Kevin Warsh, Gov. Wes Moore, & Exxon’s Darren Woods 1/30/26

Summary

Squawk Pod – January 30, 2026

Episode Title: Kevin Warsh, Gov. Wes Moore, & Exxon’s Darren Woods
Hosts: Joe Kernen, Becky Quick
Main Guests: Governor Wes Moore (Maryland), Kevin Warsh (President Trump’s pick for Federal Reserve Chair, discussed via Steve Liesman), Darren Woods (ExxonMobil CEO)

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Episode Overview

This episode dives into three major topics shaping economic and political headlines:

• Maryland Governor Wes Moore discusses affordability, pragmatic governance, and the future direction of the Democratic party.
• The breaking news and implications of President Trump selecting Kevin Warsh as the next Federal Reserve Chair, as analyzed extensively by CNBC’s Steve Liesman.
• ExxonMobil CEO Darren Woods discusses the company’s strong financial performance despite low oil prices, its global strategy, and the broader energy policy landscape.

The tone is lively, candid, and colored with the hosts’ trademark wit and playful banter, especially as they tackle complicated policy issues and industry trends head-on.

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Section 1: Affordability and State Policy – Governor Wes Moore

[03:36–14:28]

Key Discussion Points

• Affordability as a Persistent Challenge:
  • Governor Moore emphasizes that affordability is not a new issue. His gubernatorial campaign focused on "creating pathways for work, wages, wealth... making sure that people can find good jobs that pay FAIR wages, and people have a chance to own more than they owe." (04:04)
• State Actions and Policy Priorities:
  • Moore targets corporate price manipulation, advocating for transparency in grocery pricing driven by consumer data.
  • Housing: He positions himself as “one of the most bullish governors in this country on increasing housing inventory,” aiming to drop costs through supply expansion.
  • Energy: Advocates an "all of the above" approach—expanding nuclear, solar, and other energy options to keep costs down.
• Wages and Economic Realities:
  • While nominal wages are rising, Moore notes they’re not keeping up with costs: “We're finally watching wages rise, but we're not watching wages rise to the same extent as prices. And that's the thing. I think people feel their real...” (05:44)
  • Rising unemployment adds a “stagflation” pressure.
• Maryland’s Economic Turnaround:
  • Despite significant federal job losses (“over 25,000 federal employees fired... just in Maryland alone”), Maryland’s private sector job growth keeps state unemployment below national average.
• Balanced Budgets and Taxation:
  • Moore highlights his fourth consecutive balanced state budget, “that does not raise taxes or fees,” while investing in public schools and law enforcement. Recent tax reforms include tax cuts for the middle class and veterans, with slight increases only for high earners.

Notable Quotes

• On bipartisan potential of ‘baby bonds’:
  “Baby bonds and these type of structures are things that I have advocated for for years. I think it's one of the more effective things that you can do to actually impact the issue of childhood poverty, which is the reason why I ran for governor in the first place.” – Gov. Wes Moore [09:07]
• On being pragmatic rather than partisan:
  “I don’t do the ‘are you this or are you that?’ I’m like, what makes sense… I just like getting things done and I don’t like falling into the ideological boxes.” – Gov. Wes Moore [14:28]
• On results:
  “Maryland has had the fastest drop in violent crime anywhere in the United States of America over the past two years. Violent crime is down nearly 50% since I put my hand on the Bible and was inaugurated.” – Gov. Wes Moore [12:04]

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Section 2: Breaking News – Kevin Warsh Nominated as Fed Chair

[16:52–31:10]

Key Discussion Points

• Trump’s Nomination and Warsh’s Credentials:
  • President Trump’s post on Truth Social announces Warsh’s nomination, emphasizing Warsh’s credentials—from Hoover Institution and Stanford GSB to Fed Governor, to White House Economic Policy.
• Policy Stance and Critiques:
  • Warsh is known as a critic of QE (Quantitative Easing) and of Powell’s pandemic inflation response. He believes the Fed should focus on shrinking its balance sheet and reducing its “footprint.”
  • Warsh champions Fed independence, arguing it is best preserved by "reducing its footprint in the economy, balance sheet, and its political profile." (Steve Liesman, 21:31)
• Street and Staff Reaction:
  • Steve Liesman explains that Warsh’s hawkish reputation and public criticisms raise concerns about his ability to build consensus within the FOMC.
  • Wall Street expects Warsh not to be a “dove” on rates, nor a rubber stamp for Trump’s preferences for easier monetary policy.
• On Fed Independence:
  • The hosts point out that, compared to other mooted nominees, Warsh’s selection signals Trump’s willingness to appoint a more independent-minded Fed chair.
• Market Perspective:
  • The discussion touches on the complexity of the Fed’s relationship with growth and inflation—dispelling the misconception that strong growth necessarily leads to preemptive rate hikes.

Notable Quotes

• On Warsh’s views:
  “He's been a sharp critic, as you know... blames them for the pandemic inflation... He has said the balance sheet can be ‘reduced significantly.’” – Steve Liesman [20:38]
• On Fed chair’s job:
  “What you just pointed to is essentially the Federal Reserve chair's job... he’s going to have to put a consensus together... and work with the staff.” – Steve Liesman [27:01]
• On Fed independence and markets:
  “I don't think that Kevin Warsh is going to preside over runaway inflation in this economy. And I think that there is room for the Federal Reserve to be tighter with its policy.” – Steve Liesman [30:11]

Memorable Banter:

• “Can we just say for Fed watchers that had hair that was on fire, that the worst did not come to pass?” – Joe Kernen [15:09, 29:15]
• Playful “anti-baldite” jokes between Joe and Steve Liesman [29:28–31:10].

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Section 3: ExxonMobil’s Darren Woods – Oil, Profitability, and the Future of Energy

[34:09–48:59]

Key Discussion Points

• Strong Results Amid Low Oil Prices:
  • Despite $6 billion in lost earnings from lower oil/commodity prices, ExxonMobil clawed back half through increased volumes and cost reductions.
  • Record production in Guyana and the Permian contributed to Exxon’s highest output in over 40 years.
  • Since 2019, over $15 billion in structural cost reductions—greater than all major competitors combined.
• Operational and Strategic Excellence:
  • Woods attributes success to operational discipline, technological innovation, and world-class project execution: “That is the foundation that we've laid that's led to this growth.” [37:14]
• On Venezuela:
  • Exxon unlikely to reinvest without major political and legal reforms due to past expropriations: “If you don’t uphold the sanctity of the contracts… we can't continue to work with you… It's a very slippery slope once you begin to cooperate, work with people who are stealing from you.” [40:10]
  • Woods says outstanding compensation claims are now “not material” for Exxon but future investments will require secure legal frameworks.
• Transition and Environmental Policy:
  • Exxon continues investing in both traditional oil/gas and decarbonization technologies like carbon capture—but only where it makes prudent business sense: “If the markets don't develop for these investments... we won't make the investments. That's how we run the business.” [44:32]
  • Warns against Europe’s “ideological” energy policies, citing negative impacts on economic competitiveness and energy security [45:02].
• Outlook on Oil Prices & Global Supply:
  • Despite geopolitical tensions, Woods sees global oil supply as comfortable and industry healthy: “The markets are well supplied... that’s why we haven’t seen a lot of volatility... even with all the geopolitical dynamics.” [46:38]
• Linking Energy and AI/Data Centers:
  • Exxon is collaborating with tech companies to provide low-emission power for data centers, seeing new opportunities at the intersection of AI and energy demand [47:47].

