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CNBC Excerpts: CNBC Exclusive: Exxon Mobil Chairman & CEO Darren Woods Speaks with CNBC’s Becky Quick on “Squawk Box”

WHEN: Today, Thursday, March 2nd

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Exxon Mobil Chairman and CEO Darren Woods on CNBC's "Squawk Box" (M-F, 6AM-9AM ET). Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000597752, http://video.cnbc.com/gallery/?video=3000597762 and http://video.cnbc.com/gallery/?video=3000597774.

All references must be sourced to CNBC.

WOODS ON OIL PRICES

Our view on the oil prices is there's still a lot of uncertainty in the marketplace, so while we have seen the prices go up in the short term, we're not building our investment campaign based on the assumption that those prices are going to be there forever.

WOODS ON REX TILLERSON

Having worked with Rex for many years, Rex is going to make the decision which is best for our country. His personal circumstances or where he was in the past, I have no doubt that is not going to play in on his decision making.

WOODS ON OPPORTUNITIES

What we've very focused on making sure of is that we have a strong balance sheet that will allow us to take advantage of opportunities as they materialize in the marketplace, whether that's through organic investments or acquisitions.

WOODS ON ADVANTAGES

One of the advantages we had with this recent acquisition that we did in the Permian, is we have a much bigger portfolio for short cycle investments. That gives us some flexibility to move as the market moves and to raise our investment levels up to match what we see as opportunities in the marketplace. And so, a large part of that growth in our capex is taking advantage of this short cycle investments that we have in the Permian.

WOODS ON THE PORTFOLIO

we have a great portfolio and we have a large chunk of those wells that are going to make even higher than 10 percent. So, that was kind of a minimum threshold that we used to kind of evaluate what those wealth potentials were. But it's a very prolific play. We're very excited about the opportunity in the Permian and I think it fits right into our wheelhouse as a company, the ability to bring the discipline, the technology, the rigor to kind of drive value, increase production, increase the resource recovery of that.

WOODS ON U.S. PRODUCERS

I would say the American producers are responding to market prices. OPEC has very low production costs and so they have a lever they can pull in the choices they can make there. And what you're seeing in the U.S. is just a response to whatever that market price is.

WOODS ON RUSSIA

Well I don't really have a view or a prognosis on the relationship between our countries at that level. We have a mix of businesses in Russia. We have a very successful business on the East coast that is not affected by the sanctions that we continue to invest and manage.

WOODS ON PRODUCTION

We're looking at a phased investment where we can bring in an initial early production within 5 years of that discovery, which is almost unheard of in our industry, and then as we continue to explore that block, bring on more production.

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