阿帕契 (APA) 2024 Q3 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to APA Corporation's third-quarter 2024 financial and operational results. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝你們的支持。歡迎閱讀 APA Corporation 2024 年第三季財務與營運績效。（操作員指示）請注意，今天的會議正在錄製中。

Now I will pass the call over to the Vice President of Investor Relations, Gary Clark. Please go ahead.

現在我將把電話轉給投資者關係副總裁 Gary Clark。請繼續。

Good morning, and thank you for joining us on APA Corporation's third quarter 2024 financial and operational results conference call. We will begin the call with an overview by CEO John Christmann; Steve Riney, President and CFO, will then provide further color on our results and outlook. Also on the call and available to answer your questions are Tracey Henderson, Executive Vice President of Exploration; and Clay Bretches, Executive Vice President of Operations. Our prepared remarks will be less than 20 minutes in length with the remainder of the hour allotted for Q&A. In conjunction with yesterday's press release, I hope you've had the opportunity to review our financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com.

早安，感謝您參加 APA Corporation 2024 年第三季財務與營運績效電話會議。我們將首先由執行長約翰·克里斯特曼 (John Christmann) 進行概述；隨後，總裁兼財務長 Steve Riney 將進一步闡述我們的業績和前景。勘探執行副總裁 Tracy Henderson 也將接聽電話並回答您的問題；以及營運執行副總裁 Clay Bretches。我們準備好的發言時間將少於 20 分鐘，其餘時間將用於問答。結合昨天的新聞稿，我希望您有機會查看我們的財務和營運補充資料，該補充資料可以在我們的投資者關係網站 Investor.apacorp.com 上找到。

Please note that we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these 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. 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 on today's call.

請注意，我們可能會討論某些非公認會計準則財務指標。這些指標與最直接可比較的 GAAP 財務指標之間的差異調節可以在我們網站上提供的補充資訊中找到。與先前的報告做法一致，今天電話會議中引用的調整後產量數據經過調整，以排除埃及和埃及稅桶中的非控制權益。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。然而，許多因素可能導致實際結果與我們今天電話會議中討論的結果大不相同。

A full disclaimer is located with the supplemental information on our website. And please note that our full year 2024 guidance reflects first quarter APA results on a stand-alone basis, plus three-quarters of APA and Callon combined. And with that, I will turn the call over to John.

我們網站上的補充資訊包含完整的免責聲明。請注意，我們的 2024 年全年指引反映了第一季 APA 的獨立結果，加上 APA 和 Callon 的四分之三的結果。然後，我會將電話轉給約翰。

Good morning, and thank you for joining us. On the call today, I will discuss our key strategic accomplishments in the core areas of the portfolio review third quarter highlights and results and outline our preliminary capital production and cost outlook for 2025. Over the past several years, APA has delivered a number of strategic initiatives designed to enhance the portfolio and create shareholder value. In the US, since 2020, we have executed more than $5 billion of acquisitions and over $2.5 billion of divestitures, effectively transforming our asset base into an unconventional pure play Permian operation. This activity has three primary benefits.

早安，感謝您加入我們。在今天的電話會議上，我將討論我們在投資組合核心領域的關鍵策略成就，回顧第三季的亮點和業績，並概述我們 2025 年的初步資本生產和成本前景。在過去的幾年裡，APA 實施了許多旨在增強投資組合併創造股東價值的策略性舉措。在美國，自 2020 年以來，我們已執行了超過 50 億美元的收購和超過 25 億美元的資產剝離，有效地將我們的資產基礎轉變為非傳統的純二疊紀業務。這項活動有三個主要好處。

First, it has added scale to our unconventional Permian position, increasing unconventional acreage by more than 40% and enabling us to roughly double our unconventional production. Second, it has increased drilling inventory and extended inventory duration is the rig count today is lower than APA and Callon on a stand-alone basis. And third, it rationalized our portfolio by eliminating assets that did not compete for capital and significantly reduces per unit LOE. Our primary strategic accomplishments in Egypt are twofold, both of which drive APA shareholder value and benefit the Egyptian people over the life of the PSC. In late 2021, we modernized and extended our PSC terms, paving the way for more efficient capital allocation, more operational flexibility and greater free cash flow generation.

首先，它擴大了我們非常規二疊紀地區的規模，使非常規面積增加了 40% 以上，使我們的非常規產量增加了一倍。其次，它增加了鑽井庫存並延長了庫存期限，因為目前的鑽機數量低於 APA 和 Callon 的獨立數量。第三，它透過消除不與資本競爭的資產來合理化我們的投資組合，並顯著降低每單位 LOE。我們在埃及的主要策略成就是雙重的，既提高了 APA 股東價值，又在 PSC 的整個生命週期內使埃及人民受益。2021 年底，我們對 PSC 條款進行了現代化改造並延長了期限，為更有效率的資本配置、更高的營運靈活性和更大的自由現金流生成鋪平了道路。

And we recently reached an agreement to increase the contractual price for incremental natural gas production in country making gas exploration and development more economically competitive with oil development. Shifting to Suriname. We are now seeing the culmination of our strategic efforts that began more than 10 years ago, when we made a countercyclical investment in long-cycle offshore exploration. The recently announced GranMorgu project FID gives us visibility into strong future oil production growth at the most attractive economics in our entire portfolio. Importantly, we believe this project can easily be funded over the next few years through operating cash flow allowing us to maintain our current capital returns framework.

我們最近達成協議，提高該國增量天然氣產量的合約價格，使天然氣勘探和開發相對於石油開發更具經濟競爭力。轉移到蘇利南。我們十多年前開始的戰略努力現在已經達到頂峰，當時我們對長週期海上勘探進行了反週期投資。最近宣布的 GranMorgu 專案 FID 讓我們能夠以整個投資組合中最具吸引力的經濟狀況了解未來石油產量的強勁成長。重要的是，我們相信該專案可以在未來幾年內透過營運現金流輕鬆獲得資金，使我們能夠維持當前的資本回報框架。

Turning now to the third quarter results and highlights. APA achieved several important milestones during and subsequent to the end of the third quarter. We announced the sale of a package of noncore Permian properties for $950 million, which is expected to close in December. We reached FID on our first development project offshore Suriname in Block 58 with a partner and operator Total Energies. We signed an agreement in Egypt that increases our contractual natural gas price on incremental volumes, and we received a credit rating upgrade from Standard & Poor's, thus achieving investment-grade status at all three major rating agencies.

現在轉向第三季的業績和亮點。APA 在第三季末及之後實現了幾個重要的里程碑。我們宣布以 9.5 億美元的價格出售二疊紀非核心資產，預計將於 12 月完成。我們與合作夥伴和營運商 Total Energies 就蘇利南海上第 58 號區塊的第一個開發項目達成了最終投資決定。我們在埃及簽署了一項協議，根據增量增加我們的天然氣合約價格，並且我們獲得了標準普爾的信用評級升級，從而在三大評級機構中獲得了投資級地位。

Third quarter results were strong across the board as we exceeded our production guidance while capital and costs were below guidance. Cash flow from operations and free cash flow increased compared to the second quarter despite weaker WTI oil prices and significantly lower Waha gas prices. This resilience results from some unique attributes of the APA portfolio as well as some recent specific initiatives.

