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Exxon Mobil Corporation (XOM) CEO Darren Woods on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 3:59 PM ETExxon Mobil Corporation (XOM)8 Comments
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Exxon Mobil Corporation (NYSE:XOM) Q1 2020 Earnings Conference Call May 1, 2020 9:30 AM ET

Company Participants

Stephen Littleton - Vice President, Investor Relations and Secretary

Darren Woods - Chairman & Chief Executive Officer

Conference Call Participants

Sam Margolin - Wolfe Research

Jon Rigby - UBS

Neil Mehta - Goldman Sachs

Roger Read - Wells Fargo

Doug Leggate - Bank of America

Doug Terreson - Evercore ISI

Jeanine Wai - Barclays

Jason Gammel - Jefferies

Phil Gresh - JPMorgan


Good day, everyone, and welcome to this Exxon Mobil Corporation First 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

Thank you. Good morning, everyone. Welcome to our first quarter earnings call. We appreciate your participation and continued interest in Exxon Mobil. As a quick introduction, my name is Stephen Littleton. I assumed the role of Vice President of Investor Relations on March 15. Joining me on the call today is our Chairman and CEO Darren Woods.

Before discussing our results, I would like to express our hope that all of you listening and your families are safe and taking the appropriate steps to fight the coronavirus. These are challenging and unprecedented times as the world deals with and adapts to the coronavirus pandemic. Global economies have slowed down significantly as governments work to contain the disease.

During the call today, we will put our results into context and share with you how our business performed in the first quarter. After I cover the quarterly, financial and operating results, Darren will provide his perspectives reflecting on the broader market environment and steps we're taking to both respond to these challenges and ensure we remain well positioned

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Comments (8)

Growing population- the elephant in the room- is not a good basis for prosperity. The pandemic shows how poor families suffer most in contagions and Africa alone collected USD 57 billion in international aid from taxpayers for problems due to abysmal governance. Politics delay progress of Exxon and other business in Guyana where under 1 million are denied credible election results by fraudulent authorities driven by racial envy. The generous petroleum industry overcomes barriers to benefit communities along the value chain from education to environment and remains a beacon in a brutal world. Lockdown must end soon. Best wishes to Darren et al
Thoughts on XOM as a long term investment at today's price of $ 43.14. Dividend and PPS forecast 2-3 years out?
2-3 year PPS target $60+, dividend will stay intact, but doubt they will raise it this year (7-8% while you wait). Never ending cycle: The cure for lower oil prices is LOWER oil prices. Depress the price, gobble up (or force out) the smaller competitors, significantly slow down the spigots, right before a projected demand spike (vaccine). Why do you think the are against a federal bailout? They're licking their chops!

I don't know. Shell has 18 B cash on hand, isn't borrowing to pay the Dividend and just saved themself another 9 B a year in Dividend payouts whereas XOM only has about 3 B cash on hand, and is borrowing to pay the dividends. Sure you aren't blinded by the Dividend payout??
This ain't their first rodeo. Exxon will emerge stronger through this demand shock. It's a Virus: it's practically guaranteed to be temporary. Every brilliant mind on the GLOBE is attacking it. If Exxon was he11 bent on cutting the dividend, why not do it now when no one would question the move? Why in the world would they cut it after demand rebounds? Why do they resist a federal bailout?--Answer: They know the smaller competitors will not survive this demand shock and they can! Sure you're not blinded by the doom and gloomer's rants? Bottoms are saturated with chicken little stories of "the end is near" and "this time is different" proclamations. Ask yourself a question: when you're driving down the street and see a man holding a "THE END IS NEAR" sign...what do you think of this man?? It's your money. I'm a buyer...period.
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