CVX - Earnings call transcript Q3 2017

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Operator

Good morning. My name is Jonathan, and I will be your conference facilitator today. Welcome to Chevron's Third Quarter 2017 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' remarks, there will be a question-and-answer session and instructions will be given at that time.

conference being this reminder, a call recorded. is As conference to of the will Corporation, now and over the turn Officer I Chairman call Chief Mr. Chevron Executive John Watson. Please ahead. go

John S. Watson

Conference to Thank and Chevron's Call and Third you, Webcast. welcome Quarter Jonathan, Earnings

On our President the Frank our and Yarrington, Investor of and Vice General Officer; call Manager today Financial Relations. Pat me Mount, with are Chief

We on Chevron's will website. refer to the slides that are available

review please estimates, We started, get be cautionary you projections, ask other we this contains reminded slide Before presentation on statements. and forward-looking that X. the statement that

Turning to slide X.

at messages Let Analyst me the revisiting start by we three delivered in March Day. our

we First, cash growing are free flow.

flow cash quarter approximately $XXX asset after Third sales proceeds, was dividends, excluding million.

sales shown we billion. generated the $X.X including As on asset proceeds, chart,

investment. is coming and to and Second, investments pre-productive structure base capital; realized Projects being shorter reducing return in we're Spend and on returns business are cycle project, focused online, is revenue improving growing book, from is shale; volumes. and high lower. shifting cost time, on our cash

Finally, unlocking value in advantaged highlighted the of our we're focused portfolio Permian. by positions and Kazakhstan, Australia, on and opportunities legacy balanced from

Let I me up follow call now thoughts. some who'll to few with a updates closing will operational and her the through turn take you Pat, the financials. over

Patricia E. Yarrington

an John. financial Thanks, overview with Okay. slide performance. Starting X, our of

and Third in refining Canadian and quarter per the associated $X.XX on million. earnings Included the sale were of with of of our $XXX fuels million $X diluted quarter $XXX gain share. charges billion project or business the was write-off a marketing

the this exchange detailed included and million. exchange reconciliation to A for of presentation. were in items quarter foreign $XXX Foreign special is losses the appendix

working we per Included related adjustment about capital our Downstream totaled continued was this receivables. from items $X.X in A offset draw which Bangladesh the an special mostly notes have and million volumes growing quarter, impact, but quarter realizations a operations higher in reflecting these foreign decided for to catch-up billion, billion Cash or the $X.X Upstream performance was and our $XXX retain. the business, strong earnings and $X.XX by was share. Upstream in business. Excluding of impact depreciation to of total increase benefited exchange

ratio just was quarter-end debt over Our at XX%.

ratio net approximately debt Our XX%. was

dividends. paid third $X.XX dividend the quarter. quarter, We billion we in week, yield in declared $X the in payable per we the Earlier currently share X.X%. During fourth

Turning to slide X.

effects, billion, despite net quarter, $X.X has the for pension third billion a were the cash capital and in expenditures after was during the of third billion billion contributions, tax flow lower nearly During quarter quarter, $XXX million Year-to-date, was Year-to-date, this generated, from at totaled Cash being $XX.X through Lower billion. cash and billion, lowest year. strong approximately including the stands than dividends $X.X operations asset than year proceeds $X.X $X.X over lower $X.X and same C&E $XXX capital expenditures generation quarter the in period XX% consumption after was cash from dividends, deferred ago. XXXX. capital the and cash the operations the affiliate a net million approximately totaled were funds, had from dividends dividends nine Year-to-date, first sales. billion quarter. aggregate, working $X.X It billion. earnings, affiliate in months. $X.X we've Cash

now $X.X in the total Sea approximately the business, select the billion. Indonesia, Basin in were interest sales Natuna Permian, proceeds our fuels refining proceeds sale in Canadian and assets assets Tobago. marketing of and Year-to-date asset and quarter $X.X in gas Third billion, Central reflecting asset international Trinidad sale Platform

that We are objective our we sales. exceed confident including of being cash balanced will asset year, this

the same current compares last period X slide to quarter Turning X with year. now. Slide earnings

Higher items business, our than $XXX item, gain primarily offset fuels the Special a project realizations volumes excluding Downstream $XXX sale by foreign-exchange both increased approximately adjustment DD&A, were partially production refining were offset third of Higher increased marketing by increased a earnings of and higher margins items XXXX mentioned, on absence global catch-up in $XXX million. and, quarter from million, the and million $XX and Bangladesh. from as previously refining partially by results. quarter were results, million the third by the we production between exchange Third resulting special change higher XXXX of impacts effects, A between from in the now quarter write-off X of offset swing million. and Canadian net periods items by $XXX $XXX XXXX reduced exchange, X. foreign quarter the oil by earnings Chevron's earnings, third million. swing a increased about and and of If third XXXX. of the equivalent increased slide in to turn by foreign rising periods. in earnings compares million timing XXXX, prices. excluding in $XXX Slide worldwide quarter Upstream special special between the

ramped XXXX. wells, by day, XXXX such declines approximately we per of increase production barrels per in XXXX reduced normal third of to day, increases Angola and sales third XX,XXX by due per production. impacted barrels per day. barrels the between quarter Third to was Delaware million Permian. Lower barrels of production PSC barrels from impacted Mexico Major of sales barrels per XXX,XXX by at by business increased the multiple planned day that primarily were The XX,XXX additions and as projects than the and field partially Gorgon in of primarily production production and favorably day, XX,XXX XX,XXX the asset Base impact day, Shale increased in periods capital due tight growth an X.XX and up U.S. Overall, production per quarter XX,XXX new mostly per and basins of quarter day reflected over production barrels turnaround Gulf as projects, Midland effects. effects, started more LNG. XXX,XXX which Nigeria. the growth Tengiz, asset were offset

back I'll it So, John. to now turn

John S. Watson

Okay. Thanks, Pat.

