阿帕契 (APA) 2023 Q2 法說會逐字稿

Good day, and welcome to the APA Corporation Second Quarter 2023 Results 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, Mr. Gary Clark, Vice President of Investor Relations. The floor is yours, sir.

各位好，歡迎參加 APA Corporation 2023 年第二季業績電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想將會議交給今天的發言人、投資人關係副總裁 Gary Clark 先生。先生，請開始。

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

各位早安，感謝各位參加 APA Corporation 2023 年第二季財務與營運成果電話會議。我們將先由執行長兼總裁 John Christmann 進行概述；接著由執行副總裁暨財務長（CFO）Steve Riney 進一步說明我們的業績與展望。另有 Dave Pursell（開發執行副總裁）、Tracey Henderson（勘探執行副總裁）以及 Clay Bretches（營運執行副總裁）也在線上並可回答問題。

Our prepared remarks will be less than 15 minutes in length with the remainder of the hour allotted for Q&A. In conjunction with yesterday's press release, I hope you had an opportunity to review our financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com. Please note that we may discuss certain non-GAAP financial measures today.

我們的事先準備發言將少於 15 分鐘，其餘時間將用於問答。配合昨日的新聞稿，希望各位已經有機會查閱我們的財務與營運補充資料，可於投資人關係網站 investor.apacorp.com 取得。請注意，我們今天可能會討論某些非 GAAP 財務衡量指標。

A reconciliation of the difference 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 non-controlling interest in Egypt, and Egypt tax barrels.

非 GAAP 財務衡量指標與最直接可比較之 GAAP 財務衡量指標之差異調節表，載於我們網站所提供的補充資訊中。依循以往的報導慣例，今日電話會議中引用的調整後產量數字，已調整排除埃及的非控股權益，以及埃及稅收桶數（tax barrels）。

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.

提醒各位，今天的討論將包含以前瞻性估計與假設為基礎的內容，係基於我們目前的觀點與合理預期。然而，多項因素可能導致實際結果與我們今天討論的內容出現重大差異。完整免責聲明載於我們網站的補充資訊中。

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

那麼，我把電話交給 John。

Good morning, and thank you for joining us. On today's call, we will review second quarter highlights and discuss our outlook for the rest of the year. APA delivered strong results and made notable progress on a number of fronts during the quarter, most specifically with regard to drilling and completion efficiencies in the U.S. and Egypt, a reduction in year-over-year per unit LOE and G&A costs, working capital improvements in Egypt and the appraisal of Krabdagu and Suriname.

各位早安，感謝各位參加。今天的電話會議中，我們將回顧第二季重點並討論今年其餘期間的展望。APA 在本季交出強勁成果，並在多個面向取得顯著進展，尤其是在美國與埃及的鑽井與完井效率、單位 LOE 與 G&A 成本的年對年下降、埃及營運資金改善，以及 Krabdagu 與蘇利南的評估工作。

We also delivered on our production goals with total adjusted production of 325,000 BOE per day coming in at the high end of our guidance range. This was driven by good Permian Basin and Egypt oil performance, partially offset by price-related dry gas curtailments in the Permian and unscheduled compressor downtime in the North Sea. Total adjusted oil production of 154,000 barrels per day exceeded our guidance by 4,000 barrels per day, driven mostly by the U.S. Capital investment during the period was in line with guidance as our average operated drilling rig count remained steady at 17 in Egypt, 5 in the Permian Basin and 1 semisubmersible in the North Sea.

我們也達成產量目標，總調整後產量為每日 325,000 桶油當量（BOE），落在指引區間的高端。此表現主要由二疊紀盆地與埃及的良好原油產出帶動，但部分被二疊紀因價格因素而進行的乾氣限產，以及北海壓縮機非計畫性停機所抵銷。總調整後原油產量為每日 154,000 桶，較指引高出每日 4,000 桶，主要由美國帶動。本期資本投資符合指引，因我們平均自營鑽機數維持穩定：埃及 17 部、二疊紀盆地 5 部、北海 1 座半潛式鑽井平台。

As previously planned, we released the Ocean Patriot in the North Sea at the end of June. U.S. oil production increased by 6% compared to the first quarter, and we are projecting a similar percentage increase in the third quarter. Our steady drilling program in the Permian is delivering substantial efficiencies and oil production increases, which we expect will continue though the timing and size of pad completions can result in a lumpy production profile.

如先前規劃，我們於 6 月底在北海釋出 Ocean Patriot。美國原油產量較第一季增加 6%，我們預期第三季將有相近幅度的增長。我們在二疊紀穩定的鑽井計畫帶來顯著效率提升與原油產量增加，預期將持續；不過，井場（pad）完井的時點與規模可能使產量曲線呈現不均勻（lumpy）的型態。

APA's Permian Rig activity is directed towards oil development in the Southern Mid Basin, where we currently have 2 rigs operating and oil-weighted development in the Delaware Basin, where we currently have 3 rigs operating. As we noted on our last call, we are deferring additional drilling and completion activity at Alpine High until natural gas and NGL prices improve.

APA 在二疊紀的鑽機活動聚焦於南部中盆地（Southern Mid Basin）的原油開發，目前有 2 部鑽機運作；以及德拉瓦盆地（Delaware Basin）以原油為主的開發，目前有 3 部鑽機運作。如同我們在上次電話會議所提到的，在天然氣與 NGL 價格改善之前，我們將延後在 Alpine High 的額外鑽井與完井活動。

That said, the most recent wells placed online at Alpine High are performing in line with our expectations, and we look forward to returning to work there in the future. Turning now to Egypt. Gross oil production of 141,000 barrels per day was in line with our guidance. Drilling efficiencies, new well connections, recompletions and exploration success were all consistent with our expectations for the quarter.

即便如此，Alpine High 最近投產的井表現符合我們的預期，我們也期待未來回到該區作業。接著談埃及。總原油產量為每日 141,000 桶，符合指引。本季的鑽井效率、新井連接、再完井（recompletions）以及勘探成果皆符合我們的預期。

As a result, we are projecting gross oil production will be up 5% in the third quarter to 148,000 barrels per day and we are making good progress toward our fourth quarter guide of 154,000 barrels per day. In the North Sea, second quarter production of 42,000 BOEs per day was well below our guidance due to the previously mentioned compressor downtime. We expect volumes to increase in the third quarter to a range of 46,000 to 48,000 BOE per day, driven by higher operating efficiency and the positive impact of our Storr North well, which went on production in late June.

因此，我們預估第三季總原油產量將增加 5% 至每日 148,000 桶，並正朝第四季指引每日 154,000 桶穩步推進。北海方面，第二季產量為每日 42,000 桶油當量，因前述壓縮機停機而明顯低於指引。我們預期第三季產量將提升至每日 46,000 至 48,000 桶油當量，主要受惠於更高的營運效率，以及 Storr North 井於 6 月下旬投產所帶來的正面影響。

In Suriname Block 58, we are currently focused on appraising last year Krabdagu discovery. As previously noted, we have completed testing at Krabdagu 2 and results were consistent with our predrill expectations. At Krabdagu 3, we are in the pressure buildup phase and data collected thus far is very encouraging. The DDIII semi-submersible rig is still on location and will be released upon completion of operations. We believe that no additional appraisal or exploratory drilling is necessary in the Sapakara and Krabdagu area at this time.

在蘇利南 58 區塊（Block 58），我們目前聚焦於評估去年 Krabdagu 的發現。如先前所述，我們已完成 Krabdagu 2 的測試，結果與鑽前預期一致。Krabdagu 3 方面，我們正處於壓力回復（pressure buildup）階段，目前收集到的資料相當令人鼓舞。DDIII 半潛式鑽機仍在現場，將於作業完成後釋出。我們認為目前在 Sapakara 與 Krabdagu 區域不需要進一步的評估或勘探鑽井。

Looking ahead to the second half of the year, we expect drilling programs to remain constant in both the U.S. and Egypt as a steady operational cadence in these areas enables more efficient operations. That said, we have reduced our full year upstream capital investment outlook to reflect previously noted North Sea platform drilling reductions, no additional drilling in Suriname this year and some minor service cost declines.

