XOM CC Transcript

[Tusker]

http://seekingalpha.com/article/1595062-exxon-mobils-ceo-discusses-q2-2013-results-earnings-call-transcript?page=1

Pg 3 is where they discuss PNG (E/A Specifically) in the prepared remarks & then they discuss it again on page 6 in the Q&A Session

Terrible transcription skills, presume it is a computer.  First, that three letter company, that along with Pacific LNG is negotiating to sell gas for XOM expansion is, as we all know, IOC and it was said right, just transcribed terribly.  Also Evan Calio's name is butchered (and they refer to Morgan Stanley as an "unidentified company",    There is another PNG question from Raymond James.  Overall, negotiations are ongoing, key terms have been agreed to (leaving ????).  We knew that, but it is nice to hear it featured by XOM.  My overall take -  they need low production costs and more gas.  PNG is the top story on their LNG production slide, mentioning negotiations for expansion gas.

Compliments ... welcome to optics.

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[Tusker]

["key terms have been agreed to (leaving ????)"] Lawyers..

No

I have been part of seven-sided 30 lawyer negotiations, (6 feet of bound deal documents).  It takes a couple weeks to identify the issues, then negotiations, then a week of redrafting, then renegotiations, then another week of red-lining & redrafting.   Maybe 30 days of drafting, the rest is negotiating.  Some detail or several is in dispute (or more hopefully, has been in dispute and is resolved and the deal is ready).

Gosh,

I recall a GABP conference where the attendees walked in to a law firm top floor, 16 floors tall, looking down at the World Headquarters of Procter and Gamble and was told no talking.

Untill we got to the conference room where by a small courtesy of respect was presented.

The attorneys did not have the open office concept.

What fun... thanks guys.

Tusker

[jft310]

Final document could be 1500 pages long. Might take a day or two to get right.