Notable Quotes

• On Exxon's approach to energy transition:
  “We can walk and chew gum. We can do both these things.” – Darren Woods [44:32]
• On policy and energy security:
  “Europe is a classic example of how they've let that ideology drive their policy, which is significantly impacting the investability of Europe, the competitiveness of the assets that are there. Their businesses are shrinking, our industry is shrinking there. That's really putting them in a perilous position... and Europe’s got to make a significant change here.” – Darren Woods [45:02]
• On Exxon's readiness for market bumps:
  “There may be some bumps and some volatilities, but the industry is pretty healthy today and pretty capable of responding...” – Darren Woods [46:38]

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Timestamps – Key Segments

• [03:36–14:28] Governor Wes Moore: Affordability, economic policy, pragmatic governance, Democratic Party direction
• [16:52–31:10] Kevin Warsh nominated for Fed Chair: Announcement, analysis by Steve Liesman, implications for the Fed, markets, and independence
• [34:09–48:59] ExxonMobil’s Darren Woods: Quarterly results, global oil outlook, Venezuela, energy policy, transition, and climate politics
• [19:40–20:07] Anecdote about Warsh at Michael’s restaurant – Joe Kernen
• [44:32] Woods’ take on whether Exxon will continue decarbonization investments in shifting political climates

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Memorable Moments & Humorous Exchanges

• Wes Moore’s pragmatic, non-partisan identity:
  Joe and Becky try to “pigeonhole” Moore into party labels, but he insists he’s focused on “what works.”
  “I just like getting things done and I don’t like falling into the ideological boxes.” [14:28]
• Fed Watcher Humor:
  Multiple references to “hair on fire” over potential Fed picks, segueing into “anti-baldite” jokes between Joe and Steve.
• Exxon and Energy Policy Banter:
  Joe jokes about global warming (“It's colder than hell back here”), poking fun at climate politics and referencing Al Gore’s appearance at Davos.
• Woods on dual focus:
  “We can walk and chew gum. We can do both these things.” [44:32]

---

Conclusion

This episode of Squawk Pod provides a well-rounded, dynamic look at major issues influencing economic, financial, and political landscapes as of early 2026. From macroeconomic strategy at the state and federal level to the global energy transition, the conversation is characterized by blunt realism, policy pragmatism, and a belief in practical, data-driven solutions—even as political and market forces diverge.

For listeners interested in:

• Real-world state governance and pragmatic progressivism
• The future of U.S. monetary policy and Fed independence
• Energy sector transformation and corporate adaptation to global trends

Most memorable takeaway:
Pragmatism is the word of the day—from Wes Moore’s “what works” ethos to the cautious, grounded strategy of Darren Woods at ExxonMobil and the nuanced, independence-minded perspective attributed to Kevin Warsh at the Fed.

Transcript

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[Katie Kramer]

Hi, I'm CNBC producer Katie Kramer.

[Becky Quick]

Today on Squawk Pod, President Trump saying that he has picked Kevin Warsh.

[Katie Kramer]

Finally, the president's pick for new Federal Reserve chair. CNBC's Steve Liesman helps break down the news.

[Steve Liesman]

Warsh has criticized staff, he's criticized the PhD, he's criticized the elite running policy, and he also has said that policy has been favoring the wealthy rather than than people and, and I think rightly so when it comes to criticizing, by the way, the Fed's actions during the.

[Katie Kramer]

Pandemic and ExxonMobil posting a strong financial quarter even though oil prices are low and supply is high. Exxon chief Darren woods joins us.

[Darren Woods]

The markets are well supplied, so you've got a, I think a comfortable supply of oil, which is why we haven't seen a lot of volatility in oil with, with all the geopolitical dynam, plus.

[Katie Kramer]

The future of the Democratic Party with Maryland's Governor Wes Moore, why he's focused on what works rather than what's partisan.

[Governor Wes Moore]

Baby bonds and these type of structures are things that I have advocated for for years. I think it's one of the more effective things that you can do to actually impact the issue of childhood poverty, which is the reason why I ran for governor in the first place.

[Katie Kramer]

It's Friday, January 30th, the last trading day of the longest month ever. Squawk Pod begins right now.

[Governor Wes Moore]

Stand Becky by in 3, 2, 1.

[Darren Woods]

Q, please.

[Becky Quick]

Good morning, everybody. Welcome to Squawk Box right here on cnbc. We're live from the NASDAQ marketsite in Times Square. I'm Becky Quick. Along with Joe Kernan. Andrew is out today. Welcome back.

[Joe Kernen]

Thank you. Can we.

[Becky Quick]

You look tan.

[Joe Kernen]

Can we go back to. Yeah, it's wind to Davos.

[Becky Quick]

It's warmer there. Yeah, I can read your mind. We've been doing this for so long.

[Joe Kernen]

Yeah. No, this is Windburn. This is Windburn. Played golf at a place where, you know, there's a course out in California where every, it's Spyglass. Every hole is uphill.

[Becky Quick]

Oh, yeah.

[Joe Kernen]

At this course, that beautiful, fantastic course down in Florida. Wind in my face, every hole.

[Becky Quick]

May the wind be always at the back.

[Joe Kernen]

Yeah. No, it wasn't. No. And you know, my swing is in general just smooth as silk. And, you know, with the 30 mile an hour wind in my face, it's really something to behold.

[Becky Quick]

So you got a really low score is what you're trying to tell me or not?

[Joe Kernen]

No, no. It's scary. Makes me worry about pebble beach and people watching what's coming up in a while. People watching and everything else.

[Becky Quick]

Joining us right now on set to talk about affordability, the energy grid and much more is Maryland Governor Wes Moore. Governor, it is great to see you this morning.

[Governor Wes Moore]

It's great to be back with you. Thank you.

[Becky Quick]

Thank you for coming in.

[Governor Wes Moore]

My pleasure. My pleasure.

