阿帕契 (APA) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the APA Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Gary Clark, Vice President of Investor Relations.

美好的一天，謝謝你的支持。歡迎參加 APA 電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係副總裁加里克拉克。

Good morning, and thank you for joining us on APA Corporation's First Quarter 2023 Financial and Operational Results Conference Call.

早上好，感謝您參加 APA 公司 2023 年第一季度財務和運營業績電話會議。

We will begin the call with an overview by CEO and President, John Christmann. Steve Riney, Executive Vice President and CFO, will then provide further color on our results and outlook. Also on the call and available to answer questions are Dave Pursell, Executive Vice President of Development; Tracey Henderson, Executive Vice President of Exploration; and Clay Bretches, Executive Vice President of Operations.

我們將以首席執行官兼總裁 John Christmann 的概述開始電話會議。執行副總裁兼首席財務官 Steve Riney 隨後將為我們的業績和前景提供更多色彩。開發執行副總裁 Dave Pursell 也在電話會議上可以回答問題；勘探執行副總裁 Tracey Henderson；和運營執行副總裁 Clay Bretches。

Our prepared remarks will be approximately 12 minutes in length with the remainder of the hour allotted for Q&A. In conjunction with yesterday's press release, I hope you have had the opportunity to review our first quarter financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com.

我們準備好的發言時間約為 12 分鐘，其餘時間用於問答。連同昨天的新聞稿，我希望您有機會回顧我們第一季度的財務和運營增刊，您可以在我們的投資者關係網站 investor.apacorp.com 上找到這些增刊。

Please note that we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the supplemental information provided on our website. Consistent with previous reporting practices, adjusted production numbers cited in today's call are adjusted to exclude noncontrolling interest in Egypt and Egypt tax barrels.

請注意，我們可能會討論某些非 GAAP 財務指標。這些非 GAAP 財務措施與最直接可比的 GAAP 財務措施之間差異的調節可以在我們網站上提供的補充信息中找到。與之前的報告做法一致，今天的電話會議中引用的調整後生產數據已進行調整，以排除在埃及和埃及稅收桶中的非控股權益。

I'd like to remind everyone that today's discussion will contain forward-looking estimates and assumptions based on our current views and reasonable expectations. However, a number of factors could cause actual results to differ materially from what we discuss today. A full disclaimer is located with the supplemental information on our website.

我想提醒大家，今天的討論將包含基於我們當前觀點和合理預期的前瞻性估計和假設。但是，許多因素可能導致實際結果與我們今天討論的結果大相徑庭。完整的免責聲明位於我們網站上的補充信息中。

And with that, I will turn the call over to John.

有了這個，我會把電話轉給約翰。

Good morning, and thank you for joining us. On today's call, we will review our first quarter highlights, update our operational progress and comment on our outlook for the remainder of the year. For the last several years, we have been navigating a volatile price environment, and this has been amplified recently with the ups and downs of global oil prices, extreme moves in global LNG pricing and the rapid decline in U.S. natural gas prices. Despite this volatility, we are constructive on long-term prices for oil, natural gas and LNG.

早上好，感謝您加入我們。在今天的電話會議上，我們將回顧第一季度的亮點，更新我們的運營進展並評論我們對今年剩餘時間的展望。在過去的幾年裡，我們一直在波動的價格環境中航行，最近隨著全球油價的起伏、全球液化天然氣價格的極端波動以及美國天然氣價格的快速下跌，這種情況被放大了。儘管存在這種波動，但我們對石油、天然氣和液化天然氣的長期價格持樂觀態度。

Based on this fundamental belief, we plan to invest over the long term for sustainable low single-digit production growth at attractive returns. That said, we cannot ignore price volatility and will, therefore, seek to moderate our investment plans during periods of significant price weakness. We must also be responsive to changing governmental tax and regulatory regimes within our countries of operations. Fortunately, our diversified portfolio provides us optionality, and we maintain the flexibility to adjust our investment plans relatively quickly.

基於這一基本信念，我們計劃進行長期投資，以實現可持續的低個位數產量增長，並獲得有吸引力的回報。也就是說，我們不能忽視價格波動，因此會在價格顯著疲軟期間尋求適度投資計劃。我們還必須對我們運營所在國家/地區不斷變化的政府稅收和監管制度做出反應。幸運的是，我們多元化的投資組合為我們提供了選擇權，我們保持了相對快速地調整投資計劃的靈活性。

In 2023, we have demonstrated this by reducing natural gas directed activity and even curtailing production in response to extreme Waha price dislocations. We also made the decision to reduce spending in the North Sea as the recently enacted energy profits levy has resulted in less competitive return opportunities than in the U.S. and Egypt. So while you should generally expect us to invest at a steady pace for long-term returns and moderate growth, you will also see periods where we respond to external influences by adjusting or redirecting capital activity.

2023 年，我們通過減少天然氣定向活動，甚至削減產量以應對極端的 Waha 價格混亂來證明這一點。我們還決定減少在北海的支出，因為最近頒布的能源利潤稅導致回報機會的競爭力低於美國和埃及。因此，雖然您通常應該期望我們以穩定的速度進行投資以獲得長期回報和適度增長，但您也會看到我們通過調整或重定向資本活動來應對外部影響的時期。

Turning now to our first quarter results, which are characterized by strong operational performance and good cost control. APA met or exceeded production guidance in each of our 3 regions. Total adjusted production was 4,000 BOEs per day, above the top end of our guidance range. Adjusted oil production also exceeded expectations, led by performance in the Permian and the North Sea. Capital investment during the period was slightly below guidance, and our average operating drilling rig count remained steady in the quarter with 17 in Egypt, 5 in the Permian Basin and 1 semisubmersible in the North Sea. In the U.S., we connected 17 new wells, and as planned, most of these went online in the back half of the quarter. While timing of well connections can drive production variances, on a quarter-to-quarter basis, we are continuing to see significant benefits from the steady pace of our drilling program.

現在轉向我們的第一季度業績，其特點是強勁的運營業績和良好的成本控制。 APA 在我們的 3 個地區均達到或超過了生產指導。調整後的總產量為每天 4,000 桶油當量，高於我們指導範圍的上限。在二疊紀和北海的表現帶動下，調整後的石油產量也超出了預期。在此期間的資本投資略低於指引，我們的平均運營鑽井平台數量在本季度保持穩定，埃及有 17 座，二疊紀盆地有 5 座，北海有 1 座半潛式鑽井平台。在美國，我們連接了 17 口新井，並且按照計劃，其中大部分在本季度後半段上線。雖然井連接的時間會導致生產差異，但按季度計算，我們繼續從我們的鑽井計劃的穩定步伐中看到顯著的好處。

As expected, first quarter oil production declined sequentially from the fourth quarter. However, we remain on track to deliver a significant uptick in the second and third quarters. Permian activity this year will be concentrated primarily on oil development in the Southern Midland Basin and oil-weighted development in the Delaware Basin. At Alpine High, we are currently testing a new 3-well pad at a constrained rate.

正如預期的那樣，第一季度石油產量從第四季度開始連續下降。然而，我們仍有望在第二和第三季度實現顯著增長。今年的二疊紀活動將主要集中在南米德蘭盆地的石油開發和特拉華盆地的石油重開發。在 Alpine High，我們目前正在以有限的速度測試新的 3 孔墊。

Beyond this, we are ramping down our planed 2023 lean gas drilling activity in the Permian due to the prevailing weakness in Waha natural gas prices. This will result in an upstream capital reduction of approximately $100 million, but should have no material impact on our full year U.S. production guidance. We are pleased with the results at Alpine High and will return when Waha prices improve.

除此之外，由於 Waha 天然氣價格普遍疲軟，我們正在逐步減少計劃在 2023 年在二疊紀進行的稀薄天然氣鑽探活動。這將導致上游資本減少約 1 億美元，但不會對我們全年的美國生產指導產生重大影響。我們對 Alpine High 的結果感到滿意，並會在 Waha 價格上漲時返回。

In Egypt, gross oil production increased by approximately 1,200 barrels per day compared to the fourth quarter. New well connections, recompletion activity and exploration success were all consistent with our expectations, and we are beginning to see positive contribution from our higher activity pace. For the second quarter, however, we are forecasting that Egypt gross volumes will be roughly unchanged as we have recently experienced some production disruptions, most of which are temporary. Despite this, our full year Egypt production guidance has not changed.

在埃及，與第四季度相比，石油總產量每天增加約 1,200 桶。新油井連接、重新完井活動和勘探成功都符合我們的預期，我們開始看到我們更高的活動速度帶來的積極貢獻。然而，對於第二季度，我們預測埃及的總銷量將大致保持不變，因為我們最近經歷了一些生產中斷，其中大部分是暫時的。儘管如此，我們全年的埃及產量指引並未改變。

Turning now to the North Sea. Our production exceeded expectations in the first quarter, driven by strong facility operating efficiency. We are projecting second quarter average daily production will be in line to slightly below the first quarter as scheduled platform maintenance and expected return to more normalized facility operating efficiency will be mostly offset by contribution from a new well, which was placed online in late March.

