Docoh
Loading...

XOM Exxon Mobil

Participants
Neil Hansen Vice President-Investor Relations and Secretary
Doug Terreson Evercore ISI
Sam Margolin Whiteolfe Research
Neil Mehta Goldman Sachs
Phil Gresh J.P. Morgan
Jon Rigby UBS
Doug Leggate Bank of America
Biraj Borkhataria Royal Bank of Canada
Paul Cheng Scotiabank
Dan Boyd BMO Capital Markets
Jason Gabelman Cowen
Call transcript
Due to licensing restrictions, you must log in to view earnings call transcripts.
Operator

Good day, everyone. Welcome to this Exxon Mobil Corporation Third Quarter 2019 Earnings Call. Today's call is being recorded. At this time, I'd like to turn the call over to the Vice President of Investor Relations and Secretary, Mr. Neil Hansen. sir. ahead, go Please

Neil Hansen

Investor you. call. everyone. and We I’m President in Thank third continued to quarter ExxonMobil. of Vice Hansen, earnings appreciate Neil Good right. Welcome morning our interest Relations. All your participation

During our and substantial updates performance and prepared provide questions projects. growth I'll I'll today's made to on remarks. on following take review your call, we've financial operating our progress major the be happy my

our website. comments statement morning of the reference investor your slides draw the on and the cautionary on also this supplemental the available I'd attention presentation. information My will the X the to like at section to of end Slide

Moving remain earnings through we've year that long-term nearly value. Slide the The with in let year strong. summarizing margins. $X that portfolio to billion grow and by excellent commodity made a our underpin of We've shareholder to fundamentals progress months the prices a generated range resilient of investments me on X the begin this plans nine first is to

year remain million significantly X year. this increased on execution producing We day barrels growth track from in We Liquids year-to-date generation businesses. and has that full or cash the and meet of outlook barrels the equivalent earnings each with up of of strong XXX,XXX deliverables. capacity $XX projects are in line current to with volumes per in billion reflect X%, of Permian. Nearly advantage is last of will per CapEx key grow investing plans year production strong our driven by oil year day the

putting upstream portfolio we the nearly Norway. our divestments assets signed billion. now has efforts schedule, to to In are reached from all business proceeding year, non-operating five success strategic high-grade agreement significant lines. projects Exploration ahead $X four from The for totaled in sell investment consideration Cyprus. one and addition, the in with in three And including continued major projects discoveries, water this Guyana final deep we've decisions year this of XX

the We XXth also increased marking growth. dividend of X% year consecutive the quarterly dividend by

our the this Finally, laid The with leverage long-term with us is reiterated of we've so that the in us far at in and and to positions the through strength cycle plans generate balance line out value. in invest provides with just generated XX%. year positive well to the sheet momentum shareholder capacity XXXX March we

pressure declined from item. and impacts now to the putting quarter. to per in and gas highlight oil continued billion prices will margins $X.XX expectations starting The Slide quarter supply or planned the quarter Broader $X.XX Earnings margin and margin lube I third a short-term oil were performance industry were experienced share, financial demand results consistent during the tax while on imbalances a environment quarter second chemical and remained one-time relative seasonal share impact Crude with refining positive X. as challenging per $X.X environment, maintenance the prices based improved. natural margins. given

$X developments view was from the proxy rule quarter, generation for higher CapEx. quarter is net billion. adds in was reported CapEx now quarter. moderately our reflecting lower through $X.X go cash detailed billion. cash cash PP&E in advances, quarter on the second cash to of CapEx cash billion the Free with changes more of and capital, thumb, total billion the of I'll XX% a the flow for asset was CapEx billion generally that and $X.X is next since that investments increased in slide. adjusting the a flow after and is $X.X working sales ratio flow and operations Cash which was for quarter $X.X investments in and consistent

length. with commissioned Production year the liquids currently FPSO Permian. Guyana In the The lower third being with Tripletail a in gas line consistent destiny our the fourth quarter, in decrease markers in the were of is was with supply realizations Liza in exploration with in gas this Upstream, we well. both continued and and liquids expectations and discovery the growth continued announced

made program reaching divestment progress considerable an non-operated our on sell our $XX agreement also We billion Norway to assets.

refining improved supply In during with the distillate the stronger quarter tightness Downstream and demand Europe. fuels in Asia margins and

and On of by scheduled relative the the to the improved of to primarily second quarter turnaround logistics Joliet capacity. differentials contributed driven activities notably stronger addition pipeline downstream Lower other at hand, completion performance. most narrowed, North American maintenance, the our Permian refinery financial reliability

sales impacted Although planned industry long-term rates. the metallocene length be by Beaumont aromatics lighter-packaging a additions. at continue products sustainability grow across event expansion weight, contributed sites lower offset and Supporting and reliability fundamentals consumption, remains was improved scheduled polyethylene and recent margins had energy continue to Baytown. emissions. in of polyethylene high-performance, including reduced well benefits above The at Coast to – this chemical of from earnings, efforts U.S. delivered although partly is business, maintenance capacity Gulf Lower supply chemical running by performing to the strong startup

lower entered scale. research and research will breakthrough at our enable to We into capture The agreement uses carbon opportunities using technology separate carbon development agreement evaluation carbon portfolio of with We a and of industrial emissions capture explore frameworks metalorganic dioxide for also air. expands technologies. the Materials an from technology progressed to Mosaic

at Indian We now energy of low-emissions transport partnerships. Indian other centers, – also the XX gas and This conversion, multiple five This bioproducts, industrial progressing power biofuels more Institute with in focus agreement and and the technologies for of sector than collaborations, sectors. signed portfolio the and partnership private expands on our an and universities, which research stands Technology. will research

of move quarter earnings Slide of third the quarter year. to now second X relative an to Let's for overview this

Chemical in $XX by the lower earnings the by reliability million million Baytown. quarter. $XXX Improvements approximately absence Third by downstream North $XX decline margins. a industry Downstream were earnings partly stronger by American quarter of item. increased by increased the favorable by with realizations partly up liquids and $X.X earnings maintenance lower and declined were offset of $X.X billion million from billion earnings scheduled scheduled Upstream lower earnings at offset tax nearly driven second with maintenance, event differentials. in the

Finally, by from the mentioned prior per increase. X, Fin Corp favorable previously per year million review quarter in equivalent XXX,XXX day equivalent X% the on I'll Slide third the last in barrels barrels of quarter. were barrels of increase a oil oil increase per growth year, changes Permian, a due production day oil the relative $XXX higher third quarter tax to The item. driven XX% an by volumes increased in to representing representing was earnings volumes of and equivalent XXX,XXX Upstream day, million the X.X

