Yours is that company. ExxonMobil is in a prime position to generate strong returns and remain the industry leader, leveraging our strengths and outperforming our competition in growing shareholder value.
We’re investing in advantaged projects to grow our world-class portfolio. Through exploration and strategic acquisitions, we’ve captured our highest-quality inventory since the Exxon and Mobil merger, including high-impact projects in Guyana and Brazil. In Papua New Guinea and Mozambique, we’re adding new low-cost supplies of future LNG. We’re also ramping up unconventional production in the U.S. Permian Basin. In our Downstream, we’re using our proprietary technology to produce higher-value products. And in our Chemical business, we’re investing in capacity and manufacturing new products to meet the needs of growing economies around the world. ExxonMobil is investing for high-value growth.
Integration enables us to capture efficiencies, apply technologies, and create value that our competitors can’t. For example, we’re connecting our oil and natural gas production in the U.S. Permian Basin with our Gulf Coast refineries and chemical plants, which are producing higher-value fuels and chemicals at a cost below our competition. Our midstream facilities, including a strategic terminal we acquired, ensure our operations remain synchronized and avoid value leakage along the supply chain. The whole of ExxonMobil is worth more than the sum of our parts.
ExxonMobil is uniquely committed to innovation. We employ more than 19,000 scientists and engineers, and we invest more than $1 billion annually in research and development. Our innovations in seismic imaging and advanced reservoir modeling enable us to see and capture high-quality opportunities before others can. Our Downstream investments to produce cleaner, higher-value products are benefiting from unique, proprietary catalysts and processes that drive project returns well above industry norms. Innovative products pioneered in our Chemical business are enabling a growing global middle class to enjoy a higher quality of life. Our innovation is delivering value to our customers, our communities, and you, our shareholders.
Our technology investments are also building a foundation for the future – creating long-term value for society. ExxonMobil is a long-standing leader in the discovery of scalable technologies. This includes research in algae biofuels and carbon capture and storage, where we’re making important advances. We’ve also invested more than $8 billion since 2000 in lower-emissions energy solutions. Innovation underpins our growth – now and in the future.
Your company continues to drive value across our global operations. We’re developing exciting, world-class opportunities while meeting the challenge of changing market conditions head-on. I’m proud of our people and confident in their abilities to deliver industry-leading performance. And I’m grateful for the confidence you’ve put in ExxonMobil.
Darren Woods, Chairman and CEO