CLAIM #63891 · Exxon Mobil Corp (XOM) · 2021Q3 earnings call · Oct 29, 2021 · due Dec 31, 2022
“If you think about how that is going to cause us to kick up, I'd say that clearly will put us in that 20 to 25 billion range, and then clearly, we would leave ourselves some level of flexibility in that range for things that we can't fully anticipate as we sit here today.”
Kathy Mikells · CFO
In context
“think we're going to come in, I'd say at the lower end of that $16 billion to $19 billion range we've provided. We are expecting higher CapEx in the fourth quarter and a significant increase as we head into 2022. What underpins that is further investments in Guyana, focused on Auraiya (ph) Yellowtail appraisals, [Indiscernible] in Brazil is now moving into the startup of drilling and so more significant spending heading into there. We obviously paused a number of downstream and chemical projects. Those are restarting, and so we'll start to see that spend in the fourth quarter and kick up pretty significantly into 2022. And I'd also mention that as we will look to accelerate our reductions in greenhouse gas, emissions and intensities specifically will be spending a bit more in that area. If you think about how that is going to cause us to kick up, I'd say that clearly will put us in that 20 to 25 billion range, and then clearly, we would leave ourselves some level of flexibility in that range for things that we can't fully anticipate as we sit here today. Sam Margolin : Thanks. That's very helpful. And then just a follow-up on carbon capture. The Reconciliation Bill is in the process now, there have been a few different drafts that have come out each with seems like distinct kind of carbon capture language and incentives in them. As you think about ExxonMobil 's plan and proposition in that asset class, how are the early returns that you've seen in these draft bills and do you think they're sufficient to drive a real acceleration in activity for you there? Darren Woods : Well, the way I would look at it, Sam, I think trying to predict what's coming out of that political process is, I don't know if it's as hard or harder than trying to predict where prices are going to go. So maybe just spend a little time talking about the philosophy that”
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SEC filings for XOM ↗ · Claim quote is verbatim from the 2021Q3 earnings call.