[Becky Quick]

I guess front and center affordability issues, that's been something we've spoken with you about in the past. It seems to be resonating through both political parties because it is something that hits so close to home for so many Americans right now. Where do we stand on the affordability issue? Do you think things are going to be better or worse in 2026?

[Governor Wes Moore]

Well, and it's also important to remember that this is not a new issue. I mean, when I, when I ran in 2022, you know, the issue that we talked about, it's about creating pathways for work, wages, wealth. Right. That's essentially affordability. Right. It's making sure that people can find good jobs that can pay them fair wages and people have a chance to own more than they owe. That's essentially all people are asking for. And so even if you look at the policies that we have laid out and the things that we are, you know, really prioritizing for this year, it's things like going, you know, going after price manipulation where you have large corporations, when people walk into grocery stores and their data is being used against them to adjust prices, that we're going after things like housing, where I probably one of the most bullish governors in this country on increasing housing inventory. Because if you increase inventory you're going to by, in essence, help to drop costs that we are focusing on things like energy, where I want to have more energy options, I want to invest in, in nuclear and solar and additional nuclear options, where I believe in an all of the above approach when it comes to energy, because that will help to drive down costs. And so I do think this is an issue now, but also I don't think this is a new issue for many people on committee.

[Becky Quick]

It's not a new issue. And let's be honest, this came from the huge increase in inflation that we saw post Covid or during COVID and then post Covid absolutely started in the Biden administration. It was really strong. And that inflation has tamped down, but prices haven't come down. And so Americans are still feeling this pinch.

[Governor Wes Moore]

But they are. And I think we're also seeing is you have that combination of inflation, inflation and now rising unemployment. So you're having that. Those stagflation pressures.

[Joe Kernen]

Wages are at least finally, we are.

[Governor Wes Moore]

We'Re finally watching, watching wages rise, but we're not watching wages rise to the same extent as prices. Right. And that's the thing. I think people feel they, their real.

[Joe Kernen]

Wages have been rising.

[Governor Wes Moore]

Correct.

[Joe Kernen]

But, but that means that it's faster than inflation, just by definition, the old inflation. Right.

[Governor Wes Moore]

Than the old inflation. But I think the, but the challenge, but the challenge also becomes this, is that if we're watching unemployment also rise, you can raise wages. And for people who have work, that's great. But we're watching more and more people who now no longer have work or at least a steady type of work.

[Joe Kernen]

The Fed, you know, in the most recent said the risk of a real weakness in the labor market has subsided and we're still at basically at full employment.

[Governor Wes Moore]

We are.

[Joe Kernen]

What is it, 4.5, 4.6.

[Governor Wes Moore]

About that. That's exactly right. And honestly, listen, if you look at, if you look at the state of Maryland, when I was first inaugurated as governor, we were ranked 43rd in the country in unemployment. We have taken a greater hit of federal employees being fired than anyone else. I mean, we've, we've now had over 25,000 federal employees fired who are Marylanders, just in Maryland alone, more than any other state in this country. But because we've seen private sector employment kick up and because we've been really creative about ways to support our federal workers, we've actually had an unemployment rate that's still significantly lower than national average.

[Becky Quick]

Look, this is, this is an issue that both political parties are trying to Capitalize on. They say the word affordability, they say the words trying to make it easier for Americans, but they both have pretty different ideas, at least if you're looking at the national level of these politicians who are talking about how to bring some of those ideas down. Here in New York City, Zora Mandani has made a lot of headlines this week talking about how he thinks the wealthiest individuals and the biggest corporations are going to have to understand that their relationship with the city is going to have to change. Change that they will be paying more to offer more services to those who are at the bottom end of that. I don't think that's necessarily the same school of thought that you come at with some of these issues.

[Governor Wes Moore]

Yeah, I mean, I just introduced my, my most recent budget, you know, last week, and for the fourth year in a row, I did something that no one in Washington can do, which is actually present a balanced budget.

[Becky Quick]

You have to, don't you?

[Governor Wes Moore]

Yeah, no, no, it's fair. But, but we present a balanced budget that does not raise taxes or fees on the people of the state of Maryland. That, that still keeps A very healthy 8% within our, within our rainy day fund that actually significantly cuts the structural deficit that Maryland had that I inherited when I first became the governor. And if you look at what we did last year, we actually did tax reforms where. But the tax reforms we did was actually giving the middle class a tax cut, military veterans a tax cut. And we asked those who were doing well to invest a little bit more. But when I'm talking a little bit more for a person who's making over $750,000 a year, their increase was about 1200, was about $1400. And so we think that was a smart way of being able to say we are going to make investments in our public schools, we're going to make investments in law enforcement. And we've seen the results of those type of investments already.

[Joe Kernen]

Wes, do you wish Democrats had listened when these Trump accounts were proposed? Because that was proposed in the Biden administration. They had this idea. And why do you think that went nowhere? And why isn't it getting more bipartisan praise for the potential to have every child participating in what we do so well here in this country and that's create wealth and capitalism.

[Governor Wes Moore]

The truth is, is that baby bonds and these type of structures are things that I have advocated for for years. I think it's one of the more effective things that you can do to actually impact the issue of childhood poverty, which is the reason why I ran for governor in the first place.

[Joe Kernen]

Then you get some billionaires that step up and match things, and maybe they're not all, you know, headed, you know, straight to hell when they die. Maybe some of them are.

[Governor Wes Moore]

Yeah, well, no, and listen, and I believe in public private partnerships. If you look at the work that we're doing in Maryland, we actually have, you know, the most aggressive push towards ending child poverty through our ENOUGH Act. And ENOUGH is actually an acronym that stands for Engaging Neighborhoods, Organizations, Unions, Governments and households, where it's actually, it is pretty good, but it's actually focusing on how do we come up with a public private type of partnership to be able to use data to understand what were the areas in our. In our communities, urban, rural and suburban, that have been most inflicted by this issue of concentrated and generational childhood poverty. That's the kind of smart initiative that I think can work, but I do think that these accounts are something that can actually work and people should, should be honest about that.

[Joe Kernen]

Right. What are you, moderate? I'm just trying to figure out with your party where, where you come down, do you want more government? Do you think that's where the solutions are? You think that less government, the private sector is where it is? Are you ever watching some of your co Democrats, whatever they're called, Chris Murphy, something like that, you ever watching them? Where you go, I don't know, someone in a squad or you're just like, you know, you're at a loss for words on how to react to where the geographic center of that party is right now?

[Governor Wes Moore]

Well, you know, it's funny, Joe, because when I. Because again, I had never run for office before in my life.

[Joe Kernen]

I remember when I ran for governor. It doesn't mean you weren't on our show because you were on.

[Steve Liesman]

It's true.

[Governor Wes Moore]

I was on for years.