展望下半年，我們預期美國與埃及的鑽井計畫將維持不變，因這些地區穩定的作業節奏可帶來更高效率。不過，我們已下調全年上游資本投資展望，以反映先前提及的北海平台鑽井縮減、今年蘇利南不再追加鑽井，以及部分服務成本的小幅下降。

We are also reducing our full year LOE outlook from $1.5 billion to $1.4 billion, which reflects our ongoing success in actively managing these costs down as well as some price decreases associated with shorter-cycle items such as diesel and chemicals. APA remains committed to returning at least 60% of our free cash flow this calendar year to shareholders. During the first half of the year, we generated $366 million of free cash flow, 94% of which we return to shareholders via dividends and stock buybacks.

我們也將全年 LOE 展望由 15 億美元下調至 14 億美元，反映我們持續積極管理並降低相關成本的成果，以及柴油與化學品等短週期項目所帶來的部分價格下降。APA 仍致力於在本曆年將至少 60% 的自由現金流回饋股東。今年上半年，我們產生 3.66 億美元的自由現金流，其中 94% 透過股利與股票回購返還給股東。

Since the commencement of our share repurchase program in October of 2021, we have repurchased nearly 20% of total shares outstanding at an average price of just under $34 per share. In closing, we believe the investment case for APA and the E&P industry is strong and that the longer-term outlook for hydrocarbon prices is very constructive. APA has a diversified portfolio and the operational flexibility to quickly respond to commodity price volatility and other externalities.

自 2021 年 10 月啟動股票回購計畫以來，我們已以每股平均略低於 34 美元的價格回購近 20% 的流通在外股數。最後，我們認為 APA 與 E&P 產業的投資論點依然強勁，且碳氫化合物價格的長期展望相當正向。APA 擁有多元化資產組合與營運彈性，能迅速因應商品價格波動及其他外部因素。

We are committed to our shareholder returns framework into allocating capital for the long-term benefit of investors. APA seeks to produce oil and gas safely and to reduce the environmental impact of our operations. Last month, we issued our 2023 sustainability report, which highlights recent achievements on these fronts as well as our current ESG goals and initiatives. I encourage all of you to review this report, which you can find on our website. And with that, I will turn the call over to Steve Riney.

我們致力於股東回饋架構，並以資本配置為投資人帶來長期利益。APA 追求安全地生產油氣，並降低營運對環境的影響。上個月，我們發布 2023 年永續報告，重點呈現我們在上述面向的近期成果，以及目前的 ESG 目標與倡議。我鼓勵各位查閱該報告，可於我們網站取得。接下來，我把電話交給 Steve Riney。

Thanks, John. For the second quarter, under generally accepted accounting principles, APA reported consolidated net income of $381 million or $1.23 per diluted common share. As usual, these results include items that are outside of core earnings, the most significant of which are mark-to-market appreciation in the value of our Kinetik stock ownership and unrealized gain on Waha basis swaps. Excluding these and other smaller items, adjusted net income for the second quarter was $264 million or $0.85 per diluted common share.

謝謝你，John。第二季依一般公認會計原則（GAAP），APA 公布合併淨利為 3.81 億美元，或每股稀釋普通股盈餘 1.23 美元。如同以往，這些結果包含核心盈餘以外的項目，其中最重要的是我們持有的 Kinetik 股票所有權價值按市價評價（mark-to-market）的增值，以及 Waha 基差交換（basis swaps）的未實現收益。排除上述及其他較小項目後，第二季調整後淨利為 2.64 億美元，或每股稀釋普通股盈餘 0.85 美元。

Free cash flow, which for external purposes exclude changes in working capital, was $94 million in the quarter. Through dividends and share repurchases, we returned 131% of this amount to shareholders during the quarter. As John noted, both operational and cost performance were very good during the quarter. Compared to the same quarter last year, total adjusted oil production was up 14%. Adjusted oil mix increased from 44% to 47%, and we held lease operating expenditures nearly flat.

本季自由現金流（就對外揭露之目的，不包含營運資金變動）為9,400萬美元。透過股利與庫藏股回購，我們在本季向股東返還了該金額的131%。如John所提，本季營運與成本表現都非常出色。與去年同期相比，調整後總石油產量增加14%。調整後油品占比由44%提升至47%，而我們將租賃營運支出維持幾乎持平。

G&A expense was $72 million significantly below our underlying actual run rate cost. This is a result of APA's lower stock price at the quarter end and the mark-to-market impact on previously improved share-based compensation. Underlying quarterly G&A costs remained stable, around $100 million. Switching to forward-looking guidance. Oil production is expected to increase significantly in the third quarter in all 3 of our operating regions.

一般及管理費用（G&A）為7,200萬美元，顯著低於我們基礎的實際常態化成本水準。這是由於季末APA股價較低，以及先前已改善之以股份為基礎的薪酬所產生的按市價評價（mark-to-market）影響所致。基礎的季度G&A成本仍維持穩定，約為1億美元。接下來轉向前瞻性指引。預期第三季在我們三個營運區域的石油產量都將顯著增加。

Our full year guidance implies that oil production will increase again in the fourth quarter in both the U.S. and Egypt. Declines at the mature Qasr gas field in Egypt and at Alpine High, where we have deferred drilling and completion activity will result in total company natural gas production continuing to decline through the rest of this year.

我們的全年指引意味著，美國與埃及的石油產量在第四季將再度增加。埃及成熟的Qasr氣田以及Alpine High（我們已延後鑽井與完井活動）之產量下滑，將使公司整體天然氣產量在今年剩餘期間持續下降。

Next, I would like to provide some color related to our changing guidance for profit or loss on our gas transport obligations. As most of you know, we hold just over 670 million cubic feet per day of Permian Basin takeaway capacity. We sell our produced gas in basin and we manage the transport obligation by purchasing the third-party gas in basin for resale on the Gulf Coast. We realized a net trading margin based on the price differentials less the total transport cost.

接下來，我想就我們對天然氣運輸義務之損益指引變動提供一些補充說明。如各位所知，我們持有二疊紀盆地（Permian Basin）外運管線容量略高於每日6.7億立方英尺。我們在盆地內銷售自產天然氣，並透過在盆地內購買第三方天然氣、再轉售至墨西哥灣沿岸來管理運輸義務。我們依據價差扣除總運輸成本後，實現淨交易利潤。

Since the transport cost is mostly fixed, this activity will generate a profit when price differentials are wide and a loss when they are narrow. In the second quarter, the activity generated a net profit of $13 million. As we have all seen, the differential between Waha and Gulf Coast pricing is compressed dramatically since late May. Based on the forward strip, we anticipate these trading activities will result in a small loss in both the third and fourth quarters, and we have adjusted our guidance accordingly.

由於運輸成本多為固定，當價差擴大時該活動將產生利潤，價差收斂時則會產生損失。第二季該活動產生1,300萬美元的淨利潤。如各位所見，自5月下旬以來，Waha與墨西哥灣沿岸定價之間的價差大幅收斂。根據遠期價格曲線（forward strip），我們預期這些交易活動在第三季與第四季都將出現小幅虧損，因此已相應調整指引。

The flip side of this is that we are now getting higher realizations on our gas produced and sold in the Permian Basin. We commenced deliveries under our Cheniere gas supply agreement on August 1.

另一方面，我們目前在二疊紀盆地生產並銷售的天然氣可取得更高的實現價格（realizations）。我們已於8月1日開始依據與Cheniere的天然氣供應協議進行交付。

At current strip prices, this contract will generate approximately $120 million of free cash flow for the last 5 months of 2023 and an estimated $385 million for the full year of 2024. As you know, these cash flows are likely to be volatile from quarter-to-quarter. As a reminder, these projections are net of all costs, including the cost to acquire and transport the gas to Cheniere. Our complete guidance for both the third quarter and updated full year 2023 can be found in our financial and operational supplement.

以目前遠期價格曲線計算，該合約在2023年最後5個月將產生約1.2億美元的自由現金流，並在2024年全年估計產生3.85億美元。如各位所知，這些現金流可能在各季度間呈現波動。提醒一下，這些預估已扣除所有成本，包括取得天然氣以及將天然氣運送至Cheniere的成本。我們第三季與更新後的2023全年完整指引，均可在我們的財務與營運補充資料中查閱。

Finally, a brief comment on Egypt receivables. We have a long-standing well-functioning relationship with Egypt based on nearly 30 years of working in their country. Like many parts of the world today, they are experiencing some challenging financial times, and we will partner with them through that process just like we have in the past.