Turning X. to slide

said bar would declines the effects in Our our base that manage projects we middle we right X%. We shallow-water the Mexico. the major to sales. Permian asset of full-year sales, asset production in capital of shows final production the of approximately in asset sold is of now day. nine a in in is The months, beginning expect a XXXX be excluding be to range. growing, the XXXX from XXXX X% and year the the full and interest on X% Trinidad sales online, Sea XX,XXX current-year including Natuna ramps completed for the sales that's operations. XXXX. range barrels production, We year-to-date the up XX,XXX in divested as of to X% impact At growth the the certain expect the our Permian and of year, Indonesia. come up, properties the Gulf of international production the impact We be in day barrels GoM transaction; X% At up We to before now asset

As Pat canceled of noted, we've the Bangladesh gas sale business. our

to was Train a X. more barrels currently than ramp well third slide in continues trains three X averaging successful October. up. XXX,XXX to The in capacity. a above Gorgon Total quarter. the stop day finished pit early on are We production Turning maintenance nameplate

reliability announced and are the on capacity. At of Train X XX% we have on As in from first cargo. and the connected, LNG currently enhance we first arms Loading and fine-tune of intermittent plans downtime loading improve October X volumes, production Wheatstone, are other up occasions. we're likely ramping the we'll at to process

rates ramp the We over quarter. to up full expect to production

remove in at Upstream projects both performance have or We expectations. downtime December. strainers above scheduled well to for temporary is

quarter for is for LNG second scheduled X First Train Wheatstone the next year.

barrels a was continues third let's XXX,XXX up the exceed quarter in turn to the Permian XX. ago. on to expectation. year slide Now, the in Permian a from Volume third quarter, Unconventional production day XX%

basis encompassing we're rig. proprietary most our million Permian wells. is new standing design database of attributes, quite effective, over A proving contains Our well X and XXth up operated

activity. apply and drive petrophysical Volume one well information that outcome data is targets to of continue and analytics We to growth technology in performance. improvements to our

the economics. some we the and the achieve more more basis this requests on our money I helpful course, share important new we to These a thought $XX generate return outcome from investments growth. XX% are cost on design, XX. of at Permian indicated spent show year, than on barrel were Earlier IRRs the be WTI. is loaded we volume this information appropriation approved it'd slide recent Of under fully to that

condensate, are recover $XX and an to weight for foot currently per At gas well on with a oil, pads will overhead $XX three developed about Based NGLs, $X.XX per with On barrel we being $XX of costs, capital, a operating barrel the laterals. barrel XX,XXX streams million parameters operating, expect per the Hub, from revenue and average and and barrels barrel. $XX average Henry and financial expenditures. WTI, our left X.X type curves

and Our to advantaged our royalty returns. realizations are position add by legacy strong

allows profile be capital the on quickly. chart the cash by see very can flow production right, of typical cumulative you from recovered the As to

the is by about ago. down We half down. XX payback time capital initial two money. use more to and three cash over than operating $X.X this investment from life times year, to be months, cumulative the This and expenses expect expenditures continue of of trend very be pad Capital flow nearly cost. to Capital average the per good billion to your quarter from years average the

despite we well. than quarter $XX year, are fourth controlling again pattern, operating per $XXX lower this We're higher quarter production Average higher, XX% be billion. administrative costs million expense will normal be the than quarterly expect Upstream capital Following year, than last as expenditures but spend and intra-year less will lower also down full-year and XXXX. about

cost downward We trend. continue expect the the to unit in Upstream

in I quarters, slide our in to the seven I refining we $XX assets marketing of of the In quarter, indicated to earlier. range. combined. middle we third XXXX $X fuels the sold and billion Upstream $X.X of and sell business XX. noted assets to sale closed worth XXXX billion, and Last squarely billion the Through Canadian Turning the we've year, plan

significant first sale assets and We their our fourth our the purchase exercised sales refining marketing right shareholders and In We Africa, now to of this to asset close expect expect plan minority there. no South quarter. XXXX. in in refusal

chart. listed for criteria asset sales the and Our changed is hasn't on

offer closing thoughts. taking your question, Before a few I'll

last and community my know, our us. The outcome my as this gratified I'm That's you an long-cycle tenure. announced business my those before of our owe came that that during peers by much in success financial February we be earnings so certainly predecessors this'll established we CEOs precedent, a effective two to As TSR, judges I've call. outperformed retirement X, my time and

we've $X.XX, time now in my tremendous has was S&P my and adjusted lagged and that's Including the and the in barrel are cash have and MCF. that prudent our new downturn, XXXX, years we're rapidly $XX quarter much on of the XXX impacted to when first a annual conscious the dividend have is not But to per-share conditions, the increased was was Hub company future. XX row, repurchased lower, During a job, TSRs per weathered shares On important Henry oil produced course, We've and the and a day cost for prices in been results $X record fourth volatility us. conditions. industry of seen it the payout over price share Today, dilute that back to count. well-positioned very declared also is Index.

As growing flow from revenue you've up. with inflection a seen and point, cash at spending in results, the production we're going coming down

With the without to should be balanced quarter fourth proceeds prices, current this sales year. asset at we cash close

we've flow in We that current developing will enviable expect for to deliver limited an Kazakhstan. cash at a but base have resource and to sustain earnings and position business unconventional can I huge itself thanks highlighted a decades, Australia believe Upstream successful Permian. record an the not had I prices,

We organization, high-return team, management complements that business configured and we've culture. Most the have Chemical a got a and importantly, Downstream wonderful tightly Upstream.

They're record employees. of you. You that, know I'll do an Mike and effective our take questions. a people up of XX,XXX job well. success, I and your has know for that talented outstanding team track typical and the make Wirth his he'll With Mike

please lines those questions. open Jonathan, So, the for

Operator

Thank you.

of first Our Jefferies. from line question [Jason] from comes (sic) James the Gammel

question, please. Your

Jason Gammel

Yeah.

I think that's me, folks. everyone. Hi,

John S. Watson

Jason.

Jason Gammel

all, thanks. you John, – I'd of congratulate like to First

congratulate you on highly as John, to CEO. tenure of like First successful all, your I'd

Chevron former the shape company, strong You wishes the left future Mike. a on in in so appreciation great things a mark endeavors. you've And I've got best left all guy, your for as for

John S. Watson

you much, Thank Jason.

