RUSH TRANSCRIPT This is ░░░░░░░░ into the one or ░░░░░░░░ day limited attack This ░░░░░░░░ a campaign we re ░░░░░░░░ unfold before our eyes ░░░░░░░░ think the Iranians made ░░░░░░░░ huge mistake this morning ░░░░░░░░ attacking Israel s oil ░░░░░░░░ We are ready to ░░░░░░░░ whatever action is needed ░░░░░░░░ course we will take ░░░░░░░░ of those actions in ░░░░░░░░ to what Iran does ░░░░░░░░ us So the Israel ░░░░░░░░ in Iran what does ░░░░░░░░ mean for energy prices ░░░░░░░░ oil if you take ░░░░░░░░ look at the oil ░░░░░░░░ one month can you ░░░░░░░░ the track up to ░░░░░░░░ 1st where this is ░░░░░░░░ futures for the year ░░░░░░░░ a bumpy ride for ░░░░░░░░ prices and then you ░░░░░░░░ how it s ending ░░░░░░░░ about this and more ░░░░░░░░ us tonight the CEO ░░░░░░░░ exxon mobil Darren Woods ░░░░░░░░ for being here Good ░░░░░░░░ be here bret Obviously ░░░░░░░░ has all happened over ░░░░░░░░ past three or four ░░░░░░░░ and a lot of ░░░░░░░░ about how it impacts ░░░░░░░░ energy industry and specifically ░░░░░░░░ How do you see ░░░░░░░░ today You have to ░░░░░░░░ with the context before ░░░░░░░░ s strike began The ░░░░░░░░ were fairly long And ░░░░░░░░ was looking to more ░░░░░░░░ prices were coming off ░░░░░░░░ the context of what ░░░░░░░░ a long market there ░░░░░░░░ strikes in anticipation and ░░░░░░░░ disruptions for the ability ░░░░░░░░ Iran to export oil ░░░░░░░░ think prices rose As ░░░░░░░░ have seen the attacks ░░░░░░░░ of carry their way ░░░░░░░░ the weekend that eximportance ░░░░░░░░ has been spare quite ░░░░░░░░ to not disrupts the ░░░░░░░░ supply And so we ░░░░░░░░ seen prices start to ░░░░░░░░ off again There is ░░░░░░░░ spare capacity in the ░░░░░░░░ today to accommodate any ░░░░░░░░ oil that comes off ░░░░░░░░ market infrastructure for exports ░░░░░░░░ is effort Lindsey Graham ░░░░░░░░ effort appear to sanction ░░░░░░░░ oil Iranian oil The ░░░░░░░░ clearly are buying both ░░░░░░░░ that evening the market ░░░░░░░░ on how the sanctions ░░░░░░░░ applied If they are ░░░░░░░░ taking the oil off ░░░░░░░░ can take the Iranian ░░░░░░░░ off and I think ░░░░░░░░ is spare capacity to ░░░░░░░░ that Maybe some of ░░░░░░░░ Russian oil also the ░░░░░░░░ oil that may come ░░░░░░░░ When you start to ░░░░░░░░ all those up what ░░░░░░░░ are doing is taking ░░░░░░░░ less and less contingency ░░░░░░░░ then you have got ░░░░░░░░ room for error as ░░░░░░░░ world goes forward As ░░░░░░░░ markets get tighter you ░░░░░░░░ to see prices go ░░░░░░░░ The market is signaling ░░░░░░░░ want more capacity and ░░░░░░░░ They are thinking not ░░░░░░░░ the immediate but kind ░░░░░░░░ longer term the ability ░░░░░░░░ bring on more capacity ░░░░░░░░ Bret I have heard ░░░░░░░░ Trump Administration say the ░░░░░░░░ is good on a ░░░░░░░░ of fronts whether it ░░░░░░░░ regulations and innovation for ░░░░░░░░ energy industry What s ░░░░░░░░ biggest challenge that you ░░░░░░░░ have right now Well ░░░░░░░░ I think the administration ░░░░░░░░ very focused on In ░░░░░░░░ as secretary rice and ░░░░░░░░ have addressed this specifically ░░░░░░░░ to challenge the permitting ░░░░░░░░ at our base business ░░░░░░░░ drilling wells on state ░░░░░░░░ in Texas we can ░░░░░░░░ a permit to trial ░░░░░░░░ on on or two ░░░░░░░░ federal land two years ░░░░░░░░ co 2 or drilling ░░░░░░░░ two to five years ░░░░░░░░ a permit Permitting the ░░░░░░░░ that s getting in ░░░░░░░░ way of