$X.X effects in quarter non-cash when on There cash cash inventory the quarter, activities. item. adjusted third is by capital from a favorable operating depreciation items changes working billion third included flow billion The in expense primarily X, profile Slide maintenance $X.X release working driven Other shown activities. quarter in related for was tax capital yielded of one-time to earnings and the

well Our of schedule. and program is ahead divestment progressing

asset. Third sale asset Mobile a cash the of deposit asset sales includes quarter the Norway proceeds from Bay our for sale for the $X.X received and billion

billion. and net Third quarter Gross PP&E billion. and $X $X.X quarter cash investments the additions billion increased advances debt approximately $X.X were in by at to ended

with on Guyana provide fourth coming track expect a the and on slides. Petrobras well Permian an progress in plans the Slide across provide summary some X. are provided I'll Starting projects upstream, investments update In in on the these on making drilling we excellent remain our we is all the key operated on growth now quarter. in details businesses, I’ll and commence Uirapuru additional Brazil, the the of to

of business, of new and integrated online three crude investment recent which this year. projects expansion this have Beaumont supporting both We've our expansion, four investment pipeline, the receiving online Webster In four the now and projects downstream, are facilities chemical we our of cleaner, for will projects eight Permian Beaumont including final additional new performing well, higher-value plans. polyethylene the decisions Wink light support increased with additional production decisions the In with made and products. growth start-up the strategy final to year

day our provide remains I'll to Moving unconventional XXX,XXX with growth business. per on track the quarter. production update Permian barrels an in XX. averaging oil equivalent Slide on third

this in of continues. Phase including An processing completion continued in delivery of pipeline important Construction well of the also capacity was terminal. the the this and the milestone the results takeaway X we central performance. resource, and are Delaware to early strong stages encouraging, Although, the the Wink development are of significant quarter point

FPSO and on discovery, Slide on provide Commissioning is underway Guyana Liza I'll an oil well conditions. for construction this achieving target schedule. with plan we're start-up progressing with to December, of XXXX. dependent for to pace typical within the nine X Liza following first years. Phase five Phase on engineering for placed working closer and Payara was years This FID industry year. favorable of in The update of of the weather necessary X is the start-up receive well, initial the ahead And XX. project approvals on also government the earlier is

with encountered sandstone this highlight in quality on success discovery. marked oil-bearing exploration also drilling providing to well, potential initial of the to feet which September, were that the discovery Tripletail the we XXXX, to encountered, fourth hydrocarbon announced deeper XXX The of – are well pleased the and high additional reservoirs we upside

Uaru, in are drilling ship, quarter. Hassa and Mako, Wells the on in a are months. exploration to progress in map. continued wells, fourth undrilled We here commence considerable spud potential to the highlighted Guyana those upcoming of with activity Locations will upcoming the fourth planned Three which

the Northern Antwerp produced capacity higher our advantage facility XX. a sulfur group. European implementation now the some highlights to on I’ll strengthened recently on A including chart oil, we with perspectives Slide in our relative on upcoming new ultra-low position products, left we diesel. the upgrades the XXXX coking This integrated bunker fuel coker. provide refineries peer have IMO The value to of currently start-up

fuel spread shows gas oil chart oil. high middle The and the sulfur using clean/dirty Asia

thumb general additional for of and can to the cleaner just to heavier is As dollar spread, the estimate every perspective, give which annual rule to downstream third-party expanding is will clean/dirty barrel by will curve $XXX with some showing portfolio per you spread refiners complex that forward with sour approximately more widening, in ranges further see, our million. And you crudes increase capacity for change favor earnings upgrade a products. the the

of discounted widening and comes spreads, Now associated coking the higher quantities benefit ability the light-sweet a from large of our crude heavy-sour run capacity and to to portion crudes. leverage the of

made XX, to to is We've portfolio expected our for XXXX Slide of $XX to I'll billion, agreement billion. and The approvals. our turning details management includes and our regulatory more an assets pending provide than sell close additional on non-operated Norway quarter, fourth activities. in considerable sale progress $X.X ownership reaching on fields Now objective XX divestment the

period receive interim $X.X flow approximately of with to And The subject XXXX cash XXXX. from Estimated divestment with an the effective X, adjustments and closing total date adjustments, tax another billion. sales after we of the $X.X will billion years. proceeds cash billion price of few non-contingent $X.X of consideration over next billion is January expected is refunds $X.X

involving, limited We in Azerbaijan not activities to, and of are but Gulf Mexico, also assets Malaysia. progressing marketing the

demand perspective increase production an to December XX. assuming approximately are now starting fourth of additional our anticipate close the chart. we Slide outlook With driven quarter recognize seasonality Upstream, Norway largely a some In we earnings regards the I'll billion. divestment, provide following again, some will on seasonal on and of will expect $X.X received, and I'll the quarter, on in in that gas the to sale demand, gas gain provide the approvals the regulatory for by fourth detail on we

scheduled expansion fourth quarter in [Technical relative sweet/sour Difficulty] for the quarter clean/dirty maintenance as IMO is for preparations potential expected of change and spec to to results impact the third the Higher continue. spreads further also

third in quarter provide recovery maintenance generally reliability on on through will recent be Chemical event fourth from as under with the the capacity maintenance should levels, in Scheduled I'll and additional quarter industry at Baytown. quarter slide. the continued details work continues subsequent supply to the Chemical additions. from third a business line fourth some in we margins pressure expect scheduled remain quarter the market in length likely

on to the that increase we typically in experience XX, The as Europe quarter. day demand quarter on Slide equivalent chart in a has third by shows volumes occur quarter, weather barrels And highly Fourth average trend on and seasonal demand you from and per the XXX,XXX the know, we year. higher gas oil gas fourth basis equivalent driven in is gas been oil higher than expect this demand similar conditions.

maintenance. for Chemical Turning scheduled to fourth provide some on and Slide XX, perspectives our quarter I'll outlook Downstream

than higher demand XXXX. IMO again, to mentioned, this year the maintenance normal, with tends previously be for maintenance in scheduled Downstream line to patterns. As preparation seasonal, is in in part due Planned

We relative on maintenance the in to fourth the quarter. for in be the fourth and earnings XXXX quarter experienced what in to expect third impact for – we the fourth scheduled first shown estimated upper the quarter impacts from are chart. the left quarter quarter the higher Downstream The

Chemical line the the business, shown left to with significantly the and of the peak scheduled we second quarter maintenance quarter generally in saw be we the year. In below expect bottom in chart, on levels this third

key well, I'll projects In delivering grow reached Recent high-grade on we conclude and perform the Downstream on and investment prepared production final project remarks plans so messages start-ups with my liquids in few XX. decisions key to year. this Upstream, Chemical, are a the we eight to far and Slide continue for portfolio.

the our commitment to across capacity shareholder significant market constancy leveraging cycle, grow financial of through maintaining on long-term also are a to value environments. progress of investments purpose advantaged We range our

we building energy, climate the new risk to of Finally, to address mitigating on of environment, impacts and technologies the while extensive reliable our but to of partnerships importantly, network affordable providing dual are including challenge develop change. the

take more you And have. any might happy I'll than be to questions

Operator

Hansen. Terreson Mr. from First Instructions] come will Evercore the Doug of ISI. [Operator question you, Thank line with

Doug Terreson

morning, Good everybody.

