CLAIM #63972 · Exxon Mobil Corp (XOM) · 2022Q2 earnings call · Jul 29, 2022 · due Dec 31, 2022
“And as we saw on the package, if you look at our tight oil production in the U.S. versus 2017, we expect to end 2022 at 3x the level of production.”
Darren Woods · CEO
In context
“activity versus your prior plans? And then also, as you think about the outlook over the next several years, can you talk a little bit about some of the inflationary trends that you're seeing in the shale business and then also the ability to offset that with efficiency gains? Darren Woods: Yes. Devin, I'll touch on that and then see if Kathy has anything to add. With respect to Permian, the plan that we laid out some time ago, and we're currently executing is -- hasn't changed, and we had a very slight ramp-up as we head through the year, but nothing significantly different than what we have been doing. The plans that we have in place should deliver, and our current production is in line with that 25% growth versus last year, which, as you know, was on top of 25% growth the year before. And as we saw on the package, if you look at our tight oil production in the U.S. versus 2017, we expect to end 2022 at 3x the level of production. So I would say the strategy remains in place, the plans that we're actually getting remains in place. We're looking for opportunities within the construct that we define to extend and expand the activities. But frankly, given the tightness in the market, the availability of rigs, there's not a whole lot of opportunity to move there. And maybe I'll ask Kathy to cover the inflationary topic. Kathryn Mikells: Yes. So overall, I'd say we feel really good about how we're managing inflation to date. Our overall structural cost savings kind of plan and program is very much on track. As of this quarter, we're now at $6 billion in overall savings kind of relative to 2019. So we're feeling pretty good about that. As we look at our kind of cost on a year-over-year basis, we obviously had a kind of s”
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SEC filings for XOM ↗ · Claim quote is verbatim from the 2022Q2 earnings call.