最後，簡要談一下埃及應收款。我們與埃及維持長期且運作良好的關係，基於近30年在當地的營運經驗。如今如同世界許多地區一樣，他們正面臨一些具挑戰性的財務時期，我們將一如既往在這個過程中與他們合作。

Since the first quarter earnings call, we have had very constructive conversations with Egypt. As a result of steps already taken, the receivables balance came down in the second quarter, and we are confident further steps will keep us on the right track.

自第一季法說會以來，我們與埃及進行了非常具建設性的對話。由於已採取的措施，第二季應收款餘額已下降，我們也有信心後續措施將使我們持續走在正確的軌道上。

In closing, our original full year production guidance is unchanged, and we have reduced our 2023 budget capital and operating expense in aggregate by about $250 million. Our balance sheet and debt maturity profile are in good shape and this was most recently recognized by Moody's, who returned us to investment grade in June. Since the beginning of 2021, we have significantly improved our capital structure by reducing our outstanding bond debt by $3.2 billion, while also returning $2.9 billion to shareholders via share repurchases and dividends. And with that, I will turn the call over to the operator for Q&A.

總結而言，我們原先的全年產量指引維持不變，並已將2023年資本支出與營運費用合計預算下調約2.5億美元。我們的資產負債表與債務到期結構狀況良好，穆迪（Moody's）也在6月將我們恢復至投資等級，最近一次對此予以肯定。自2021年初以來，我們透過將未償還公司債務減少32億美元，顯著改善資本結構，同時也透過庫藏股回購與股利向股東返還29億美元。接下來我將把電話交給接線員進行問答。

(Operator Instructions)

（接線員指示）

Our first question will come from the line of Doug Leggate with Bank of America.

我們的第一個問題來自美國銀行（Bank of America）的Doug Leggate。

I'll take that. But -- yes. Yes, it's more exotic than it probably should be, but. So a couple of things from me. So want to ask about Egypt, not about the working capital progress, which is terrific. I think you've addressed that, Steve, with your commentary.

我來問這個。不過——是的。是的，這可能比它應該要來得更「特別」一些，但……我這邊有幾點想問。首先想問埃及，但不是關於營運資金的進展，那非常好。我想你已經在評論中回應了，Steve。

But I want to ask about the confidence in the medium-term oil growth trajectory in Egypt. That seems to be the only knock on the quarter is that folks are maybe a lot questioning whether you can actually deliver that. So -- how is that progressing? What is the outlook today? And I've got a follow-up as well.

但我想問的是，對於埃及中期石油成長軌跡的信心。看起來本季唯一被挑剔的點是，大家可能相當質疑你們是否真的能交付。那麼——目前進展如何？今天的展望是什麼？我也還有一個追問。

Yes, Doug, the nice thing being early August, we have the luxury of seeing a lot of the wells we've got coming on in the near future. And if you look and you won't see it. But our July volumes have actually averaged 145,000 barrels a day on the oil side so we're up already in July, over the second quarter, and we've got good line of sight on what's coming, and it's going to be a good back half of the year, and I'll let Dave Pursell jump in with a little bit more detail.

是的，Doug，現在是8月初的好處在於，我們有條件看到許多即將在近期投產的井。如果你去看——你可能看不到，但我們7月的油品產量其實平均已達每日145,000桶，所以我們在7月就已經較第二季上升，而且我們對接下來將投產的項目有很清楚的能見度；下半年會有不錯的表現。我也讓Dave Pursell補充更多細節。

Yes, Doug, as John alluded -- or John said, the gross oil at 145,000 in July gives us confidence. We have a couple of other data points. We've had good success on exploration in both the Matruh and the Abu Gharadig basin. So we have good line of sight on the well stock remaining through the rest of the year that will come online. If you look at expected wells online in the back half of the year, it's significantly higher than the front. So just some numbers. First half of the year, we brought 48 wells online. Back half of the year, we expect to put over 70 wells online. So more wells high-quality, good confidence in what those wells look like. So again, our confidence in the back half guidance is very high.

是的，Doug，正如John所暗示——或John所說，7月總油量達到145,000桶，讓我們更有信心。我們還有幾個其他的數據點：我們在Matruh盆地與Abu Gharadig盆地的勘探都取得良好成果。因此，對於今年剩餘期間將上線的井庫存，我們有很好的能見度。若看下半年預計上線的井數，明顯高於上半年。提供一些數字：上半年我們讓48口井上線；下半年我們預期將有超過70口井上線。井數更多、品質更高，對這些井的表現也很有信心。因此，我們對下半年指引的信心非常高。

And what about beyond 2023, Dave?

那麼2023年之後呢，Dave？

Yes. We continue to look at the '24 plan, and we're too early to give guidance, but we have confidence in the ability to keep the growth engine moving.

是的。我們持續在檢視2024年的計畫，目前還太早提供指引，但我們有信心能讓成長引擎持續運轉。

Great stuff. John, I apologize, I'm going to have to be predictable. But -- so Total is having its Analyst Day at the end of September, I think they've given a pretty good steer that they're going to have something to say there on Suriname. So I know you don't want to front-run that, but I do want to ask you about resource scale to the extent you can and what you know today and I'll frame it like this. When lease of service sanctioned in Guyana with similar GORs -- the capacity of the development, 600 million barrels, 220,000 barrels a day. From everything we know, especially with Waha and the connectivity there, tell me why resource of that scale is wildly off the mark?

很棒。John，抱歉，我得照例問一下。不過——Total在9月底要舉辦分析師日，我想他們已經給了相當明確的暗示，屆時會就蘇利南（Suriname）發表一些看法。我知道你不想搶在他們前面，但我確實想在你能分享的範圍內，問一下資源規模，以及你目前所掌握的情況。我這樣框架問題：當蓋亞那（Guyana）在類似氣油比（GORs）的情況下核准開發時——開發規模為6億桶、日產22萬桶。就我們所知，尤其考量Waha以及那裡的連通性，請告訴我為什麼那樣規模的資源量會是嚴重偏離事實？

I mean at this point, a couple of things, Doug. Number one, we still have a rig on location. So it's early. Number two, we came into this year with the primary objective being appraising the Krabdagu fairway. And you had the original discovery well. If I flip over, it's a totally different set of partners in Block 53, but we -- when we announced the Waha discovery, we said it was a down dip low above that fairway. So yes, it does stretch from there all the way now back to Krabdagu 3. Krabdagu 3 was 14 kilometers from the discovery well.

我的意思是，就目前而言，有幾點，Doug。第一，我們現場仍有一座鑽機，所以現在還早。第二，我們今年進來的主要目標是對Krabdagu走廊（fairway）進行評估。你們已經有最初的發現井。如果我換個角度看，53區塊（Block 53）的合作夥伴組合完全不同，但——當我們宣布Waha發現時，我們說那是在該走廊下傾端（down dip）的低位、位於走廊之上。所以是的，它確實從那裡一路延伸，現在回到Krabdagu 3。Krabdagu 3距離發現井有14公里。

And as we've said, the results are very, very encouraging. We do -- we can confirm it's oil, but it's early for me to comment or say anything at this point. We've got a lot of technical work to do -- it's a very large fairway and there will be resource in there that you're not going to see from the flow test. So there's just a lot of technical work that we need to do, and we'll come back in due course with information in the relatively near future.

正如我們所說，結果非常、非常令人鼓舞。我們確實——我們可以確認是石油，但就我目前而言，現在還太早不便評論或說任何事情。我們還有大量技術工作要做——這是一條非常大的含油帶（fairway），其中會有資源量，而這些不是你從試流測試中就能看到的。因此，我們需要做的技術工作很多，我們會在適當時候於相對不久的將來帶著資訊回來更新。

And that will come from the line of John Freeman with Raymond James.

