more looks one we

last from Our Morgan McDermott with Devin question Stanley. be will

Devin McDermott

me Good morning. squeezing Thank Appreciate it. you Hey. in. for

Darren Woods

Devin. morning, Good

Devin McDermott

spending part in there and you of on if opportunities So, you And think carbon I starting you where the across then mentioned the the years, few are opportunities the in that elaborate last technologies if Upstream, of are questioning I capital? for wondering low capital the there. first few the you’re projects that, wanted business. next that side, advancing carbon of some are scale planned about capture on you are that on and tangible of spending here program, in that carbon low in biggest types And the these on to compete other and and but on maybe follow-up looks the this with those legacy Downstream pockets have you’ve biofuels. focused to was hydrogen line the questions just capital And Chemicals opportunities near-term as businesses for and

Darren Woods

got Yeah. -- space. had this I a so portfolio very we’ve would say technology we’ve whole across -- active

areas energy work see effective recall we’ve technology where at is the and efficient, different may of develop Biofuels -- past, that potential lot technology and focused scale. area less we if I’ve the to for with universities, where got see got emissions more to A we’ve partnered a for energy can them cost how about around centers, in biofuels associated very them. in investing we number where process we an talked the processes world You alternatives. in more our of on take with existing drives make work we’ve

spectrum So, of relationships participating not we’ve trying we XX those and on. been -- there. out are a a that into with the opportunities broad as that steering to universities leverage we where try technology those higher but advance and bring potential to got would work, portfolio. in got get we’re are we look really working the of we’ve to higher have materials things, -- it. necessarily new look We’ve And potential say, some see technologies of I’d

we some it’s successful. -- pretty of level I’d requiring what say, around space, net in cast to wide them for technology the recognizing if So, that got not, we’ve a be breakthroughs evolution, technologies

And -- commercial different we but and so, the lot for they of since to keep promising, them the with space. of emerging pulse more our look bring then finger technology as you that a intent into the can’t on of then kind really plan technologies it

work work We’ve a course, the we’ve we’ll technology we’re been will biofuels we’ve that overlap work and, doing and CCS for group hydrogen we’re one has this technology things And lot new Certainly also a and we’ve on. the potential got with that so, doing have the process then and work be overlap work lot again, capture of process the in that the got doing, the what with other. of those that’s and focused of carbon generation. been doing and complement And together that -- and hydrogen storage.

year with and businesses. with from space after And something can been it’s mentioned So, in processes place, new, tend present with to continue I more standpoint. a themselves. greenhouse of remarks those this the sight we’ve that the we’ve on area And to new to we’ve then facilities got and my I’d new spend, it’s in long-term And you not working a focus that’s all forward for prepared and be better is organization objectives our and line after technology after XXXX made we’ve -- our we gases, and direct that put is into that we laid built respect we’ve can opportunities built something plans say to they’re make reducing see funded sure year progress moving into that’s from those that and the the and getting opportunities year that our out.

Devin McDermott

Great. Thanks. helpful Very detail.

-- exciting hopefully, a a like quicker one follow-up lot My here. opportunities. sounds And of

that some the maintenance the just whole higher next about amount was the the and flat coming could in flow terms the to a it’s $XX of over new billion flow understanding little slides you that years range the business just hold level in you online. spending XXXX think multi-year you on estimate across $XX I than just the if that help and of the spend billion. cash the XXXX projects order required billion we over of the of had stand, in $XX are fine-tune you steady? pinpoint that flow bit period, cash within can As several $XX in a CapEx, analysis Anyway, capital to with contextualize to wondering what some think contribution billion that is of cash us

Darren Woods

think have maximize our we or metric, it don’t Yeah. And the how robust environment? say, the value. other investment Well, we it versus portfolio? do price profile, as have is, build it’s objective way I industry volumes you they to and look of finding they we have How So, an look own would tend up within are What at any to to the our what that I -- old available to think the we get value operating are which see generate if under what to them. we -- context of in funded advantage back the then that ones constraints we’re investments. returns And What that are the projects putting to we from of can investments? understanding us, that those we the prioritize those the comes are. those investments the how and

particularly And that, to in that would though, portfolio of So, set the moderate a sheet that value continues and the given advance you, coronavirus and continue of market to the as the that sheet lots if given kind maintain we of back us corporation. the of will we’re and do ourselves we’ve focused allow move not on shown out of to continue Again, the best find say, to years that’s of the environment the the in sure and no impacts required got the it flexibility, capital. to there say highest is forward. to striking important that as role current that Those sure that’s pay continue the to a balance we’re what be pull is our the in. is a and one strong the first. to go showed into for years I right each that through that range and on we going plays hard continue outer you supportive really I’ll I’ve back the because outer that’s making how I are We balance circumstances be XXXX, and going think investments. would And those chart, like on the feel price allow dividend things we and the market -- and the as we’ve that we’ve cycles allows, balance, to given value as part fund if three thing will attractive responding proposition very formula. come really is prioritized circumstances to would I to we things indicative to just invest. the ride got of constraint we Make of deep environment are a still really that very It’s

Devin McDermott

Thanks for Understood. taking again questions. my

Darren Woods

Devin. Thanks,

Stephen Littleton

fourth Thank you the interest day. and results. us appreciate hope for We quarter you allowing thoughtful of you your enjoy Well, your questions rest thank We morning. and opportunity appreciate your highlight time and safe. you to to please this stay

Darren Woods

you. Thank

Operator

We for their call. today's concludes everyone again participation. thank This