第三季業績全面強勁，因為我們超越了生產指導方針，而資本和成本低於指導方針。儘管 WTI 油價疲軟且瓦哈天然氣價格大幅下降，但營運現金流和自由現金流仍較第二季度增加。這種彈性源自於 APA 投資組合的一些獨特屬性以及最近的一些具體舉措。

These include the successful integration of Callon and associated cost synergy capture, cash flow resilience to lower prices in Egypt under the PSC structure, near-term organic oil production growth. Strong cash flow from our LNG contract and having the optionality to curtail US volumes when Waha pricing is negative, while still generating cash flow from gas trading.

其中包括 Callon 的成功整合和相關成本協同捕獲、產品分成合約結構下埃及較低價格的現金流彈性、近期有機石油產量成長。我們的液化天然氣合約擁有強勁的現金流，並且在瓦哈定價為負時可以選擇減少美國的銷量，同時仍能從天然氣交易中產生現金流。

The real value of which lies in the preservation of resource for a better price environment. We expect all of these will continue to generate positive financial impacts in the fourth quarter. Turning now to our key operational areas. US oil volumes have now met or exceeded guidance for the 7th straight quarter.

其真正價值在於保護資源以創造更好的價格環境。我們預計所有這些將在第四季度繼續產生積極的財務影響。現在轉向我們的關鍵業務領域。美國石油產量現已連續第七個季度達到或超過指導值。

Since closing the Callon acquisition on April 1st, we have reduced our Permian rig count from 11 down to eight, which we believe is an appropriate pace given the prevailing commodity price environment. We have successfully integrated Callon and turned our focus to developing the acreage. Our initial wells on acquired Callon acreage are flowing back in the Midland Basin and the early results are encouraging. The first wells in the Delaware Basin on Callon acreage will follow later this quarter.

自 4 月 1 日完成 Callon 收購以來，我們已將二疊紀鑽機數量從 11 座減少到 8 座，考慮到當前的大宗商品價格環境，我們認為這是一個適當的步伐。我們已成功整合卡倫並將重點轉向開發土地。我們在收購的 Callon 土地上最初的油井正在米德蘭盆地回流，早期結果令人鼓舞。特拉華盆地 Callon 區域的第一口井將於本季稍後建成。

In Egypt, operations are running to plan, and gross oil production is tracking accordingly. The reduction in our drilling program has enabled the workover rig fleet to reduce backlog oil volumes associated with delayed recompletions and workovers to more normalized levels. Pursuant to the terms of the new gas price agreement, we recently added one drilling rig, bringing our total rig count to 12. Moving on to Suriname. We recently achieved an important milestone with the announcement of the final investment decision on our first offshore development in Block 58.

在埃及，作業正在按計劃進行，石油總產量也相應追蹤。我們鑽井計劃的減少使修井機隊能夠將與延遲重新完井和修井相關的積壓石油量減少到更正常的水平。根據新天然氣價格協議的條款，我們最近增加了一台鑽孔機，使鑽機總數達到 12 台。繼續前往蘇利南。最近，我們宣布了 58 區塊首個海上開發項目的最終投資決定，實現了一個重要的里程碑。

The operator, Total, summarized the project is having a $10.5 billion gross cost, 220,000 barrels per day of production capacity, a per BOE capital plus OpEx cost of $19 at a 15% IRR at $60 per barrel. These are very good returns and APA's economics will be further enhanced by the capital carry provision we negotiated in 2019 when we brought Total in as a partner. We plan to fund Suriname development capital out of operating cash flow for the next few years until production commences in 2028. As previously noted, we see significant opportunity for additional exploration in Block 58 that could extend the production plateau and enhance the economics of our first FPSO and or potentially support additional development projects in the future. Switching now to the North Sea.

營運商道達爾總結稱，該項目的總成本為 105 億美元，產能為 22 萬桶/天，每個 BOE 資本加上營運支出成本為 19 美元，內部收益率為 15%，每桶 60 美元。這些都是非常好的回報，我們在 2019 年引入道達爾作為合作夥伴時協商的資本套利條款將進一步增強 APA 的經濟效益。我們計劃在未來幾年從營運現金流中為蘇利南發展資本提供資金，直到 2028 年開始生產。如前所述，我們認為 58 號區塊有進行額外勘探的重大機會，這可以延長生產平台並提高我們第一艘 FPSO 的經濟性，並/或有可能支持未來的其他開發項目。現在切換到北海。

During the third quarter, production volumes were in line with guidance as we completed our platform maintenance turnaround at Beryl as planned. Earlier this year, the UK-issued regulations, which will require substantial new emissions control investments on facilities that will operate beyond 2029. After six months of evaluation, we have concluded that the investment required to comply with these regulations at 40s and Beryl, coupled with the onerous financial impact of the energy profits levy makes production of hydrocarbons beyond the year 2029 uneconomic. As a result, we have made the decision to cease all production in the North Sea by December 31, 2029, well ahead of what would have been an otherwise reasonable time frame.

第三季度，我們按計畫完成了 Beryl 的平台維護週轉，產量符合預期。今年早些時候，英國發布了法規，要求對 2029 年以後運行的設施進行大量新的排放控制投資。經過六個月的評估，我們得出的結論是，在40 年代和Beryl 時遵守這些法規所需的投資，加上能源利潤稅帶來的繁重財務影響，使得2029 年以後的碳氫化合物生產不經濟。因此，我們決定在 2029 年 12 月 31 日之前停止北海的所有生產，遠遠超出了原本合理的時間範圍。

Steve will provide further details on the revised schedule and financial statement impacts of this change in a few minutes. In the wrap up operations, we have finalized plans to resume exploration drilling on our extensive state lease position in Alaska, where we will test the Sockeye prospect during the first half of 2025. Turning now to our preliminary activity plan and outlook for 2025. We currently expect to run an eight-rig program in the Permian Basin and a 12-rig program in Egypt. In the North Sea, we will have a very limited capital program focused primarily on maintaining asset safety and integrity and a small amount of initial P&A work in preparation for long-term asset abandonment.

史蒂夫將在幾分鐘內提供有關修訂後的時間表和這項變更對財務報表影響的更多詳細資訊。在總結作業中，我們已經敲定了在阿拉斯加廣泛的國有租賃位置恢復勘探鑽探的計劃，我們將在 2025 年上半年測試 Sockeye 遠景。現在談談我們的初步活動計劃和 2025 年展望。目前，我們預計在二疊紀盆地運行 8 台鑽機項目，在埃及運行 12 台鑽機項目。在北海，我們的資本計劃非常有限，主要側重於維護資產安全和完整性，以及少量的初始 P&A 工作，為長期資產廢棄做準備。

Our 2025 capital budget for the US, Egypt and North Sea will likely be in the range of $2.2 billion to $2.3 billion, with an additional $200 million allocated to Suriname development activity and $100 million for exploration, primarily Alaska. This capital program should broadly sustain production volumes in the Permian and Egypt on an adjusted BOE basis, while North Sea production will be down approximately 20% year over year. I would also like to highlight the significant cost reductions we are targeting in 2025. In aggregate, we expect per unit LOE, G&A, GPT and interest costs to fall by 10% to 15% year over year. In closing, we have made very good progress on our strategic portfolio initiatives in the US, Egypt and Suriname.