Jason Gammel

first with economic John. question, Wheatstone, quarter, Gorgon at startup full Pretty milestones the at First significant major over achieved capacity. LNG

spanned you transitioning about most since this of you Australia, given that Now, can tenure? it lessons little you've in the you're bit learned a big to operation, construction some that on expansion your talk embarked from of that

John S. Watson

years years that XX lessons there Jason, ago. we've And work lot ago; a I Sure. project was industry, And work have during of FID the lot XXXX on a think in of to lot are of done back learned things XX time. learned. went planning We fair a was this we, in number the to engineering a of say, project. done it's the

in do have advance, work preparatory do I think by of the Island. of, additional and the better you're a incur assurance And on assurance lot and to of the things, work. miss independent needed a say, work It's it's lessons there. project. need going reviews reviewers, pretty some mega-project on to we had prepared was real clear planning more project when best engineering needed labeled to to We few project other you costs. it the are Barrow we aspects the complex Gorgon we around a we And and if of started. that some the out And

of done. others and changes we've and forward elsewhere. going tried some learned on what projects from make we've and have done learned And like to we've FGP So, those from that

So, we I And think projects advance, of in every sense, verify the aspect regardless sign. of we're that contract for have broad of because in the have kind certainly hook them, these we been to single a learnings. there on

perform, contractor element vendor a during things. and not some that have a we've So, to verify doesn't construction, we or vetted, thoroughly or if there's these

what that delivered. sure be to have order We we gets

have We sure are the robust. that be designs to

we to back I ago. had And We think be different going everything. have mindset a of sure a decade

Jason Gammel

actually follow-up for to financial great. That's Thanks question. data a it's And segue good the my Permian. on the

manufacturing that into and bit a you you the mode, relative to balance With more scale talk little strong advantages the baseline the give a about competitors? smaller sheet moving of can

John S. Watson

look you Permian have at we When you at Chevron, the Sure. portfolio products. of and look a

Permian. in So, effort, flow the a make really. we're each team from that's generating investment cash we individual But that

We organization. have a strong procurement

process We that than more learn really some to generating. information we from money drilling pretty others, in charts the kind And our supports there's we're have to the have we came it's assets curve Also, And our spend about a portfolio, that's have learnings it data with from up where fast. that And but the very we of last showed can quarter that I talked that others. We're how showed technical Permian. so enabling a lot organization a capability fewer that people think science, we We advantageous that, to have We've roles. efficiently. us that we us. think wells. different we learning is different

company the to example, there, continuing right up the have XX to our rigs, that as how trading that manage something up bring. pace out Permian. think can we're we been choose is of For that we it's the royalty that you do, in whether returns supply a a we can showing big now, our portfolio. the much technology, Overall, view with to advantage ramp results the work the I a we to ramp so showed ability my things guys, we've spend can but you, We're and the scale I kinds really quarter. chart procurement position, every integration we have or metering that we are those in that. cash that and that organization, have we showed all the flow on And

Frank Mount

Thanks, Jason.

Jason Gammel

I John. with All agree that. best, the

John S. Watson

you. Thank

Operator

Thank you.

Our Research. next of the Sankey Paul from line Wolfe question from comes

question, Your please

Paul Sankey

Good everyone. morning,

Frank Mount

Paul. Hey,

John S. Watson

Hey, Paul.

Paul Sankey

to want so as time in shareholder were I and showed long me, a guys met first We can't we with ago, you patience just you thank retirement. congratulate CFO. really your with And a enjoy. the the and you the for measure, like time when argue return on John, you dealing

was highlight there we it that there off. if here, which long look you the focus we result we said, was But was look the EPS, we could focus slides. and the With would it retiring anything frankly. if way, myself, as me negatively as bit – tremendous flow, surprised, just at did? I if at a positive is a If unfortunately, at John, look were on that we quite look all made Because just weak, perhaps about it's Permian got You've pretty weak if a we cash way volumes. this but flow, cash slightly think that fantasizing by could element

John S. Watson

stock because say pretty surprised, I I Yeah. the well. was think underneath how opened, we're saw that I doing must I and

you, we But, it a this. it And on disagreement numbers. surprise a have in little the so, won't you not Paul, of if of all to apparent bit fairness, was in

that's it, a share. item. were to So, didn't be When depreciation. let not comment. that On $X.XX some million going which what you me that terminated talk and through capital sell walk you the things, a We've so things depreciation suspend I'm it, you of earnings also through in decide Pat you contract, that And going happens sold, earnings and $XXX appeared declare before have some adjustment million. let a to impact couple to make Pat special in a here asset $XXX an per rig on I'll was the We reinstate call Bangladesh is Basically, going couple is se. catch-up don't a so also you tax, when earnings, a to of let working We numbers. those. got

Patricia E. Yarrington

was mention $XXX out $XXX discretionary. in of cash two a on in impact. mean, $XXX pension total, first a I in million $XXX million flow one – is that I all called the that so made number I Yeah. side discretionary, would is, the we've contribution. and million one, of things year, total, the that but quarterly

there's what some actually they years, – partners I our last partners did paying have you and the our where been in us some as might circumstance owe here, a expect thing it we we one would of but us. – of is second over three mention difficulty The mention did

negotiating having what meant more it receivable that successful around ultimate swap a but into So, during payment, a current in receivable. quarter, the was the security we were between notes

a ended million recognized we working to a of you reclassification So, $XXX having capital this from quarter as up notes the in about accounts receivable receivable. positive effect a

So, happened for there capital, was no our when receivable, in look you cash working impact see you what's It and statement, however. impact during look notes at you will did that. XX-Q quarter flow at the

John S. Watson

adjustment the misleading... touch you're is is capital So, what working saying a

Patricia E. Yarrington

is. It

John S. Watson

were was our ...during security the arrear really we to and news one And company better around because of from arrear good, provide partners. quarter. the able national

Patricia E. Yarrington

our that, $XXX through discretionary the back about a billion look of contribution. cash close headline operations, a That to kind you million $X and if I on you're adding gets basis really talking So, think, pension figure. from you

Paul Sankey

Great. And, congratulations. thanks, and John, in all sincerity,

John S. Watson

thank you appreciate Paul, much. it. I very

Operator

Thank you.

Our next Goldman question of Sachs. comes from Neil from the line Mehta

Your question, please.

