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Squawk Pod

ExxonMobil’s Record Profit, EV Price Wars, & Thwarting the ‘Texas Two-Step’ 01/31/23

Squawk Pod

CNBC

News, Business News, Investing, Business

4.2543 Ratings

🗓️ 31 January 2023

⏱️ 32 minutes

🧾️ Download transcript

Summary

ExxonMobil reported a record breaking $55.7B profit for 2022. CEO Darren Woods discusses the results and global oil policy, and warns that gas prices will rise again, while demand and supply are light. Ford and Tesla have slashed prices to remain competitive in the burgeoning electric vehicle landscape; WSJ reporter Tim Higgins explains the EV price wars and the road ahead for each player. Plus, the Biden administration is cracking down on Medicare private plans, and a U.S. appeals court has thwarted Johnson & Johnson’s strategy for handling its talc lawsuits, a plan known as the ‘Texas two-step.’ In this episode: Darren Woods, @exxonmobil Tim Higgins, @timkhiggins Becky Quick @BeckyQuick Andrew Ross Sorkin, @andrewrsorkin Katie Kramer, @Kramer_Katie

Transcript

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0:00.0

Bring in show music please.

0:03.0

Hi, I'm C. NBC producer Katie Kramer, today on Squawk Pot.

0:08.0

ExxonMobil breaking all available records for oil industry profits making 56 billion dollars.

0:16.0

CEO Darren Woods offers no apologies for the eye-popping numbers.

0:20.0

When times were toughest, we were out there investing at a level that exceeded anybody else in our industry.

0:26.2

We had a keen focus on making sure that we had the production there and products

0:31.1

available for society when it was needed.

0:34.0

And no apologies for increased share buybacks and dividend payouts.

0:38.5

And that's one of the balances that we have to strike, reducing emissions and

0:41.4

generating returns for our shareholders.

0:43.0

Tesla, Ford, Rivian, Lucid, all vying for the most competitive plug-in price tag.

0:48.4

Wall Street Journal E.B. reporter Tim Higgins. That can be a very painful process from going from the

0:54.5

rather cool idea of a car, cool product to making a car as a scale, just ask

1:01.4

you on Musk and his sleeping on the factory floor for all those years.

1:05.0

Plus, a market warning from shortseller Jim Chainos, the White House cracking down on what

1:10.7

Medicare charges the government, and Johnson and Johnson's dance to

1:14.4

avert lawsuits well someone stops the music. The Texas two step I didn't

1:18.7

really realize it was called the Texas two step Becky. It's pretty good name for it.

1:22.1

It's Tuesday January 31st,

1:24.8

2023. Squawk Pod begins right now. Stamp Becky by in three, two, one,

1:30.8

queue please.

1:32.6

Good morning everybody.

...

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