Neil Hansen

Hi, morning, Doug. good

Doug Terreson

with are U.S. in item, to output growth So specifically three key be the thirdly, then get when growth higher item significant? so, realizations, the gains, want they were tracking others expenses can the Upstream. on to point, could consider higher primarily growth some Permian? in the gauge factors on we color period U.S. them that transitional questions will less in do degree mentioned If nature your these Neil, and this expenses but and you divestitures, if higher see the become are expectations? more we this to And expenses. they also last you on since I And Upstream,

Neil Hansen

Yes. I question, appreciate the Doug.

was if it we're the making it or So progress just to declined We Prudhoe at million Permian. look Most maintenance did growth non the to unconventional in the that impact well, focusing other on $XXX on and $XXX in of downtime you so that Most the factors, the some price, change did earnings second million. relative including impact including Upstream. so have and had that about quarter a quarter, U.S. price roughly Upstream, by of third was then few have we as and in expenses. assets, Bay, La an higher Barge the does relate some that in

making think can that progress about just I that I we we place, on And the see good continues maybe very touch growth I development including really resource we resource. of well. quick. plan making there. on full respond The volume to really mean we We're that good have out the feel value obviously, sure capture in the that the

laid plans our If refineries the barrels you're that consistent to the to is we with logistics using bring and development out. of pace plants, our position chemical

quarter I volume relative as quarter But and We've last X,XXX. XX XX same year that's growth I roughly on well and hundred with think the I and of XX%. think only in early few in development. excess a we rigs the in a mentioned, finished inventory frac the wells crews, drilled, we're to was third

and our capability. sophistication that in of drilling bringing We're early bringing the progress, the sub-surface of days, our of we're of leveraging pretty and the environments, from the using advantages, the good scale, reservoir corporation we're expertise engineers like leveraging with full dealing making project the it's really but strength we're in feel So course, management have modeling, some competitive we these technology. all unique world

would is where we pace, I of think be. I in it to think, the So expect OpEx terms

we're the balance of we and well ensuring but think terms efficiency. about productivity. when we well capital with want We that trying balancing to Now do to certainly ultimate development, there, of course, then, we're recovery in excel

So that the trying we're – are those balance. elements three to

are. I think where feel we about good we

is a a this we've generate expect we to resilient at return. said Even think XX% asset. I that a barrel, very $XX

fully we're we at drilling as would as our technology even you expertise be sub-surface, only though this we those bring get time anticipate to can in expect, bring feel I with So point, the down should and where we capabilities, and feel we like we will management where drive we're and costs. can we project even become better. are, never can we I always we efficient satisfied over like mean this, more

better So resource. really good very in but in also developing progress, will only organization get that expectations the high the

Doug Terreson

production if curve strong XXXX seems that it and like so asset. beyond, in and results the then steepens see we'll from Okay, pretty

Neil. a okay lot, thanks So, well,

Neil Hansen

Thanks, I Yes. appreciate question. Doug. the

Doug Terreson

welcome. You're

Operator

Wolfe Next Research. with we'll go Margolin Sam to

Sam Margolin

good Hey, morning.

Neil Hansen

you? Sam. are How Hey,

Sam Margolin

thanks. good, I'm

thanks whole assets, mature, I depreciated there, or that on the and it entities changing longer-tail of to Norway activity and these sale. pretty are asset around into based has spend. much question maintenance color So deferred of was gain about are not some looks incentivized stimulates local kind industry spending for on it of whether sort the the like a the hands this sort differently mean, that that more these of, fully assets

that is read the time and irrespective spending to? maybe you landscape that columns the a divestitures, for baseline if that so, on right if have what and growth tangent, you mean macro sort even So have, the for of your of overall does

Neil Hansen

making was accelerated. question, Yes. Sam. really fact the Again feel I divestment the we're appreciate on program good and we the about that progress Norway

ahead didn't of this So that's We year. anticipate we why divestment to that able being we're schedule. feel execute

But LNG think the recognize nice have to Guyana, past. the high more placed you the Permian that portfolio, the we're think even job has the of all pressure that program is I than and grade progressing primarily So on so should the objective. organization in have done many so, reason divestment we attractive fact given about pursuing a brought assets the that projects, the I organization you has we into the think

and we strategic to driven by driven its asset by it's fit, assets what at potential. going look it's Sam, we be the consider high-grading, of asset, generally When the to growth be materiality sales might going

afford have into perspective facilities that their from perspective like or running industry maximizing also ensure forgoing our things that we and don't maintenance to them. whether control to that are investment account we're or want operate an needed We from certainly these take from and I not well convey, production plans,

We more pressure attractiveness It's value. of opportunity terms this to feel the – like it's us, even I more, more of overall value portfolio we is having an factor probably high-grading our there increased and and assets. think has the feel even So really in grow Sam. grade us for to out for high so this a portfolio, the because opportunity that by

Sam Margolin

much. your with $XX of, trends resilient necessarily I Okay, similar can has follow-up, because side, in thanks oil, do like acquisition front. in the down sort more certainly doesn't it the that so plan than returns other the industry, double comment And development to make Bearing think on look then mind prevailing the to about independents my the on Permian, digit in claims. the

at situations. in you we're does It of the distressed cycle think mean what value that too about Thank some in here? you. to terms like some assets can So you add where for if on bolting you seems