[Joe Kernen]

For 15 years you've been coming when.

[Governor Wes Moore]

I was running Robin Hood, long before Robin Hood, correct? That's exactly right. But I remember people were asking me, they'd say, like, so where are you? And they're like, I ask you again because I'm still.

[Joe Kernen]

Yeah, because I want to hear. I'm hopeful.

[Governor Wes Moore]

Yeah, I'm hopeful you're going to give.

[Joe Kernen]

Me an answer that I would like.

[Governor Wes Moore]

So, you know, you know where I am. So, like, for example, when people said, well, you have. We're going to deal with the issue of violence. And they said, well, are you pro police or are you pro community? And I said, I'm not choosing. And so what we've done in Maryland I've made the largest investments in law enforcement and local law enforcement in our state's history. But you know what I've also done? Made investments in community groups and community violence intervention groups. And I've worked with both the mayor, the state's attorney and the public defender that we invested in technology and said, if someone commits a violent crime, particularly with a firearm, I want them in handcuffs in 24 hours. And we've also invested and said making sure that Maryland is one of the only states that actually invests in the U.S. attorney out of balance sheet. And what have been the results? Maryland has had the fastest drop in violent crime anywhere in the United States of America over the past two years. Violent crime is down nearly 50% since I put my hand on the Bible and was inaugurated.

[Joe Kernen]

You could stake out a whole new territory in the Democratic Party.

[Governor Wes Moore]

I don't do the are you this or are you that? I'm like, what makes sense.

[Becky Quick]

Help us pigeonhole you. Help us pigeonhole you.

[Joe Kernen]

Can. I just am thinking about, let's talk. I can help you. I just give you some friendly advice on how to approach things because, man, I think the country's looking for there will be a post Trump United States, obviously. And I just don't think it's going to be quite as polarized as it is. But, you know, it's hard to find a candidate that appeals to anyone on. It's like there's. What is it?

[Becky Quick]

The Venn diagram?

[Joe Kernen]

The Venn diagram is like this right now.

[Steve Liesman]

Yeah.

[Joe Kernen]

It's nice to find some and it could be right.

[Governor Wes Moore]

It doesn't have to be. But honestly, I think that's why I love being a governor, because as a governor, you don't get a chance to just, you know, rail, you know, I.

[Joe Kernen]

Don'T, you know, that's all they do.

[Governor Wes Moore]

And that's the thing is as a governor, my job is not just to push back. Right. My job is to push forward. And my job is actually show what does an alternative actually look like. And so when we say things like I believe in economic growth and economic development, if you look at, you know, if you look at the state of Maryland, you know, just in these past months, we've seen how AstraZeneca has made the largest private sector investment in the history of the state of Maryland. It's going to support about 2600 jobs that you've seen how Samsung Biologics is making their first investment in the United States and where are they making it in the state of Maryland?

[Becky Quick]

Are these all things that you have done to CEOs basically one on one to see.

[Governor Wes Moore]

I have been very clear. When I go to other cities, I'm bringing three jobs back, I'm bringing three businesses back with me. Me, I am very, very aggressive and very competitive. And people know that, that we believe in economic growth, particularly when we're trying to diversify our economy off of, off of Washington D.C. but I can say that I'm very pro business. But you know what I also did? I made sure we raised the minimum wage. You know, I made sure that we're protecting our workers. We did procurement reform to actually support more, more minority owned businesses and women owned businesses and veteran owned businesses. And we also did things like regulatory and permitting reform and making it easier for businesses to grow. So I guess, you know, so the answer is, where do you fall? Is I just like getting things done and I don't like falling into the ideological boxes.

[Becky Quick]

Governor Moore, thank you.

[Governor Wes Moore]

Thank you.

[Becky Quick]

I have the feeling we'll see you again soon, Wes.

[Joe Kernen]

Yes, we will.

[Governor Wes Moore]

Thank you.

[Joe Kernen]

I could have said if you were a tree, what kind of tree would you be? That was a famous Barbara Walters question. So I just said, what are you?

[Becky Quick]

What would you be?

[Joe Kernen]

I want to be like an oak or something like that.

[Governor Wes Moore]

Tall, firm, steady, right?

[Joe Kernen]

Yeah.

[Governor Wes Moore]

Yeah.

[Joe Kernen]

That's what I want to be. I'm sure I am.

[Governor Wes Moore]

Cheese will be next.

[Katie Kramer]

Coming up on Squawk Pod, the winning Kevin. Kevin Warsh, officially President Trump's pick for next Federal Reserve chair Steve Leesman joins the team with his analysis.

[Joe Kernen]

Can't we just say for Fed watchers that had hair that was on fire, that the worst did not come to pass?

[Steve Liesman]

Were you making an anti baldite comment there, Joe?

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[Darren Woods]

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[Governor Wes Moore]

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[Stephanie Wong]

What do the steam engine, electricity and AI have in common? They don't just change how we work, they transform entire economies. Where the Internet Lives is an award winning podcast from Google about the unseen world of data centers. This season we're going inside the AI revolution. From farmers using AI to analyze soil data to researchers discovering new medicines, a new era of AI innovation is here. Listen to where the Internet lives. Wherever you get your podcasts.

[Katie Kramer]

You'Re listening to Squawk Pod from cnbc. And we had breaking news this morning in our TV broadcast.

[Becky Quick]

Check it out.

[Joe Kernen]

Up and Becky.

[Becky Quick]

All right, it is official. The breaking news that we've all been waiting for. It is now out on Truth Social. President Trump saying that he has picked Kevin Warsh as his choice for the next chairman of the fomc. We were next chairman of the Fed. We will continue to get some of these numbers up. I have some of this information up. It is literally just hitting. But this is what we've been talking about since last night, really. The news was first out, kind of been reported in several different outlets that President Trump had honed in on his choice.

[Governor Wes Moore]

He said that at some point.

[Joe Kernen]

Have you seen the actual.

[Becky Quick]

No, I haven't.

[Joe Kernen]

I got it because he's.

[Becky Quick]

Oh, here it is.

[Joe Kernen]

He's really got a lot that he's saying here. We should probably go. Is that all we're going to.

[Becky Quick]

Well, go ahead and read what you guys.

