Occidental Petroleum Corp Q3 2023 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Paul Cheng - Scotiabank Global Banking and Markets, Research Division - Analyst : Two questions on -- maybe this is for Richard. Have you seen any meaningful inflation rate in the construction side? And also, does the higher interest rate impact your growth plan and the business model? That's the first question. Richard A. Jackson - Occidental Petroleum Corporation - President Operations, U.S. Onshore Resources and Carbon Management Sure. I'm going to start -- I'm assuming the inflation is oil and gas. But if I -- we need to go more broadly we can help with that. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 08, 2023 / 6:00PM, OXY.N - Q3 2023 Occidental Petroleum Corp Earnings Call We -- I'd say a few things, and maybe this goes back a little bit to the prior question as well. As we sort of hit the end of this year, a couple of things that we've been doing and seeing success is really optimizing our resources specifically rigs and frac if you'll kind of follow our trajectory over the last two quarters, we're down two rigs and two to 3Q and then down another two. And that's really allowed us to optimize with our contractors, the right rigs, the right crews and seeing some early returns for that with quite a bit better foot per day in both the Rockies and the Delaware. I think as we hit the kind of the fourth quarter, we're not ready to project anything into next year. But we are seeing some areas of improvement, I'd say, across our rigs, also things like oil country tubular goods, sand, fuel these things are leading to a little bit of softening, which we hope can play forward. But our focus really has been on that optimization on efficiency. So -- maybe I'll stop there and make sure you we answer that question.