Neil Hansen

Sam. it, Yes. I appreciate

good bring We're some to assets in opportunities to we feel Permian, and the trying I about overall that, So the managing what the trying of that as if about we're value remains in, we've step to a increase trying of portfolio. you portfolio, with able mentioned objective to and and do, the we that – Guyana pie. as been grow the come other we're feel as good think have I back

sit never we still. so And

we We're can portfolio. always the additional in bring opportunities that at into think looking we

other out at certainly would M&A, include so that's looking includes that think And it there. additional I opportunity any

we something Now what is with to And portfolio, into to we value thing of it's see in to and unique portfolio. looking we're have already provide or can't a so going other for bring can measure obviously, industry is to the an have our certainly deliver, competitive offer it where leverage for very strengths come at one can closely. the to it's compete us, That's consideration. that where opportunity we the can something our

in and We we any transact be that financial any at very portfolio the have position fortunate, sheet capacity very are the a We're cycle. have, fortunate given level strength, that to and choosy. we we balance can that the

a very, And because selective be what in, so very in selective to you're going trying you to already that in – bring spot nice in portfolio. to and what do, to with be gives to a very what's pursuing, you're the have in we is compete nice whatever

a So at, think pretty is of things environment things consider. to a are look I lot there's There generally the lot good. of Sam, to

whether to us can strengths. for given or advantages right the unique think our at transact can the asset a whether it's we or question I not and just we value, our competitive value not add

the But may includes doubt, includes making see well, other the what want being run your also in bringing continue overall in And is the talked sure grow execute them ways have find to you you base investments you have it that including to that value. the enough of budget, we as that that talk the on what of terms high-grading thing that bring about, as objective about. and we the is no existing you value overall grow well. that objectives portfolio we That able things to schedule in the not to we also have, we on projects that

Sam Margolin

Thanks so much.

Operator

comes Goldman from Neil with question Next Sachs. the line of Mehta

Neil Mehta

time. the morning, taking Neil. Thanks Good for

Neil Hansen

Neil. Hey,

Neil Mehta

I the you companies, first We've a XXXX, so just I can question point including the guess, is around lot yourself maximize certainly other upside IMO. maintenance IMO forward XXXX. – have to seen seen of into

go you just early Exxon XXXX? So will upside, throughput this how playing thoughts any ultimately do And about standpoint out. that from you return cap of the into as that think

Neil Hansen

side. highs. high significantly spreads, think fuel early little But mentioned sulfur oil and I'll cracks, transition back near or I step bit clean/dirty on our we're seeing. with the We've talk I the what IMO Yes, We remarks. we prepared appreciate about maybe the seen recently XX-year a see are to certainly reached product in you question. starting

think And some so on well. but I market certainly stages you're the are seeing the that indicating spread that transition, be side, as widening this of and the will forward dynamic the curves of already in that early of product

differentials, conversion going light-sweet, I mean, again, we be are right. you'll crude a are see But that to lot the low any widen those the those expectation showing that obviously we two have difference between volatility. the choppiness, refineries sweet this curve widening market, will out we some you crudes, global see some On will a spread, There light-sweet. to of futures factors, variables key also heavy-sour trends, but widening and anticipate incentivized that spread at and heavy-sour It's the follow run that and is wouldn't of that. same play here. clean/dirty don't think of those which – that I

could I is I – don't be if over we've will That's that know done, that maintenance this. level something the of done would certainly don't that there add have response impact think time, capacity. the coking I will any that to the be industry to minimize refining of

I think just to able to it is big respond be with market the to too pure impact maintenance.

industry the feel have and really we coking ultimately, we about Neil. where why are, capacity, good to think I will that's add

of done got coking mean, we've added peers, the any Antwerp. we've than maintenance, our I more capacity we've

positioned. well feel we're we very like So

resid conversion is Our in Singapore in as and coker mentioned Coast at Gulf very the upgrading the we're high. looking I well. in capacity U.S. also Europe,

have the ultimately, be think industry. is going to response from is that I So what to

Neil Mehta

one follow-up and of risk. company capabilities And Neil. political your regulatory is, as the is Thanks, a managing

of here and the go that Alaska think we for election your the As in the you public United context what risks thinking how do in federal exposure, into about of that Gulf and States, means lands Mexico, about around and the Mexico? New season

Neil Hansen

Yes. Thanks, Appreciate question. the Neil.

speculate details I implementation. it's to a on policy of difficult think on impact the without

effective I There a any efforts fracking like Permian. of at we about change resources effort is there to policies, we are would on mean share climate if obviously required. reduction, the also risk have industry is similar no emissions underlying when are think of those motivation advances negative technology the develop impact you and and that, to think doubt think more on concerns. ban certainly concern are that they we the but look I But policies

carbon vocal market we've example, of a to transparent, solutions. find uniform revenue-neutral will very it's For been tax. advocate It's it incentivize long-term a the

If benefit country think I supply to economic efforts remove it away not will and resource. for will U.S. here or anything, and restrict from another that the of the the impact globally. any the potentially commodity shift demand to ban fracking price

in policies. If think are there those concern we spend So we and policies advocating we policymakers share about in standards, improve for will as work development, we that better of time standard, a hold and a that high to can interest. that for we be a We policies put ourselves advocate resource certainly same to with regulators industry effective space that well. lot and place, it's responsible –

I consequences about policy makers approach that risk, working of policy political line the with you would long have effective. help of with a We've potential industry, sight to and think them is the what of our ways understand decisions those. good help them the one think we time been in think when the policies we be be would business I for a in we the on experience understand and think

The other brings to policymakers and to resource Neil thing society. is to we're understand trying employment benefits brings that that to do economies, is, tremendous the help development

generate recent $XX In development New don't will next fact, in in saw if the but Permian this, know XX Basin for Mexico, economic you approximately Permian, years. our in study benefits billion the a was the I the over development done.

economic of development these concerns important. recognize them benefit So think And I think helping resource. address I the more is the policymakers of to understand are effective what then also helping policies from responsible some

I or specific risk operate. global mitigate jurisdiction. highlights, us like it think though, where almost we in everywhere political helps And potential a thing other is having risk any there have, we portfolio The

with but our I – be in understand a would concern, working feel that portfolio, this certainly with So all like political have approach then and one think we if your having of there, policymakers. we by lot can it we can risk and there I mitigate eggs are basket

Neil Mehta

Thanks, Neil.

Neil Hansen

Neil. you, Thank

Operator

with we'll next to J.P. Phil And Morgan. go Gresh

Phil Gresh

Neil. morning, good Hey,

Neil Hansen

good are Phil. morning, Hey, How you?