現在轉向北海。在強大的設施運營效率的推動下，我們第一季度的產量超出了預期。我們預計第二季度的平均日產量將略低於第一季度，因為計劃中的平台維護和預期恢復到更正常的設施運營效率將主要被 3 月下旬投入使用的新井的貢獻所抵消。

In Suriname, we continue to progress toward an oil hub development project with activity in the first half of 2023 focused on appraising Krabdagu. We have completed the flow test on the first appraisal well and are currently in the pressure buildup phase. Results of this well thus far are in line with expectations. The second Krabdagu appraisal well is currently drilling, and we'll provide more information on next steps in the future.

在蘇里南，我們繼續推進石油樞紐開發項目，2023 年上半年的活動重點是評估 Krabdagu。我們已經完成了第一口評價井的流量測試，目前正處於增壓階段。到目前為止，這口井的結果符合預期。第二口 Krabdagu 評價井目前正在鑽探，我們將在未來提供更多關於後續步驟的信息。

On the ESG front, we delivered another excellent quarter of safety performance and are making good progress toward our longer-term emissions goal of implementing projects to eliminate 1 million tons of CO2 equivalent emissions by year-end 2024. We reduced routine upstream flaring in Egypt by 40% last year, which gave us an excellent start on this goal. In 2023, we plan to further reduce flaring in Egypt and focus on converting diesel combustion for power generation to field gas, which will reduce both cost and net emissions.

在 ESG 方面，我們又在一個季度實現了出色的安全績效，並在實現我們的長期排放目標方面取得了良好進展，即實施到 2024 年底消除 100 萬噸二氧化碳當量排放的項目。我們減少了埃及的常規上游燃燒去年增長了 40%，這為我們實現這一目標開了個好頭。 2023 年，我們計劃進一步減少埃及的火炬燃燒，重點將用於發電的柴油燃燒轉化為油田天然氣，這將降低成本和淨排放量。

In closing, APA has the portfolio and the operational flexibility to respond quickly to near-term commodity price volatility, and we are managing our capital activity accordingly. We remain committed to returning a minimum of 60% of our free cash flow to shareholders this year via dividends and share repurchases. Longer term, despite many cross currents, we believe the investment case for APA and the E&P industry is strong, and the outlook for hydrocarbon prices and fundamentals is very constructive.

最後，APA 擁有快速響應近期商品價格波動的投資組合和運營靈活性，我們正在相應地管理我們的資本活動。我們仍然致力於今年通過股息和股票回購向股東返還至少 60% 的自由現金流。從長遠來看，儘管存在許多分歧，但我們認為 APA 和 E&P 行業的投資案例強勁，碳氫化合物價格和基本面的前景非常具有建設性。

And with that, I will turn the call over to Steve Riney.

有了這個，我會把電話轉給史蒂夫·里尼。

Thanks, John. For the first quarter, under generally accepted accounting principles, APA reported consolidated net income of $242 million or $0.78 per diluted common share. As usual, these results include items that are outside of core earnings. The most significant of these items was a $174 million charge related to the remeasurement of our deferred tax liability in the U.K. caused by the most recent increase in the energy profits levy. This was partially offset by the release of a valuation allowance on U.S. deferred tax assets. Excluding these and other smaller items, adjusted net income for the first quarter was $372 million or $1.19 per diluted common share. Free cash flow, as we define it, which excludes changes in working capital, was $272 million in the quarter, 81% of which we returned to shareholders through dividends and share repurchases.

謝謝，約翰。第一季度，根據公認的會計原則，APA 報告的合併淨收入為 2.42 億美元或每股攤薄普通股 0.78 美元。與往常一樣，這些結果包括核心收益之外的項目。這些項目中最重要的是一項 1.74 億美元的費用，該費用與重新計算我們在英國的遞延稅款負債有關，這是由於最近能源利潤稅的增加而引起的。這部分被釋放美國遞延稅資產的估值津貼所抵消。不包括這些和其他較小的項目，第一季度調整後的淨收入為 3.72 億美元或每股攤薄普通股 1.19 美元。我們定義的自由現金流（不包括營運資金的變化）在本季度為 2.72 億美元，其中 81% 通過股息和股票回購返還給股東。

As John noted, it was a strong quarter for production, and costs were a good bit under plan. G&A expense was $65 million, significantly below both the prior quarter and the same quarter last year. This is a result of APA's lower stock price at quarter end and the mark-to-market impact on previously accrued share-based compensation. Excluding this mark-to-market impact, underlying quarterly G&A costs remained stable at roughly $100 million. LOE also came in a good bit below expectations primarily due to the previously mentioned mark-to-market impact of stock-based compensation programs as well as foreign currency impacts in Egypt.

正如 John 指出的那樣，這是一個生產強勁的季度，而且成本在計劃中。 G&A 費用為 6500 萬美元，顯著低於上一季度和去年同期。這是由於 APA 在季度末的股價較低以及按市值計算對先前應計的基於股票的薪酬的影響。排除這種按市值計算的影響，潛在的季度 G&A 成本保持穩定在大約 1 億美元。 LOE 也略低於預期，這主要是由於前面提到的基於股票的補償計劃的按市值計算的影響以及埃及的外匯影響。

Switching to forward-looking guidance items. In the U.S., oil production growth is expected to return in the second quarter and should ramp further in the third quarter in conjunction with completion cadence. Our U.S. natural gas production outlook is more muted as we are responding to weak Waha pricing with lean gas drilling reductions.

切換到前瞻性指導項目。在美國，石油產量預計將在第二季度恢復增長，並在第三季度隨著完工節奏進一步加快。我們的美國天然氣產量前景更加黯淡，因為我們正在通過減少稀薄天然氣鑽探來應對 Waha 定價疲軟。

In addition, we could see further lean gas production curtailments. But to be clear, further curtailments are not contemplated in our U.S. production guidance. All of this is consistent with our bias towards managing for cash flow and long-term returns, not production growth. The $100 million reduced drilling activity John noted will occur mostly in the second half of this year. With that, our full year capital budget has been reduced to $1.9 billion to $2 billion.

此外，我們可能會看到進一步的稀薄天然氣產量削減。但需要明確的是，我們的美國生產指南並未考慮進一步削減。所有這一切都與我們傾向於管理現金流和長期回報而不是生產增長的偏見一致。約翰指出，減少 1 億美元的鑽探活動將主要發生在今年下半年。因此，我們的全年資本預算已減少至 19 億至 20 億美元。

Next, I would like to highlight our 2 material gas trading activities that are truly differential for APA, our gas transport obligations and our Cheniere gas supply contract. Our gas transport contracts provide significant cash flow benefits during periods of dislocated Permian gas prices. We hold just over 670 million cubic feet per day of Permian Basin takeaway capacity. We purchased third-party gas in-basin for resale on the Gulf Coast, realizing a trading margin whenever the price differentials are greater than the transport cost. In the first quarter, this activity generated a net profit of $23 million. Based on current strip prices, we have increased our full year guidance for net profit from such activity to $100 million.

接下來，我想強調我們的 2 個對 APA 來說真正不同的重要天然氣貿易活動，我們的天然氣運輸義務和我們的 Cheniere 天然氣供應合同。我們的天然氣運輸合同在二疊紀天然氣價格混亂期間提供了顯著的現金流收益。我們每天擁有超過 6.7 億立方英尺的二疊紀盆地外賣能力。我們購買流域內的第三方天然氣在墨西哥灣沿岸進行轉售，只要差價大於運輸成本就可以實現交易利潤。第一季度，這項活動產生了 2300 萬美元的淨利潤。根據當前的帶材價格，我們已將此類活動的全年淨利潤指引提高至 1 億美元。

The Cheniere agreement, which will commence on August 1, is another important commercial trading activity. This arrangement provides upside exposure to world LNG margins over Houston Ship Channel on 140 million cubic feet of natural gas per day. For 2023, projected cash flow from this contract has come down a bit from our prior guidance due to the decline in European and Asian LNG prices. Over the past few months, we have provided potential outcomes of annualized free cash flows at different price levels related to this contract. You can find those in the appendix of our financial and operational supplement.

將於 8 月 1 日生效的 Cheniere 協議是另一項重要的商業貿易活動。這種安排為休斯敦船舶航道每天 1.4 億立方英尺天然氣的世界液化天然氣利潤率提供了上行風險。對於 2023 年，由於歐洲和亞洲液化天然氣價格下跌，該合同的預計現金流量比我們之前的指導略有下降。在過去的幾個月裡，我們提供了與該合同相關的不同價格水平下年化自由現金流的潛在結果。您可以在我們的財務和運營補充附錄中找到這些內容。

At current strip prices, the Cheniere contract will generate an expected $175 million of free cash flow for the last 5 months of 2023. All of our guidance for both the second quarter and updated full year 2023 can be found in our financial and operational supplement.