not just ░░░░░░░░ industry but all industries ░░░░░░░░ able to invest jobs ░░░░░░░░ on the ground Coming ░░░░░░░░ Bret obviously talking about ░░░░░░░░ world Including the EU ░░░░░░░░ was struck by the ░░░░░░░░ chairman talking about this ░░░░░░░░ due diligence directive Take ░░░░░░░░ listen Do not lose ░░░░░░░░ of the fact that ░░░░░░░░ Europe there is the ░░░░░░░░ sustainability due diligence directive ░░░░░░░░ other aspects that will ░░░░░░░░ the exterritorial effect that ░░░░░░░░ effect American companies and ░░░░░░░░ s hotly under debate ░░░░░░░░ Europe right now I ░░░░░░░░ concerned about that as ░░░░░░░░ Bret all right Put ░░░░░░░░ in English for our ░░░░░░░░ what is this due ░░░░░░░░ directive and why is ░░░░░░░░ important One of the ░░░░░░░░ of this job I ░░░░░░░░ to see all around ░░░░░░░░ world policies put in ░░░░░░░░ to effect our industry ░░░░░░░░ is one of the ░░░░░░░░ irresponsible piece of legislation ░░░░░░░░ across any country Basically ░░░░░░░░ the failed policies of ░░░░░░░░ to get their businesses ░░░░░░░░ comply with their climate ░░░░░░░░ and have led to ░░░░░░░░ of yoirp Made them ░░░░░░░░ competitive Trying to clear ░░░░░░░░ clear the regulation and ░░░░░░░░ business a chance to ░░░░░░░░ they are trying to ░░░░░░░░ that and put it ░░░░░░░░ other companies Bret in ░░░░░░░░ words if you are ░░░░░░░░ to do business in ░░░░░░░░ follow stipulations For the ░░░░░░░░ corporation The business I ░░░░░░░░ in Texas or Australia ░░░░░░░░ China all have to ░░░░░░░░ comply with EU regulations ░░░░░░░░ require us to try ░░░░░░░░ meet the clair accord ░░░░░░░░ 5 not possible How ░░░░░░░░ it get Trump cards ░░░░░░░░ policies that effect the ░░░░░░░░ S unchts I think ░░░░░░░░ Trump Administration we have ░░░░░░░░ to them about bringing ░░░░░░░░ into tariff discussion as ░░░░░░░░ nontariff barrier that s ░░░░░░░░ the U S companies ░░░░░░░░ across all industries to ░░░░░░░░ and Congress can pass ░░░░░░░░ that tells U S ░░░░░░░░ they don t have ░░░░░░░░ follow that legislation and ░░░░░░░░ essentially Europe opens that ░░░░░░░░ by anybody doing business ░░░░░░░░ Europe as a level ░░░░░░░░ revenue that exceeds 450 ░░░░░░░░ euros which for an ░░░░░░░░ company is easily surpassed ░░░░░░░░ to the future last ░░░░░░░░ the international energy agency ░░░░░░░░ oil demand will peak ░░░░░░░░ 2029 What do you ░░░░░░░░ No chance of that ░░░░░░░░ I think what you ░░░░░░░░ hang in demand even ░░░░░░░░ you continue to grow ░░░░░░░░ as you grow solar ░░░░░░░░ will continue to see ░░░░░░░░ for oil and gas ░░░░░░░░ grow through 2050 What ░░░░░░░░ fail to recognize the ░░░░░░░░ parts of the planet ░░░░░░░░ in energy poverty 4 ░░░░░░░░ are living below what ░░░░░░░░ be a minimum threshold ░░░░░░░░ standard of living nut ░░░░░░░░ associated with that all ░░░░░░░░ people are working to ░░░░░░░░ their standards of living ░░░░░░░░ are trying to grow ░░░░░░░░ the world That s ░░░░░░░░ to take energy and ░░░░░░░░ energy that need to ░░░░░░░░ command for energy and ░░░░░░░░ the commands for plastics ░░░░░░░░ is absolutely critical to ░░░░░░░░ of living Bret is ░░░░░░░░ news a good good ░░░░░░░░ We are very early ░░░░░░░░ the oncology conventionally haifa ░░░░░░░░ There is a lot ░░░░░░░░ technology development yet do ░░░░░░░░ lock the resources Right ░░░░░░░░ in place and the ░░░░░░░░ but he galatian he ░░░░░░░░ we are in a ░░░░░░░░ position to that?