Phil Gresh

Good.

you were the opportunity first question, on set. So portfolio, talking about existing execution earlier an

would your One just wondering that a a characterize you you. and increase more highlighted are risks a – of just spending perspective. spending XX% across portfolio the , capital today capital project. inflation one-off? as view in how peers Tengiz general obviously Thank in on from of or at you But cost Tengiz, you

Neil Hansen

CapEx and specific this in future-year the we What year. be on those the can as I'd meet this to we any We're everything to we I cost say expect schedule, can, programs expect I we This call, Chevron Tengiz future the directed question, capital at for more March. for Yes. the our upward – pressure recommend questions accommodate I to will where that capital on to project appreciate and cost Phil. mentioned that working stands doing and program is, programs. our within Look, update put it's Day outlook on certainly in Investor increase on provide appropriate does an operator.

on think pressures, operating. are I are you where think dependent inflationary about I talking you it's

deepwater. environment I think we've generally seen in a fairly good the cost

very I business, for we've seen example, Permian good the think unconventional environment. in the a For the part, most in operating

the try leverage do fairly market hot those cost pressures. And excellence in functional I a seen pressures everything and additions we foresee side. mitigate the on all to Chemical Coast, and the cost the scale given to those and our on we capacity Gulf business have can our We think we refining

the couple the of you most just U.S. relevant me examples. Gulf Let give Maybe Coast. on one, a

Christi, Coast, If cracker. that you again, place pressures steam putting of leverage It the influenced us globally. on the location that in look capabilities cost also we're allowed down near our the Gulf steam cracker to Corpus the that at recognizing

of one modulars things the and we build the Upstream often the doing U.S. a avoid in locations, steam with do environment example, high Coast. to site. For is cost cracker bring We're same the that Gulf them lower on the to you thing cost then and

XX% than The result steam is that of the be would that cracker. standard project lower industry

project those our to given environments the that expertise I think operate, well sure delivering something use different closely, to you're going on we costs. and schedule. depending we find undermine executing on of not on very you because you procurement our global watch and not have to where time you're value so, And But organization, if it can't it investment make and think to always any I is try mitigate you

Phil Gresh

understood. Okay,

seeing Second you've multiple the Obviously, question you're that on highlighted pressures macro times Chemicals. here.

Some out two just of into highlighting the been of so XXXX some the kind this your each generally, like we of XXXX of your and it your peers next to – $XXX have is recent look million but higher thoughts is or in of there you. quarters? the considering well. relative what's run quarters, few past the quarters, as rate of latest looks What's earnings view maintenance Thank there as

Neil Hansen

of appreciate margin, the steady polyethylene I I that look starting you it, end balances due to certainly the at improve to versus environment industry they some Phil. industry market to issue. Yes, before see competitors expect that second if they cancel the are We certainly are remain And in length. and but – or continued demand XXXX. this we investment be supply impact could quarter, year, that but plans relatively think delay don't to supply the absolutely current has weak

that continue delays that's XXXX if see remains important thing is forward could in other have we're the demand that capacity plus. growth, And seeing additions going you and impact margins And robust. to certainly, demand we strong

in The the business, cyclical remain very we try a other and Chemical fundamentals, the to focus on strong. in thing business, they long-term

to middle-class as continues We expect the growth to remain above GDP grow.

key it a those long-term and certainly element of that's So focus fundamentals. on we

that The term, win over with business, you the thing of the other we a cyclical cost long lowest commodity business, a in in is, supply. recognize

projects I margin Christi, everything these that keep Corpus side to to certainly can we in steam we price the are cost And that the curve, when do the the endeavor Chemical hand portfolio. investments, so cracker different environments. and make those mentioned our so we on supply case resilient is of of And they and left with

side. on is the product other an The try we thing advantage gain to

sales sort the that technology As a customers. – most application of growth high-performing portfolio of for for barrier, our we have is types those our margin and we of of on have high But some can a some can part products. strong unique sort garner products

good feel we think about it. I again, So really

polyethylene come even rates the assets highlight, mentioned, thing I'd online, on accretive I other planned that earnings environment. above recent are they're the investments Beaumont just well. performing The the steam those look at you expansion have They're if to the cracker really challenging Coast, running Gulf and a in

positioned like again, to long-term price short portfolio remain So commodity to capacity term, strong continue well to well across our additions, and certainly perform the demand and cycle. to we we fundamentals due advantaged is continue pressures feel but see

Phil Gresh

Neil. Thanks Right.

Neil Hansen

you, Thank Yes. Phil.

Operator

go to with And now Jon UBS. we'll Rigby

Jon Rigby

Thank questions. Hi, you. Two Neil,

Neil Hansen

Jon?

Jon Rigby

questions. Couple Hi. of

I mean, the the looked that at that generic the delta of of products start sort of was we light-heavy for hydrocracker. in see of just within start-ups a the I and effect you're would stuff brought profile the mean still on fit X-K. significant over we're the would hydrofiner, those I'm improving on highlighting you I revisited across first really earnings and referenced, is – crack Rotterdam seeing spreads, surprised XQ spreads the would to projects at you wondered earnings? in more exactly not coker, And if new for XXXX, the kind your Downstream. into above I The the And XXXX the guess or that versus little materiality

I if then And question a second maybe, well. as ask

you. on persisting cost or guidance the growth selling Thank on that Just is is a proceeds, that etc? taxes, figure disposal will you receive that of

Neil Hansen

Jon. Thanks, Yes.

Downstream the Let me take question first.

how This a into Downstream will we and portfolio, oil fundamentals we distillates are you that absolutely investments, into want long-term – we And in within away shift very our from the long-term remain grounded You're fundamentals. to we chemical in the see and stocks feedstocks. products base consider in fuel like when make right. to when the demand transact

certainly in refineries. So mentioned have all competitiveness refineries made, of the that the demand of capture the and earlier, those we're to examples, that Antwerp, making those investments complexity and I intended of are upgrade improve Rotterdam Singapore resid our the good and the growth are project

We are absolutely investing to capture that long-term demand growth.

Again, lower-margin some performing They these have have that of online. different I point, been – – environment are a this it's They, relatively come performing again, especially was allows reliant fuel project where on higher Rotterdam operationally, technology new in which impressive distillate early that but projects in is obviously, catalyst that to project. in up in well. like oil major cases, well upgrade days they're a us technology, some to into new

able margin about their So especially over expect And those significant new improves, we if technology and good execute that is feel execute projects. we time, the fact we'll contributions see been project very that to fully it with environment the that. pretty well, impressive we've from

constantly refineries units. think continue lot I progress beyond that capital how to we're optimize projects at the – our beyond a those use looking we major projects, to and of we smaller

things more again, earnings. will endeavor to good I as the we progress, certainly continue anticipate progress to will we So highlight try would and in fully see and that

In terms billion proceeds, number objective set we of the is the to consideration. out XXXX, $XX that

But would extent is And closing cash so, have include the number to the we comes divestments, $XX that transactions obviously in. billion terms actual of flow the that adjustments that consideration. in reduce that

risk remind number. I'd thing it is other you was The that a

in should So bring more level $XX consideration a in and lot billion. certainly of that terms transacting on of everything, we it would than succeed activity the

the assets put feel close and marketed to end expect well. are to assets we $X that It's more billion we the we about to already, get the the terms year. interest, To being a as in progressing be continue of good of in market

Jon Rigby

Okay. Understood. Thank you.

