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Jack Williams, Senior Vice President, holds employee forum in Lagos

Jack Williams, senior vice president, Exxon Mobil Corporation recently engaged the Upstream Nigeria (UN) workforce at an interactive forum held at Civic Centre, Lagos to discuss the global state of ExxonMobil's businesses.

Paul Dieffenthaller, executive director, Production, standing in for Nolan O'Neal, lead country manager and chief executive officer, ExxonMobil affiliates, Nigeria explained that the forum was organized as part of a broader discussion on the company's business beyond Nigeria, as well as to discuss ExxonMobil's current business portfolios and mid/long term investments. Dieffenthaller commended the ExxonMobil team for their resilience despite the economic slowdown, saying "the low price environment challenges us to be more creative and resourceful. Indications are that the workforce has been great and positive in their reactions.”

In his remarks, Williams pointed out that his third visit to Nigeria reaffirmed the strategic importance of the country's business to the overall ExxonMobil business portfolios and its long term commitment to Nigeria. "It's sad that the business condition during my visit is on the decline, bearing in mind the myriads of issues we are facing in security, prevailing low oil price, under funding from our JV partners, over lifting amongst others," William mentioned.

Williams, describing the state of business environment highlighted that, "ExxonMobil efforts are relentlessly focused on things we can control in relation to ensuring safe operations, protecting execution, maximizing reliability and leveraging our integrated model." He emphasized the Company's drive in prioritizing safety and security of our employees and asset.

According to him, the current business realities mean that the company's Upstream profitability earning has decreased over the last 10 -15 years in line with the current low oil price. William reiterated that the company's cash flow strategy is to protect our balance sheet and be positioned for good opportunities as we continue to borrow to invest in great projects with highest returns. "In maximizing our value of installed capacity, we will focus on sustained reliability improvement, enhancing base production, improving ultimate recovery, volume uplift equivalent to multiple major projects and strive to be lowest cost producer," he explained.

As part of the plan to unlock upstream value, the company will manage cost to improve its profitability through disciplined and consistent approach, capturing of market-driven efficiencies, implementing learnings from global operations and driving organizational effectiveness and synergies.

On flexible drilling and work program, Williams noted that the company is positioned to adjust activity in response to market conditions. Thus, the company will utilize opportunities identified in progressing profitable short-cycle, leverage existing infrastructure, low cost production uplift, and high-quality and diverse drilling inventory.