[Joe Kernen]

Kevin currently serves as the Shepherd Family Distinguished Visiting Fellows in Economics at the Hoover Institution, Lecturer at Stanford Graduate School of Business. He's a partner of Stan Druckenmiller at Duquesne Family Office, LLC. He received an A.B. from Stanford. Guess he couldn't get it anywhere else. And a J.D. kidding. From Harvard Law. Also, he has conducted extensive research in the field of economics and finance, issued an independent report to the bank of England proposing reforms in the conduct of monetary policy in the uk. Wow, the President went wild here with all this. Parliament adopted the report's recommendations. He became the youngest Fed governor ever at 35, and is a member of the Board of Governors of the Federal Reserve. From 2006 until 2011, as the federal representative to the Group of 20G20, as the board's emissary to the emerging and advanced economies in Asia. This is really long. In addition, he was administrative governor, managing and overseeing the Board's operations, personnel and financing, finance, financial performance, and prior to his appointment to the Fed. From 2000 to 2002 to 2006, he served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of Mergers and Acquisitions Department at Morgan Stanley, serving as Vice President. As an Executive director. I've known, and here's. This is the last then maybe most salient thing here. I have known Kevin for a long period of time, have no doubt that he will go down as one of the great Fed chairman, maybe the best. On top of everything else, he is central casting and he will never.

[Becky Quick]

Did I actually say that?

[Joe Kernen]

Yeah. And he will never let you down. Congratulations, Kevin. President Donald Trump. He's a married guy, but I can just tell you one funny anecdote. I don't think he cared for you. I was at lunch with him at Michael's and a very attractive woman came over after he had gone to the bathroom and said, would you give that gentleman my car?

[Becky Quick]

Are you serious?

[Joe Kernen]

Yes. He's all dapper and decked out. I don't know what I said at that point.

[Becky Quick]

No way.

[Joe Kernen]

What I said was I go, what? I'm sitting right here. I'm sitting right here. What am I? And I guess I was top liver. Let's get. Yeah, let's get to our senior economics reporter Steve Leeson. That never happened to me, Steve. Never happened in college, never happened in. No one ever came up and gave me a card.

[Steve Liesman]

Yes, Joe. Well, the President, as you just said, announcing moments ago that former Fed governor Kevin Warsh will be his pick for nominee. That concludes a very months long process, I believe. Again, back in the summertime. There is a picture of Kevin Warsh. He was, as you said, at Duquesne family office partner going back to 2011, working with famed investor Stanley Druckenmiller, governor from 2006 to 2011 and a special assistant to George Bush in 2002 and 8. He's been a sharp critic, as you know, Joe, of the Fed and Powell blames them for the pandemic inflation. There you go. And he says the balance sheet can be, quote, reduced significantly. That's one of the concerns out there in the market. But he has said do that over time and it would allow for rates to be reduced further. He has praised the pro growth policies of championed by President Trump and said the Fed should abandon the dogma that growth creates inflation. I'm not sure the Fed has that dogma, but he says the Fed should abandon it. He supported the initial QE purchases of the Fed in the great financial crisis. Then he broke with Bernanke over subsequent QE purchases in part because of his concern over inflation. That inflation didn't appear and he's been criticized for that. He's concerned over inflation, one of the reasons why people think he's somewhat hawkish. He further argued that QE encouraged Congress to spend leading the massive deficits out there. He thinks the Fed responsible for that. Now on Fed independence, Warsh told us in July, quote, I've strongly believed for 20 years and history tells us that independent conduct of monetary policy is essential. But Warsh has said repeatedly the Fed will secure that independence by reducing its footprint in the economy balance sheet and its political profile. That's what makes some on Wall Street a little bit wary that Warsh will be less likely to come to the market's rescue in a crisis or if it does, that he will withdraw the support far more quickly than it has in the past. It's kind of old school thinking. We're going to talk to Rafael Basket, the then the Fed President, about this and other issues. But Joe, it's kind of like an old school idea of central bank going back to bagehot in the 19th century, that the Fed should be the provider of liquidity, a banker of last resort, but not go further than that.

[Joe Kernen]

Yeah, over the years we've, we've seen so many op EDS from, from Kevin Warsh in the Journal arguing different points. And I think, you know, he maybe sometimes great minds think alike. I know he and Stan Druckenmiller obviously discuss a lot of these, these issues. And he used the word regime or the words regime change in a way that it was hard to really understand exactly what he means. But if you talk about regime change at the Fed, there's a lot of things that you have a problem with other than just who the current Fed chair is. It's sort of a systemic issue that I think he has about transparency as well. You know, every waking thought coming from the Fed and dot plots and all those things. I think he'd like to change that a little bit too. Steve. Right?

[Steve Liesman]

I think that's right. You know, some of the things that Warsh has said make a lot of sense and some people puzzle over some of these things. I have to say, when I talk to other people who are, I guess, maybe part of the current regime, they're a little puzzled by some of the comments that Warsh makes and there's some questions about exactly what he'll do. I mean, what he has is this notion and this is out there as a conservative critique, I guess right now maybe it's more from the Trump side than is the conservative side, that if growth is high, that the Fed raises rates. That's not actually accurate. The Fed raises rates, looks at growth as relative to potential, and says there's a risk there of inflation. But it's really hard to find a situation where the Fed has really cut off growth too dramatically by raising rates in the face of strong growth that wasn't accompanied by inflation.

[Joe Kernen]

We think about that every single time we had. It's a good news, bad news. We always talk about it. Oh, something comes out. It's either a good jobs number or a hot GDP number, or it's not. It doesn't have to be inflation. And we'll say, oh, the market's down because now they think that future rate cuts are in jeopardy because the economy is running hot. That's the whole nature of the economy.

[Steve Liesman]

The weird thing, Joe, but we think.

[Joe Kernen]

About that all the time and maybe it's not true.

[Steve Liesman]

Absolutely right.

[Joe Kernen]

And we don't. Why should we always think, oh, we need to slow the economy down if it's, if there's productivity and there's no inflation, it's like, let it ride, baby. And actually Bessen has said they want someone like that, the President. Joe, Joe, Joe Greenspan.

[Becky Quick]

What about a market melt up? That's the.

[Steve Liesman]

Wait, Joe, what is the actual.

[Becky Quick]

That's the same thing.

[Steve Liesman]

What were the actual instances of that? And how hasn't the conservative critique of the Fed been that the Fed is too easy. That has been the running critique of the Federal Reserve for decades. And when I think back on the situations that you're talking about, you're right, the market does get concerned about that. But the real actions of the Fed, as at least critique from the right, have been that the Fed is too easy. Think about, you know, it raised rates in 99. Was that wrong? That was, you know, and he let him ride in 96. Go back through the decades, Joe. And it's hard to find a case where the Fed said, well, because of high growth, we're raising rates. It does so when inflation kicks up.

[Darren Woods]

Right.

[Becky Quick]

Steve, let me ask you this because Kevin Warsh has been so critical of the Fed for so long, I know there are some people inside the Federal Reserve right now who are not huge fans. What's the relationship going to be like with him coming in? And I ask that spend specifically because the chairman of the Fed is not necessarily handed a mandate to be able to determine how the FOMC will vote on any given day, will he be able to come in and build a consensus to say, here's what I think and that's why I'm going to convince the rest of you that this is what we're doing?

