CLAIM #18978 · CVX (CVX) · 2023Q3 earnings call · Oct 27, 2023 · due Jun 30, 2025
“If we do well, we could end up on the front end of those windows that I gave you.”
Michael Wirth · CEO
In context
“seeing, what became evident is that we need to account for that complexity in our schedule. And I don't think it was fully reflected in the schedule. And in a big, complex project like this, you find things. And early on, we found challenges in the utility system. And it cost us some time. And it – that ripples through. And so the guidance we're giving you now is really what I would say is it's more conservative because it assumes that those kinds of things are going to be encountered for the balance of the project. And we need to set expectations that those are the realities that we're going to be dealing with. And so that's why the schedule lights all in commissioning. It's – bulk construction is completed. All the equipment is there. And this really is the final commissioning process. If we do well, we could end up on the front end of those windows that I gave you. But we've given you those because our experience says we should not plan for that, we had to plan for the reality of these things. And as I mentioned in response to the earlier question by Neil, we've added incremental resources in multiple areas now, ought to be – to anticipate and be prepared for these kinds of challenges. And so I think the lesson is on the projects like this, of which there are a few, in the future, our commissioning plans will reflect that complexity more completely than the commissioning plans did on this one. Pierre Breber: And I'll just add some comments on affiliate dividends. So we've given a guide on fourth quarter affiliate dividends, which falls short of the full-year guide that we did at the start of the year. That shortfall is not from TCO, that's from CPCh”
Verify independently
SEC filings for CVX ↗ · Claim quote is verbatim from the 2023Q3 earnings call.