按照目前的帶鋼價格，Cheniere 合同將在 2023 年最後 5 個月產生預計 1.75 億美元的自由現金流。我們對 2023 年第二季度和更新後的全年的所有指導都可以在我們的財務和運營補充資料中找到。

One final item I'd draw your attention to. Looking at the balance sheet, you will notice that our revolver debt increased by a little over $400 million in the first quarter. This was driven by an approximate $500 million increase in working capital primarily due to the paydown of accrued liabilities from December 31, but it also includes increasing accounts receivable in Egypt. Overall, we had a very good quarter to start the year. We're benefiting from relatively stable activity levels within a portfolio that allows us to generate free cash flow and invest in the long-term sustainability of our business.

我想提請您注意的最後一項。查看資產負債表，您會注意到我們的循環債務在第一季度增加了 4 億美元多一點。這是由於營運資金增加了約 5 億美元，這主要是由於從 12 月 31 日開始支付應計負債，但也包括增加埃及的應收賬款。總的來說，我們有一個非常好的季度開年。我們受益於投資組合中相對穩定的活動水平，這使我們能夠產生自由現金流並投資於我們業務的長期可持續性。

And with that, I will turn the call over to the operator for Q&A.

然後，我將把電話轉給接線員進行問答。

(Operator Instructions) Our first question comes from John Freeman of Raymond James.

（操作員說明）我們的第一個問題來自 Raymond James 的 John Freeman。

I believe the original plan was after the 3-well pad gap brought on in Alpine High in the first quarter, there was going to be those kind of a break and then there was going to be 5 additional wells that we're going to come out at the end of the year. So is the $100 million reduction in the budget basically just coming from the removal of those 5 Alpine High wells? Or is there more to it?

我相信最初的計劃是在第一季度 Alpine High 出現 3 口井墊缺口之後，會有那種中斷，然後我們將要增加 5 口井年底出來。那麼，預算減少 1 億美元是否主要是因為拆除了這 5 口 Alpine High 井？或者還有更多嗎？

Yes, John. This is Dave Pursell. We may have had more than 5 wells planned for the middle of the year. But if you're trying to -- there's some moving parts in the Permian budget, but the effect is, yes, the net $100 million is essentially all the Alpine drilling, completion and facilities capital rounds up to $100 million.

是的，約翰。這是戴夫珀塞爾。我們可能計劃在今年年中鑽 5 口以上的井。但如果你想——二疊紀預算中有一些變動的部分，但結果是，是的，淨 1 億美元基本上是所有高山鑽探、完井和設施資本融資，高達 1 億美元。

Perfect. And then just my follow-up question. I know at some point, there was some discussions about kind of following the release of the Ocean Patriot next month if there was going to be some use of that kind of (inaudible) it might have been to add an additional rig in the Permian. I'm just -- I guess, first of all, is that -- would that be the case? If you were going to increase activity anywhere in the portfolio? Is that likely where it would go? And sort of what commodity environment would you likely need to see to potentially add another rig in the Permian at some point in the future?

完美的。然後是我的後續問題。我知道在某個時候，有一些關於下個月海洋愛國者號發布後的討論，如果要使用那種（聽不清）可能是在二疊紀增加一個額外的鑽井平台。我只是 - 我想，首先，是 - 會是這樣嗎？如果您打算在投資組合中的任何地方增加活動？它可能會去哪裡？在未來的某個時候，您可能需要看到什麼樣的商品環境才能在二疊紀增加另一個鑽井平台？

Well, John, I mean, we did add some more weighted drilling in the Permian with that. That was contemplated. And then you're seeing us drop some of the gas weighted drilling at Alpine. So 2 effects there.

好吧，約翰，我的意思是，我們確實在二疊紀增加了一些加權鑽探。那是考慮過的。然後你會看到我們在 Alpine 放棄了一些氣體加重鑽井。所以那裡有2個效果。

Our next Question. Our next question comes from Doug Leggate, Bank of America.

我們的下一個問題。我們的下一個問題來自美國銀行的 Doug Leggate。

Sorry, guys, can you hear me now?

對不起，伙計們，你們現在能聽到我說話嗎？

We can, Doug.

我們可以，道格。

All right. Sorry about that. I'm sitting in an airport. I have my new (inaudible). I apologize, John. Guys, my first question is for Steve, actually. Steve, I wonder if you could just elaborate a little bit on your comments about the increase in receivables in Egypt. There's obviously, I think, some concern events over there, the devaluation and so on might have an impact on your ability to get cash out of the country. So I'm just going to hit that right up front and ask if you can walk us through what you're seeing currently and whether that working capital build is in fact reversible?

好的。對於那個很抱歉。我坐在機場。我有我的新（聽不清）。我道歉，約翰。伙計們，實際上我的第一個問題是問史蒂夫的。史蒂夫，我想知道你是否可以詳細說明一下你對埃及應收賬款增加的評論。顯然，我認為，那裡有一些令人擔憂的事件，貶值等可能會影響您將現金轉移出國的能力。所以我只是想直接說到這一點，問你是否可以向我們介紹一下你目前看到的情況，以及這種營運資本建設是否實際上是可逆的？

Yes, Doug, let me just start with the working capital level, and we'll work into the Egypt receivables impact on working capital. So we -- I said in my prepared remarks that we've got about a $500 million increase in working capital in the first quarter. $300 million of that was a decrease in accrued compensation and benefits. So as you might imagine, through the year, we accrue primarily incentive compensation, both short term and long term. And we accrue that through the year, we do that every year, and then we pay it off in the first quarter of the following year. And so that's exactly what happened.

是的，道格，讓我從營運資金水平開始，我們將研究埃及應收賬款對營運資金的影響。所以我們——我在準備好的發言中說過，第一季度我們的營運資金增加了大約 5 億美元。其中 3 億美元是應計薪酬和福利的減少。因此，正如您想像的那樣，在這一年中，我們主要累積短期和長期的激勵性薪酬。我們每年都在累積這筆錢，我們每年都這樣做，然後我們在第二年的第一季度還清。所以這正是發生的事情。

That was a -- we do that every year. It was a little bit larger going from the end '22 accrued liability to what was paid off in 2023 because of the performance, number one, but also because of the share price because it does include the long-term incentive comp, which is share price-based. And because of -- it's a 3 years of programs and because the share price had improved over those years that raised the cost of that. So that's $300 million of the $500 million. There was another $100 million decrease in general accounts payable, stuff for operating expense and capital expenditures, things like that. And so that's $400 million out of the $500 million increase in working capital. And all of those things are very common as we go from fourth quarter of 1 year to the first quarter of the next.

那是——我們每年都這樣做。從 22 年底的應計負債到 2023 年償還的負債要大一些，這是因為業績第一，但也因為股價，因為它確實包括長期激勵補償，即股票基於價格。因為 - 這是一個 3 年的計劃，並且因為股價在那些年裡有所提高，從而提高了成本。所以這是 5 億美元中的 3 億美元。一般應付賬款、運營費用和資本支出等方面的支出又減少了 1 億美元。因此，這是營運資金增加 5 億美元中的 4 億美元。當我們從一年的第四季度到下一年的第一季度時，所有這些事情都非常普遍。

Now there were a number of other small, mostly kind of $50 million and smaller items moving in and out of working capital. And that includes a $50 million increase in accounts receivable. And again, I've provided this in my prepared remarks. Just to be completely transparent with folks because I know there's probably some amount of concern over what's going on in Egypt. So in the spirit of transparency, I indicated that accounts receivable in Egypt had increased $180 million. If you look at our supplement, you'll see a working capital increase for Egypt of $224 million. That includes a number of other things, like inventory and stuff like that. So $180 million in Egypt.

現在還有許多其他小項目，主要是 5000 萬美元和更小的項目進出營運資金。這包括應收賬款增加 5000 萬美元。再一次，我在準備好的評論中提供了這一點。只是為了對人們完全透明，因為我知道人們可能對埃及發生的事情有一定程度的擔憂。因此，本著透明的精神，我表示埃及的應收賬款增加了 1.8 億美元。如果您查看我們的增刊，您會看到埃及的營運資本增加了 2.24 億美元。這包括許多其他的東西，比如庫存和類似的東西。所以在埃及有 1.8 億美元。

And I don't know, John, you want (inaudible) on Egypt?

我不知道，約翰，你想要（聽不清）埃及？

On Egypt, just a couple of minutes here, Doug. One, we've been in the country for more than -- almost 30 years, and we've partnered with Egypt and EGPC and the highest levels of government the whole time. I'd say over that time period, Egypt has been through a number of challenges and successful reforms. The best thing that we can do to help Egypt and our stakeholders is to deliver oil production growth. And that's what we're doing while reducing our emissions.

關於埃及，道格，請稍等幾分鐘。第一，我們在這個國家已經差不多 30 年了，我們一直與埃及和 EGPC 以及最高級別的政府合作。我要說的是，在那段時間裡，埃及經歷了許多挑戰並成功進行了改革。為了幫助埃及和我們的利益相關者，我們能做的最好的事情就是實現石油產量增長。這就是我們在減少排放的同時正在做的事情。

Egypt, like many other places in the world today, is going through a challenging economic time with inflation. This does have some flow-through to us, but not anything that we haven't had to work through in the past. And in fact, there's been more difficult times in the past. Specifically, they are dealing with the after effects of a currency devaluation in January, and we are currently helping our Egyptian National employees through this as we have also done in the past.