Neil Mehta

morning, Good John, team. congratulations. And,

John S. Watson

you. Thank

Neil Mehta

big picture broadly value created the a question. XX energy first, hasn't John, The lot sector last years. of a over

lot that but of Now, to do price, commodity do allocation. has lot a a with capital that with of has to

Your stock of one performers. has better been the

the handing whether of So, the from or sort your CEOs it's question, which to energy off of of E&Ps. the message major CEOs, many Downstream shale the what's next-generation baton of come industry, the would

John S. Watson

look was that's I of the on that course, which, since if gets which the fact TSR missed just the the weighted lagged you largely XX%, S&P But a commodity by I at miss side started, heavily under technology. getting our there's we no Yeah, from but on think FANG away stocks.

fracturing miracle look anticipate. market since didn't that's taken really place we XXXX, that's put of that supply hydraulic on you If the at

and resilient a And to as prices message business. the this that respond keeps technology bunch think well we're we're I industry. is up, so, pretty when an able moving, to that very And really in go

at that very we will, do. good ingenuity, we're what never you underestimate because very, So, if

transition. of been, a that as lot doesn't industry, attention industry have but we get clearly, a Our and technology in resulted a

that capabilities about a the performed the of wary see best to times And right the So, market. earlier; in projects in doing business. take on; you have better. were we'll We have opportunities of what in I Neil, lot we and basis have that your all that a very if commodity bit prices a and commodity busy range on us the the regardless would on a chain pursue wiser lowest-cost we supply that transitory of focus be I on anticipated, the ups now. that and during that suspect, those opportunities. the that of message that's had most in we is are we price downs the commented projects commodity And we be quantity little are really

opportunities. lot little the a in about four well. press, the Muerta, is particularly the opportunities You lot down shale us in the is We've projects. But know Permian. than on well, got we The base of very lower trying commodity longer the maybe you've have, drive Vaca assets anticipated. business out to Duvernay good, seen some low are – costs this But are a talk the we're bit we cost. period, performing will for the cycle that be continuing of got that time And We've big very a many Marcellus. getting have emphasis where prices during

Neil Mehta

but I in appreciate the CapEx. spending there? us to going are XXXX of here XXXX that, John. billion billion to relative color you And that's $XX Recognizing then follow-up with more give the just release, to about into $XX drivers the band capital how December going weeks out thinking a you're just around couple

John S. Watson

of would expect. $XX the that approved and out no We that indicated the – we'd it'll billion I A will case. reason highlight prices couple toward top release early to That of year, put range. bottom certainly And $XX that of near be And we that range Yeah. next in the we've billion a that. stayed guidance. our for December, – C&E kind things be be I after $XX plan I'll see in got modify if

the be will year. year peak Next

course, continue bottom that – fund changed of bottom Permian. for growth away Next the has range. in the But Kazakhstan, spending we'll toward that to year, the nothing drive will the future be XXXX/XXXX us will of peak time project the and from

Neil Mehta

with Good John. luck Thanks, your handicap.

John S. Watson

Thanks.

Frank Mount

Neil. Thanks,

John S. Watson

it. Appreciate

Operator

Thank you.

of question Phil next line from the comes JPMorgan. from Our Gresh

Your question, please?

Phil M. Gresh

John. Yes. Good morning. Congratulations, sentiments. And everybody's echo I

John S. Watson

Phil. Thanks,

Phil M. Gresh

flattish. to look been shale if I And get take for X past at more couple is years just, it analyst think as production day, expected it's look over X% quarters, the piece, a I And would actually you of plus couple like the minus that pretty trendline. you X% the of this kind plus it a question to at be at year. trends to base that First to

base just elaborate shale could you do you've how able years? the think that maybe expectation? outlook on plus that roll forward you been outperform And few why So, about to next the and for

John S. Watson

Well, I but the has think most outlook is that think the positive. focused been have, people a nothing getting first, business, I so the If our on very they that good. are base about, out of the assets certainly,

And our well off in so, drilling has with water, very us. drilling deep infill for program, development of cetera, hosts successful been et

results certainly So, Permian you is see have the been positive. shale then a that and good. And

So, was I period a remarks sort prices. of a of what lower closing my good at we're comment a code I time think that sustainable describing. for for that And in made you're

ramp that shale, of I just the to continuing from position the for frankly, grow online think period and projects we'll be and production a to in years, up. are come a

it'll think ramp-up the we'll of very We'll with an the with and for positive. on where capital think year. fourth seeing good elsewhere, earnings call, But story. I continuing next you, So, that's I success cycle estimate looking forward, major our normal the Permian projects give for you news in the a and production be quarter we're go through

Phil M. Gresh

Thanks. Okay.

Second dividend, track the on just the obviously, question acknowledging long-term record.

in we fourth-quarter fourth bit see year's as bump modest not little a to surprised lap last dividend investors up. quarter, a the tweak think some maybe the I with were

your broader the So, the that thoughts could maybe share you in context just picture? on of

John S. Watson

wouldn't pattern increase the if we I Sure. I me likes permit. is of cash sure earnings and perpetuity. and said didn't sustainable. we I've increasing every that the dividend. like you've to board it in we've increase any increase it I overtime, The like the in dividend, knowingly management be ultimately the could I heard as my that dividend said know member it, and I closing sustain And it we of in remarks, a dividend we'll the think that we lot. want said flow also said, likes

to there's There's dividend today, quarter, increases. a We that, always just where risks company I'll the this year an part, be to that in not story marketplace large the of uncertainty see that time And the early chose on marketplace. every potential dividend are the you and look inside is But the is put if said So, the we it in in we high we it opportunity on next part bar XX it very fourth the good. say, of Having in and the great conservative been the quarter increase and honest. have OPEC, prices reconsider the call, may about get year. uncertainty is at to around thing a days. based

And row, board I every be everyone that, that'll priority forward. per cash a the And a at share I'll so, will a it take going increased close payout. quarter. look our expect in And remind that we've it annual years XX

Frank Mount

Phil. Thanks,

Phil M. Gresh

Congratulations. John. Thanks,

John S. Watson

you. thank Phil,

Operator

you. Thank

line Merrill Our Doug next Lynch. the Bank Leggate question from of America from comes of

question, Your please.