[Steve Liesman]

You know, Becky, what you just pointed to is essentially the Federal Reserve chair's job, right? Congress creates this Federal Reserve that has representatives from districts all through the country. And I'll get to the staff in a second. That's a separate order. Because Warsh has criticized staff, he's criticized the PhD, he's criticized the elite running policy, and he also has said that policy has been favoring the wealthy rather than people. And I think rightly so when it comes to criticizing, by the way, the Fed's actions during the pandemic. But he's going to have to put a consensus together. And by the way, that's one of the things that, at least in our Fed survey is something that makes people a little less concerned about whoever this chair is going to be, is that the committee is still there. He still needs the committee. He has to work with them. Now, the Fed chair has a lot of sway over the committee, especially the Board of Governors, typically. But there's going to be people like, you know, you think about the, the tradition at Kansas City, which has been, you know, leaning against lower rates for a very long time. Back through many presidents, we have Esther George on all the time, Tom Hoenig, and now Alberto Musalam, who's in there, has been somewhat hawkish and sorry, that's St. Louis. Jeff Schmidt from, from Kansas City has, has dissented several times. So Fed Chair Becky is going to have to put the together, he's going to have to work with the staff. But you can imagine you're right, there are people who, who, who disagree with, with Powell, with Warsh's ideas, especially about qe. And they think that Warsh was wrong essentially in the wake of the great financial crisis about his concern about inflation.

[Joe Kernen]

When it came to qe, don't we need, with as much hand wringing and pearl clutching as there was from Fed watchers about the independence of the Fed, don't we at least need to give Trump some credit that that has not. At least this is an indication that he's not putting in a rubber stamp for lower rates? If he had picked haccp, that's the first thing that ever would have been splayed across every newspaper in the land, that the independence of the Fed is gone because he put one of his cronies in. So can we at least.

[Becky Quick]

Yep.

[Joe Kernen]

I like that you're not signaling you out specifically, but can't we just say for Fed watchers that that had hair and that was on fire, that the worst did not come to pass?

[Steve Liesman]

Were you making an anti baldite comment there, Joe? That's okay. I'll let that one go.

[Joe Kernen]

It was not anti baldite. I'm not an anti baldite because I've been accused of it a lot.

[Steve Liesman]

You are.

[Joe Kernen]

I feel for follically challenged individuals. I feel. I feel your pain.

[Steve Liesman]

I don't. I'm not challenged, Joe. I'm happy and proud about it. Okay. It's maybe my.

[Joe Kernen]

I've asked you to shave it completely.

[Steve Liesman]

So you'd look like my most redeeming feature. And I'm sure our producers don't want us talking about this because I will answer your question. I like your. Your Churchill analogy. And I do need to point out that it was sort of market resistance and Wall street resistance to Hassett.

[Joe Kernen]

I agree.

[Steve Liesman]

That caused the President to change his mind. So, yeah.

[Joe Kernen]

Problems were not good.

[Steve Liesman]

Nobody.

[Joe Kernen]

The ballooning.

[Steve Liesman]

Let me give the President. Let me give the President and Treasury credit in the following way. This was a very public and transparent process. We were able to have several scoops on what was going on. We're not the only ones. We understood what was going on. These things were out there and the President got a view of what was happening. I think perhaps the criminal investigation of Powell played a role in some of this. But in terms of finding somebody who I think the market can count on to be independent, I don't think that Kevin Warsh is going to preside over runaway inflation in this economy. And I think that there is room for the Federal Reserve to be tighter with its policy. I think the Federal Reserve, and I think Powell has acknowledged this was wrong to hang on to QE as long as it did in the wake of the pandemic, I think that was a problem. I don't think the rate thing is more of a debatable issue right there. So I don't think that we have abiding concern right now with Kevin Warsh being the nominee about independence of the Federal Reserve.

[Darren Woods]

Great.

[Joe Kernen]

He's got great hair. Not that that Jay Powell has pretty. Pretty darn good hair for his. But you have good hair, Steve.

[Becky Quick]

You're amazing and we love you. You're an incredible reporter and you're hot.

[Joe Kernen]

He's very, very hot.

[Steve Liesman]

But you say I shouldn't wear a hat because it covers up my most important feature.

[Joe Kernen]

Get rid of this. Get rid of this and you will. I'm telling you, you will be a babe magnet. Get rid of that. Not that I'm only on.

[Steve Liesman]

I'm only on TV because I have to be the report otherwise I better on radio I'm sure.

[Joe Kernen]

Checking the futures. Thank you Steve Lee.

[Becky Quick]

Thank you Steve. You're amazing.

[Joe Kernen]

Anti baldite. You remember that. That was a good they went to meetings George did. Can't stand you.

[Katie Kramer]

Exxon Mobil posting strong quarterly earnings this this morning despite the largest loss in oil prices in years. Oversupply or not, Exxon CEO Darren woods says his company is well positioned at.

[Darren Woods]

Oil prices down, commodity prices down across the year. That took about $6 billion of earnings out of our from our 2024 endpoint. We called back more than half of that through growing advantaged volumes and cutting additional cost.

[Katie Kramer]

That interview is up next on squawkpod.

[AT&T Business Wireless Tagline Voice]

This episode is brought to you by Schwab Market Update, an original podcast from Charles Schwab. Join host Keith Lansford for this information packed daily market Preview delivered in 10 minutes or less, including projected stock updates, monetary policy decisions and key results and statistics that may impact your trading. Download the latest episode and [e-mail] MarketUpdatePodcast or find Schwab Market Update wherever you get your podcasts.

[AT&T Business Wireless Narrator (Alternate)]

Before we had ATT Business Wireless coverage, our delivery GPS wasn't the most reliable. Once our driver had to do a 14 point turn to get back on route. A 14 point turn. An influencer even live streamed the whole thing. Not good for business. Now with AT&T business wireless routes are updating on the fly and deliveries are on time. And the influencer did get us 53 new followers though.

[AT&T Business Wireless Tagline Voice]

AT&T business Wireless connecting changes everything.

[Stephanie Wong]

What do the steam engine, electricity and AI have in common? They don't just change how we work, they transform entire economies. Where the Internet Lives is an award winning podcast from Google about the unseen world of data centers. This season we're going inside the AI revolution. From farmers using AI to analyze soil data to researchers discovering new medicines, a new era of AI innovation is here. Listen to where the Internet lives wherever you get your podcasts.

[Katie Kramer]

This is Squawk Pod Today with Joe Kernan and Becky Quick. Here's Becky.