與當今世界上許多其他地方一樣，埃及正經歷著通貨膨脹帶來的充滿挑戰的經濟時期。這確實對我們有一些影響，但不是我們過去沒有經歷過的任何事情。事實上，過去有過更困難的時期。具體來說，他們正在應對 1 月份貨幣貶值的後遺症，我們目前正在幫助我們的埃及國民員工渡過難關，就像我們過去所做的那樣。

We maintain very deep and long-standing relationships with our Egyptian stakeholders, both at EGPC and within the government at the highest levels, I'll say. And we are confident that they will work through this. And we are also having very constructive conversations on how to address the receivables over time currently. So we feel good and a long track record here.

我會說，我們與埃及利益相關者保持著非常深厚和長期的關係，無論是在 EGPC 還是在最高級別的政府內部。我們相信他們會解決這個問題。目前，我們還就如何解決應收賬款問題進行了非常有建設性的對話。所以我們在這裡感覺很好並且有長期的記錄。

Yes. And Doug, if I could just kind of add to John's comments there a bit. So we are -- it did go up $180 million in the first quarter. And I'd say that the receivables we have from Egypt are higher than historical averages, no doubt. Some of that is price and some of it is the delay in payment. But I'd just comment that, as John talked about the 30 years of history, we've been in this position several times. This level of receivables from Egypt is not unprecedented. It's never a good time to have this happen, obviously. But I would say it's not overly concerning at this point. Egypt's credit rating has been pretty stable since it got upgraded in 2015. We watch the situation extremely closely. And as John said, we're in active conversations about this specific issue, and we're doing that at the very highest levels in the country. So we feel confident about this.

是的。道格，如果我可以在約翰的評論中補充一點的話。所以我們 - 它在第一季度確實增加了 1.8 億美元。我要說的是，毫無疑問，我們從埃及獲得的應收賬款高於歷史平均水平。其中一些是價格，一些是延遲付款。但我只是評論說，正如約翰談到 30 年的歷史一樣，我們已經多次處於這個位置。這種來自埃及的應收賬款水平並非前所未有。顯然，這絕不是發生這種情況的好時機。但我想說在這一點上並不過分。埃及的信用評級自 2015 年上調以來一直相當穩定。我們非常密切地關注局勢。正如約翰所說，我們正在就這個具體問題進行積極的對話，而且我們正在全國最高級別上這樣做。因此，我們對此充滿信心。

Just to be clear, guys, always that balance you talked about in receivables, are you able to get cash out of the country? Or was that an accumulation of -- basically because it's the highest free cash flowing asset in your portfolio currently? Is this -- are you able to get cash out of the country currently?

伙計們，要清楚一點，你總是在應收賬款中談論餘額，你能把現金帶出國嗎？或者這是一種積累 - 基本上是因為它是您目前投資組合中自由現金流量最高的資產？這是——你現在能把現金帶出國嗎？

Yes. We are still able to get cash out of the country. That's not the problem.

是的。我們仍然能夠將現金轉移到國外。那不是問題。

Okay. My follow-up is, John, there are a few teasers in the deck about the status of Suriname moving towards potential hub development, I think it was the expression. And you said you've got the results of at least the first appraisal well at Krabdagu. I wonder if I could ask a question like this. You said the result is in line with expectations. So what were the expectations? And what would you need to move forward by way of resource upside to the more than 800 that you identified in the deck today?

好的。我的後續行動是，約翰，甲板上有一些關於蘇里南向潛在樞紐發展的狀態的戲弄，我認為這是表達。你說你至少得到了 Krabdagu 的第一口評估井的結果。我想知道我是否可以問這樣的問題。你說結果符合預期。那麼期望是什麼？您需要什麼才能通過資源優勢向前推進到您今天在甲板上確定的 800 多個？

I would just say, Doug, we're still getting results from Krabdagu. We're in the buildup phase. To put things in perspective, I won't -- I'm not going to give you a predrill expectations, but the well was in line. But I will remind you that the Krabdagu 2 is 4.9 kilometers from the discovery well. So -- and Krabdagu 3 is 10.3 kilometers from the discovery well. So when you look at that map, sometimes you forget just how large of an area that is. And obviously, we're very pleased with the early data and the results we have from the appraisal well. But you know our history has been able to come back with connected volumes, and we're not ready to do that yet because we're still collecting pressure data.

我只想說，道格，我們仍在從 Krabdagu 獲得結果。我們正處於建設階段。從正確的角度來看，我不會 - 我不會給你一個鑽前的期望，但井是一致的。但我會提醒你，Krabdagu 2距離發現井有4.9公里。所以——Krabdagu 3 距離發現井 10.3 公里。因此，當您查看該地圖時，有時您會忘記它的面積有多大。顯然，我們對早期數據和評估井的結果感到非常滿意。但是你知道我們的歷史已經能夠通過連接量恢復，但我們還沒有準備好這樣做，因為我們仍在收集壓力數據。

Our next question comes from Bob Brackett at Bernstein Research.

我們的下一個問題來自 Bernstein Research 的 Bob Brackett。

I'll stick on the Egypt topic. One is just to refresh my memory that in Egypt, natural gas flows domestically sort of toward the Cairo Basin area, whereas oil tends to flow north and you export it and capture those revenues. Am I remembering that correctly?

我會堅持埃及的話題。一是讓我想起在埃及，天然氣在國內流向開羅盆地地區，而石油則傾向於向北流動，然後你將其出口並獲得這些收入。我沒記錯嗎？

Yes.

是的。

Okay. The follow-up would be, you mentioned that to expect Egypt to be flattish 2Q versus 1Q. You mentioned production disruptions, some of which are temporary. Am I being too much of a lawyer to suggest that some of those are not temporary? And could you maybe give some color in terms of the cadence of getting oilier through the year? You've guided 60% oil for Q1 rising towards 64% for a full year average?

好的。後續行動是，你提到預計埃及第二季度與第一季度持平。您提到了生產中斷，其中一些是暫時的。我是不是太像律師了，以至於不能暗示其中一些不是暫時的？你能否就一年中變得更油的節奏給出一些顏色？您是否已指導第一季度 60% 的石油升至全年平均水平的 64%？

Yes. Bob, I'd say the first thing is, you know we've got a very large asset base area that stretches really from Cairo almost to the Libyan border. And we've got a number of fields, and I'll let Dave walk through some of the temporary things and then another minor issue.

是的。鮑勃，我要說的第一件事是，你知道我們有一個非常大的資產基地區域，從開羅幾乎延伸到利比亞邊境。我們有很多字段，我會讓 Dave 介紹一些臨時的東西，然後介紹另一個小問題。

Yes. So counselor, when we think about this, the capital program is performing as expected. So new wells and recompletes, those are on track. We've had slightly lower base production. It's a series of things, and we'll highlight a couple of the big ones. We have an unplanned downtime at a gas plant, which will impact condensate production. We've had some ESP failures on some of our larger oil producers. Those are the temporary issues. We've done some injection conversions taking producers to waterflood injection and that takes some time to see the oil production benefit from those.

是的。所以顧問，當我們考慮到這一點時，資本計劃正在按預期執行。所以新井和重新完井，都在進行中。我們的基礎產量略低。這是一系列的事情，我們將重點介紹其中的幾個。我們的一家天然氣廠出現意外停機，這將影響凝析油的生產。我們的一些較大的石油生產商發生了一些 ESP 故障。這些是暫時的問題。我們已經完成了一些注入轉換，讓生產商轉向注水，這需要一些時間才能看到石油生產從中受益。

And then one of our mature fields, our [Capri Deep] field experienced an increase in water cut late first quarter. And put that in perspective, it's a 3,000 barrel a day field that's now producing close to 1,000 barrels a day. So it's not a big producer, but on the margin, that loss of 2,000 barrels a day impacted second quarter. It actually had a slight impact on the first quarter as well.

然後是我們成熟的油田之一，我們的 [Capri Deep] 油田在第一季度末的含水量有所增加。從這個角度來看，這是一個每天生產 3,000 桶的油田，現在每天生產近 1,000 桶。所以它不是一個大生產商，但在邊際上，每天損失 2,000 桶影響了第二季度。它實際上也對第一季度產生了輕微影響。

So when we look at the second quarter, we just felt like given those events, it was probably appropriate to guide conservatively flat. I'll tell you, the team is expecting to beat that. So we'll see, but we want to guide conservatively, and we'll see as we go through the quarter some of the temporary issues will get back. I think it's important to highlight given the pace of new well drills, the quality of those wells, the recompletes, we remain confident in our ability to grow production in the back half of the year. So no change to guidance for '23.