接下來請接聽 Raymond James 的 John Freeman 專線。

Yes. The first topic I wanted to address was on the shareholder returns. You returned the 131% of free cash flow this quarter. Last quarter, you did 81%. So I'd just be curious kind of your thought process and kind of how you'll determine when it's the appropriate time to kind of really lean into to shareholder returns, like you did, obviously, that was more than double the minimum 60% target that you'll have. So just sort of how you all think about when it's an appropriate time to kind of lean into these things.

是的。我想先談股東回報。本季你們回饋了自由現金流的 131%。上季是 81%。所以我想了解一下你們的思考流程，以及你們會如何判斷何時是適當時點去更大力道地提高股東回報——就像你們這次做的那樣；顯然這遠高於你們設定的最低 60% 目標，甚至超過兩倍。也就是說，你們如何看待何時適合更積極地推進這些措施？

Yes, John, this is Steve. If I just -- if I step back and take a look at the year, we -- we always plan that the second half free cash flow would be greater than the first half. And that's going to come from production growth. It's going to come from the Cheniere contract. It's going to come from a lower amount of capital spending that we'll have in the second half. And now as we look at the actual prices for the first half and anticipated prices for the second half price will also be a bit of factor there.

是的，John，我是 Steve。如果我先退一步看整個年度，我們——我們一直規劃下半年自由現金流會高於上半年。這將來自產量成長、來自 Cheniere 合約，也會來自下半年資本支出較低。而現在我們再看上半年實際價格與下半年預期價格，價格也會是其中一個因素。

So to address one potential concern that maybe we've done most of our share buybacks in the first half, I'd say the second half -- there's still plenty of buybacks to do, plenty of capacity to do that. We've always said the 60% is a minimum. And I think every time period that we would look at, we've exceeded that minimum. We did in that fourth quarter of '21, we did it for the full year of '22 and certainly doing it first half of '23 and I'd just say we did front end, we chose to, obviously, to front-end load the buyback program in 2023. I'd just say that we're very happy with the share prices that we got, especially in the second quarter, and we'll see what the second half of the year brings for us.

因此，針對一個可能的疑慮——也許我們在上半年就做了大部分庫藏股回購——我會說下半年仍然有很多回購可以做，也有充足的能力去做。我們一直說 60% 是最低門檻。我想在我們檢視的每個期間，我們都超過了這個最低值：在 2021 年第四季、2022 全年，以及當然在 2023 上半年。我也想說，我們確實選擇在 2023 年把回購計畫前置、也就是前段加大力度。我只能說，我們對買回的股價非常滿意，尤其是在第二季；至於下半年會帶來什麼，我們再看看。

Okay. And then my follow-up, just kind of following on to Doug's questions on Egypt. Just sort of what you all identified in terms of the you got the mature natural gas field that's declining so that oil mix as we've seen now for the last 3 quarters just keeps in. It looks like just ballpark that for 2024, like something in that like 65% kind of oil mix would be possible. Just sort of any commentary about how you all see that oil mix sort of continue to evolve as it continues to ramp up.

好的。那我的追問，延續 Doug 對埃及的問題。你們辨識到的是：成熟的天然氣田正在遞減，因此如同我們過去 3 個季度看到的，石油占比就持續上升。粗略看起來，2024 年大概有機會到約 65% 的油品占比。想請你們評論一下，你們如何看待這個油品占比在持續爬升過程中的演變。

John, that's a great point. I mean as cost continues to decline, you're going you will see our oil mix and need to rise. And if you go back Cost are, large field 3 -- it's been on decline and it is declining. And so as costs are continue to decline and our programs are in the more oily driven areas, you'll see that mix rise. And so it's early. I don't want to get into '24, but it wouldn't surprise me, and I would probably anticipate that the oil mix will be higher in '24 than it did in '23.

John，你提得很好。我的意思是，隨著產量持續下降，你會——你將會看到我們的油品占比需要上升。而如果你回頭看，Cost are（原文如此）, large field 3——它一直在下滑，而且正在下滑。因此，隨著產量持續下降、而我們的作業計畫又更集中在偏含油的區域，你會看到那個占比上升。所以現在還早，我不想談到 2024 年，但我不會意外，而且我大概也會預期 2024 年的油品占比會高於 2023 年。

That will come from the line of Neal Dingmann with Truist Securities.

接下來請接聽 Truist Securities 的 Neal Dingmann 專線。

Can I ask maybe one more on Egypt. Just specifically, given an ample, I'm just wondering, are you seeing ample equipment and personnel that continue to run the 17 rigs and if so, given the strong results and your strong balance sheet, any thoughts to boost activity next year?

我可以再問一個關於埃及的問題嗎？更具體地說，鑑於設備充足，我想了解你們是否持續看到足夠的設備與人員來維持 17 部鑽機運轉？如果是的話，考量到強勁成果以及你們強健的資產負債表，對於明年提高活動量是否有任何想法？

Neal, it took us a little bit on last year with training programs to kind of get the program where we wanted it. We're there today. So we feel good about that. We've put a lot of training in place I think right now, 17, 18 rigs is a pretty good number. I think it's about all that's in country and from a staffing perspective. So I think we're in a pretty good place. And you're seeing us finally get the results and the efficiencies where we were hoping we'd get to. So we feel like we're in a good place. And right now, that's what I see for the foreseeable future.

Neal，我們去年花了一點時間透過訓練計畫，讓整個專案運作達到我們想要的狀態。我們今天已經到位了，所以我們對此感覺良好。我們建立了很多訓練機制；我想目前 17、18 部鑽機是相當不錯的數字。我認為那大概就是國內可用的全部數量，從人力配置角度也是如此。所以我覺得我們處在相當好的位置。你也看到我們終於取得成果與效率，正是我們希望達到的水準。因此我們覺得狀況很好，而就可預見的未來而言，我目前看到的就是這樣。

Very good. And then my second for you guys is just on the Southern Midland. Could you speak to now, have you changed or are you walking up the average size, lateral length seems like some of your peers are continuing to get a larger wells, larger pads to try to get more efficiencies. So I just wanted to hear the update with the same mindset.

非常好。那第二個問題是關於 Southern Midland。你們能否談談：你們是否已經改變，或正在提高平均規模？側向井段長度看起來你們的一些同業持續做更大的井、更大的井場（pads）以爭取更多效率。所以我想以同樣的思路聽聽你們的最新進展。

Yes. We came into this year really with our programs focused on the longer laterals, a lot of 2 and 3 milers. So Dave, I think you've got little more color or some statistics there.

是的。我們今年一開始的計畫其實就聚焦在更長的側向井段，很多是 2 英里和 3 英里的井段。所以 Dave，我想你那邊有更多細節或一些統計數據。

Yes. So just on the Permian in general, we continue to walk lateral length higher. If you look at last year, we averaged just over 10,000 feet. This year, we're going to average closer to 10,500 feet for lateral. Again, there's variance. There are some 3 milers and there's some 1.5 . But on average, the program is getting longer.

是的。就二疊紀（Permian）整體而言，我們持續把側向井段長度往上拉。如果看去年，我們平均略高於 10,000 英尺。今年我們的側向井段平均會更接近 10,500 英尺。當然仍有差異：有一些是 3 英里，也有一些是 1.5 英里。但平均而言，整體計畫正在變長。

And in 2024, we anticipate the links will continue to inch a little bit longer as well. And I think on the frac size, we've tended to lean to a little bit looser spacing and larger individual frac stage size. And have had good success with that. And so I don't know that we'll get any bigger, but we've -- we're pretty comfortable with where we are on our completion designs at this point.

而在 2024 年，我們預期長度也會再小幅增加一些。另外在壓裂規模方面，我們傾向採用稍微更寬鬆的間距，以及更大的單一壓裂段（frac stage）規模，且已取得不錯的成效。因此我不確定我們是否會再做得更大，但就目前而言，我們對完井設計的位置相當有信心。

That will come from the line of Scott Gruber with Citigroup.

接下來請接聽 Citigroup 的 Scott Gruber 專線。

Yes. I'm going to peer around the corner a little bit too hear in to '24 on the U.S. side, it looks like implied in the full year guidance that your U.S. oil production can continue the decline in 4Q, you're maybe getting to the mid-80s. How should we think about '24 at this juncture in terms of oil growth in the U.S.?

