XOM
#Thank you, <UNK>.
Good morning, <UNK>.
Most of the information, as you know, has been digested in the media.
Just broadly speaking, the original target was about 42 billion cubic meters in 2014.
That's been originally reduced down to about 36 billion cubic meters, and then in the first half of 2015 down to 16.5.
It's still a very dynamic issue.
Our understanding is there will be further guidance from the government coming out in July.
But broadly speaking, as I referred to previously, our production guidance has been incorporating the reduction production constraints that we ---+ that had been advertised externally.
But it is having an impact, and I don't want to mislead anybody.
Yes, so the capacity of that terminal is just over 200,000 barrels a day, 210,000 barrels to be exact.
I'll emphasize a point I made earlier: that it's part of our integrated businesses.
It's a key element for us to connect our upstream business to our refining and chemicals business throughout the Gulf Coast and the mid-continent.
I'd say, just to your point, our gas activity has been fairly limited in the US.
We have really transitioned a lot of our drilling activity in the lower 48 to liquids plays, obviously, because we see the value proposition is stronger.
But I really back up and highlight the point that there is a real opportunity in the US to commercialize this gas if we were to remove some of the barriers that we've got before us.
And we've got, as you all are aware, we've got an investment pending in Golden Pass to convert that terminal to an LNG export facility.
We think we're very well positioned with infrastructure.
We think it is a great opportunity for the United States if we could increase the export options for the US producers.
It's going to create additional investment.
It's going to create additional jobs, and bottom line, it's going to improve the economy.
So I think the call to the government would be one of really taking advantage of the opportunity that the US has to really build energy security, not only in the US but more globally, by providing, if you will, free trade.
You're welcome.
Good morning, <UNK>.
You there.
Yes, I would tell you if you go back to the analyst presentation, we had assumed, just for the sake of the presentation itself, we had assumed a brent price of $55 per barrel.
And of course, flowed that into our production sharing contracts to give you a sense for what we would expect in terms of volume, and that is our target of 4.1 million-barrels per day.
Obviously, if price changes up or down, it's going to have an impact.
It's really, I really don't have a rule of thumb for you when it comes down to entitlement impacts, which as you know, include many different factors included in the commercial structure, as well as expenditure levels and obviously price.
But we had assumed a price forecast that's comparable to where we are right now.
No, in fact I would ---+ the guidance I'd give you <UNK> is that we'll go to see further capture opportunities as we progress through the year.
No, we have been able to capture savings in the first quarter, but as I alluded to, not all parts of our cost structure have responded in the same level.
And we'll continue to progress those and we expect increased savings over time.
Good morning, <UNK>.
That's a hard one to really answer.
I would step back and just think about the overall energy outlook that we publish annually.
We're fairly confident, given the range of variables that we test, that we're looking at about a 35% growth in energy demand between 2010 and 2040.
Fundamentally, that is how Exxon-Mobile sets its investment plans, and obviously, we continue to test that not only annually but periodically.
In terms of how the business, more broadly speaking, is investing and whether that's going to be sufficient to meet that energy growth over time, there are a lot of variables in it, including, you may recall, that in our energy outlook it really does require a very healthy progress on energy conservation.
But broadly speaking, it's hard for me to say whether the current level of investment will cause any shortages in the future.
Not at all.
Tanzania is, for the benefit of the people that are on the phone, Block 2 to date, we have participated in seven gas discoveries.
We think total resource in place is in excess of 20 TCF now.
There is a lot of work to do in a greenfield development like this.
Statoil and Exxon-Mobile have been progressing development plans for the initial discoveries, and then there's a broader consortium that has been looking at the potential for an onshore LNG facility.
We would tell you that the up-front planning is progressing.
I do ---+ I will confirm that there was one well we did not participate in, but I wouldn't use that as an indication of our lack of commitment.
I think what's important here as we go forward is we get better definition of the project, but equally important, you all know that LNG projects are capital intensive and what we need to ensure is that we have a stable fiscal regime with appropriate terms and conditions to underpin that type of an investment.
Well I think broadly speaking, it's a good observation.
Broadly speaking, I think when capital becomes constrained that by definition, that provides additional opportunities.
I would say from our perspective, it's the value proposition that we bring that we hope that resource owners will look to, and that is our ---+ a strong balance sheet, our leading return on capital employed, our operational expertise, the technology that we bring to resource development.
I'll say that we have we have one of the best, if not the best, project execution organizations.
And then we've got a leading downstream and chemical business that's fully integrated with our upstream.
And I'd say that as a package, those characteristics provide the, if you will, the winning proposition for resource owners.
Thank you.
Yes, I'd first say that triple A is really an outcome of our financial strategies.
As you've heard us say previously, that operating cash flows are our primary source of funding for both our capital departments and shareholder distributions.
We maintain a very strong focus and prudent approach to cash management throughout that cycle.
We have, as you know, significant debt capacity, but we'll maintain our financial flexibility and we'll continue to be very disciplined in how we invest and what we choose to invest in.
But we aren't going to forgo attractive opportunities, and I think that's a key differentiating factor for Exxon-Mobile is that we've got the capability to respond when we need to respond.
And we're very mindful of our cash balances and how far we want to take our investment program.
Yes, we're very ---+ we obviously we look at all of the variables when we talk about our cash management and our financing capability.
We keep a very mindful look at what our commitments are in the future.
But I'll tell you that we're very comfortable and we are very mindful about where we are in terms of our debt.
But I'm just not going to quote any specific numbers.
Well first and foremost, I want to say thank you for your questions, very good, very insightful, and I think it really brings more color to our business.
So to conclude, I just want to thank you for your time and we very much do appreciate your interest in Exxon-Mobile.
Thank you.
