CLAIM #63957 · Exxon Mobil Corp (XOM) · 2022Q1 earnings call · Apr 29, 2022 · due Dec 31, 2022
“The expectation is that will continue to grow as the work activity opens up and as some of the logistics constraints get resolved.”
Darren Woods · CEO
In context
“right now. And part of that is making sure that we're -- the developments that we're pursuing are consistent with the base infrastructure, the technology and the capital efficiency approaches that we've built into that development that tends to drive what we're doing there. I think what -- and Kathy has touched on, we, again, had anticipated the market recovery and some of the tightness and so had developed some contracting strategies and partnering with suppliers to try to mitigate that impact. That's paying off. We're seeing that advantage here in the Permian. Eventually, that obviously will roll off. Some of the consumables and some of the labor tight -- tightness that we're seeing in the Permian, obviously, that's starting to impact us as well. So we are seeing inflationary pressures. The expectation is that will continue to grow as the work activity opens up and as some of the logistics constraints get resolved. And we're basically -- we've challenged the team to try to manage that and to make sure that as we look at progressing development and grow that production that we're doing it in a constructive way and not undermining the cost of supply or the advantaged position of those barrels where they sit in the supply -- cost of supply curve for the industry. So I think we're going to -- this disciplined approach that we've talked about is not so much a spend, but in terms of efficiency and making sure that everything -- that every dollar we spend there is productive. And the challenge for that team is to make sure we don't lose productivity of the capital that we're spending. Jennifer Driscoll: Thanks, Darren, and thanks, everybody, for your time and for your questions this morning. We appreciate”
Verify independently
SEC filings for XOM ↗ · Claim quote is verbatim from the 2022Q1 earnings call.