我們對美國、埃及和北海的 2025 年資本預算可能在 22 億至 23 億美元之間，另外分配 2 億美元用於蘇利南開發活動，1 億美元用於勘探（主要是阿拉斯加）。該資本計畫應在調整後的 BOE 基礎上廣泛維持二疊紀和埃及的產量，而北海產量將年減約 20%。我還想強調我們的目標是在 2025 年大幅降低成本。總體而言，我們預計每單位 LOE、G&A、GPT 和利息成本將年減 10% 至 15%。最後，我們在美國、埃及和蘇利南的策略性投資組合計畫取得了非常好的進展。

We had an excellent quarter operationally and achieved all key guidance targets. The Callon integration is complete, most of the cost synergies have been captured and we look forward to demonstrating the potential of the acquired Callon acreage. Egypt is running at a much more efficient operational cadence, and we have the opportunity to unlock incremental value and assist the country with its natural gas needs following the negotiation of a new price framework. Under our current price outlook, we will seek to generally sustain volumes in the Permian and Egypt for the foreseeable future while rigorously managing costs and increasing the free cash flow that these regions generate. Longer term, a successful exploration program can add tremendous value and fuel future growth as evidenced by Suriname Block 58.

我們的季度營運表現出色，並實現了所有關鍵指導目標。Callon 整合已經完成，大部分成本協同效應已經實現，我們期待展示所收購的 Callon 土地的潛力。埃及的營運節奏要高效得多，在新價格框架談判後，我們有機會釋放增量價值並協助該國滿足天然氣需求。根據我們目前的價格前景，我們將尋求在可預見的未來普遍維持二疊紀和埃及的產量，同時嚴格管理成本並增加這些地區產生的自由現金流。從長遠來看，成功的勘探計劃可以增加巨大的價值並推動未來的成長，蘇利南 58 號區塊就證明了這一點。

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

然後，我會將電話轉給史蒂夫。

Thank you, John. For the third quarter, under generally accepted accounting principles, APA reported a consolidated net loss of $223 million or $0.60 per diluted common share. As usual, these results include items that are outside of core earnings, the most significant of which was a $571 million after-tax impairment of North Sea assets and noncore Permian assets held for sale. Excluding these and other smaller items, adjusted net income for the third quarter was $370 million or $1 per share. John noted in his remarks that we have revised the expected timetable for cessation of production and abandonment of our assets in the North Sea.

謝謝你，約翰。根據公認會計原則，APA 第三季的綜合淨虧損為 2.23 億美元，即每股稀釋普通股虧損 0.60 美元。與往常一樣，這些結果包括核心收益以外的項目，其中最重要的是北海資產和待售非核心二疊紀資產的 5.71 億美元稅後減損。排除這些和其他較小項目，第三季調整後淨利潤為 3.7 億美元，即每股 1 美元。約翰在演講中指出，我們已經修改了停止生產和廢棄北海資產的預期時間表。

This decision had three primary impacts this quarter. The previously mentioned after-tax asset impairment, of which $325 million was related to the North Sea. A $17 million barrel of oil equivalent write-down of reserves that we no longer expect to produce and a $116 million increase in the net after-tax present value of abandonment obligations on our balance sheet. We now carry an after-tax present value liability of $1.2 billion for all of our North Sea ARO. We are planning to incur this liability between now and 2038.

這項決定對本季產生了三個主要影響。前面提到的稅後資產減值，其中3.25億美元與北海有關。我們預計不再生產的儲備將減記 1,700 萬桶石油當量，資產負債表上放棄義務的稅後淨現值將增加 1.16 億美元。現在，我們所有北海 ARO 的稅後現值負債為 12 億美元。我們計劃從現在到 2038 年承擔這項責任。

Approximately half of this liability will be incurred between now and the end of 2030. While there will be some overlap, the next five years will consist of mostly wellbore abandonment while the remaining eight years will focus mostly on facility abandonment. We expect Beryl Bravo will be the first facility to cease production likely in late 2027 or early 2028. Moving over to Egypt. We continue to make good progress on past due receivables.

大約一半的負債將在現在到 2030 年底之間產生。雖然會有一些重疊，但未來五年將主要包括井筒廢棄，而剩下的八年將主要集中在設施廢棄上。我們預計 Beryl Bravo 將成為第一個可能在 2027 年底或 2028 年初停止生產的工廠。搬到埃及。我們在逾期應收帳款方面持續取得良好進展。

And during the quarter, both total and past due receivables decreased. When payments on past due receivables are made, there is a counterintuitive impact on our stated free cash flow for the quarter because of the way we define free cash flow for the purposes of our 60% cash returns framework. If you have questions about how to model these cash flows, please work with Gary and his team. Debt reduction is a continuing area of focus at APA. While total debt increased with the Callon acquisition, one of our goals is to liquidate the Callon debt as soon as possible.

本季度，應收帳款總額和逾期應收帳款均下降。當支付逾期應收帳款時，由於我們為 60% 現金回報框架定義自由現金流的方式，會對我們聲明的本季自由現金流產生違反直覺的影響。如果您對如何對這些現金流建模有疑問，請與加里和他的團隊合作。債務削減是 APA 持續關注的領域。雖然總債務隨著 Callon 收購而增加，但我們的目標之一是盡快清算 Callon 債務。

We made progress on this front in the third quarter and will continue to do so in the coming quarters. The Callon deal brought increased scale in the Permian, which, coupled with our commitment to return to pre-acquisition debt levels was a significant factor in our recent credit rating upgrade by S&P. To close, I would like to provide a bit of color on some of our changes in our fourth quarter and 2024 full year guidance. Our full year capital budget has increased to $2.75 billion, which primarily reflects increases to fourth quarter spend on development capital in Suriname following the October project FID, our recent decision to drill another exploration well in Alaska this winter and the addition of a 12th rig in Egypt. These items, which were previously not contemplated in our guidance, were partially offset by the reduction of one rig in the Permian Basin.