是的。我也想稍微往前看一點，談談美國端 2024 年的情況。從全年指引隱含來看，你們美國原油產量在第四季可能會持續下滑，或許會到 80 多（mid-80s）。在目前這個時間點，我們應該如何看待 2024 年美國的原油成長？

It's early in terms of numbers. I mean we typically don't start getting into '24. I can tell you, we're working the '24 plan and a lot of detail right now that we start getting into reviewing that and so forth in the fall. I would anticipate pretty level activity sets from where we are today. And so if you look at that with the programs we're delivering and the types of laterals we're drilling, I would expect fairly similar increments of growth may be on a little higher base in terms of with the volume that we're growing this year.

就數字而言現在還早。我的意思是，我們通常不會這麼早開始談 2024。不過我可以告訴你，我們正在非常細緻地制定 2024 年計畫，並會在秋季開始進入檢視與討論。我預期活動量大致會維持在目前水準。因此，如果你把這點與我們正在交付的作業計畫、以及我們鑽的側向井段類型一起看，我會預期成長增量會相當類似，只是基礎量可能會更高一些，因為我們今年正在成長的量。

But it's always lumpy. We're running 5 rigs with the timing -- so I don't know how the timing will line up year-over-year, fourth quarter over fourth quarter, some of those numbers. But I would expect a very strong continuous program in the U.S. and in Egypt for 2024.

但它總是會有波動。我們運行 5 部鑽機，受時點影響——所以我不確定年對年、第四季對第四季的時點會如何對齊、以及那些數字會怎麼呈現。但我預期 2024 年在美國與埃及都會有非常強勁且持續的作業計畫。

And is deflation in service cost here in the States, if that turns out to be more material? Do you end up recycling that back into more drilling? Or would you kind of keep the program the same in light of that deflation and just reap the benefits in terms of greater free cash?

那麼，如果美國這邊的服務成本出現通縮，而且最後證明影響更為顯著，你們會把這部分再投入到更多鑽井上嗎？還是會在通縮的情況下大致維持同樣的計畫，只是把好處體現在更高的自由現金上？

Mean I would say right now, the plans would be to take the program and let the program dictate because 5 rigs, we're working 1.5 frac crews, a pretty good cadence there. It's hard to just add incrementally without going up in stair step function. So I would anticipate that the service side, whatever benefits there would come to free cash flow and the program will be pretty stable.

我的意思是，我會說就目前而言，計畫是按既定方案走，讓方案本身來主導，因為我們是 5 部鑽機、1.5 組壓裂隊，節奏相當不錯。要在不以階梯式跳升的情況下做小幅增量，其實很難。所以我預期服務端不管有什麼好處，都會反映到自由現金流上，而整體方案會相當穩定。

We do try to go in every year with a pretty set framework on the capital side. And so a lot of what's going on this fall will dictate what our service costs will look like for the portions that we will try to lock down for next year. So we'll just have to wait and see how things play out. And clearly, you've had a little bit of softening in some areas right now, but I think everybody is waiting to kind of see what prices do in the back half of the year. to really steer next year's capital.

我們確實會嘗試每年在資本端以一個相當固定的框架進場。因此，今年秋天發生的很多事情，將決定我們明年想要鎖定的那部分服務成本會長什麼樣子。所以只能再觀察事情如何發展。很明顯地，你現在在某些領域看到了一點點走軟，但我想大家都在等著看下半年價格會怎麼走，來真正引導明年的資本配置。

That will come from the line of Charles Meade with Johnson Rice.

接下來是 Johnson Rice 的 Charles Meade 線上提問。

John, I have to say I'm eager to , as I'm sure you guys all are to see all the -- or to learn about all the appraisal results at Krabdagu, but I recognize we're going to have to wait a little bit. So I want to instead ask about Waha. And specifically, what your plans are or what the considerations are for appraisal there? I recognize that you guys said it's in the same deposition system as a Krabdagu. And perhaps as part of talking about your plan for appraisal, can you also address it, is it also one of these shelf slope kind of targets? Or has it is are you maybe starting to hit the transition into the basin for fans out there?

John，我得說我很期待——我相信你們大家也都一樣——看到或了解 Krabdagu 的所有評估結果，但我也知道我們還得再等一段時間。所以我想改問 Waha。具體來說，你們對那裡的評估（appraisal）有什麼計畫或考量？我知道你們說它和 Krabdagu 在同一個沉積系統裡。也許在談你們的評估計畫時，也能請你們說明一下：它也是這種陸棚—斜坡（shelf-slope）類型的目標嗎？還是你們可能開始打到向盆地過渡、那邊有扇體（fans）的區域？

I can let Tracey in a second, get in a little bit to the geology, but what I'll just tell you first on Waha, it is a discovery that we discovered the discovery well is in Block 53, where we have a separate set of partners as opposed to Block 58, Where it's us and Total.

我等一下可以讓 Tracey 補充一些地質方面的內容，但我先跟你說 Waha：它是一項發現，我們的發現井位於第 53 區塊（Block 53），那裡的合作夥伴組合與第 58 區塊（Block 58）不同；第 58 區塊是我們和 Total。

We are the operator of Block 53. And so I can't say a lot at this point other than we've got a lot of work to do in terms of does Waha potentially flow into an oil hub in Block 58? Or does it make up its own project in Block 53. So at this point, I can't sell a lot there other than, obviously, there's a lot of work being done, a lot of different angles looked at. And Tracey, I'll have you chime in a little bit on the geology.

我們是第 53 區塊的作業者（operator）。所以目前我不能說太多，只能說我們還有很多工作要做，來判斷 Waha 是否可能接入第 58 區塊的油氣樞紐（oil hub）？或者它是否會在第 53 區塊形成自己的專案？因此此刻我沒法多談，除了很明顯地，正在做大量工作、從很多不同角度在評估。Tracey，我請你就地質部分補充一下。

Sure. I think great question on the fairway and your initial assessment there about in a system what we've discussed in the past. So what we're describing is a fair way. And as John mentioned in his remarks, something we've defined now that's roughly 25 kilometers from Waha to Krabdagu 3. So you've got a very robust system that's coming through here in a series of slope channels that you call from our original release at Krabdagu 1, which are stacked systems.

好的。我覺得你對走廊帶（fairway）的問題問得很好，也呼應了你一開始對我們過去討論過的系統的判斷。我們描述的是一條走廊帶。正如 John 在發言中提到的，我們現在界定出一個大約從 Waha 到 Krabdagu 3、長度約 25 公里的範圍。所以這裡有一個非常強健的系統，透過一系列的斜坡水道（slope channels）穿過此區域；在我們最初對 Krabdagu 1 的公告中也提到過，這些是疊置系統（stacked systems）。

So correcting your assessment, we're seeing slope channel systems, as John said, we've got more technical work to do. We still got a well on location and a lot of work to integrate going forward.

所以修正一下你的判斷：我們看到的是斜坡水道系統。正如 John 所說，我們還需要做更多技術工作。我們目前仍有一口井在現場，後續也還有很多整合工作要做。

That will come from the line of Roger Read with Wells Fargo.

接下來是 Wells Fargo 的 Roger Read 線上提問。

Just like to ask about Egypt and not from an operational standpoint, but it's been more financial, I don't know if I'd call it risk or just it's Egypt being Egypt. But I was just curious how things are going in terms of your ability to from the operations in the country, return capital out of the country as needed or as desired and anything else we should be watching there?

我想問一下埃及的情況，不是從營運角度，而是比較偏財務面。我不知道該稱之為風險，還是只是「埃及就是埃及」。但我想了解的是，就你們在該國的營運而言，將資金按需要或按意願匯出境外的能力目前如何？以及還有沒有其他我們應該關注的事項？

No. I mean, as Steve mentioned in his prepared remarks that Egypt in a lot of places around the world right now are going through some difficult times. There is stress in the system. If you look at wheat prices and things, but from a standpoint of our business, it's been pretty much normal course in terms of movements and things like that. And you've seen us working constructively with Egypt to make progress, and you're seeing that. So.