Doug Leggate

in my to the morning, Good you. (XX:XX) I'm add John, generation And John. as CFO timeline. Thank congratulations morning, I'm Good going everybody. also. same

We for up putting XX last for really years. appreciate the us thanks it. So, with

John S. Watson

good, Doug. All

Doug Leggate

how at flexibility of Downstream. Mike as do resizing given price I'm the so two right, think just steps? but (XX:XX) the major changes of succession legacy what asset driving maybe record been kind And strategy, with inflation has has in planning follow about the is there's legacy I'm opportunity like quarter, place? two establishment looks generator flow. Chevron's taken $XX, in Mike's I'm in managed a this together both those aggressive wondering, high track – for really have on those anyway. for asset And very portfolio, questions, this got worst continuity I've obviously a a establish you things something you sales that more given a please. All getting above going any through been oil your going speaking base, large out not you're cash specifics with asking the the coming a to on be It see you an of up, of to do the high-level, but relatively John. cost-cutting the or the Permian, apologize of

John S. Watson

that my significant projects, think certainly tenure, I'd And describe Chevron it's cycle Doug, chew I give lot over it on those few commodity a in Yeah, had capital question. have we I is next a markets. a some the to and we've true internally broad the lot that years. seen think work do a investments on. during to as wild ride we've

up, get Wheatstone, them, for it So, time. What debottleneck what by those example, do that? then the means and Gorgon and is we over most them assets out ramp fine-tune young I to those of mean have

would base as that type a business I So, activity. sort of describe

those have has efforts momentum a be other behind online lot business in a have that will general, likely give or will, to And off lot it. assets, that incremental for we building returns been a will because be returns, they're fresh work us And coming And over capital We Permian smaller. they'll have existing have assets, other on outlays time. higher incremental and infrastructure. that of of

leadership But to what balanced actually, the returns with to Mike there taken is done, additions through. be certainly big cost-cutter, because more would of business of and been leadership base Downstream advantage or well, And has grinding Mike been I a a in somebody we've a think that have being there Mike you don't our He's of it wonderful great think undersells how that certainly elements team, And capital the to over been business my sense. I him his will was elsewhere, his exceptional really Mike business, And our leadership they've that a likely in things to eke else, that's that, familiar penny-pinchers opportunity. the to be the is assets. for describe be grow will do I period But I as one also at think positions of think about period in out And of in would done of don't but the part it as very been team, learned this so very has long refineries. time. exactly have out went But I it because I time. it's opportunities Mike capabilities. an encourage think I time. whether So, think with that all of of – Downstream Mike did it to job, over downstreamers growth think just I want we they've the

chance You to got a talk to him.

he's broad a very know You guy.

Doug Leggate

same, Well, we're looking miss just we'll to John. the forward it. But you

oil up be outlook you concept away, think, as follow to you times think I my putting to wishful is seems little I of as going peak commodity demand, your wonder think a you've the I peak is multiple now, as walk So, to quoted to that with demand fun the been it – this what your thoughts probably, thinking I away ask because offer have prospect I if was. kindly, and as response could current on you fashion. oil walk you just of I'm

John S. Watson

our am industry. unabashed Well, an try to there. advocate just And see for I I Sure. about factually I out speak what

our And living Our industry you history. of standard living, if light, mechanized XXX for is have, of provided years industry, back shred advancements has the in we ago. responsible standard everything in agriculture, mobility, been heat, recorded by that every our literally, greatest look

And and that repeating context state. comments I demand simply, I'm what make. the the the in are that's International Energy on statements So, others just the Administration

going very those of our our In fact, forward, they're similar competitors'. if demand to you forecast look at

talk So, foreseeable peak they're simply about when for future. data facts not looking at the people oil, and

living policy of a facts. on advances, grounding at And that good energy in good generate foreseeable puts clear thing. But standard kind the forms and will is oil will of And the peak into there economic systems the to technology we oil associated that's it's world other the the I future, for and of Now, that's mix. But place to come going developing as of pretty think energy starts a point. that it, the demand happen some with good infrastructure debate that with grow. have be will energy

to facts. ought products are We're deeper on year Natural well-grounded getting be way of based on to a them way, to and And next demand fact, environmentally day. barrels up estimates we have close set debate for demand a are provide we XXX an gas these growing and an to but is really able again. subjects in our safe environmentally have needed. In million responsible

And do. of so, that's that where the comments make I come from I kind when I

Frank Mount

Doug. you, Thank

Doug Leggate

Thanks John. viewpoint. I luck, Good appreciate your again.

John S. Watson

Thank you.

Operator

Thank you.

Capital. from Our Barclays next Cheng comes line question from the Paul of

Your question, please.

Paul Cheng

Hey, guys. Good morning.

Frank Mount

Hey, Paul.

Paul Cheng

to congratulations. I John, my add want

John S. Watson

Thank you.

Paul Cheng

feel that has that you really so me you met more make I think I old I because think XX ago, than been... years

John S. Watson

Yeah.

Paul Cheng

ride. wild ...a

that. really So, appreciate

John S. Watson

seasoned. You're

You're seasoned, Paul.

old. not You're

Paul Cheng

up want (XX:XX). the with a you for appreciate to nice I congratulations, really is thank anyway, it. say That very all nasty putting really and But term.

questions. maybe So, two have I that, with

that. which and First, going the related industry, the managed or volatility commodity being going is wondering, if we you to because how it boom the Partly, constantly have we've also look to that like cycle, nearly bust. normal partly is the is been But being industry, I'm that said at it's probably through compensate. naturally is

at or cycle, you're or do So, go done? being and way be here you much how it's be and be the departing you when the retirement, compensate the I just the changed, mean, need as look not to with it's industry, to managed think to to can John, naturally being going how it's

John S. Watson

health, things scorecard. scorecard. time. I on a to and we've in Two really of would pretty And And Chevron's data. cash take for many question, system bonus, variety I based system, environment, a it scorecard, look our Well, including look a progress a are long you and has so, it. at there in that think on project safety four comp and whether to balanced ways, at is is it's of components based that aren't big things is compensation that's a for a that's, because And One company-specific those aware, in competitive a a sort. had year if anyone which that salary invite it, returns current

Now, enhanced think a in we've our it I standard. disclosure on years, that but recent sets

for with components cash then have So, And XXX% we bonus. two are other that year the return. shareholder current aligned long-term really that's

year, that of added one past XXX S&P what as most these a options ups the with unit. for downs. in the those last performance with, for is up is been has given, And and will time. been, shareholder married over again, behind absolute relative just we which part TSR first the you The lined the our competitors. components that have been us But has thinking is And have that performance

we absolute the don't if the perform And return the But in options relative from won't well, realize competitors, If of value industry, so, for we'll an a if our options. that in all won't much. sense, you get downtime way, we outperform component.

or made We high, it's quite the scorecard the returns-focused but the have whether oil commodity The And it's billion achieved $XX when largely function price when environment. returns-focused, made in information. year, current along outcomes balanced, oil was we've very $XX. and TSR-focused been really current-year nothing for was so, we other it's with performance that of a

so ride. together I But think system. it's if you volatile been a And at over a components time, look ours has good those been