我們第三季在這方面取得了進展，並將在未來幾季繼續這樣做。Callon 交易擴大了二疊紀盆地的規模，再加上我們承諾恢復到收購前的債務水平，這是標準普爾最近上調我們信用評級的一個重要因素。最後，我想對我們第四季度和 2024 年全年指導中的一些變化進行一些說明。我們的全年資本預算已增加至27.5 億美元，這主要反映了繼10 月份項目FID、我們最近決定今年冬天在阿拉斯加鑽另一口勘探井以及在蘇利南增加第12 座鑽機之後，第四季度蘇利南開發資本支出的增加。這些項目以前在我們的指導中沒有考慮到，但由於二疊紀盆地一台鑽孔機的減少而被部分抵消。

Turning to our US production guidance. You'll note that we have adjusted our fourth quarter outlook to reflect the estimated impact of frac activity deferrals and planned production curtailments. With much weaker-than-expected Waha pricing this quarter, we decided to curtail gas from our Alpine High area, as we typically do. We also decided to curtail some high-volume high GOR oil wells, which will generate higher revenue under a more constructive future gas price.

轉向我們的美國生產指引。您會注意到，我們調整了第四季度的前景，以反映壓裂活動延遲和計劃減產的估計影響。由於本季 Waha 定價遠低於預期，我們決定像往常一樣減少 Alpine High 地區的天然氣供應。我們也決定削減一些高產量、高 GOR 油井，這些油井將在未來更具建設性的天然氣價格下產生更高的收入。

We currently project this will have a 20,000 to 25,000 BOE impact on US production. However, this estimate is subject to considerable volatility depending on how regional gas prices progress through the fourth quarter. As most of you are aware, our income from third-party oil and gas purchased and sold is generally correlated to Waha price differentials. Accordingly, with the persistence of weak pricing into the fourth quarter, we are raising our full year estimate to $500 million.

我們目前預計這將對美國產量產生 20,000 至 25,000 桶油當量的影響。然而，這一估計可能會出現相當大的波動，具體取決於第四季度地區天然氣價格的進展。正如你們大多數人所知，我們從第三方石油和天然氣購買和銷售中獲得的收入通常與娃哈價差有關。因此，由於第四季定價持續疲軟，我們將全年預估上調至 5 億美元。

Approximately two-thirds of which is attributable to our gas trading activities and a third is attributable to the Cheniere gas supply contract. And to close, most of our $250 million Callon synergy target should be realized by the end of this year. We anticipate reaching full synergy realization through 2025 and and we did not plan continued reporting on these efforts from this point forward. And with that, I will turn the call over to the operator for Q&A.

其中約三分之二歸因於我們的天然氣貿易活動，三分之一歸因於切尼爾天然氣供應合約。最後，我們 2.5 億美元的 Callon 協同效應目標的大部分應該會在今年年底前實現。我們預計到 2025 年將全面實現協同效應，並且我們不打算從此時起繼續報告這些努力。然後，我會將電話轉給接線生進行問答。

(Operator Instructions) Doug Leggate, Wolfe Research.

（操作員說明）Doug Leggate，Wolfe Research。

A lot this quarter. So I'm going to hit two. One is Egypt, and one is the oil guide. So first of all, in Egypt, you've obviously -- you haven't given any color whatsoever around the gas price other than the fact that you got better pricing. So to what extent can you help us frame the impact of this?

本季很多。所以我要打兩個。一是埃及，一是石油指南。首先，在埃及，除了獲得更好的定價之外，您顯然沒有對天然氣價格做出任何說明。那麼您能在多大程度上幫助我們確定這項影響？

I guess it costs you about, I don't know, $25 million net for that additional rig. How do we think about the incremental free cash flow based on your current visibility on that gas price? That's my first one. My second one is, clearly, the oil has got a lot of moving parts, not least the sale of the Central Basin platform. So can you just walk through the moving parts on the apples-to-apples acquisition versus disposals to get us to kind of net number just to make sure the Street is looking at on an Apple Strople basis?

我猜你要花掉大約 2500 萬美元的淨成本來購買額外的裝備，我不知道。根據您目前對天然氣價格的了解，我們如何看待增量自由現金流？這是我的第一個。我的第二個問題是，顯然，石油有很多活動部件，尤其是中央盆地平台的出售。那麼，您能否簡單介紹一下同類收購與出售的動態部分，讓我們得到某種淨數字，以確保華爾街是在蘋果 Strople 的基礎上進行考慮的？

And I'll leave it there.

我會把它留在那裡。

Yes. Two really good questions, Doug. I'll step in first on Egypt and let Steve follow up and then we can come back to the Permian and the oil guide. But if you step back in Egypt and the Western Desert, we've historically always explored for oil. Obviously, the country of Egypt is now in a position where they need gas.

是的。兩個非常好的問題，道格。我將首先介入埃及，讓史蒂夫跟進，然後我們可以回到二疊紀和石油指南。但如果你回顧埃及和西部沙漠，我們歷史上一直在勘探石油。顯然，埃及現在正處於需要天然氣的境地。

And so we've been working on a framework which would bring gas exploration wells up to parity with oil wells. It is on incremental volumes. We're not in a position to get into a lot of detail on how that is calculated, but you will be able to see it showing up our income statement on going forward. We've allocated one rig. We've got a lot of low-hanging fruit, as you know.

因此，我們一直在研究一個框架，使天然氣勘探井達到與油井同等的水平。它是增量卷。我們無法詳細說明其計算方式，但您將能夠在我們的損益表中看到它。我們已經分配了一台鑽孔機。如你所知，我們有很多唾手可得的成果。

If you step back and look at the Western Desert, well, we've always run oil exploration programs. We found [Kasser], which is a 3 Tcf back in the early 2000s. So there's tremendous potential for gas in Egypt we've got a lot of low-hanging fruit. This will be on incremental gas volumes, and it's kind of put our exploration program on par with an oil program.

如果你退後一步看看西部沙漠，你會發現我們一直在進行石油勘探計畫。我們發現了 [Kasser]，這是 2000 年代初的 3 Tcf。因此，埃及的天然氣潛力巨大，我們有許多唾手可得的成果。這將增加天然氣產量，這使我們的勘探計劃與石油計劃處於同等水平。

Yes. So what we mean by incremental gas volumes is as part of the agreement, we've agreed with EGPC what our PDP decline looks like for the full development or the full remaining life of the concession. So gas, PDPs, a decline curve and for every quarter, we'll look at how much gas was produced and any gas over that decline curve in that quarter gets the new price. It doesn't have to be from new wells. It doesn't have to be from new fields.

是的。因此，我們所說的增量天然氣量是作為協議的一部分，我們已與 EGPC 就特許權的全面開發或剩餘壽命內的 PDP 下降情況達成協議。因此，天然氣、PDP、下降曲線，對於每個季度，我們都會查看生產了多少天然氣，以及該季度超過該下降曲線的任何天然氣都會獲得新價格。它不一定來自新井。它不一定來自新領域。

So gas compression can bring on more gas volumes, enhanced recovery, step-outs, infield step-outs and infill, things like that, all qualify for incremental gas volume. As John said, we've priced it to where we're indifferent economically drilling an oil well or drilling a gas well. And as part of that agreement, we agreed to add one rig. As we've said, we have already done that. And I would just say, we've got -- just to build on what John was saying, we've got million acres of hydrocarbon-rich resource here.