因此，當我們看第二季度時，我們只是覺得考慮到這些事件，保守地持平可能是合適的。我會告訴你，團隊期待擊敗它。所以我們會看到，但我們希望保守地指導，我們會看到在我們經歷這個季度時，一些臨時問題會回來。我認為重要的是要強調，鑑於新鑽井的速度、這些井的質量、重新完井，我們仍然對我們在今年下半年增加產量的能力充滿信心。所以 23 年的指南沒有變化。

Our next question comes from Charles Meade at Johnson Rice.

我們的下一個問題來自 Johnson Rice 的 Charles Meade。

John, I wondered if we could talk a little bit about the time line for these -- the Krabdagu appraisal wells. And maybe I was -- maybe I was off on the wrong track, but I thought we were going to get the -- some of these appraisal results a little earlier. But I found myself wondering maybe these wells, you've designed them to be eventual producers, and so they took longer to drill. So could you comment on, I guess, both of those things, what the time line is and whether the current time line is -- fits with what you expected and whether these are going to be producers and when you think you'll be in a position to share that connected volume investment?

約翰，我想知道我們是否可以談談這些 - Krabdagu 評估井的時間表。也許我——也許我走錯了路，但我認為我們會更早地得到——其中一些評估結果。但我發現自己在想，也許這些井，你已經將它們設計成最終的生產井，所以它們需要更長的時間來鑽探。那麼，我想，你能否評論這兩件事，時間線是什麼，當前時間線是否符合你的預期，以及這些是否會成為製作人，以及你認為你會在什麼時候進入分享連接量投資的位置？

Yes, Charles, I don't know where you got any ideas on time line because it wouldn't have been from us, but just because Total is operating. I would say the Krabdagu 2 well moved on pretty much as expected. We're just in a period now where we're gaining data through the buildup. And so that is the most important information in terms of connected volumes. I will say the Krabdagu 3 well is running a little behind, but that also was a brand-new rig that was brought in the basin. And so there's been some fits and starts on the drilling of the third well. So I wouldn't read too much into that other than it just is taking a little longer than anticipated.

是的，查爾斯，我不知道你從哪裡得到關於時間線的任何想法，因為它不會來自我們，而是因為道達爾正在運營。我會說 Krabdagu 2 進展順利，幾乎符合預期。我們正處於通過構建獲取數據的時期。因此，這是連接量方面最重要的信息。我會說 Krabdagu 3 井運行有點落後，但那也是一個全新的鑽井平台，被帶到盆地。因此，第三口井的鑽探出現了一些斷斷續續的情況。所以我不會過多地解讀它，只是它比預期的要花更長的時間。

Okay. And then going back to U.S. onshore in natural gas specifically, I want to commend to you guys before turning the dial back on that. It's -- I know it may be sometimes seems easier to do from seats like mine than the actual reality ever for you guys. But if we, to your comments about being bullish on the longer-term outlook for natural gas, what -- can you give us a sense of what kind of price or what -- or how long at a certain price you would need to see natural gas before you would want to turn the dial back up on U.S. lean gas activity?

好的。然後回到美國陸上天然氣，我想在重新打開錶盤之前向你們表揚。它是——我知道有時候坐在像我這樣的座位上比你們的實際情況更容易。但是，如果我們就您對天然氣長期前景的看法發表評論，您能告訴我們什麼樣的價格或什麼 - 或者您需要在某個價格下看到多長時間在您想要重新調高美國稀薄天然氣活動之前？

As we said in the prepared remarks, we're seeing good results on the program there. There's no reason to invest the capital today into this price environment. And so I think we want to see the infrastructure kind of get resolving it through this and feel like we're in a good place because we're making long-term investment decisions here. I'm very pleased with the results, but we want a clear pathway on a more constructive price environment for gas.

正如我們在準備好的評論中所說，我們在那裡看到了該計劃的良好結果。今天沒有理由將資本投資到這種價格環境中。因此，我認為我們希望看到基礎設施能夠通過這種方式解決問題，並且感覺我們處在一個好地方，因為我們在這裡做出長期投資決策。我對結果非常滿意，但我們希望在更具建設性的天然氣價格環境上有一條清晰的道路。

Yes. And -- if I can just remind people also, John, we sell all of our gas produced in the Permian Basin in the Permian Basin. And so we're getting Waha or El Paso Permian prices for that gas. And we have our transport obligations to the Gulf Coast, but we buy gas and sell that on the Gulf Coast. We make that margin regardless of whether we produce a molecule of gas in the Permian or not. So everything has to be evaluated on the basis of we're selling this at Waha, not at the Gulf Coast.

是的。而且 - 如果我也可以提醒人們，約翰，我們出售二疊紀盆地二疊紀盆地生產的所有天然氣。所以我們得到了瓦哈或埃爾帕索二疊紀天然氣的價格。我們有到墨西哥灣沿岸的運輸義務，但我們在墨西哥灣沿岸購買和銷售天然氣。無論我們是否在二疊紀產生氣體分子，我們都會賺取利潤。所以一切都必鬚根據我們在 Waha 銷售，而不是在墨西哥灣沿岸進行評估。

Right. But no -- nothing you're prepared to share about what Waha needs to be for some duration before you decide to put dollars back there?

正確的。但是沒有——在你決定把美元放回那里之前，你沒有準備好分享 Waha 需要在一段時間內做什麼？

Well, I think the simple thing would be to say that Waha has to be attractive enough to compete with more oil drilling right next door.

好吧，我認為簡單的事情就是說娃哈哈必須有足夠的吸引力才能與隔壁的更多石油鑽探公司競爭。

Our next question comes from Paul Cheng at Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

Gentlemen, can we go back into Permian? It seems that you're going to maintain 5 rigs and you're not going to do additional well in Alpine High. Should we assume in the second half, the number of wells you're going to bring on in the Permian is going to be higher than what you previously assumed? I think previously, based on your fourth quarter presentation, it looks like we may be talking about 22 wells in the third quarter and 10 wells in the fall. Should we assume it's going to be higher? Also then, in the second quarter, with 21 well, we thought the production will be higher than what you saw here. Is it the timing of the well coming on stream is really (inaudible) in the quarter?

先生們，我們可以回到二疊紀嗎？看起來您要維護 5 個鑽井平台，並且您不會在 Alpine High 中做得更好。我們是否應該假設在下半年，您將在二疊紀開采的油井數量會比您之前假設的要多？我認為之前，根據你第四季度的介紹，我們可能會在第三季度談論 22 口井，在秋季談論 10 口井。我們應該假設它會更高嗎？然後，在第二季度，有 21 口井，我們認為產量會高於你在這裡看到的。油井投產的時間真的是在本季度（聽不清）嗎？

Yes, Paul, I'll let Dave jump in. But it is timing. We said most of the wells came on late in the first quarter in the Permian. And then effectively, your well counts are going to be pretty similar because we're dropping the gas-weighted drilling in the Permian, and we're adding some oil weighting. So it shouldn't have a big impact on the numbers, I wouldn't believe.

是的，保羅，我會讓戴夫加入。但現在是時候了。我們說大多數油井是在二疊紀的第一季度末開采的。然後實際上，你的井數將非常相似，因為我們正在放棄二疊紀的氣體加權鑽井，並且我們正在增加一些石油加權。所以它不應該對數字產生很大的影響，我不相信。

But Dave, I'll let you...

但是戴夫，我會讓你...

Yes. In calendar year '23, it won't have a big number. The numbers we're looking at are a little bit higher than what you have, Paul, but not materially. And I think when you look at the 21 wells in the second quarter, they're big pads, and those pads come online. The Delaware pad, for example, is 11 wells on our Titus acquisition. And so we'll be bringing that online. It will come on at pace, but back-end weighted towards the end of the quarter, not the beginning.

是的。在 23 年，它不會有很大的數字。保羅，我們看到的數字比你的數字高一點，但不是實質性的。而且我認為當你看第二季度的 21 口井時，它們是大墊子，這些墊子上線了。例如，特拉華油田是我們收購 Titus 時的 11 口井。所以我們會把它帶到網上。它將按節奏進行，但後端會在本季度末而不是開始時加權。

Okay. And on the second question, the gross production for Egypt, can you just remind us then what is your full year expectation now? And also over the next several years, what kind of budget and what kind of growth rate that you have in mind on the gross production for...

好的。關於第二個問題，埃及的總產量，您能否提醒我們，您現在的全年預期是多少？還有在接下來的幾年裡，你對...的總產量有什麼樣的預算和什麼樣的增長率。

Yes. Paul, we had talked about 10% exit to exit on gross in Egypt, and the goal would be to, in the next couple of years, think about something in that range.

是的。保羅，我們談到了 10% 的出口到埃及的總出口，目標是在接下來的幾年裡，考慮這個範圍內的事情。

And what's the risk -- what's the biggest risk that you will not be able to achieve that for this year?

風險是什麼——你今年無法實現的最大風險是什麼？

For this year?

今年呢？

Yes, because certainly the first quarter second quarter is definitely, I suppose that is below what you've been looking at. And so you need to step up. And some of the (inaudible) seems it's going to totally go away. So I mean, how big is the cushion when you're talking about 10% year-over-year exit rate?