I seeing out think you're And range industry. by And put shareholders in the you do. some look, a to that same read proxies And, there's management. I the wide information there. I of articles and and think out that read some the a companies there I've by response other of

Paul Cheng

retiring, oil countries? The manage number they industry official that oil with the know The second advice of would investment managed you're how way being oil-producing the and What you – inside, relationship but dollar? how is mean, do to in being revenue is whether – high how not comment, the the they your terms seems can to a how may. or the you one, they revenue want of be industry, I but better and how – don't oil attracting to mention in their

John S. Watson

had we mean, on make. on a and are about as is strain the we change. prices companies, of through type have lot Well, this Paul, private know, like The same they exact as lower social the governments you previous during of commitments And period calls, difference we've I to that talk the Chevron, the they said host going spending have. dividends; have adjustment I've

got And and to they've so, lower their trade-offs revenues, wrestling make. made people, they've commitments with to they're

seeing their place they over think I countries agents are economic, going in respond And respond, talk and there, putting to that. responding out is we're making important. that they're competitive be system viewed would economic don't governments, process companies others seeing feet. only when so, trade-offs. in to to are the or draw a when And be we when heads there, those The and it's of time of state We're so very as that with that's it's world we aren't. are stable private so I incentives that some not walk out advice to the capital, that a And

trade-offs terms keeping take we capital, can the over of a have for that'll time and longer adjusting transitions these these between to not so and benefits can deliver the terms because their governments And that cash the country. long-term of so time kind draw fiscal adjusting make period investments that the of

are And I governments things considered. And there. be think the that eventually so, gets those have to most

Paul Cheng

your lot have fun you hope of and congratulation, retirement. a in Well,

Frank Mount

Paul. Thanks,

John S. Watson

Appreciate it, you. Paul. Thank

Operator

Thank you.

comes Our ISI. Terreson Doug of the question from from next line Evercore

Your question, please?

Doug Terreson

your... during Well, every beating on peer congratulations your first, John, stock

John S. Watson

Doug. Thanks,

Doug Terreson

...tenure your with over help need don't handicap. and and you X XX years. But any I think

John S. Watson

Thanks, Doug.

Doug Terreson

pretty that's think good. I

pledge discipline history X. free my capital returns flow, cash it's to of which next looks times, shareholder focus this outcomes. long guys had lot Chevron positive of investment falter surplus And on Chevron And a on years. to highlight Simultaneously capital So, had have likely will couple lot surplus question a a though, of and page capital the is, materializes. of as you employed on during

to going is commitment and transition focus any that value you we question underscore other thing there my And distributions, the challenge of are which besides be? should So, creation to do spending you Chevron's made some to how on significant forward? commentary manage Pat and that consider this the on

John S. Watson

I that disciplined we to the by that deliver shale. we'll highlighted are going to we very that coming. shorter-cycle whole for that be that advertise because have flow. One, successor's we've be opportunities that time, be They because I a challenges chance are think actually coming that don't I the there's high But more a cash think reasons. place do opportunity very there variety set online of have have we're in an a want will easy will to forward. projects going now, going the right my to face and industry good tends

ago, timing in And hopper. array we projects funding we other and won't the major of have we of Second, large Wheatson, and if that some the say, number I that capital you project coming the knew up don't had, period relive the period, Jack/St. but with history up. we that of coming of were the clearly have compare had Gorgon opportunities of current a of and years projects XX gigantic Malo

is a of we've in going die the other projects We point Kazakhstan. during $XX a few in funding years. not or cast expenditure the very the that's But there's project, funded would In the been project we that number billion counter-cyclical that FGP have in place way, $XX reasonably progressed billion the to are period. successful get words, some next over forward, this well likely

normal be pretty And, meeting on So, fact, will have capital I March. range clear. our will at opportunity in discipline that Mike the you the to think in an update give spending

Doug Terreson

Congratulations, well. Okay. Well, again, is listen, up Chevron set John.

John S. Watson

very much, you Doug. Thank

Frank Mount

Doug. Thanks,

Operator

you. Thank

from question Calio the of Evan Stanley. next line Our comes Morgan from

Your question, please.

Evan Calio

good Hey, afternoon.

John S. Watson

Hey, Evan.

Evan Calio

a to working and I you, on congratulate both John, best. tenure. with and echo the you the It's he sure congratulations, wish pleasure your listening, want been is Mike, I I'm

John S. Watson

you, Evan. Thank

Evan Calio

first bigger been strategic you've know, a question, picture. I John, thinker. My

You've others. acquisitions been in of as well Chesapeake Unocal, as involved the acreage and

the would know that in do industry think industry you in U.S. do think thoughts looks structure five for I that, is like significantly majors unconventionals. last Chevron, question you really shale case over compelling there time, I interesting. month, And years? necessary a that what but consolidate any think it's that made or Chevron my the be can win less will

John S. Watson

there I some to consolidation. expect be do

land call of it's many kinds want that's we you work in for put drill, to a that very place sure is, that for can us, efficiently. laterals that acreage a that contiguous up but going I of the lot the so want, you deliver but the you got infrastructure of that you've really work certainly think can it place positions, well returns the lot so drill others good coring you taking now, on up, as that's making

a to highlighted of I just be that so, we're think we've number and dozens will mean, got that of that. And in And engaged that, do are frankly, different transactions that way there different we've under do focus. – I

will them broader consolidation. of One be

it valuations. think on depends I lot a

made thinking, Now, our back to of M&A, I've so it acquisition the but a in don't it that this time, particular I've to had. also it time, that clear we we at From create pretty may positions way that opportunity. comes some into business. past when the the in have at recently, same do resource like come any line we've valuations said have of we're

we'll whether all adding things. those M&A, exploration, so, participate And or discovered it's volume in likely resource, through

driven doesn't, always And ask if can consider that be when it. we would here. know the mean, so, is, value really wasn't it But our and the by, were contemplated there I add does a that question fit? how bolt-on how I do opportunity, it we what M&A we'd we market people do

we question, a the ask would in would we ourselves. to because question anytime that you And that us transaction, that's so, ask engage I encourage

Evan Calio

your work XX. And there, and I on your prior design? which predicated percentage programs completion how be or slide Great. if second the any will new XXXX guidance, of you for color there's in Watson's Can your any follow give more is always what choose handicap. presume pack a the on was you out the peers John, that question indication this on detailed And affects XXXX design? well to (XX:XX) Permian, not room on your My on

John S. Watson

monitor the These we're and laterals. certainly that's some performance XX,XXX foot really We've migrating And was of helpful had. pads think to because that design. is to laterals, curves be There striving that in it's chart, this been won't it's we've all but three under are XX,XXX-foot what design. I them. that the against virtually new are I type you, we areas. most This for it hope, necessarily

Evan Calio

Thank luck. you Good it. Got

John S. Watson

Okay. Thank you, Evan.