因此，氣體壓縮可以帶來更多的氣體量、增強的採收率、步出、內場步出和填充等，所有這些都符合增量氣體量的條件。正如約翰所說，我們已將其定價為我們對鑽井或鑽井的經濟性漠不關心。作為該協議的一部分，我們同意添加一台鑽孔機。正如我們所說，我們已經做到了。我只想說，我們已經——只是在約翰所說的基礎上，我們這裡擁有數百萬英畝富含碳氫化合物的資源。

There's been, as John said, no gas-focused exploration. So we believe that there's quite a bit of prospectivity. We've actually got some previously discovered gas-focused resource. Some of that may need some appraisal, but there's quite a bit that's still -- that's ready for appraisal and development investment. Infrastructure is in place because we do produce a lot of gas today.

正如約翰所說，沒有以天然氣為重點的勘探。所以我們相信有相當大的前景。我們實際上已經發現了一些以前發現的以天然氣為主的資源。其中一些可能需要進行一些評估，但還有相當多的部分已經準備好進行評估和開發投資。基礎設施已經到位，因為我們今天確實生產了大量天然氣。

There is some outage in that infrastructure, and to the extent that we might need it in the future, any further build-out of infrastructure was contemplated in the price that we negotiated. And I don't know, Tracey, if you want to talk about maybe a little bit about prospectivity for gas.

該基礎設施存在一些中斷，如果我們將來可能需要的話，我們協商的價格中考慮了任何進一步的基礎設施建設。我不知道，特蕾西，你是否想談談天然氣的前景。

Sure, Steve. As John and Steve said, we've really focused our exploration program on oil. So gas is really underexplored relative to oil, but we see significant potential. We have a good understanding of the geology and the source rocks having been there for two decades. And we know the areas that are more gas prone and the basins that are more gas prone.

當然，史蒂夫。正如約翰和史蒂夫所說，我們的勘探計劃真正的重點是石油。因此，相對於石油，天然氣的勘探確實不足，但我們看到了巨大的潛力。我們對那裡的地質和烴源岩已經有二十年的了解了。我們知道哪些地區更容易產生天然氣，哪些盆地更容易產生天然氣。

So we do have a known inventory of low-risk resource potential with material volumes. And in addition, we will be testing some exploration gas prospects and concepts to continue to grow that inventory over time. So we see a lot of potential in those opportunities, and we're excited to have a gas-focused program, and it's a great opportunity to grow the inventory and add value to our business in Egypt.

因此，我們確實擁有已知的低風險資源潛力和材料量庫存。此外，我們將測試一些勘探天然氣的前景和概念，以隨著時間的推移繼續增加庫存。因此，我們看到了這些機會的巨大潛力，我們很高興能有一個以天然氣為重點的計劃，這是一個增加庫存並為我們在埃及的業務增加價值的絕佳機會。

And Doug, just to wrap that point up, that question. So we're not going to share specifics about the gas price agreement with Egypt. We're just -- we're not going to do that at this point in time at their request. You will start to see this show up in results. We'll think about -- I understand your point about wanting to get to how do we forecast free cash flow.

道格，我想總結這個問題。因此，我們不會透露與埃及的天然氣價格協議的具體細節。我們只是──我們不會在這個時候應他們的要求這樣做。您將開始在結果中看到這一點。我們會考慮——我理解你想要了解我們如何預測自由現金流的觀點。

I don't know a price. We'll start thinking about how -- between now and February when we give a final plan for 2025 and possibly beyond. We'll give some help in being able to figure out what this means for free cash flow. We understand the point.

我不知道價格。我們將開始考慮如何——從現在到 2 月我們給出 2025 年甚至更長的最終計劃。我們將提供一些幫助，幫助您弄清楚這對自由現金流意味著什麼。我們明白這一點。

And if I can take the second question, Doug, on the Permian oil, we've been running nine rigs. We've scaled back. We're at eight rigs, and that's what we plan to run for next year. If you take our Q3 numbers, which we just put out 143 on the oil side for Permian and you subtract the upcoming asset sales of 13,000 barrels a day. That's going to put you around 130,000.

道格，如果我能回答第二個問題，關於二疊紀石油，我們已經運行了九個鑽井平台。我們已經縮減了規模。我們有八台鑽孔機，這是我們明年的計畫。如果你看我們第三季的數據，我們剛剛公佈了二疊紀石油方面的 143，然後減去即將到來的每天 13,000 桶的資產銷售。這將使你大約有13萬。

And we believe we can maintain that or hold that flat with a rig count that's down about 20%, turn in lines that are down 20% and CapEx, which is in line with that. So we think it's actually pretty strong. But for next year, you're looking at -- and this is obviously the preliminary view, as you know. We're looking at about 130,000 barrels a day of oil in the US that we can hold flat with eight rigs.

我們相信，我們可以維持這一水平，或保持這一水平不變，鑽機數量下降約 20%，上繳下降 20% 的線路，資本支出也與此一致。所以我們認為它實際上非常強大。但對於明年，你會看到——正如你所知，這顯然是初步觀點。我們預計美國每天的石油產量約為 13 萬桶，我們可以用八個鑽井平台來維持。

John Freeman, Raymond James.

約翰·弗里曼，雷蒙德·詹姆斯。

First topic, just a little bit more infill on the North Sea. So I just want to make sure that I'm understanding. So the way that you laid it out, Steve, of the ARO, you said about half would potentially be spent between now and the end of 2030. And I guess I'm just trying to understand in terms of just outflow of capital, as you all like ratchet down the CapEx in the North Sea over the next several years and then factoring the AROs, just sort of how I should think about just capital being spent in total in the North Sea over these next handful of years. When I know the -- it's a minimal spend CapEx-wise in the North Sea next year, but just any color on that front would be helpful.

第一個主題，稍微補充一下北海。所以我只是想確保我理解。ARO 的史蒂夫，按照您的安排，您說從現在到 2030 年底可能會花費大約一半的資金。我想我只是想從資本外流的角度來理解，因為你們都喜歡在未來幾年內降低北海的資本支出，然後考慮 ARO，這就是我應該如何思考的未來幾年，北海的資本支出總額。當我知道——明年在北海的資本支出是最低限度的，但在這方面的任何顏色都會有幫助。

Yes. So the spend on the ARO won't show up as capital. You'll actually see a number in the costs incurred, where we provide some reconciliations to GAAP versus non-GAAP reconciliations in our supplement, and you'll see a number in there for the North Sea for the addition to the ARO. So from a GAAP accounting purposes, the increase in the ARO is considered costs incurred which is a gap kind of equivalent or somewhat equivalent to capital spending. So it shows up when you add to the ARO, it doesn't show up as capital spending in the CapEx program as we spend that capital or those dollars in the years in which we incur the ARO.