Operator

with to Doug America. now And we'll of Leggate Bank go

Doug Leggate

morning, guys. good morning Hi, Good everybody. and

Neil Hansen

Hey, Doug.

Doug Leggate

or if a want fourth I target, the the get latest of And could there's in update is into bit majeure. you months. may been what is quarter. again to just specifically, production the and at obviously amount wonder Groningen. several a tack, rebound going the ask, ask seasonal provisions gas I if Obviously, you the little I BOEs news fair change Neil, the But last force make-whole really of in to what highlighted I

a production earlier, Exxon longer-term? that your and margin happening though what's value – to even look longer-term as So the cash may as the we be net of to curtailed net consequence

Neil Hansen

happened Appreciate Thanks, on just the a little bit give of Groningen. question. to Okay. Doug. in Maybe what's background

you we of signed that and our end production all, latest the government tremor zero was initial. damage, related have that about if a the first So with than There would tremor, more partner of to intentions at and Shell government and That Heads-of-Agreement by Dutch is occurred ago, in of after to of year, experienced informed XXXX, we and tremors NAM another year of Dutch the residents back was their production concerns May certainly XXXX. that understand the a accelerate go that little the earth bring by this the the think I us a timeframe. initial and

acceleration in a we see Now departure significant the as the that we production year that from change or Heads-of-Agreement the of so signed roughly a ago.

way, state, an we production. come and the that's agreement a with accelerate we for need that's Doug. place will will to the to of So But we think we, that to along something on agreed Shell in under And put the have to compensation. addendum final agreement, in the responsibly lowering work

I in but provides to a optionality, think lot flexibility. out that to anticipate Things of of continue what able lot this are portfolio you the overall to come a portfolio. we a advantage be highlights global that and certainly grow with of certainly the to portfolio, going of of having is value the

production some government. demand all with heavily the you any the and annual don't we'll this significant anticipate accelerated we have Doug, give oil does in specific, sense, stakeholders about to accordance wind certainly But fourth in quarter, I any on from earnings an with and Just It to barrels don't on weather conditions. quarter, cash, of down depend production closely per XX,XXX the are Dutch desires impact levels basis. the on work given but equivalent but in day production

Doug Leggate

lengthy the appreciate answer, Neil. second quick-one. My I probably is one a

that. you give Guyana I a Thanks changer, see March, answer can with to give timeline. wonder if development what got and visibility? these, I'm again, you've Ranger, you've clearly, much. any history on is I so project Analyst if but Given of Day the success and because trying in will just leave the had up you And to game but I'll so being update coming extraordinary you've on able learned specifically potential again, terms color in your any clearly on there far us that's mean

Neil Hansen

right, try expectations. your exceed All Doug. to I'll

about and flow we extremely been be news to you a out the And success. Phase know, start-up Guyana, of tremendous that the X December. likelihood So talked have by It's continues will as positive. we

it's think I an we on certainly deliver as the have organization able of be project reflection time a and So capabilities schedule. that to that management ahead on good to

progressing project, is working time some construction well. And engineering the expect on XXXX. FID, then and first Payara well-defined government oil, X, to in X, we're the Phase early oil Phase with have

that of could least think would So have first on Payara progress XXX,XXX roughly And have day you a you the phases, developing. are we where certainly, barrels FPSOs said XXXX, about area be, production. we're by five those at and really on if that good we've three that there focused –

roughly calling – the area, the I Eastern You've discoveries. includes and discoveries there we've Eastern been we're five what Turbot which all that got area, had has South think around

Haimara West have have then And further if Hammerhead. you you move you East, then and

being sometime clarity the where anticipate more boats next on boats. to those. will those possibilities, provide potential the I to So We're near you if able are and will, those around would future, be. define in fifth working still fourth

optimize One exploration time something the where might down regret way that to have we want future. all rush the of to that we we significant We the making given in don't challenges success we of we've the had, that is a the sure development. do take

know, discoveries, new the create approach undrilled that, we're want as as we not these to top involved. also all sure all potential. of on optimizing us, then stakeholders right for all So have And we value, you it's to make only for the but

of next the the an would that sure we imagine, becoming opportunities. months. we we're trying what Doug, portfolio even progress attractive exploration is provide same while to several developments, I time progressing to balance at So Again, sometime those continue in clarity making will more

don't much Ranger, the as I have we're because the well location. on Ranger On still in only

the have operations in to to integrate results that Again, an well provide just able update we'll be still anything, and the those able future, quarrying and I on location. we're into and know we have the what take we'll hesitate them give we'll be think I we started. because would data expect I to but

Doug Leggate

Neil, answer. long the I appreciate

you're Just in still company, holding right? to clear, targets XXX,XXX as XXXX your a be

Neil Hansen

capacity that yes, production That Again, that's the are that's FPSO, of we in for Doug, production, not that's number production, using. XXXX. is today still

Doug Leggate

I will Yes, Thanks I Neil. expect a lot, talk about next week. we appreciate it. it

Neil Hansen

Thanks, Doug.

Operator

right. All

Next, we to Royal will Bank go Canada. Biraj Borkhataria of with

Biraj Borkhataria

my taking questions. a divestment your on plan. And few thanks Hi, for

to Just a lose Could repaid or couple free cash on Norway going and those the much assets flow sold. then from the a how cash flow say also clarification, you're you assets? selling just sale, And to is that. then part follow-up, one tax the million the repayment that as government? Thanks. a paid is from the the of also And $XXX by buyer I have addition in or

Neil Hansen

Yeah. Good. Thanks Biraj.