沒有。我的意思是，正如 Steve 在事先準備的發言中提到的，埃及以及目前世界上很多地方都正經歷一些艱難時期，系統裡有壓力。你看看小麥價格之類的。但就我們業務的角度而言，在資金流動等方面基本上都屬於正常運作。你也看到我們一直以建設性的方式與埃及合作、推動進展，而且你也正在看到這些進展。所以。

Okay. I'll take that as a good answer. And then my other question is just as you look at operations in the Permian, what would be the broader description of sort of productivity and efficiency gains you're seeing sort of leaving any service cost inflation or deflation aside, but just what you're seeing in terms of performance on the drilling side, on the completion stages, things like that.

好的。我就把這當作一個好答案。那我另一個問題是：當你們看二疊紀（Permian）的營運時，如果先不考慮服務成本的通膨或通縮，你們在生產力與效率提升方面看到的更廣泛描述是什麼？例如鑽井端的表現、完井段數（completion stages）之類的。

Yes, Roger, this is Dave. So on the drilling side, we continue to improve our drilling performance. Again, there's any number of metrics, which I won't bore you with. But the drilling team is doing a good job of getting our wells down in a very efficient manner where I think you might be going is on the productivity side. Lateral lengths, as I talked about earlier, getting a little bit longer and that helps.

是的，Roger，我是 Dave。就鑽井端而言，我們持續改善鑽井表現。當然有很多指標，我就不拿來讓你覺得無聊了。但鑽井團隊做得很好，能以非常有效率的方式把井打到位。我想你可能更關心的是生產力面。正如我先前提到的，水平段長度（lateral lengths）變得稍微更長，這會有幫助。

But on a lateral length adjusted basis, relaxed spacing and bigger fracs have been a benefit to us in getting those lateral length adjusted productivity numbers to continue to improve. And it's always hard to forecast or we're going to keep getting better, but we're happy with the program so far, '23 looks pretty good compared to '22. And the team -- we have a pretty good or very good subsurface team that continues to try to push the envelope productivity per foot, and we're striving to continue to move that into 2024.

但在以水平段長度調整後（lateral length adjusted）的基礎上，較寬鬆的井距（relaxed spacing）與更大的壓裂（bigger fracs）對我們有幫助，讓這些經水平段長度調整後的生產力數字持續改善。至於要預測我們是否會一直變得更好，總是很難，但我們對目前的方案很滿意；相較於 2022 年，2023 年看起來相當不錯。而團隊——我們有一個相當好、甚至非常好的地下（subsurface）團隊，持續嘗試突破每英尺（per foot）的生產力上限，我們也努力把這股動能延續到 2024 年。

And that will come from the line of Arun Jayaram with JPMorgan Securities.

接下來是 JPMorgan Securities 的 Arun Jayaram 線上提問。

I wanted to get your thoughts on how the process you think will move once you fully evaluated the Krabdagu 3 results towards the declaration of commerciality and perhaps an FID decision?

我想請教你們的看法：一旦你們完整評估 Krabdagu 3 的結果之後，你們認為流程會如何推進到商業性宣告（declaration of commerciality），以及可能的最終投資決策（FID）？

Yes. I mean, Arun, first of all, it's -- like we said, we're rigs still on location, and so we've got a lot of technical work to do. But we'll come back at some point with more data. That is exactly what you just mentioned would be the steps you'd take. And we've got a lot of work to do to be in a position to do that. And obviously, we'll be working with our partner in Total. So.

是的。我的意思是，Arun，首先——就像我們說的，鑽機仍在現場，所以我們還有很多技術工作要做。但我們會在某個時間點帶著更多資料回來。你剛提到的那些，確實就是接下來會採取的步驟。而我們要做到能採取那些步驟，還有很多工作要完成。當然，我們也會與合作夥伴 Total 一起推進。所以。

Got it. Got it. I mean I just wanted to maybe follow up there. Total has a frame agreement with the subsea provider, John, as you know, and they've raised the scope of the SURF package to over $1 billion from previously to $250 million to $500 million. Anything to read into that in terms of potential boat size at this point?

了解，了解。我只是想在那裡追問一下。Total 與海底（subsea）供應商有一份框架協議（frame agreement），John 你也知道，而且他們把 SURF 套件（package）的範圍從先前的 2.5 億到 5 億美元，提高到超過 10 億美元。就目前而言，這是否透露出任何關於潛在規模（boat size）的訊息？

The only thing I'd say, and I'm going to defer, we'll let Total handle those relationships, and that's what they're -- they'll be operator, right? I'll just leave it at that. But I mean, I would say we came into this year with the goal to appraise Krabdagu because we said it could impact scope scale. And clearly, we've had a positive result at Krabdagu 3.

我唯一想說的是——我先保留一下，我們會讓 Total 去處理那些關係，因為那是他們的——他們會是作業者（operator），對吧？我就先說到這裡。不過我的意思是，我們今年進來的目標是要對 Krabdagu 進行評估，因為我們說過它可能會影響範圍與規模（scope scale）。而且很明顯地，Krabdagu 3 的結果是正面的。

So that was 1 of the objectives with the appraisal program and the #3 well was designed for a very large step up to better understand potentially what type of resource we could have there. So we've got a lot of technical teams do the work, but that was the objective coming into this year was to help better understand scope and scale.

因此，這就是評估計畫的目標之一，而#3井的設計是為了大幅提升我們的認知，以更好地了解那裡潛在可能具備何種資源類型。我們已經有許多技術團隊在進行相關工作，但今年進入時的目標就是協助更好地理解其範圍與規模。

Great. A quick follow-up on the North Sea. John, oil prices, Brent is now moving eclipsed 80. What do you think needs to happen for the North Sea to attract capital next year? And -- and maybe just thoughts on the broader portfolio. If we get in the situation where the Northeast is not competitive. Are you just comfortable with, call it, 2 legs of the stool ex-Suriname at this point?

很好。針對北海快速追問一下。John，油價方面，布蘭特現在已經上行並突破80美元。你認為明年北海要吸引資本需要發生什麼？另外——也想聽聽你對更廣泛投資組合的看法。如果我們遇到東北部不具競爭力的情況，撇除蘇利南（ex-Suriname）之後，你們是否就滿足於所謂「凳子的兩條腿」的配置？

I mean obviously, the nice thing is, is having a diverse portfolio where we've got places to put capital. And we basically lead a program in the North Sea with the Ocean Patriot for 6 months. You see us in a good position in terms of sustaining and growing the company. So as we look at next year, we'll factor in what makes sense.

我的意思是，很明顯，好處在於我們擁有多元化的投資組合，能把資本投放到不同地方。我們基本上在北海用Ocean Patriot主導了一個為期6個月的計畫。你可以看到我們在維持並成長公司方面處於良好位置。因此在看明年時，我們會把哪些事情合理納入考量。

But right now, more importantly from the North Seas perspective, you'd need to see some stability in the regime to make long-term investments. And right now, we have not seen any stability. And so I would not anticipate us jumping in because prices are up and deciding to put a lot of capital in the North Sea at this point than what we need to do for maintenance and integrity and safety.

但就目前而言，從北海的角度更重要的是，你需要在制度環境上看到一些穩定性，才能進行長期投資。而現在我們尚未看到任何穩定性。因此我不預期我們會因為價格上漲就跳進去，並在此時點把大量資本投入北海；我們只會做維護、完整性與安全所需的投入。

That will come from the line of Leo Mariani with ROTH MKM.

接下來提問的是ROTH MKM的Leo Mariani。

I just wanted to follow up quickly on Suriname here. So certainly seems as though you guys have found significant oil here, Krabdagu based on the comments you've made. I understand there's more technical work to go. But I'm just curious little bit kind of around the thought process on kind of stopping drilling for the rest of the year.

我想就蘇利南這邊快速追問一下。根據你們的評論，Krabdagu看起來你們確實發現了相當可觀的石油。我理解還有更多技術工作要做。但我有點好奇，你們在今年剩餘時間停止鑽探的思考脈絡是什麼？

It feels like you've got great momentum there. You found a lot of oil at the end of the day, why get rid of the rig for the last, call it, 4 or 5 months of the year, why not sort of building that momentum, drill some of the other exploration targets just given how vast the basin is at this point in time?