是的。因此，ARO 上的支出不會顯示為資本。您實際上會在所產生的成本中看到一個數字，我們在補充資料中提供了一些 GAAP 與非 GAAP 調節的調節，並且您會在其中看到北海添加到 ARO 中的數字。因此，從 GAAP 會計目的來看，ARO 的增加被視為所產生的成本，這是相當於或某種程度上相當於資本支出的缺口。因此，當您新增至 ARO 時，它就會出現，它不會在資本支出計劃中顯示為資本支出，因為我們在產生 ARO 的年份中花費了該資本或這些美元。

And John, just to give maybe a little bit more color on the spend patterns. So as I said, the -- if you were to combine two numbers because there's a there's a gross obligation on the liability side on our balance sheet, and then there's a deferred tax asset because there's a 40% tax savings for every dollar that you spend on ARO. So there's two numbers on our balance sheet. Those two numbers net to $1.2 billion. It's -- with a 40% tax rate, you could probably figure out pretty quickly, it's about $2 billion of liability.

約翰，只是為了給支出模式更多的色彩。正如我所說，如果你將兩個數字合併起來，因為我們的資產負債表上的負債方面有一項總義務，然後還有一項遞延稅資產，因為你每花一美元就可以節省40% 的稅金。所以我們的資產負債表上有兩個數字。這兩個數字淨值為 12 億美元。稅率為 40%，您可能很快就能算出來，大約有 20 億美元的負債。

It's about an $800 million tax asset on the balance sheet. And that $1.2 billion, as I said, roughly 50% of that will be spent between now and the end of 2030. A lot of that is being spent on wellbore abandonment. And so you figure out -- you figure okay, that's about $100 million a year for six years. And what I would say is the pattern grows through the period of time. So it's going to be way less than $100 million next year in 2025, starts kind of ramping up a little bit in '26. The first three years are below $100 million a year, the last three years are above $100 million a year.

資產負債表上的稅收資產約為 8 億美元。正如我所說，這 12 億美元中大約 50% 將在現在到 2030 年底之間花費。其中很大一部分用於廢棄井筒。所以你算了——算了，好吧，六年內每年大約有 1 億美元。我想說的是，這種模式會隨著時間的推移而成長。因此，到 2025 年，這一數字將遠低於 1 億美元，並在 26 年開始略有增加。前三年每年低於1億美元，後三年每年超過1億美元。

That's perfect. I appreciate all the color on that. And then on the LOE, which you all are indicating a pretty big decline next year, 10% to 15% decline. And you mentioned the drivers, and there's obviously a lot of moving parts with the account synergies, the noncore Permian divestitures or curtailed volumes. Is there any way to give maybe just sort of a rough kind of idea of just ballpark, like the magnitude of each of those from like a driver of that decline year over year, just some way you think about.

那很完美。我很欣賞上面的所有顏色。然後是 LOE，你們都表示明年會有相當大的下降，下降 10% 到 15%。你提到了驅動因素，顯然有許多與帳戶協同效應、非核心二疊紀資產剝離或產量縮減有關的變化因素。有沒有辦法可以給出一個大概的粗略想法，例如逐年下降的驅動因素中的每一個的大小，只是你思考的某種方式。

Yes. I mean, John, we really haven't thought about how to break that out. I mean what we've tried to do is just look at the the stand-alone business next year as you're going into that and roll everything up. Obviously, a big chunk of that is on the Callon side is the synergies we've been able to drive out, but a lot of it comes to just a change in the portfolio changes that we've made in the US selling the higher cost, declining waterflood assets on the Central Basin platform, which are typically much, much higher costs, and we handle a lot of water. So it's really a recharacterization of our unconventional Permian Basin business is what you're going to see. And I can also tell you, there's -- we're working hard on how to do more than what we've laid out at this point.

是的。我的意思是，約翰，我們真的沒有想過如何解決這個問題。我的意思是，我們試圖做的只是看看明年的獨立業務，然後將所有內容匯總起來。顯然，其中很大一部分來自卡隆方面，我們已經能夠實現協同效應，但其中許多只是我們在美國進行的投資組合變化，銷售更高的成本，中央盆地平台上的注水資產不斷減少，這通常會導致成本高得多，而且我們要處理大量的水。因此，您將看到，這實際上是對我們非常規二疊紀盆地業務的重新定性。我還可以告訴你，我們正在努力研究如何做比我們目前所發展的更多的事情。

Yes. And I'd just add, John, we'll provide quite a bit more detail around that when we roll out the detailed plan in February. What we're trying to -- what we always try to do at this point in time in the year just kind of give a shape to the capital program and what that means to production volume more than anything else, kind of the meat of the direction of the firm. But there is that one chart in the supplement. And it's got multiple elements in it. You might want to just give Gary a call later today or sometime and he might take it -- be able to take you through some of the details behind that.

是的。我想補充一點，約翰，當我們在二月推出詳細計劃時，我們將提供更多細節。我們正在努力做的事情——我們在一年中的這個時間點總是試圖做的事情只是為資本計劃提供了一個形狀，以及這對產量的意義比其他任何事情都重要，這就是我們的核心內容。但補充中有一張圖表。它裡面有多個元素。您可能想在今天晚些時候或某個時候給加里打個電話，他可能會接聽——能夠帶您了解背後的一些細節。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

I had a question around the cadence of the cash return strategy and kind of the timing. There's a big moving part around your disposals and getting that cash in the door and 3Q percent of free cash flow return came down a bit. Should I think of that as timing versus anything else?

我對現金回饋策略的節奏和時機有疑問。在你的處置和獲得現金方面有一個很大的變化部分，並且第三季度的自由現金流回報率略有下降。我應該將其視為時機而不是其他什麼嗎？

I mean, definitely, it's just timing, Bob. We came into the year. We're running a little bit ahead. And then you look at Q3, we've had a lot of material things that were in the works that can sometimes prevent you from being able to get in the market at times. But in general, yes, it's more just timing that was kind of out of our control.

我的意思是，當然，這只是時機，鮑伯。我們進入了這一年。我們跑得有點遠。然後你看看第三季度，我們有很多實質的東西正在開發中，有時會阻止你進入市場。但總的來說，是的，這更多的是我們無法控制的時機。

Very clear. A quick follow up on gas curtailment and your latest thoughts are on the ground intelligence around Matterhorn. Matterhorn feels slow, but it's coming. Is that your expectation that we'll get some takeaway out of the Permian, realizations will improve, and that's when the curtailment ends? And what's your latest that you hear happening in the basin?

非常清楚。關於天然氣削減的快速跟進以及您的最新想法是關於馬特宏峰周圍的地面情報。馬特宏峰感覺很慢，但它即將到來。您是否期望我們能夠從二疊紀盆地獲得一些成果，實現將會改善，然後削減就結束了？你最近聽說盆地裡發生了什麼事？

Yes. I believe most of the price extremes, if you want to call them that right now are not related to Matterhorn, but are related to some downtime on other pipelines coming out of the Permian and to the Gulf Coast. And I think that's impacting the pricing extremes as we see them today. Those -- that maintenance activity, I believe, is planned to be completed in the next week or so. So I think this is a matter of perhaps just days first of month for December a couple of days ago, was $1.40. So not a great price, but at least better than negative $3 or $3.50.