[Becky Quick]

Welcome back everybody. ExxonMobil beating on both the top and the bottom lines. Joining us right now for an exclusive interview is Exxon Mobil's Chairman and CEO Darren Woods. Darren, welcome. It's great to see you this morning we know, oil prices have been down, but how has Exxon been operating under those lower oil prices?

[Darren Woods]

Well, I think we had, as you saw in the quarter, really strong quarter, which topped off a really strong year. As you said, oil prices are down, commodity prices down across the year. That took about $6 billion of earnings out of our from our 2024 endpoint, we called back more than half of that through growing advantaged volumes and cutting additional cost. If you look at our total production in 2025, it's the highest it's been in over 40 years. We had record production in Guyana, record production in the Permian. We added an additional $3 billion of structural cost reductions on the year. That brings our total since 2019 to over $15 billion in structural cost reductions. That's more, Becky, than if you took all of our major competitors, added them together. Our single company number beats that. On top of that, we had a great year for projects. If you look at the portfolio of projects that we had to deliver in 2025, there were 10 very large, complex projects that we delivered on plan, many of them under budget and had a schedule that provides $3 billion of earnings power going forward. So a critical component of the plans that we laid out in 2024 to grow earnings and cash flow, 2025, we updated those plans. Right now we see our plans grow earnings by $25 billion through 2030 and grows cash flow by $30 billion. $35 billion to 2030 on a constant price and margin basis. So if we're really good about what we delivered and really good that we're on this track and on plan to continue to grow earnings and cash flow.

[Becky Quick]

Yeah, Darren, we've been showing different links of the stock chart, and if you look over the last five years, it's been pretty phenomenal growth for Exxon shares up by close to 210% over that time period. This has been an exercise in operational excellence, I would say, just in terms of trying to make sure you guys are putting your best foot forward, trying to find the right way to do things. It may get a little more complicated from here. You are facing pressure from the administration to do things, to drill in other places to make sure that oil prices come down. The president likes seeing lower oil prices like we've seen over the last year. And you kind of ran into that front and center when you went to the White House to talk to the president about Venezuela. You came out of that meeting and said that Venezuela right now is uninvited investable unless there are major political and legal reforms that take place in that country. Describe what your assessment of Venezuela is right now and then we can talk a little bit more about where that puts you with the administration.

[Darren Woods]

So back to the original point that you made, which was the transformation we've been making. And I would tell you the pillars on which this business, long term value of this business is built is technology. And the technical innovations that we continue to drive to, to convert hydrogen and carbon molecules into products that society needs to continue to grow their life and raise prosperity around the world. Projects. And the ability in a capital intensive business to deliver projects at world class pace and at world class cost is absolutely critical. And we formed an organization that is doing that and we just formed an organization that brings all of our operations together so that we continue to open operate with excellence. And you know, once you've developed the technology, you've implemented them through projects, you then got to run the kit reliably and very cost effectively. And our organizations are all now focused on doing that. So that is the foundation that we've laid that's led to this growth. The challenge, as I talked with the President about at the White House with respect to Venezuela, is just the, the damage that the dictator that was recently removed and his predecessor did to the economy and to the industry. And the point that I was making at the White House is those are significant challenges that have to be addressed if we're going to achieve the priorities that the White House has. And those priorities start with one, stabilizing the country. Second is to kickstart the economy and try to recover some of the damage that's been done over the decades of abuse that the dictators brought in, and then ultimately to transition into a representative government. I think those objectives are the right objectives, ones that I agree with, I think many people would agree with. The challenge is how best to do that. And from my perspective, with the history that we have, not only in Venezuela, but operating around the world, is to help the public, the administration and the policymakers understand the challenge. And from my perspective, you can't solve hard problems if you don't start by truly understanding what they are. And I think that's one of the things that as a company we've tried to do over the years is help administrations here in the US and really around the world understand the challenges in our sector, the areas that we're very familiar with, so that the approach that they take, that policies they put in place, address those challenges appropriately and solve them. And I've got a lot of Confidence that the administration can do that, working with the Venezuelan government and the people of Venezuela.

[Becky Quick]

But as you've pointed out in the past, Venezuela owes you. Is it 13 to 20 billion dollars? I think you filed claims for 20 billion dollars. You're seeking 12 to 13 billion dollars in compensation, pulled out of Venezuela twice as a company. What has to happen in order for you to look at that and say, okay, we'll dip our toe in again?

[Darren Woods]

Yeah. So I would say, you know, that we were expropriated in the early days as Exxon, and when we merged with Mobile, Mobile came in and we were expropriated again in 2007, the challenge there was they changed the rules of the game. And, you know, frankly, from our perspective, there's a principle that we stand on, that if you don't uphold the sanctity of the contracts, if you choose to instead steal, steal the investments that we made and undermine the work that we'd been doing, that we can't continue to work with you. And so that principle is what led us to exit Venezuela. I think it's absolutely critical to do that, to establish precedents around the world, because it's a very slippery slope once you begin to cooperate, work with people who are stealing from you. So that's been a big challenge and one of the reasons why we've left. So we've had success with our arbitration and recovery. We've recovered a substantial amount of the money. So today the balance is not material with respect to the whole of the corporation with what we're owed there. The bigger challenge is the investments that you have to make going forward for the next many decades and making sure that the right legal frameworks are in place, the protections are in place, and the. The fiscal systems reward the investments that have to be made.

[Joe Kernen]

The pendulum. I know you're waiting for me, Darren, the way that I know you are.

[Darren Woods]

Good morning, Joe. Good morning, Joe. It's great to see you.

[Joe Kernen]

I know you are. I know you're waiting, but the pendulum, I would say you should be in a great mood because you can, you know, probably get, you know, tables at a restaurant now. You might actually get a loan, might be able to get a loan from a bank without the Fed saying, don't give any money to a fossil fuel company. I mean, there are good things happening. My question would be, you talk about your innovation and all these projects. Would you deemphasize some of those, what I thought were crazy projects, the carbon capture stuff, is that profitable without subsidies from the government? And would you De emphasize any of those at all given the way just the whole. And it's colder than hell back here. I mean, well, hell is not cold, but it's cold in it's 30 degrees. The global warming in Florida is really bizarre to witness right now. Darren, I don't know if you've noticed, but is any of that being deemphasized given the sea change in that whole zeitgeist that we went through since Al Gore's movie.

[Darren Woods]

So Joe, let me, let me start by maybe trying to level set with you. If you look at what we've been doing since 2018, we took a lot of heat very early on because we've never backed away from the importance of, of oil and gas to the world's energy system and the role that it plays in economic growth and raising people's prosperity levels. We have been investing and we're heavily criticized for continuing to invest in those resources and developing throughout this time. We're the one company that didn't slow down and didn't back away from that. And so today we're the largest producer in the US and we're growing production faster than any other company in the world. So that that foundation of focused on the things that we know how to do and contribute to what's needed by society has been a focus from the very beginning.