感覺你們那邊動能很好。你們最終找到很多油，那為什麼要在今年最後大概4到5個月把鑽機撤掉？為什麼不延續這個動能，鑽一些其他勘探目標，尤其在目前這個時間點盆地規模如此龐大的情況下？

Yes, Leo, I mean, we've got a large block. We've got a lot of time for other prospect areas and so forth. And I think the key was coming in, there's been a focus on let's get to a project and an oil development, and that was what the focus was this year. And there are other prospects in the Krabdagu and Sapakara area. But at this point, we don't think it's necessary to drill those right down so.

是的，Leo，我的意思是，我們有一個很大的區塊；其他遠景區域等我們也有很多時間。我認為關鍵在於，一開始的重點就是「讓專案成形並推進到油田開發」，這是我們今年的聚焦。Krabdagu與Sapakara區域還有其他遠景，但就目前而言，我們認為沒有必要立刻把那些都鑽下去。

Okay. And then just in terms of the U.S. well performance, you guys talked about this a little bit. It sounds like there have been some changes to the completion design potential here with a little bit kind of wider spacing. But it seems like the oil performance there has been a lot more consistent. You guys basically said that it looks like '23 well performance is a little better than '22.

好的。接著就美國井的表現而言，你們稍早也談到一些。聽起來完井設計可能做了一些調整，例如井距稍微拉大一些。但看起來那邊的產油表現更一致。你們基本上也說，2023年的井表現比2022年略好。

Just kind of wanted to get a little sense of what do you think the kind of running room here is on kind of the Tier 1 Permian acreage. If you look out you are handful of years. Do you guys have kind of an estimate on how long you can kind of keep 5 rigs running and kind of how much inventory you have maybe in terms of kind of rig years or something?

我想稍微了解一下，你們認為在一級（Tier 1）的二疊紀（Permian）租地上，未來還有多大的發揮空間？如果往外看幾年，你們是否有估計能維持5部鑽機運轉多久，以及你們的庫存量大概有多少——例如用「鑽機年」之類的方式來衡量？

Yes. Leo, we've talked about kind of our visibility is kind of through the end of the decade on this run rate in this program and -- no change to that. So we're pleased with -- we're looking at a 3- to 5-year plan and pretty happy with what we have in there. So stay tuned.

是的，Leo，我們談過，我們對於以目前這個計畫與運行速率的能見度，大概可以看到本十年末——這點沒有改變。我們對此感到滿意——我們在看一個3到5年的計畫，對裡面的內容也相當滿意。敬請期待。

Yes. The other thing I would add is if you look at the evolution of the program, a lot of the stuff we're drilling today that's Tier 1. Two years ago, we had it at Tier 2, Tier 3, right? We've got a nice acreage footprint. And so you're always also looking to see the evolution of the resource. So we've got strong confidence in the U.S. inventory at this program rates.

另外我想補充的是，如果你看這個計畫的演進，我們今天鑽的很多屬於Tier 1的標的，在兩年前其實被我們歸在Tier 2、Tier 3，對吧？我們有很好的租地版圖，因此你也會持續觀察資源的演進。我們對於以目前計畫速率所對應的美國庫存量有很強的信心。

And that will come from the line of Jeffrey Lambujon with TPH.

接下來提問的是TPH的Jeffrey Lambujon。

I wanted to ask my first one on U.S activity. Just wondering if the 2 Midland and 3 Delaware splits good to assume as part of that base case of steady activity. And if you could talk about how you think about toggling that in the near term, if at all, whether in terms of inventory comparing the 2 or any of the factors. I'd imagine the flexibility of the Delaware in terms of proximity of the Alpine High plays into some degree if you can also maybe speak to what you want to see there in the macro or from the wells to add back any sort of capital there?

我第一個問題想問美國的活動。想確認一下，2部在Midland、3部在Delaware的配置，是否可以視為穩定活動的基本情境的一部分？另外也想請你談談，短期內你們如何看待（如果會的話）在兩者之間做切換——不論是從庫存比較或其他因素。我猜Delaware在彈性上、以及與Alpine High的距離近，可能在某種程度上有影響；也請你談談你們希望在總體環境或井的表現上看到什麼，才會把那邊的資本再加回去？

Yes. Jeffrey, just a good question on the Midland versus Delaware split. If you -- again, as rigs are fungible, we could there's no magic a Delaware rig could move over to the Southern Midland Basin.

是的，Jeffrey，這是個關於Midland與Delaware配置的好問題。再說一次，鑽機是可互換的，沒有什麼魔法說Delaware的鑽機不能移到南Midland盆地。

But if you think about a -- the next 18 months or so, 2 in SMB and 3 in Delaware Basin is to make sense. And then the question on Alpine. It's really about not just gas price, but what gas price does it take for those wells to be competitive versus an oil rig line, either in SMB or Delaware. And those are the decisions we'll be looking at is Matterhorn comes online sometime back half of next year.

但如果你看接下來大約18個月，2部在SMB、3部在Delaware盆地是合理的。至於Alpine的問題，重點不只是天然氣價格，而是天然氣價格要到什麼水準，這些井才能相對於油井鑽機線（不論在SMB或Delaware）具備競爭力。這些就是我們會評估的決策點；Matterhorn會在明年下半年某個時間上線。

Okay. Great. That makes sense. And then maybe just a follow-up on the North Sea. I know it's already a relatively small part of the budget and getting smaller, just looking to next year with the release of the Ocean Patriot, as you guys highlighted, but can you talk about what sort of operations we should think about there just in terms of steady state going forward and what that means for CapEx? It seems like year-over-year, you could maybe be looking at something like maybe half the spend that was originally budgeted for this year.

好的，很好。這樣就說得通。接著可能再追問一下北海。我知道它在預算中本來就占比不大，而且還在縮小；展望明年，隨著你們提到釋出Ocean Patriot，但你能談談那邊未來在穩態（steady state）下我們應該預期哪些作業，以及這對資本支出（CapEx）意味著什麼嗎？看起來按年比較，你們可能會花費大概只有今年原先預算的一半左右。

Yes. I mean I think if we look at the back half of '23, we've got around $50 million of capital in the North Sea. And that's probably what you'd assume going into -- for each half of next year. I'd say so $100 million, give or take, is what it would look at like today roughly. I think the biggest thing there is just philosophy change.

是的。我的意思是，如果我們看2023年下半年，北海大約有5,000萬美元的資本投入。你大概可以假設明年每個半年期也是這個水準。我會說大約1億美元上下，就是今天看起來大致會是這樣。我認為那邊最大的重點其實是理念上的改變。

I mean we're going to be operating for safety and integrity and managing decline and managing free cash flow. And there's still a lot of life left. I think the important thing is even by pulling the Patriot out, it doesn't really change our timing on when we see abandonment. I think we're still well into the early 2030s. And so we're going to do as good a job with that asset managing it for free cash flow.

我的意思是，我們將以安全與完整性為前提來營運，管理遞減並管理自由現金流。那裡仍然還有很長的壽命。我認為重要的是，即使把Patriot撤出，也不會真正改變我們看到除役（abandonment）的時間點。我想我們仍然會到2030年代初期之後。因此我們會盡可能把那項資產以自由現金流的方式管理好。

And that will come from the line of Paul Cheng with Scotiabank.

接下來提問的是Scotiabank的Paul Cheng。

John, maybe guiding, but I think at one point that's a number talking about your Suriname so far, the discovery, say, around 800 million barrels. Just wanted to clarify if that is the right number and that's in pace or are we comparable way and whether -- I assume that's not including the Krabdagu 3 latest appraisal. And just want to see, is that the geologies that to make what kind of reasonable recoverable weighting resourcing pace that we should assume any reason that you won't recover more than 50% of the resourcing pace? That's the first question.

John，也許是在引導，但我想你在某個時點提到一個數字，談到你們目前在蘇利南的發現，大概是8億桶左右。想確認這是不是正確的數字，這是按目前進度（in pace）來看，還是我們在比較上有偏差？另外——我假設這不包含Krabdagu 3最新的評估結果。也想了解，從地質條件來看，我們應該假設一個合理的可採回收率（recoverable）加權資源進度（resourcing pace）是什麼？是否有任何原因會讓你們的回收率不會高於資源量的50%？這是第一個問題。

Yes. So Paul, the -- you get to the 800 million as we've disclosed at Sapakara from the original well, the second well, we had more than 600 million barrels of connected resource. So that's where 600 million of it comes from. And then the original 200 million was from the discovery well from the flow test we did there. at Krabdagu.