Frank Mount

Thanks, Evan.

Operator

Thank you.

Our line Roger of comes Wells Fargo from from next the Read question Securities.

please. question, Your

Roger D. Read

congratulations, and a run. morning, Yeah. been certainly It's solid Good John.

John S. Watson

Thanks, Roger.

Roger D. Read

about in Wheatstone, but of accurate? coming wanted as – right that depreciation, less the impacts Hey. you. well? and by sure follow change way more a the to maybe driven Pat, actually little the which In is the forward think I'm I And to mostly Wheatstone for Gorgon this large, the coming is up. question presentation, a just is that obviously,

Patricia E. Yarrington

looking this lot the volumetrically period to Yeah. It it production $XXX related. there that do Bangladesh million. I mean, which going depends component underlying increases that for in I components quarter back at. was of would to catch-up But a on we've you be are depreciation quarter-to-quarter. had fundamental related to volumetric the in call be you're

significantly. up course, of Third-to-third,

Bangladesh itself. Second to is scenario, the shows same the exactly catch-up but that's third not where

Roger D. Read

that on up the Okay. Permian depreciation that and next as F&D overall case large likely over attractive very think there, to to a slide couple about and for all, the and enough the we not of be cost ultimate follow or is Great. be for the trend the does Permian that, company, to And down the years? obviously, then as

John S. Watson

Yeah, between in Gorgon last a depreciation place that a a the barrel; what Permian more let will flagged from $XX, to balance in even and from down design ramping me at volumes and then the Overall, that, exact largely bit I forward that's which we and to new be unconventional and year, $XX come little as depreciation and move there's mix. of coming down think. the we've projects can Maybe say, from, new this on number $XX taking Wheatstone, the business. of said that way. down each are between defer guidance going quarter that's frankly into and And lower we barrel on coming a and back base of cost than the I'll with lower $XX

haven't... We

Patricia E. Yarrington

our... Finished

John S. Watson

it's you're weight our that We haven't correct plan, between finalized a but those two.

Roger D. Read

you. Thank great. That's Okay.

John S. Watson

Yeah.

Frank Mount

Roger. Thanks,

John S. Watson

Thanks, Roger.

Operator

you. Thank

of from Our line comes Baber the next from Guy question Simmons.

Your question, please.

Guy Baber

comments, Good morning, everyone great here. John, run a echoing just else's And, everybody. on congrats

John S. Watson

much. Thank you

Guy Baber

flexibility level see given realize, that the just or step efficiencies, circle spending CapEx you associated the level for assets your shale in and maybe much projects, a current spending with the to just with type setting to about base? to the to oil of the (XX:XX) those with the to terms major we not, comfortable to trying framework. really, back which need be base to upstream now. now up of to program right sufficiency how they so seem you if assets, understand how of continue But you your right spending wanted going prices base there sustain might think aside spending I and are where kind as And are and level

John S. Watson

Well, spend, that of excluding about billion it's it's year. it, that if projects you level the we've look at part categorized $X been a are been capital the – major base, base

our forward, So, with range. we've been In kind will we of bottom of projects that going that at of be guidance the some new these have will associated assets.

spend. of base that base be call – you'll will So, there level

our these Some of that the I spend are trivial base be of a things that like higher is off higher of But that the base projects and there. going will percentage a of deep some programs water component, are what hosts are category spend you'll sense well the shale existing think not and see type in forward. in

split you give – usual economics. number, in trend of it's precise the we by certainly, direction we'll the that that give is maybe described. you we'll that do general terms the in until we March, In driven And that you defer but

Guy Baber

not free hard year-to-date as the Okay. the we flow into tax XXXX any evolution that even given cash right if the that step be next color of you can important flow, wondering you maybe refunds, might might And of down perhaps needed. to be cash contribution. for there's are getting contributions just but high-level here, flow discretionary and potential That's put in of payments great. But the And some or in if flow expectations, drivers any consider? speak on dial in of observations some free of risk less-obvious year, our prices may the And tax see to us then pension TCO cash those now, necessary around just to headwinds, or oil can cash all next a at deferred thinking year light there. of given at where weeds just to

John S. Watson

given often detail about see. on and things we've prices, that, prices we of upon sensitive oil an for said make overall There you on in covering. some $X, to range the devil's per me particularly, let but it's And the that $XXX are We've cash are that it's million are flow. how example. depending comment guidance to the difficult Yeah,

now, have the taxable right For income, happen if jurisdiction. in we higher to leverage a example, negative particular is

so I we that upside affiliate, have why we've do that Kazakhstan the So, do I affiliate that But spending and we those that have exposed in incurring And said that can company. that to sense dividend can to the some of other a us. is comments. the through example, It's commodity think of operations, urge make runs normal impact not caution things capital major to a or we contributions that's in part impact prices. – are for kinds the Pat couple consolidated can of

Patricia E. Yarrington

pension that in the future, Yeah, we days $XXX look or a year. to statutory I'd in just But at time over about million, say, make you're past, not the $X billion plan, I up every if funding. we're of contributions spent pension in mean, U.S. you terms a thinking requirement At see to per year. healthier we will have in least the

the things. completely a year, at will of So, consideration affiliate it's but that look is every John component discretionary. that we mentioned

one highlight position in deferred of we I a been deferred tax this in last the year on and our for has couple a basis, where would us other headwind tax The years. that a have been

to cash we've take here, think I impact coffers. some come cash at As I that to should say, fact, $XXs, in into if in benefit forward, huge that look those, you be that when actual will around time prices price anticipate reasonable back for But had reverse. obviously, the what as a you look ranges our will

if a bleed looking tax slow operating around will these But a you're prices are in losses where cash over creating the it fact, be bleed-off that time, at net get monetized. it's pretty carry-forwards, So, today's. out

John S. Watson

Thanks, Guy.

Guy Baber

you, thank Yeah, all.

