2026 05 01 Exxonmobil XOM Q1 2026 Earnings Call
Golden Pass Train 1 achieved first LNG in March (+5% US exports); Permian on track 1.8M boe/day 2026; no direct AI power deals mentioned; Guyana record production; Papua New Guinea + Mozambique FIDs later 2026.
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ExxonMobil Q1 2026: Golden Pass LNG Train 1 achieved first LNG in March (adds ~5% to US exports; all three trains expected to add 15% total). Permian on track for 1.8M boe/day full-year 2026. No direct power supply deals for data centers were mentioned on the call — contrast with Chevron's CVX-MSFT West Texas deal (filed in the ai-power-gap-to-ep-direct-supply-entry mechanism). FIDs for Mozambique and Papua New Guinea LNG expected later in 2026. Autonomous deepwater drilling technology deployed in Guyana.
Transcript
Darren Woods (CEO): "Train one of the facility achieved first LNG in March and will deliver an increase of about 5% relative to 2025 US exports." [Total exports expected to rise ~15% after all three trains are online.]
Darren Woods (CEO): "We remain on track to grow full-year Permian production to 1.8 million oil-equivalent barrels in 2026, with that growth grounded in value, not volume."
Darren Woods (CEO): "In Guyana, we achieved the first deepwater fully autonomous well section using rig automation and automated downhole steering tools."
Darren Woods (CEO): "Mozambique and Papua New Guinea [projects are] expected later this year" for final investment decisions, reducing geographic concentration beyond Qatar operations.
[Note: No discussion of direct power supply agreements for data centers or AI-related energy demand on this call — contrast with CVX-MSFT West Texas deal (primary source: Michael Wirth, CVX Q1 earnings, 2026-05-01). This is a meaningful absence — XOM is not yet competing in the E&P direct power supply market.]