是的，因為第二季度肯定是第一季度，我想這低於你一直在看的。所以你需要加強。有些（聽不清）似乎會完全消失。所以我的意思是，當你談論 10% 的同比退出率時，緩衝有多大？

Yes. I think for us, Paul, we have pretty good visibility on -- we have really good visibility on the program, and that program consists of new well drilling as well as recompletions. And both of those have a significant impact on the ability to grow production. So we have -- again, we still have confidence in our ability to hit that growth rate.

是的。我認為對我們來說，保羅，我們對這個項目有很好的了解——我們對這個項目有很好的了解，這個項目包括新鑽井和重新完井。這兩者都對提高產量的能力產生重大影響。所以我們 - 再一次，我們仍然對我們達到該增長率的能力充滿信心。

And do you have a budget that you can share for the next several years, we need to -- related to Egypt to achieve that plan?

你有沒有可以分享未來幾年的預算，我們需要 - 與埃及相關以實現該計劃？

We haven't shared that yet, Paul.

我們還沒有分享，保羅。

Our next question comes from Neal Dingmann at Truist Securities.

我們的下一個問題來自 Truist Securities 的 Neal Dingmann。

John, my first question is on capital discipline, specifically. Really just in broad strokes, wondering how you all think about managed (inaudible). Is this more to ensure you're generating sort of a cash flow in a bottle tape like we're in? Or do you think more about maybe (inaudible) that you do not complete any wells that don't (inaudible) on high return threshold?

約翰，我的第一個問題是關於資本紀律，特別是。只是籠統地說，想知道你們如何看待託管（聽不清）。這是否更多地是為了確保您像我們一樣在瓶帶中產生某種現金流？或者你是否更多地考慮（聽不清）你沒有完成任何不（聽不清）高回報門檻的油井？

I mean you're cutting out a little bit on the question. So I didn't -- I think I -- it's about capital discipline. I'd say, I think, in general we feel good about where we are. Most of our capital costs are under contract. So it's about cost control and execution. We've made some choices to move some things around, and you're seeing the impacts of those. And that's some of the flexibility of the portfolio. But everything is within line and really, we don't plan to drill wells that we wouldn't want to complete. And that's why you see us kind of curtailing the drilling in the gas-weighted programs in the U.S.

我的意思是你在這個問題上有所刪減。所以我沒有——我想我——這是關於資本紀律的。我想說，總的來說，我們對自己所處的位置感覺良好。我們的大部分資本成本都在合同範圍內。所以這是關於成本控制和執行。我們做出了一些選擇來移動一些東西，你正在看到這些影響。這就是投資組合的一些靈活性。但一切都在線路之內，真的，我們不打算鑽我們不想完成的油井。這就是為什麼你看到我們在某種程度上減少了美國天然氣加權項目的鑽探。

Great details. And then my second, just on OFS inflation. We've heard a number of people talk about domestic softness. Just wondering if you've seen the same thing in some of your international areas?

很棒的細節。然後是我的第二個，關於 OFS 通貨膨脹。我們聽過很多人談論國內的軟性。只是想知道您是否在某些國際領域看到過同樣的事情？

I would just say it's early, right? Everything is still under contract. I think where you'd start to see that as we start looking at, thinking about the '24 pricing and so forth, as you start pricing that in towards the middle of the year into next year. But right now, as you know, the cost structure always lags. And so we haven't seen any real direct softness today.

我只想說現在還早，對吧？一切都還在合同中。我認為當我們開始考慮時，您會從哪裡開始看到它，考慮 24 年的定價等等，因為您開始將其定價在年中到明年。但是現在，正如你所知，成本結構總是滯後的。因此，我們今天沒有看到任何真正的直接疲軟。

Our next question comes from Arun Jayaram at JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Arun Jayaram。

Maybe, Steve, I want to ask you a little bit about the working capital build in the quarter in Egypt in the U.S. and just thoughts on the drivers of that. And would you expect that to reverse in 2Q over the balance of the year?

也許，史蒂夫，我想問你一些關於美國埃及本季度營運資金增加的問題，以及對驅動因素的看法。您是否希望這種情況在今年餘下的第二季度出現逆轉？

Yes. Arun. Yes, as I've indicated earlier, there was a $500 million working capital increase. $300 million of that was because of a paydown of accrued compensation obligations that were accrued through the 2022 calendar year, and $100 million of that was due to the paydown of other payables, other accounts payable. And then there were a bunch of other small items, ups and downs, that amounted to the full $500 million. And I did indicate that buried within that was the $180 million increase in Egypt accounts receivable. I think that most of that is going to reverse during 2023. As every quarter, we accrue the incentive compensation that will be payable at the -- in the first quarter of the following year. So a lot of that's just going to reaccrue as we go through calendar year 2023.

是的。阿倫。是的，正如我之前指出的那樣，增加了 5 億美元的營運資金。其中 3 億美元是由於支付了 2022 日曆年累計的應計補償義務，其中 1 億美元是由於支付了其他應付款、其他應付賬款。然後還有一堆其他小項目，起伏不定，總計 5 億美元。我確實指出，埃及應收賬款增加了 1.8 億美元。我認為其中大部分將在 2023 年逆轉。與每個季度一樣，我們會在次年第一季度累積應付的激勵薪酬。因此，隨著我們經歷 2023 日曆年，其中很多都會重新產生。

Great. And just my follow-up, maybe for David. David, in order to hit, call it, the midpoint of the full year oil guide, the business would have to average oil production in the upper 160s for the back half of the year. Just -- it sounds like your 2Q guide is a little conservative. But maybe if you could help us walk through and give us comfort on hitting those levels because the midpoint is 159 for oil.

偉大的。只是我的後續行動，也許是為了大衛。大衛，為了達到全年石油指南的中點，企業必須在今年下半年平均石油產量在 160 年代以上。只是 - 聽起來您的 2Q 指南有點保守。但也許如果你能幫助我們走過並讓我們在達到這些水平時感到安慰，因為石油的中點是 159。

Are we -- we're talking Egypt gross?

我們——我們在談論埃及嗎？

No, just full year oil (inaudible).

不，只有全年石油（聽不清）。

Yes. So I think there's a -- if you -- without getting into the granularity of each asset, we feel confident in the ability to hit the Egypt exit to exit. The U.S. is going to grow. We have 21 wells coming online in the second quarter. We have more than that in the third quarter. A fair number of the wells that were brought online in the first quarter were 3 milers that were brought on towards the end of the quarter. So we feel good about the U.S. ability to execute.

是的。所以我認為有一個 - 如果你 - 沒有進入每項資產的粒度，我們對擊中埃及出口退出的能力充滿信心。美國會發展壯大。第二季度我們有 21 口井上線。我們在第三季度擁有更多。第一季度上線的相當數量的油井是在本季度末上線的 3 英里。因此，我們對美國的執行能力感到滿意。

And then on the North Sea, which is kind of because of the [EPL], everyone's kind of forgot about that, but we're actually having a pretty good operating success so far this year in the North Sea, both with platform operating efficiency. But we also brought on a really nice well at the end of the first quarter, and we have another well to store. It's the last subsea well that the Ocean Patriot drilled. It will be online here relatively quickly. That's going to be a little bit higher gas mix, which in the North Sea is not a bad thing right now. So we feel really comfortable with our ability to hit the portfolio growth targets.

然後在北海，有點因為 [EPL]，每個人都忘記了這一點，但實際上我們今年到目前為止在北海取得了相當不錯的運營成功，平台運營效率都很高.但我們在第一季度末也帶來了一口非常好的井，我們還有一口井要儲存。這是海洋愛國者號鑽探的最後一口海底井。它會在這里相對較快地在線。這將是更高的氣體混合物，這在北海目前並不是一件壞事。因此，我們對實現投資組合增長目標的能力感到非常滿意。

Our next question comes from Leo Mariani at Ross MKM.

我們的下一個問題來自 Ross MKM 的 Leo Mariani。

Just a question here on Suriname. Obviously, you guys are still going through the appraisal process at Krabdagu, but (inaudible) oil there. If you look at Krabdagu and what you've already done appraisal wise at Sapakara are kind of enough to move forward with the development of a nice pool of oil here?

只是一個關於蘇里南的問題。顯然，你們仍在 Krabdagu 進行評估過程，但（聽不清）那裡有石油。如果您看看 Krabdagu 以及您在 Sapakara 所做的明智評估是否足以推動這裡開發一個不錯的油田？

Yes, you're cutting out for most of your questions. So I think it's -- do we have enough. And I think the answer is, as we've said all along with Krabdagu, we're looking at an oil hub, which incorporates both Sapakara and Krabdagu. And the thing we've been focused on is trying to scope and scale right. So at this point, it's all I'll say the connected original in place, we put in the documents this morning does not include the appraisal work from Krabdagu yet. So we're making good progress.

