CLAIM #64001 · Exxon Mobil Corp (XOM) · 2022Q3 earnings call · Oct 28, 2022 · due Jan 27, 2023
“I wouldn't expect it to have a meaningful impact.”
Darren Woods · CEO
In context
“pacted there that I believe are ramping back up. Where are we now with those facilities? And when do you expect them back in full? And do you think it actually has a meaningful impact on your 4Q results for Downstream? Darren Woods: Yes. The -- so we reached an agreement with the workers some time ago and those refineries are basically going back through the start-up process. When those refineries strike, we've got to bring those units down and free them of hydrocarbon. And so that's a fairly thorough process of cleaning out the hydrocarbon -- clearing the hydrocarbon. So when we go to bring those back up, it's a fairly rigorous process of starting those back up to make sure we do that safely. So it takes some time to ramp things back up again. That's what the organization is working on. I wouldn't expect it to have a meaningful impact. I mean, obviously, in a market that's short, any capacity that comes offline raises the overall prices within the industry. And so I think net-net, that will probably -- there's some mitigation there with respect to our other refineries that are up and running. So I don't think we'll see that in the results, frankly. Operator: We'll take our next question from Ryan Todd with Piper Sandler. Ryan Todd: Maybe if I could follow up on the Permian and your activity levels there. The expectations for U.S. supply growth in 2023, I would say, have probably been falling a little bit across the board, at least partially because of constraints across service providers. As you look towards your 2023 program, how much do you anticipate stepping up activity levels in the Permian to achieve that program?”
Verify independently
SEC filings for XOM ↗ · Claim quote is verbatim from the 2022Q3 earnings call.