[Joe Kernen]

I'm a cheerleader for you maybe. In fact you probably were listening to me. That's why you did that, didn't you? Is that correct?

[Darren Woods]

No, I don't actually recall that Joe, but I'll take your word for it if you look at. So the other thing is, and I know this is where we probably disagree, I do think you can continue to do that and then find ways to decarbonize and to reduce emissions just like we've done and a lot of other areas around our business as we learn the impact of the products that we make, find ways to try to mitigate and offset and eliminate those impacts. We did it with sulfur and fuel, we've done it with lead and gasoline. This is another, this is, this is another opportunity. And so we're looking at it from, from an invest what, what we can bring to the equation and whether we can generate a return on those investments.

[Joe Kernen]

Rug might get pulled out from under you if the whole world decides that. We went to, to Davos and now one person talked about climate this time. Oh no, wait a minute. There was some crazy guy that like burst into some panel meeting and he was like wild eyed and his hair was, and he was screaming and it was. Al Gore actually was the one. Right.

[Becky Quick]

I knew you were.

[Joe Kernen]

He was the one guy that showed up there and was like, heckling, and he's like, you know, I think security escorted him out because he was just crazy because there's. I was still some ice in the Arctic.

[Darren Woods]

I would separate out what I'd say, the activist and the ideologues and just focus on. Responsible companies ought to be looking at the impacts that they have on their environments and doing what they can to reduce it. And, Joe, what I would tell you is the investments that we're making are generating returns. And if the markets don't develop for these investments, if there's not enough incentives to drive them, we won't make the investments. That's how we're. How we run the business. We can walk and chew gum. We can't walk and chew gum. We can do both these things.

[Becky Quick]

You can.

[Joe Kernen]

I don't know about you, but that whole hysteria was not a friend to Europe and a lot of parts of the world that have no energy.

[Darren Woods]

You are absolutely. I would tell you, you're absolutely right. And Europe is a classic example of how they've let that ideology drive their policy, which is significantly impacting the investability of Europe, the. The competitiveness of the assets that are there. Their businesses are shrinking, our industry is shrinking there. And that is really putting them in a perilous position with respect to economic growth, but more importantly to energy security. And they haven't learned any lessons from. From the Russian invasion of Ukraine, the loss of gas there. And unfortunately, it's a very slow speed spiral down. And Europe's got to make a significant change here and recognize there's a balance to be struck between economic growth, supporting the businesses that contribute to that economic growth and underpin today's living standards while addressing the emissions. And as I said, you can do both of these things. You don't have to give up on either one of them, but you need to be thoughtful and balanced. Yeah.

[Becky Quick]

Darren, I know you don't have a crystal ball, and I know your job is to make sure. Sure that Exxon is profitable no matter what the price of oil is doing. But you have to also be constantly watching it, trying to figure out where you think oil prices are headed. I'm sure you have your own internal projections. Where do you see oil over the next year, and how does that guesstimate change if we actually do something in Iran?

[Darren Woods]

So I think if you look at a very high macro level, in part because of some of the points that Joe made with the President and his recognition of the importance of our industry. The markets are well supplied, so you've got a, I think a comfortable supply of oil, which is why we haven't seen a lot of volatility in oil with, with all the geopolitical dynamics that have been playing out here over the last year. And that's I think a good thing in terms of oil where we're at. Obviously as large sections of supply today potentially come off through some type of disruption that's going to have a short term impact. But I do think over time there's enough capacity and enough spare capacity in the world to step in and try to address that. So my view is while there may be some bumps and some volatilities, the industry is pretty healthy today and pretty capable, capable of responding to some, any short term perturbations.

[Becky Quick]

Darren, other things that you are watching, that you're worried about, that you are thinking are good for the industry. What, what's in your brain?

[Darren Woods]

I think, you know, we continue to look at what's, we have to get a very long term view. What's going to be needed to continue to support the growth. You know, people, AI is the big thing folks are talking about. I think there's a growing recognition that what our industry can provide goes hand in hand with what AI needs to continue to drive and bring the benefits of that technology to bear. And so I think a recognition that there's a challenge here to how do we grow energy and do it in a responsible way. We're very much a part of that. We're actually working with a number of the hyperscalers to provide low emissions power generation for their, for their data centers. We think there's an opportunity there and I think we'll see some, something hopefully manifest itself here with a project by the end of this year. We're continuing to look at investments that leverage our advantages and continue to deliver products that the world needs. We, we actually have two new technologies that are going to extend the life of batteries by 30%, make their charging much faster, give them broader ranges by dealing with materials. We're developing new materials for lightweighting vehicles and other things. So there's a lot of opportunities out there to take advantage of the hydrogen and carbon molecule.

[Becky Quick]

Darren woods, we always appreciate your coming on. Great to see you sir. Thank you.

[Darren Woods]

You're welcome. Thank you Becky, Good seeing you.

[Joe Kernen]

Interesting talking to Darren woods and hearing all of Chevron's comments as well. It's like 30 degrees in here. It's so cold right now.

[Becky Quick]

I'm wearing my coat.

[Joe Kernen]

People love my it's going to be a cold, warm, wet, dry year. They love that.

[Becky Quick]

Climate change predicting from our meteorologist Joe Kernan.

[Joe Kernen]

Make sure you. Yeah, yeah. Meteorologists can't even tell you what's going on.

[Becky Quick]

Goodbye.

[Joe Kernen]

Make sure you Join us Monday that.

[Katie Kramer]

Is Squawk Pod for today and for the week. If you're in the path of a winter storm or bomb cyclone this weekend, stay warm and safe. Catch up on your podcasts. There is a new episode of the Path with Becky Quick out today. This is the second in a series of interviews that we Becky is doing in the rare disease space. It's right in your Squawk Pod feed right above this episode and there's a YouTube video cast version as well. Please check it out and let us know what you think. Okay, let's wrap it up. Squawk Box is hosted by Joe Kernan, Becky Quick and Andrew Ross Sorkin. Tune in weekday mornings on CNBC at 6 Eastern or listen to Squawk Pod. Wherever you get your podcasts, we'll meet you right back here. Here on Monday.

[Darren Woods]

We are clear. Thanks guys.

[Stephanie Wong]

What do the steam engine, electricity and AI have in common? These technologies not only change how we work, they can transform entire economies. I'm Stephanie Wong, host of where the Internet Lives, a podcast from Google and Latitude Studios about the unseen world of data centers. Explore how data centers are unlocking growth in every sector of the economy. From agriculture to medicine to manufacturing, data centers are powering a new era of AI innovation. Listen to where the Internet Lives. Wherever you get your podcasts.