是的，你的大部分問題都被刪掉了。所以我認為這是——我們有足夠的嗎？我認為答案是，正如我們一直以來對 Krabdagu 所說的那樣，我們正在尋找一個石油中心，其中包括 Sapakara 和 Krabdagu。我們一直關注的事情是試圖正確地確定範圍和規模。所以在這一點上，這就是我要說的所有相關原件，我們今天早上提交的文件還不包括 Krabdagu 的評估工作。所以我們正在取得很好的進展。

Okay. That's helpful. And then just on the U.S. side, Alpine High, you got 3 wells. You kind of mentioned that you're pleased with the progress. I was hoping to maybe get little more color on those 3 wells in terms of maybe how long you've been flow testing? And then I guess, is there any update on the Austin Chalk for APA?

好的。這很有幫助。然後就在美國一側，Alpine High，你有 3 口井。你有點提到你對進展感到滿意。我希望在這 3 個孔上能得到更多的顏色，因為你已經進行了多長時間的流量測試？然後我想，APA 的 Austin Chalk 有更新嗎？

At this point, no update on the Chalk. And on the Alpine wells, we're flowing them back at constrained rates, but we're very pleased with the deliverability and the early results.

在這一點上，粉筆沒有更新。在阿爾卑斯山的油井上，我們以有限的速度將它們回流，但我們對交付能力和早期結果感到非常滿意。

Our next question comes from Roger Read at Wells Fargo Securities.

我們的下一個問題來自 Wells Fargo Securities 的 Roger Read。

Yes. I guess maybe follow up a little bit on some of the oilfield inflation, deflation issues and broaden it beyond the U.S. to take a look at what the currency issues might portend for the cost structure in Egypt. Or does that not matter given the overall structure of the contract there in terms of the net barrel performance?

是的。我想可能會跟進一些油田通貨膨脹、通貨緊縮問題，並將其擴大到美國以外，看看貨幣問題可能預示著埃及的成本結構。或者考慮到合同的整體結構，就淨桶性能而言，這無關緊要嗎？

Well, number one, there's not a lot of competition for rigs or services in Egypt, right? So we've seen pretty stable cost with the devaluation that's actually helped cost structure now. But as I said earlier, we are assisting our nationals and doing some things to help with the inflation.

好吧，第一，埃及的鑽井平台或服務競爭不多，對吧？因此，我們看到貶值的成本非常穩定，這實際上現在有助於成本結構。但正如我之前所說，我們正在協助我們的國民並做一些事情來幫助應對通貨膨脹。

So you wouldn't expect a net reduction given like you said, kind of (inaudible) devaluation issues.

因此，您不會像您所說的那樣期望出現淨減少，這是一種（聽不清的）貶值問題。

No, not (inaudible), no.

不，不是（聽不清），不是。

Okay. And then in the U.S., you mentioned obviously contract structure in place. But I was just curious, are you looking at indexed contracts? When is the next time we should see any potential for an inflection up or down in terms of the next contract rollover as we think about the rigs and the services?

好的。然後在美國，您顯然提到了現有的合同結構。但我只是好奇，你在看指數合約嗎？當我們考慮鑽井平台和服務時，下一次我們應該在什麼時候看到下一次合同展期有任何向上或向下拐點的可能性？

We kind of keep a portfolio where some are on long term, some are on short and some are multiyear. And so it's a constant process of rejigging those, and that's kind of underway now and will continue. But it's not going to have a near-term material impact on our current cost structure of this year's capital program. So it will really start to show up in the $24 next year.

我們有點保持投資組合，其中一些是長期的，一些是短期的，一些是多年期的。因此，這是一個不斷調整的過程，現在正在進行並將繼續下去。但這不會對我們今年資本計劃的當前成本結構產生短期實質性影響。所以它會真正開始出現在明年的 24 美元中。

Our next question comes from David Deckelbaum at TD Cowen.

我們的下一個問題來自 TD Cowen 的 David Deckelbaum。

I just wanted to follow up a little bit on just Alpine High. The decision, obviously, to reduce activity there makes sense in light of commodity pricing. But as we think about fulfilling contracts like the Cheniere contract and others, are you content to just fill with third-party gas? Or is there a certain level of organic gas that you'd like to maintain out of Alpine High as you get into '24?

我只是想跟進一下 Alpine High。顯然，根據商品定價，減少那裡的活動的決定是有道理的。但是當我們考慮履行 Cheniere 合同和其他合同時，您是否滿足於只填充第三方氣體？或者當你進入 24 世紀時，你是否希望在 Alpine High 之外保持一定水平的有機氣體？

No. For quite some time, our practice is that every molecule of gas we produce in the Permian Basin is sold in the Permian Basin, and our trading organization will take care of both the long-haul transport obligations through purchasing and selling gas, and we'll also take care of the Cheniere contract with purchased gas.

沒有。很長一段時間以來，我們的做法是，我們在二疊紀盆地生產的每一分子天然氣都在二疊紀盆地出售，我們的貿易機構將通過購買和銷售天然氣來承擔長途運輸義務，以及我們還將處理購買天然氣的 Cheniere 合同。

Got it. And then maybe if I could just wrap up on Suriname. I guess as we think about moving towards an investment decision, do you anticipate that we'll have enough data points, just given some of the Krabdagu delineation and appraisal work in combination with we already know at Sapakara to reach a decision this year. Is that in line with your internal thinking?

知道了。然後也許我可以結束蘇里南。我想當我們考慮做出投資決策時，您是否預計我們會有足夠的數據點，只是考慮到 Krabdagu 的一些劃定和評估工作，以及我們在 Sapakara 已經知道的今年做出的決定。符合你內心的想法嗎？

I would just say we're waiting to see results, right? I mean we're making good progress. As I've said a number of times, we're kind of focused on potential scope and scale of what that first project would look like as there's an incentive for everybody to size upwardly. But we'll know when we get there.

我只想說我們在等著看結果，對吧？我的意思是我們正在取得很好的進展。正如我多次說過的那樣，我們有點關注第一個項目的潛在範圍和規模，因為每個人都有向上擴展的動力。但是我們會知道什麼時候到達那裡。

Our next question comes from Kevin MacCurdy at Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

There's been much discussion in this earnings season about potential deflation on shale well costs, but I'm curious what you're seeing on the international side. Outside of the increased receivables, what is your view on raw materials and services in Egypt and the North Sea? And how is that trending relative to last year?

在這個財報季，人們對頁岩井成本可能出現的通貨緊縮進行了很多討論，但我很好奇你在國際方面看到了什麼。除了增加的應收賬款外，您對埃及和北海的原材料和服務有何看法？與去年相比，這種趨勢如何？

Well, in general, we -- like I said a few minutes ago, we don't have a lot of competition for services in Egypt. So it really kind of goes with the commodity fuels up, for the most part, chemicals. In the North Sea, we're going to be [stopping] the Ocean Patriot. So if anything, capital spending is dropping there, but nothing major, nothing surprising in the way of the international service side.

好吧，總的來說，我們——就像我幾分鐘前說的那樣，我們在埃及的服務方面沒有太多競爭。所以它真的有點像商品燃料一樣，在大多數情況下，化學品。在北海，我們將[阻止]海洋愛國者號。因此，如果有的話，資本支出正在下降，但在國際服務方面並不重要，也不足為奇。

Great. And congratulations on reducing your 2023 CapEx budget. Kind of going back to the Ocean Patriot rig, are the savings from dropping that rig already built into your updated budget you released yesterday? Or have those savings effectively been redirected to the Permian?

偉大的。並祝賀您減少了 2023 年的資本支出預算。有點回到海洋愛國者鑽井平台，放棄該鑽井平台所節省的費用是否已經納入您昨天發布的更新預算中？或者這些儲蓄是否有效地重新定向到二疊紀？

They were in the plan from early on them because we plan to drop that rig midyear at the start of the year.

他們從一開始就在計劃中，因為我們計劃在年初的年中放棄該鑽井平台。

Got it. So it's in your budget.

知道了。所以它在你的預算之內。

Our next question comes from Neil Mehta at Goldman Sachs & Co.

我們的下一個問題來自高盛公司的 Neil Mehta。

John, as you started off in your remarks, there's a lot of uncertainty in the near term as it relates to the commodity price and the global economy. And so I'd love your perspective on how you, as an organization, are building downside resilience if there is a harder landing. And what are the lessons learned from experiences in 2015 and 2020 that you can carry forward? And one of the things that I think you guys have made terrific progress on since COVID has been really cleaning up the balance sheet and taking out $3 billion worth of debt. So maybe you could speak to where you are in that area?

約翰，當你開始發言時，短期內存在很多不確定性，因為它與大宗商品價格和全球經濟有關。因此，如果出現更難的著陸，我希望您能談談您作為一個組織如何建立下行彈性的觀點。您可以從 2015 年和 2020 年的經驗中吸取哪些教訓？自從 COVID 真正清理資產負債表並消除價值 30 億美元的債務以來，我認為你們已經取得了巨大進展的其中一件事。那麼也許你可以談談你在那個地區的位置？

Well, I'll say a few comments, and I'll let Steve jump in on the balance sheet. But I'd say, first and foremost, the best flexibility you have is being able to reduce your activity. And you've seen us do that with the lean gas drilling in the U.S. You've seen us do that in the North Sea. So when it's time to stop investing, you need to stop investing. And those are the lessons we've learned. Stay focused on cost and maintain that flexibility to invest in the projects that are going to continue to generate the long-term returns.