Operator

you. Thank

question Todd of Bank. line next Deutsche comes from Our Ryan from the

please. Your question,

Ryan Todd

congratulations, And It's and John. I'll what's before me been great, passing good all echo on those Thanks. with next. Great. in luck my

John S. Watson

Thanks, Ryan.

Ryan Todd

question. a Maybe

including integrated last global little in a your global acquiring You've asset touched peer earlier, this various but various been peers, have couple this on your markets reported U.S. LNG, Brazil, questions relatively in bit resources of morning, active number the a locations. on also over or years who

– how relatively few last it on how it your mean, over remained years thinking can have view terms you is whether of guys of and about the of sidelines represents just but portfolio I positioning to philosophy relative the think your of couple on not investment in is post-XXXX, priorities, kind decision the you through managing the through have, sidelines just also a for You talk your slight this. much shift about years, to this longer-term? portfolio stay what how you most is in next positioned or you investment

John S. Watson

got couple a We've portfolio. Well, very think you and is, things, good X.X of in portfolio. to there as to and unconventional do We've million I got got acres the a lot it's Permian; Ryan. digest say, the a it's other we've One been the positions.

continue grow as And over So, we bring projects develop we position. base years, few to and and have on growth shale. next have them the these a good the resource we ahead

a have do we one, So, good position.

have we opportunities As against years, portfolio I'll out, have. and between And the time, for But the say, that tell the and that period, going in there's of earlier. add of an made resource capital last the the imbalance sellers. we compete time much been, I you look for expectations few why buyers to over this at to you what's do you, comment point I that's over did let's

can't so, money. may you out And that the are see reach commercial or things just always you of agreement,

of we've so, very cognizant been And that.

previous and that earlier transactions they're companies. a I've asset-level different highlighted I lot on watching of opportunities, a have brief calls Now, said that whether we in or –

costs. some going we to a time, And very made exited the difficult do on that we to do carefully. capital so, We've going to forward. But we've that portfolio. Australian And decision. wasn't for a our the Bight, with over need got choices but add watch We based government, good assets relationship compete

be spending to So, be we our we're we're and money where really will you, we're most trying returns-focused, to think being true what told on we what economic.

Ryan Todd

a what chain that business helpful. up side to see Permian chemicals your the you whether of I the But talked follow continue How Coast. on potential in of you a starting can on here as a guys And you early U.S. of up you'd business? I the future opportunities cracker particularly, have within side maybe Good. know you mean, for the maybe the chemicals be view like there? think CPChem? integration Thanks. the in That's then expansions about year. amount Gulf industry, next it to value certain about talk across aggressive whether you growth and position – allows

John S. Watson

Phillips you which is good Company petrochemicals. Chemical with Well, Yes. And of in a Chevron know, through relationship as a primary got all we've vehicle Phillips. invest we

relationship coming And – We is that. have next the on-stream, the have so plant's derivatives early ethylene are plant do year, and that's expansions so, have them. with do And we contemplated we the on that other good.

than the it's time think be in a position the to going the Permian, growth And feedstock contribute advantage the long fair to of I is with growth that drop say overall come. economics opportunities. But of tighter got think, I the – getting in potential I other prices to and we've project for now an we'll continued the have and those impact focus I damage, to to the NGLs good. certainly of NAFTA, our through getting And it bringing that of the But online, project storm right we was consider phase is up. seen mean the the second expect previously. the it's then and that

Ryan Todd

Great.

Frank Mount

Ryan. Thanks,

Ryan Todd

you. Thank

Frank Mount

Okay.

Operator

Thank you.

Our comes last question from from of Anish TPH. the line Kapadia

please. Your question,

Anish Kapadia

my Yeah, was first Hi. question exploration. on

You've called areas. some frontier out for

resource exploration You relative I mentioned stacking forward? resource up mine area exploration wondered current see of And Senegal you how in about just the do as you think, market? Mauritania to and the going replenishment to think and role in buy, do how the well. I

John S. Watson

Yeah.

into lot basins I a think where money you'll have see us existing putting more we of expertise.

our of will remote conditions, Australian assessment of that Believe reserve little not a unconventional do we pending to our you're from there Look, us to forward. of strong have Gulf from coming where I going bit there, basins, we'll coming example, look for of for it's Arctic some contributions are it and likely going you appraisal compete out capital. or four of do are resource for some think. from, So, and that I the continue are unconventional are existing to work be ads see exploration at or our but others, on focus continue perspective, ads a to positions if areas, just and think whether businesses our Mexico, where not, Bight or Nigeria's

Anish Kapadia

one Thank you. terms the I international in to markets some in It like as had follow-up. of out well. then extent bottoming And we're feels costs

some FID-ed thinking account costs projects you in wondering Are was Gulf some (XX:XX:XX) XXXX, the Mexico potential take. Anchor on you them, that and do any give FIDs from the you of kind update of regard, likely I of about these the can capsule if So, the have if in availability Indonesia. thought Tigris, could in to be Rosebank, do where to I'm and that you to you want it?

John S. Watson

Yeah, a it's good question.

working we're we've think – very hard. gotten I

in For example, Anchor stage. Mexico, concept the and Tigris, in the Gulf development are those of

So, we're we'll of a And work lot that qualify that those with to feed projects. pressure for see. not example, is in doing, the regimes the yet equipment for we're

same space in and feed really they're try for milestones So, yet, but design to the working they in in design not to has a work have the only on those once those have make vendors developments achieve it's a to really in see see what diligently we've to that bring so and the but of we industry, we I if not opportunities strong two working wouldn't area. in Rosebank commonality And elsewhere. both to others expect industry the work can cost. continue that for we've time, projects, in the with fair hard teams – development some has in two to to really which the time, and say standardize got been joint better been to unconventional At enough are there's on that so talked to cost and think the continues for long feed projects schemes $XX working those and do about FID. the good you concept progress, and That world, down. very

yet to And It's work but there's we're opportunity that us, so, good do. more for work project. a to continuing

Frank Mount

Thanks, Anish.

John S. Watson

Okay.

I on appreciate had forward role. And I've the both my to the that I that words my eight the prepared I'll and buy I dialogue for with coming in certainly you remarks side. think the I've kind today. years that look stated. concludes side the appreciate very afterlife. all enjoyed up sell the of

wish I much. very the you Thank all So, you best.

Operator

Third Call. concludes Quarter this Earnings gentlemen, and Conference Chevron's XXXX Ladies

You may now disconnect.

Chevron (CVX) 27 Oct 172017 Q3 Earnings call transcript