So Norway. really program the divestment with good with progress

think – about avoidance Certainly on volumes a CapEx, in per I and an in impact. to I cash will barrels is currently be XXX,XXX XXX,XXX you're right roughly production the oil In of terms an equivalent in reduction impact flow, day. will said CapEx. but mean, – be of impact thinking There of also Norway terms earnings, we there to

on going every view to that in fulsome do and the for how affecting of of And specifics to that's the wait I more and of think divestments all we'll overall overall we planning a we're divestment until terms of do, what the March that's providing so we're instead portfolio, going give to portfolio. the impact have

referenced. from that you the a On cash the repayment billion refund $X.X that the is government, cash,

Biraj Borkhataria

clear. you your to follow-up. sheet? able impairments for test on Okay, Are to and prices balance that's gas used just long-term oil And disclose very a you what

Neil Hansen

like talking impairments, with what I is anything do you're that said? – you we about think,

Biraj Borkhataria

yes. testing, Impairment

Neil Hansen

Okay.

pricing Monitoring disclose about that process, U.S. ongoing is Sorry I certainly that something closely very that. with we and those for don't an impairments. is terms in use is that specific follow GAAP. impairments think conducting we of something we any

might would determine that it’s assessing impairment some very imagine, then or changes sure there question recoverability that indicate if that. its the would processes budgeting might you and to in required. asset closely includes an we strictly stringent and processes facts carrying that certainly That certainly, cetera. GAAP as annual very, very U.S. planning natural and controls crude is have includes et that and value. and follow, asset not trends recover it we any identify have, we But circumstances And very make We underlying those commodities, gas follow be that again, through doing we about controlled we

Biraj Borkhataria

you. Okay. Thank

Neil Hansen

are Thank you, You welcome. Biraj.

Operator

question Cheng comes Paul line Scotiabank. of next Your with from the

Paul Cheng

Hey, good morning.

Neil Hansen

Paul. Good morning,

Paul Cheng

and the the the are of you the percent number running frac rig in in position federal you can And what On Basin, also tell your is the right land? Permian, crew now. us Delaware what's

Neil Hansen

Paul. for Thanks Great. questions, the

continues In the that we the terms pace and along fracs, rig with plans laid again, development of of out.

end XX Paul, crews. the rigs at at frac and think quarter, I the were we XX of

those So are numbers. the

Paul Cheng

Is that net just or gross number a number?

Neil Hansen

net number, Paul. a I No, it's think

Paul Cheng

Okay.

Neil Hansen

a a Yes, the percentage inventory I I think of don't mean, I specific of Delaware. lands in out the that have don't the in are number have terms but lands. as Delaware, very federal we you on federal large the know, there, I have

Paul Cheng

be maybe something and someone offline that guys you have that then Is that can me? get you to will to share, willing back

Neil Hansen

do share a or would something share. Potentially, and that. to that's I it and but not have Happy take with certainly discussion to we Paul mean, obviously, whether I'll we away, want everyone,

Paul Cheng

Okay.

right be quantity, you will heavy pacing economic, able do is major you directly If able the resid In run this the question. of a to guys sulfur presentation. be it, high given Second your and maybe in Have as coker tried your – into you your oil? to have have, feedstock you of lot a coker that as run? and in to show you what component the or the

Neil Hansen

Yes, thanks for the question, Paul.

Tower terms based coker the try into the slate that and what we we fuel or quality XXX,XXX we Vacuum also that, day on determine on roughly do processing, and certainly flexibility and fill through we import We of in and run, But can do feedstocks. Bottoms crude to lot direct oil. the of availability to resid we capacity. feed straight coking on cokers, processing we feed based barrels have But can a capacity can of have of based goes the do how optimize of we economics, a heavy

the do have we capability. So

– IMO crude number feed will be change is efforts And general the run for giving optimal XXXX, say economic the about the because think on think a be be what's I I But to you – optimize use depending those of what appropriate most cokers. wouldn't crude it I economic mechanism oil helpful, slate will likely less that or through optimal slate to what's think to specific the think run value key slate. our the will differentials you to crudes. and the drivers when heavy-sour expensive I the

But we we certainly of and So of to and the hard because market cokers but specific capability use respond market any the give for us. to likely flexibility the what feeds a number, is full, to it different advantage on slates, anticipate have depends that's to it's just us. again, the those kinds providing keep you telling

Paul Cheng

ask in another maybe way. Then me let you

just occasions, many that, One is in of the they – to problem constrained the major being data in there are logistic – by run arrangement. refined that technology-wise certain set yes, but it, infrastructure no

my economic you your have I that, So large guess, receive coastal and is whether the the Baytown its refinery, all to quantity in to question there? is you you if receipt do capability of that

Neil Hansen

capability-wise would really can we with Yes, it. Certainly, that. technology-wise I and do agree

somewhat you can those use the I it's in to think Europe. and completely But the have be would opportunity are, that oil constrained. the but by in have it's We had the logistics. you or consideration again, be U.S. part Gulf fuel we of wouldn't fair coker. run limited, and again, it's the say I in ability say, not to limited whether of do But Coast

do. flexibility some you told on to thing you that's market be there, logistics, there there it do the enough if So but right say is couldn't may not the constraints to

Paul Cheng

crude near rough able be Corpus would export export do push the it before Southern we what the stop? a Neil, and And Christi how question, to final Gateway you capacity. estimate have current Terminal much the volume is in term

Neil Hansen

about You capacity are talking export crude? of

Paul Cheng

that, new yes, a a Permian oil? we and the Christi. export all Corpus that from export With Crude couldn't concern capacity, pipeline going down, the bottleneck oil become there is in

Neil Hansen

think into Permian, today, be by Obviously, we've I Gulf much refining Coast understand our so continues certainly grow crudes consumed Europe including out that and out on that Gulf see Again, there chemical to know able is any additional refineries coming growth respond both near-term that we the industry as don't is I the industry that capacity, production will near-term that that, to constraints. Coast. only ability to I think outside in if and of Permian, of on fully But constraints on I view there is responding the Coast export the will any expect as out export in and don't Asia. of building anticipate been you and concern. Yes. to with capacity. export manufacturing I of us, the but to Gulf the the

the and to to to the be so refineries, Permian, investing a I advantage So of continue Coast to of done, more those run crudes. we constraints increase the of it able currently. that the respond you refineries as Paul, lines it we're out have would the the more to anticipate Beaumont at take the out we our think would light industry light on smaller other additional know, have no certainly And doing. the our able that of expansions crudes there's we're of coming other one few things including our run to in export of Permian. we again, to certainly out capacity facilities Gulf expansion to We're And

Paul Cheng

you. Thank

Neil Hansen

Thank you, Paul.