好吧，我會說一些評論，我會讓史蒂夫跳進資產負債表。但我要說的是，首先也是最重要的，你擁有的最佳靈活性是能夠減少你的活動。你已經看到我們在美國通過貧氣鑽探做到了這一點。你已經看到我們在北海做到了這一點。所以當該停止投資的時候，你需要停止投資。這些就是我們吸取的教訓。專注於成本並保持靈活性，以投資將繼續產生長期回報的項目。

Yes. I'd just add that in the last 2 (inaudible) years, we've reduced debt by $3.2 billion, while also buying back $2.4 billion worth of equity. The biggest thing, I think we accomplished in the bond reduction, the debt reduction (inaudible) the near term and in the near-term maturities. We've got 30% of our bond debt matures here in the next -- well, between now and 2030. And only around $350 million of that matures in the next 5 years. So we don't have much of a runway to worry about. And then 70% of our debt is 2037 and beyond. We've got some -- we've got a really good profile for debt maturities as well.

是的。我只想補充一點，在過去 2 年（聽不清）中，我們減少了 32 億美元的債務，同時還回購了價值 24 億美元的股權。最重要的是，我認為我們在減少債券、減少（聽不清）近期和近期到期的債務方面取得了成就。我們有 30% 的債券債務在未來到期——好吧，從現在到 2030 年。未來 5 年內只有大約 3.5 億美元到期。所以我們沒有太多的跑道可擔心。然後我們 70% 的債務是 2037 年及以後。我們有一些——我們對債務到期的情況也非常好。

And then the last thing I would add is cost management. John talked about the ability to reduce the capital budget, but we've been very disciplined on managing our cost structure as well. Keeping that low helps certainly build resiliency.

然後我要補充的最後一件事是成本管理。約翰談到了減少資本預算的能力，但我們在管理成本結構方面也非常自律。保持低水平肯定有助於建立彈性。

Can you remind us where you are in terms of getting to investment grade with all the agencies? And given what you've done with the balance sheet, I feel like you're getting close (inaudible). So any perspective on that?

您能否提醒我們您在獲得所有機構投資級別方面的進展情況？鑑於您對資產負債表所做的工作，我覺得您已經接近（聽不清）。那麼對此有何看法？

Yes. Maybe you could kind of help us next time we go talk to the rating agencies, but appreciate that. But we feel like -- well, we talked to the rating agencies at least twice a year. We are investment grade with Fitch now, and we're on positive outlook for an increase to investment grade with S&P and Moody's. We have talked to them recently. We'll see what happens. I think we -- as you've kind of alluded to there, I think we are due for an upgrade. Hopefully, that comes in 2023. And I think we trade -- I mean we benchmarked very well compared to some of our peers that are already investment grade. So I think we are due for that.

是的。下次我們與評級機構交談時，也許您可以為我們提供一些幫助，但我們對此表示感謝。但我們覺得——好吧，我們每年至少與評級機構談過兩次。我們現在是惠譽的投資級別，我們對提高標準普爾和穆迪的投資級別持樂觀態度。我們最近與他們進行了交談。我們將看看會發生什麼。我認為我們 - 正如您在那裡提到的那樣，我認為我們應該進行升級。希望這能在 2023 年實現。我認為我們的交易——我的意思是，與一些已經達到投資級別的同行相比，我們的基準測試非常好。所以我認為我們應該這樣做。

Our next question comes from Jeoffrey Lambujon at TPH & Co.

我們的下一個問題來自 TPH & Co. 的 Jeoffrey Lambujon。

Maybe a few on the Permian ex Alpine High. First one is just on what your outlook is for productivity out of your Midland and Delaware this year just relative to the last few years and relative to internal expectations for what's left on inventory? And then what aspects of the program operationally you're spending the most time on today from a design perspective? I think you noted the 3 milers earlier, I'd be curious on how you think about the mix of those in the program over time, and how much inventory that might apply to? And, again, if you're thinking about any other areas we're spending time on?

也許在 Permian ex Alpine High 上有一些。第一個是您對今年米德蘭和特拉華州生產率的展望，與過去幾年相比，以及與內部對庫存剩餘量的預期相比如何？那麼從設計的角度來看，您今天在該程序的哪些操作方面花費的時間最多？我想你早些時候注意到了 3 英里，我很好奇你如何考慮隨著時間的推移在計劃中的混合，以及可能適用於多少庫存？而且，再一次，如果你在考慮我們花時間在任何其他領域？

Yes. So Jeoffrey, good questions. This is Dave. On the 3 miler question first, we tend to like to drill 3 milers where the acreage is set up for that. It's very capital efficient. We've been able to execute those really well, both on the drilling and the completion. So where it's possible, we'll do that. But I think you should think about the majority of our portfolio or 2-mile laterals. So the typical well is going to be a 2-miler. On productivity, we continue the team's work and study and try to squeeze out productivity gains on every pad we get on. And we continue to have pretty good results with that. So we're -- I don't know how you think about that externally if we've got some -- a pretty good process in place and feel comfortable with it. We've got a good methodical pace of drilling and completions and are pleased with that pace at this point.

是的。杰弗裡，好問題。這是戴夫。首先在 3 英里的問題上，我們傾向於在為此設置的面積上鑽 3 英里。這是非常有資本效率的。我們已經能夠很好地執行這些任務，包括鑽井和完井。所以在可能的情況下，我們會這樣做。但我認為您應該考慮我們的大部分投資組合或 2 英里的支線。所以典型的井將是 2 英里。在生產力方面，我們繼續團隊的工作和研究，並嘗試在我們使用的每個墊子上擠出生產力收益。我們繼續取得不錯的成績。所以我們 - 我不知道你如何看待外部如果我們有一些 - 一個非常好的流程並且對此感到滿意。我們在鑽井和完井方面取得了良好的有條不紊的步伐，目前對這種步伐感到滿意。

Great, Dave. Appreciate that detail. My next one is just on the sustainability of that productivity that you're seeing today, you could frame inventory depth as you look at the Midland and Delaware individually if we just kind of assume maybe the current pace for starters on an annual basis. And then I'd also be interested in how to think about steady state quarterly run rate activity as we think about next year, just given the shape of the program this year that was referenced earlier in the Q&A with that dynamic of Q3 completion count in the low 20s and Q4 going into the low teens or a little bit lower exiting the year.

太好了，戴夫。欣賞那個細節。我的下一個只是關於你今天看到的生產力的可持續性，如果我們只是假設目前每年的啟動速度，你可以在單獨查看米德蘭和特拉華州時構建庫存深度。然後我也會對如何考慮我們考慮明年的穩態季度運行率活動感興趣，只是考慮到今年計劃的形狀，在問答中早些時候提到了第三季度完成計數的動態低 20 歲和 Q4 進入低青少年或略低於今年。

Yes. So inventory, we've consistently said we've got line of sight kind of through the end of the decade. And we keep adding things to it. And that number will move around over time. At the current cadence, I think you could look at the second and third quarter activity pace and roll that through into '24, but we haven't really given guidance yet on '24 on what the capital program and activity would look like. We're assuming that we we kind of hold serve on productivity gains. But again, the aspiration is to continue to squeeze more out of each completion.

是的。所以庫存，我們一直說我們在本世紀末已經有了一些視線。我們不斷地添加東西。這個數字會隨著時間的推移而變化。按照目前的節奏，我認為你可以看看第二季度和第三季度的活動步伐，並將其延續到 24 年，但我們還沒有真正就 24 年的資本計劃和活動情況給出指導。我們假設我們在某種程度上堅持服務於生產力的提高。但同樣，我們的願望是繼續從每次完成中擠出更多。

I would now like to turn it back to John Christmann for closing remarks.

我現在想把它轉回給 John Christmann 作結束語。

Thank you. Before closing the call, I want to leave you with the following thoughts. First, our asset teams are executing well, safety performance continues to be good, and contributions from our drilling programs are strong. We are managing the portfolio to optimize returns and near-term cash flow and are keenly focused on cost control. Second, we continue to make good progress on our appraisal program in Suriname and look forward to sharing more information in the future. Lastly, we remain committed to returning at least 60% of annual free cash flow to investors through dividends and buybacks and believe our stock is a compelling investment. We plan to participate in a number of investor events over the next 2 months and look forward to seeing you. Thank you.

謝謝。在結束通話之前，我想給您留下以下想法。首先，我們的資產團隊執行良好，安全性能持續良好，我們的鑽探項目貢獻巨大。我們正在管理投資組合以優化回報和近期現金流，並密切關注成本控制。其次，我們在蘇里南的評估計劃繼續取得良好進展，並期待在未來分享更多信息。最後，我們仍然致力於通過股息和回購將至少 60% 的年度自由現金流返還給投資者，並相信我們的股票是一項引人注目的投資。我們計劃在接下來的 2 個月內參加一些投資者活動，期待與您見面。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。這確實結束了程序。您現在可以斷開連接。