是的。所以，Paul，——如同我們在 Sapakara 所揭露的，8 億桶這個數字來自：原始井與第二口井；第二口井我們有超過 6 億桶的連通資源。因此其中的 6 億桶是從那裡來的。而原先的 2 億桶則是來自 Krabdagu 的發現井，我們在那裡做的流量測試。

So the 800 million number is -- would be a connected resource in place, and it's not a recoverable number, but it also does not include Krabdagu 2 or Krabdagu 3 and the integration work that's going on now that will move forward.

所以，8 億桶這個數字——會是就地連通資源量（connected resource in place），它不是可採儲量的數字；同時它也不包含 Krabdagu 2 或 Krabdagu 3，以及目前正在進行、後續將推進的整合工作。

So -- and Dave, you might reference just it's really high-quality rock. And it'd be early to talk about actual recovery factors, but you can give some insights there.

所以——Dave，你或許可以補充一下，這真的是高品質的岩層。現在談實際採收率還太早，但你可以提供一些看法。

Paul, I think if you can just look at historical recovery factors in big deepwater discoveries to put a range on it, the recovery factors are a function of the field development plans that you have. We're going to have gas injection here. And again, there'll be a lot of pressure maintenance. These are high-quality reservoirs. So I think you'd expect high recovery factors. But at this point, it's way premature to try to put a number on that.

Paul，我想如果你看看大型深水發現的歷史採收率，用來界定一個區間，採收率取決於你所採用的油田開發方案。我們這裡會進行氣體注入。而且同樣地，會有大量的壓力維持。這些都是高品質的儲層。所以我認為你會期待較高的採收率。但在這個時間點，嘗試給出一個數字還為時過早。

Do you have a rough estimate, what's the gas cut in that curtailments there?

你們有一個粗略估計嗎？那邊限產時的氣油比（gas cut）大概是多少？

Yes. You're talking about gas cut, Paul?

是的。你是在問氣油比（gas cut）嗎，Paul？

Yes. Yes. What's the gas percentage? Or what's the oil percentage either way?

是的。是的。氣體的百分比是多少？或者反過來說，原油的百分比是多少？

Yes. I don't have that at the tip of my fingers, but we've put the GORs in the prior press releases on the Sapakara and the Krabdagu discovery, and we've not disclosed anything yet on Krabdagu 2 or 3.

是的。我手邊沒有立即的數字，但我們在先前關於 Sapakara 與 Krabdagu 發現的新聞稿中已經提供過 GOR（氣油比），而對於 Krabdagu 2 或 3 我們目前尚未揭露任何資訊。

Yes. Sapakara was 1,100 GOR, roughly. And the discovery well at Krabdagu had a couple of different ranges from around the high teens to the high 2000s.

是的。Sapakara 的 GOR 大約是 1,100。Krabdagu 的發現井則有幾個不同區間，從大約一千多（高十幾）到兩千多（高 2000 多）。

Okay. Great. And on Permian, you've done a number of 3-miles wells. So just want to see that, is there a number you can share what percent of your inventory backlog that you could do 3 months? And what does then of your work program for the next couple of years is going to be in the 3 milers?

好的。很好。關於二疊紀（Permian），你們已經鑽了不少 3 英里長的井。所以我想了解一下，你能否分享：在你們的庫存待開發（inventory backlog）中，有多少比例可以做 3 英里？以及未來幾年的工作計畫中，3 英里井大概會占多少？

Yes, Paul, this is Dave. I don't have that number. It's a relatively small percent of the total work plan. We're happy with the results from our 3 milers, it's really just a question of where does the acreage footprint allow that to allow us to drill the 3 milers. You can tell just upon the numbers I threw out earlier, most of what we're drilling are 2 milers.

是的，Paul，我是 Dave。我沒有那個數字。它在整體工作計畫中占比相對小。我們對 3 英里井的結果很滿意，主要只是看我們的租地/區塊範圍（acreage footprint）是否允許我們去鑽 3 英里井。從我先前丟出的數字你也看得出來，我們大多數鑽的是 2 英里井。

But the team, any time we get a chance to 3 miler, we'll do it, and that's just acreage footprint. But from a modeling standpoint is probably best to just assume they're all 2-milers in the program.

但團隊只要有機會鑽 3 英里井就會去做，這主要取決於租地/區塊範圍。不過從建模角度來看，可能最好就假設計畫裡全部都是 2 英里井。

(Operator Instructions)

（接線員指示）

That will come from the line of Umang Choudhary with Goldman Sachs.

接下來是高盛（Goldman Sachs）的 Umang Choudhary。

My first question is on the $100 million savings from your operating cost management program. You talked about diesel and chemicals driving some savings there. Any additional color you can provide in terms of any other buckets, which is driving those savings?

我的第一個問題是關於你們透過營運成本管理計畫節省的 1 億美元。你提到柴油與化學品帶來部分節省。就其他項目而言，能否再多提供一些細節，哪些類別在推動這些節省？

Yes. This is Dave. If you look at it, it's really just across the board. It's a lot of things. And really, it's -- the operating team has shown really good cost discipline through the year. We came into the year with some inflationary headwinds and the team kind of took that as a challenge and really is doing a great job in all the areas, Egypt, North Sea and the U.S. and trying to keep those costs in check.

是的。我是 Dave。若你看整體，其實就是全面性的——很多事情共同作用。實際上，營運團隊在今年展現了非常好的成本紀律。我們在年初面臨一些通膨逆風，而團隊把這當作挑戰，在各個區域——埃及、北海與美國——都做得很出色，努力把成本控制住。

And so it's -- diesel and chemicals are easy to see. But everything else, it's just a lot of little things that add up to material numbers.

所以——柴油和化學品是比較容易看得出來的。但其他方面，就是很多小地方累積起來，最後加總成為相當可觀的數字。

And then I would echo comments from earlier, excited to see more on Suriname down the road. But separately, would just love your thoughts around the M&A landscape and how does that compare versus some of your organic opportunities here?

另外，我也呼應先前的評論，期待未來看到更多關於蘇利南（Suriname）的進展。不過另外一個問題是：你們對併購（M&A）市場環境有何看法？相較之下，這與你們目前的一些內生成長機會相比如何？

I mean I think in general, you've seen a couple of deals take place in the Permian. They've traded at what we viewed as pretty high valuations. You look obviously we have been focused organically. But you've always got to be on the lookout for things that could make sense. And obviously, that's where we are and what we do. We come in every day to try to make this company more valuable and more attractive. So.

我的意思是，我想整體而言，你已經看到二疊紀（Permian）有幾筆交易發生，它們的成交估值在我們看來相當高。當然，你也知道我們一直更專注於內生性成長。但你也必須隨時留意是否有合理的機會。顯然，這就是我們所處的位置與我們所做的事。我們每天來上班，就是要讓這家公司更有價值、更具吸引力。所以。

I'm showing no further questions in the queue at this time. I would now like to turn the call back over to Mr. John Christmann for any closing remarks.

我目前看到隊列中沒有其他問題。現在我想把電話交回給 John Christmann 先生，請他做結語。

Yes. Thank you for participating on our call today. I want to close with the following thoughts. Our asset teams are executing at a high level, and we have a high number of quality wells scheduled for the back half of the year which gives us confidence in achieving our full year production guidance. We're progressing in a positive direction in Suriname, and we remain committed to our capital return program. We look forward to keeping you apprised of our progress. Thank you.

是的。感謝各位今天參與我們的電話會議。我想以以下幾點作結：我們的資產團隊正以高水準執行，我們在今年下半年排定了相當多的優質井，這讓我們對達成全年產量指引充滿信心。我們在蘇利南正朝正向方向推進，同時我們仍致力於資本回饋計畫。我們期待持續向各位更新我們的進展。謝謝。

Thank you all for participating. This concludes today's program. You may now disconnect.

感謝各位參與。今天的節目到此結束。您現在可以掛線。