The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: 2 questions, please. First, Vicki, just curious, you guys are definitely one of the very efficient operators in Permian and you have done a good job.
And in the past, that you have formed some joint ventures, you essentially are sort of like trying to pull the value forward and by having someone
to fund you. But going forward, with your balance sheet starting getting in shape and cash flow getting better, have you looked at opportunities
that if you talk to some of your peers, like Shell, to maybe pool the Permian asset together into a giant joint venture and you guys would [respond
by] not going to extract cash upfront, but just drive really great efficiency gain going forward that leverages your technical expertise here.
Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst
: I'm just curious, Vicki, have you talked to any of your peers, the other CEOs? I mean because everyone seems to have a big ego and think their team
is the best. But I mean, is that something that the industry is ready to do something like that. Because it could be great for you and great for everyone,
actually for the whole industry, if someone was willing to say, put aside the ego and do something like that.
Question: Leo Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: I wanted to just jump in a little bit more on the kind of direct air capture side of things here. So correct me if I'm wrong, but it's my understanding
you have like a pilot project coming on in the Permian sometime early next year. I was just hoping to get a little more information about that in
terms of like what type of capacity, in terms of tons of CO2 or whatever it might be able to kind of pull out of the air and maybe just a little bit more
about what you're kind of hoping to achieve with that pilot.
Question: Leo Mariani - KeyBanc Capital Markets Inc., Research Division - Analyst
: Okay. That's definitely helpful. And I guess, just can you remind us a little bit on the kind of rough timeline to get that first project in place? And
then additionally, is there -- I think there was a plan to maybe fund that sort of off-balance sheet or maybe looking in kind of more creative financing.
Can you maybe update us on where you are there?
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