是的。我相信大多數極端價格（如果你現在想稱它們與馬特宏峰無關），而是與從二疊紀到墨西哥灣沿岸的其他管道的一些停機有關。我認為這正在影響我們今天看到的極端定價。我相信，維護活動計劃在下週左右完成。所以我認為這可能只是幾天前 12 月第一天的問題，價格為 1.40 美元。所以價格不是很好，但至少比負 3 美元或 3.50 美元好。

Roger Read, Wells Fargo Securities.

羅傑‧里德，富國銀行證券公司。

I guess I'd like to come back on the lowering of the cost. I mean it looks obviously a piece of an LOE, but a lot of the G&A, and what is that? Or is that in addition to the synergy you anticipated from the Callon merger? I mean I would think so, given the way it's laid out here. But I just wanted to understand what was driving some of these opportunities.

我想我想回來降低成本。我的意思是，它看起來顯然是 LOE 的一部分，但有很多 G&A，那是什麼？或者這是您預期 Callon 合併帶來的綜效之外的結果？我的意思是，鑑於這裡的佈局方式，我會這麼認為。但我只是想了解是什麼推動了其中一些機會。

I think, Roger, it's clearly synergies on the Callon side, but it's also some of the simplification on our business with the asset sales.

我認為，羅傑，這顯然是卡隆方面的協同效應，但這也是我們資產銷售業務的一些簡化。

Yes. And the other thing I would just add, in our synergies around the Callon transaction, we said that around $90 million of that would be related to G&A and Callon had a G&A cost structure of around $110 million a year. Our G&A right now is running basically flat with where we were prior to the Callon acquisition. So I think some of the G&A synergies are going to be around just growing the -- increasing or exceeding the amount of synergies that we thought, we basically -- it's not all Callon people because we actually have a number of Callon people here in the company, but we've equivalently eliminated the full Callon G&A. There were some one-off costs in G&A in 2024 around the transaction as well.

是的。我要補充的另一件事是，在我們圍繞 Callon 交易的協同效應中，我們表示其中約 9000 萬美元將與 G&A 相關，而 Callon 的 G&A 成本結構每年約為 1.1 億美元。我們目前的一般管理費用與收購 Callon 之前的情況基本持平。因此，我認為一些 G＆A 協同效應將圍繞著增長 - 增加或超過我們認為的協同效應，我們基本上 - 並不都是 Callon 人，因為我們實際上有很多 Callon 人公司，但我們相當於取消了全部Callon G&A。圍繞著該交易，2024 年的一般管理費用也存在一些一次性成本。

Yes. No, I appreciate that. And then, John, my question for you since you got the Alaska exploration well. And obviously, all those decisions had to be made preelection. In terms of regulatory outlook, certainly, it looks easier to do business in Alaska with the federal government at this point, just wondering how you're looking at that, assume good or bad with this particular well, but as you think about the overall Alaska opportunity.

是的。不，我很欣賞這一點。然後，約翰，我想問你一個問題，因為你在阿拉斯加的探索上做得很好。顯然，所有這些決定都必須經過預選。當然，就監管前景而言，目前在阿拉斯加與聯邦政府做生意看起來更容易，只是想知道您如何看待這一點，假設這口井的好壞，但當您考慮整體時阿拉斯加的機會。

Yes. I think the main thing there, I'll remind you, Roger, is we've got about 300,000 acres in our position, but it's state lands. And so we're in a position where you're fairly close to pipeline, and we're state land. So you don't really have to bring the federal side in but just on a few things. So we feel good about that.

是的。我想提醒你，羅傑，最重要的是我們擁有大約 30 萬英畝的土地，但這是國有土地。因此，我們處於距離管道相當近的位置，而且我們是國有土地。因此，你實際上不必讓聯邦方面介入，而只需在一些事情上介入即可。所以我們對此感覺良好。

We're excited about Alaska. We had a discovery earlier this year on the well that we did get down. And we're going back to one of the two that we attempted last winter, but we're very excited about it. So it will be early, early next year when we spud, and we have added some capital to start building ice roads and stuff for this winter.

我們對阿拉斯加感到興奮。今年早些時候，我們在這口井上有了一個發現，並確實得到了它。我們將回到去年冬天嘗試過的兩種方法之一，但我們對此感到非常興奮。因此，明年年初我們就會開始發芽，我們已經增加了一些資金，開始為今年冬天建造冰路和其他東西。

I appreciate that. But one federal roadblock is sometimes more than enough. So I just wanted to check on that.

我很欣賞這一點。但有時，一個聯邦障礙就足夠了。所以我只是想檢查一下。

Thanks.

謝謝。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

John, you guys done the Callon deal, even though I think Apache probably do better than Callon. But when you go through that, have you found there's anything that you learned from them saying that they're actually doing better than us? And where that they probably have done the worst?

約翰，你們完成了卡倫交易，儘管我認為阿帕契可能比卡倫做得更好。但是當你經歷這些的時候，你有沒有發現你從他們身上學到了什麼，說他們其實比我們做得更好？他們可能在哪些方面做得最差？

Yes. I mean, obviously, Paul, when you integrate two companies, you take good from both and try to replicate. I think Callon had some good people that we've integrated into the organization. Obviously, they've got some good acreage that we're excited to get after as well. And then we've been digging into a lot of their technical assumptions as well.

是的。保羅，我的意思是，顯然，當你整合兩家公司時，你會從兩家公司中汲取好處並嘗試複製。我認為卡倫有一些優秀的人才，我們已經將他們融入了組織中。顯然，他們擁有一些不錯的土地，我們也很高興能獲得這些土地。然後我們也深入研究了他們的許多技術假設。

But I think in general, you've seen us be able to cut costs just from our supply chain and some of our processes. We've cut almost $1 million per well in terms of the well cost side, we're anxious on the spacing, and we've got two wells flowing back or actually four now, but two, we've got pretty good results on in the Midland Basin. And we're seeing some pretty good uplift on those two. So we're pretty excited about Callon in general.

但我認為總的來說，您已經看到我們能夠僅從我們的供應鏈和一些流程中削減成本。我們已經在井成本方面削減了每口井近 100 萬美元，我們對間距感到焦慮，並且我們已經有兩口井回流，或者實際上現在有四口井，但是兩口井，我們在米德蘭盆地。我們看到這兩個方面有了相當好的提升。所以總的來說，我們對卡倫感到非常興奮。

No, I was just asking that. Is there anything that from a technology or process that can you actually find that they are doing well, and then you will be able to adopt their process or technology and enhance your operations?

不，我只是問這個。有沒有什麼技術或流程能讓您真正發現他們做得很好，然後您就能夠採用他們的流程或技術並增強您的營運？

Yes. I would say on the spacing side, I mean, we're looking hard into the data and how they were approaching the development scenarios, and how we take -- how we designed it versus how they were and how do you modify that to what we think is a better answer.