Operator

Dan right. to go BMO All Markets. with Capital next Boyd We'll

Dan Boyd

morning. Good Neil. Hi,

Neil Hansen

Good you? morning, are Dan. How

Dan Boyd

an at frac Doing plan rate. XX go kind exit as where kind are and according well, to the to was on trending plan. thanks. I just at to crews wanted back from XX say the beginning think the XX you're of Permian of you to of you I follow year your at But

to are are just So, you is forward on able I'm going less? signals? completions plan? be because seeing what wondering you running efficiency do more this to just increasing with ahead crew you your frac of Are or side the production more going

Neil Hansen

I think indicative have frac are effective indicative seeing efficient the think what's even that's rigs. I – certainly look broadly production productivity, But for a us, if improved of And I think of you in And fewer I Permian. that. indicative in be see crews think industry would of and even you and longer volumes. down, more of using think continued you flattened of I growth out certainly come and more happening at lateral more indicative lengths, but rigs, in number

starting certainly see in more, but to not I So for industry, the only more you're efficiency. I think think us,

it's same and bring advantages how the resource things at to, able we're able heterogeneous optimize being I sophisticated time, that's I But modeling. a to optimize spacing. not like We're by think, think reservoir we where apply developing

us of understand to to tailor the sub-surface Our ability to the understanding geology. the allows development our

think And to still see learn. continue relatively you're to going I I so us early, think

continue see how going we're approaching think to you're optimize the us to I development.

any so into create is for and to time, technology isn't number we're and the and to project rigs. sure So around application crews about respond creating objective to shareholder frac expertise of I respond wouldn't to much of value us. achieving do Again we're going our that volume specific read to to make too we're or for This we it learning, drilling what about capabilities going to what value. over that we're management need

Dan Boyd

then about talked And thanks. your versus March. but look one year-to-date we before, now cash flow in the this Okay, we at plan operating back

back may shy was environment, macro and it, wondering, shortfall to related price, quarters been here catch-up in talked on couple is are operational much and get for that maintenance, about, next that. trying potential help versus operations. to about We we increased to of there of that figure is tough plan related call is, potentially I running purely an to is is I'm out but much understand because see? be us might you of billion we've track how a You there what the Obviously how $XX can $XX to billion

Neil Hansen

appreciate use in environment that especially different market We're and a much I than Yes. in for the we question. obviously the that Chemical. Investor basis Day, Downstream

those very different you in we generally for we adjust performing environment, where are. the we're pleased look if we're that that fact numbers, we're with how a to relative impact, at when adjust you if So for

adjust We you a some to have have for very had pleased been feel as highlighted, to broadly challenges, But that which you were environment. operational that. if detriment we speaking,

Dan, reaching this year And importantly, alone, highlighted FIDs we continue milestones. more additional the the as Maybe to XX exploration growth on success have tremendous liquids we discoveries. operational

So about on good we organization the feel grow time. and the really the over generation we're making capacity progress underlying investments earnings cash of will that the flow

not be market both we're on So, feel we over and again, and environments. a most those relying environment. get for as price on good that investing just that the are we're with advantages, fully different – that we pretty But margin different cash time, manifest will with flow exception the I to anticipate happen we part, to think help structural earnings themselves given into in we we begin

Dan Boyd

All for right. taking Thanks questions. the

Neil Hansen

Thanks Dan. Operator, one for I we time question. think more have

Operator

take question We'll Gabelman Great. that Jason from with Cowen.

Jason Gabelman

to of there is the to Mosaic around I the capture carbon be a community past developed, resource be yet. about the greenhouse really address journal you mean, talking And Yes, all talked taking the wasn't able now. discussed – I while hey. here, will have Thanks call gas. you have on in concerns agreement. concern the not the own, little that It guys obviously question hour. because for for wanted investment

you a of do Thanks. just that prospects business, and way. breakthrough Can maybe technology, impacting long of that to have And your profile? kind would go think develop ability follow-up. see and the I a discuss I the technology a emission quick you So the where carbon

Neil Hansen

that's Jason, question – be call clear. end me the I to Look good on. a mean, let

the the providing energy, recognize has First be reliable COX committed affordable we need we the something to from environment, impact on emissions. recognize about of change done risks minimizing it. while that and all, we to are the to And reduce and specifically climate that's

technology allow and But the to will comes by of is, If that from policies energy And you three of of from effective face solutions in require us sectors, to challenge look come generation, reduce set going comprehensive the implementation sector. industrial we going government. power advances at that that, the three emissions XX% it's in it's sectors. global and to a finding emissions those transportation require the

we look capabilities. we can development So through if participate you in is our research at where think advantaged solution and that development,

sectors. And those so are three attacking we each of

research that carbon power So power internal the in expanding we emissions in is the and development, critical generation. doing be generation, company. portfolio only We're help to going mentioned not reduce capturing are outside also technology to but you

mentioned universities, We few Thermostat called cetera. with I had et a a months agreement You mentioned all similar Global partnerships have Mosaic. ago. national company we with the labs,

have on to opportunities a aperture scalable wide very carbon solutions So economic develop looking we capture. for

side, made transportation, light-duty the aviation, a I'm sure, we advances And you sector second the heavy-duty the we side, at biofuel of We're very transportation, think new the on biofuels. new looking new everyone's The but algae aware plant with on commercial solution. are, need program. familiar industrial on processes, And configurations, cellulosic catalysts. our looking also that at sector then being we're

we is our to participating want at participate, that we much come capabilities in any level the leveraging of the way up than to peers, those way is So our this, with technology a are more significant solutions.

for And policies. And I I billion XXXX. low-emission we mentioned, advocate to as technologies think spent the think continue then on I since we've $XX year

So and and have Mosaic, why and we companies we those to we are with the again, same while a at needed, believe participate find Thermostat, for like where Global solution value competitive because those continuing our we that's partner recognize seeing new think solutions, you're technologies exist gaps advantage to time us shareholders. create

Jason Gabelman

squeeze follow-up, trying the appreciate there Upstream, portfolio? very Downstream spread. I just in entire corresponding to the the If Is quick you a impact answer. impact that million the could Thanks. cited a to understand clean/dirty the to Thanks, on I on benefit $XXX just

Neil Hansen

obviously at. benefit we're we Jason. I looked that appreciate from want something mean, to on focus the I Downstream. It's last getting question, we the don't just

pluses being be and look So large of in portfolio, implementation as the global and a Upstream impact. diverse But will good portfolio is there the to of relates having we example IMO. a neutral looked this up a in portfolio, it it our it, when when at at that ended end minuses very we

not overall and does pluses our there have but see minuses, you'll really portfolio, is mentioned, neutral it the like Again, impact on a on impact. So Upstream. an I

Neil Hansen

fourth be we interest of quarter Darren hit, third rest appreciate quarter And opportunity milestones We to day. all CEO, where we we the appreciate call, that and earnings allowing progress us you. joined of to your I you our continued key and your your Chairman highlight participation will Thank Well, enjoy our and everyone by the Woods. and look the hope on the forward portfolio. on the our

Operator

We participation. And this for their conference. concludes you today’s thank everyone again