是的。我想說的是，在間距方面，我的意思是，我們正在認真研究數據以及它們如何接近開發場景，以及我們如何採取——我們如何設計它與它們是如何設計的，以及如何將其修改為什麼我們認為這是一個更好的答案。

Yes. And if I could just add to that. That's what I was going to say earlier was that it'd be really simple just to bring all of that acreage into the Apache process and just assuming, well, we're right, we've got everything figured out, and we're going to do it exactly the way we do everything else.

是的。如果我可以補充一下的話。這就是我之前要說的，只需將所有這些區域納入 Apache 流程並假設，好吧，我們是對的，我們已經解決了所有問題，並且我們是我們將按照我們做其他事情的方式去做這件事。

Instead, I think it's always a good idea to just step back and think, okay, well, do they have any aspects of spacing and fracking and landing zones, and what's in communication, what's not in communication. So it's good just to take the opportunity to step back and question what we believe and our fundamental beliefs there as well, and we're doing that. And I think it's worth doing. We will come to some conclusions in due course. But it's worth asking ourselves those questions.

相反，我認為退一步思考總是一個好主意，好吧，好吧，他們是否有間距、水力壓裂和著陸區的任何方面，以及什麼在溝通，什麼不在溝通。因此，趁此機會退一步質疑我們的信念以及我們的基本信念是件好事，我們正在這樣做。我認為這是值得做的。我們將在適當的時候得出一些結論。但這些問題值得我們問自己。

Steve, can you quantify what's the benefit? Because I assume those is not in your original synergy target?

史蒂夫，你能量化一下好處嗎？因為我認為這些不屬於您最初的協同目標？

No. At this point, I'd say I can't quantify the benefits of that. But we'll do that in due course. I think we'll -- I think we've got to get more wells drilled, completed and online and get some history to those. And we've talked about it in the past, at some point in time in 2025, we have the $250 million of annual cash operating -- operational and overhead type cost synergies, but we do believe that there are some meaningful synergies around the capital productivity or capital efficiency, whichever you want to call it.

不。在這一點上，我想說我無法量化這樣做的好處。但我們會在適當的時候這樣做。我認為我們會——我認為我們必須鑽探、完井和上線更多的油井，並了解這些油井的一些歷史。我們過去曾討論過，在 2025 年的某個時間點，我們擁有 2.5 億美元的年度現金運營——營運和間接費用類型的成本協同效應，但我們確實相信圍繞資本存在一些有意義的協同效應生產力或資本效率，無論你怎麼稱呼它。

And we've said in the past, we will come back sometime in 2025 with a recap of where we think we are there. And that will include just like the synergies have included, that will include things that we've learned from the combination with Callon, and how that helps even the Apache approach to the rest of our acreage as well.

我們過去曾說過，我們將在 2025 年的某個時候回來回顧我們認為我們所處的位置。這將包括就像協同效應一樣，包括我們從與 Callon 的合併中學到的東西，以及這如何幫助 Apache 接近我們的其餘領域。

Okay. The second question is on Alaska. John, you guys are going back? And can you tell us that you guys essentially going back to the same two wells that you suspend in last year program, and you're just going to redo that or that you are targeting a total new prospect?

好的。第二個問題是關於阿拉斯加的。約翰，你們要回去嗎？您能否告訴我們，你們基本上回到了去年計劃中暫停的兩口井，並且你們只是要重做，或者你們的目標是一個全新的前景？

No, Paul, it's actually going back to the Sockeye prospect.

不，保羅，這實際上又回到了紅鮭魚的前景。

Please stand by, we have some technical audio difficulties. Please stand by, ladies and gentlemen.

請稍候，我們遇到一些音訊技術困難。女士們先生們，請稍候。

(technical difficulty)

（技術難度）

Ladies and gentlemen. Thank you. Thank you for continuing to stand by. One moment, please. And you may continue, thank you for standing by. Yes, you are live.

女士們，先生們。謝謝。感謝您繼續堅守。請稍等一下。您可以繼續，謝謝您的支持。是的，你還活著。

We're back up. I apologize. We had an internet disconnect, but we're back.

我們回來了。我道歉。我們的網路斷線了，但我們又回來了。

Neal Dingmann, Truist.

尼爾‧丁曼，真理主義者。

My question, maybe just around Permian Egypt production, specifically, you all -- the target you talked about for next eight Permian and 12, Egyptian rigs. I'm just wondering, is that, again, kind of the plan to maintain. You think that's about appropriate to maintain stable production in both those areas. And I'm just wondering when it comes to base production. Has that changed much in either area? So I'm trying to get a sense of how we should think about sort of maintaining the flat production.

我的問題，也許只是圍繞著二疊紀埃及的生產，具體來說，你們所有人——你們談到的接下來 8 個二疊紀和 12 個埃及鑽井平台的目標。我只是想知道，這是否也是要維持的計畫。您認為這對於維持這兩個領域的穩定生產是適當的。我只是想知道何時進行基礎生產。這兩個領域都發生很大變化了嗎？所以我試著去了解我們應該如何考慮維持扁平化生產。

Yes. We've designed that -- the early look design is a program to sustain Permian oil, Neal, around the 130 that I mentioned earlier with Doug's first question. And then in Egypt, it's really our reported production but the gross has been coming down slightly if you look at on the oil side with 11. Right now, you've got 12 rigs, 11 to the oil program, one to the gas is what we've got in there. At 11, we're slightly underinvesting in Egypt, but it's close.

是的。我們設計了這個——早期的外觀設計是一個維持二疊紀石油的計劃，尼爾，大約是我之前在道格的第一個問題中提到的 130 左右。然後在埃及，這確實是我們報告的產量，但如果你看看石油方面，總產量略有下降，為 11。現在，我們有 12 個鑽井平台，其中 11 個用於石油項目，1 個用於天然氣項目。11 月份，我們在埃及的投資略有不足，但也接近了。

Yes. If I can just add to that briefly. I mean we started the year with -- as people know, we started the year with 18 drilling rigs. We ended the year with 12. We went down to 11 at one point in time.

是的。可以簡單補充一下嗎？我的意思是，正如人們所知，我們年初擁有 18 台鑽孔機。我們以 12 結束了這一年。我們一度下降到 11 人。

if you just look back at the -- when we said that gross oil volume would slightly decline as we go through the year. Well, first quarter was 138,000 barrels a day. Second quarter was 139,000. In third quarter, it was 137,000. So we're on a slight decline.

如果你回顧一下——當我們說今年石油總量將略有下降時。嗯，第一季是每天 138,000 桶。第二季為 139,000 人。第三季為137,000。所以我們的業績略有下降。

I would emphasize the slight aspect of that. and I think that, that's probably going to just continue into fourth quarter and on into 2022, absent a change in the drilling activity. But that's that if people go back to 2023, we were in the mid-140s with 18 rigs running for quite some time, and we were kind of struggling to maintain production volume or to grow it from there. So as we've commented a few times, we've actually -- with 11 rigs, we've achieved kind of a nice, very smooth operational cadence that's working really well. We have increased that to 12.

我想強調這一點的細微之處。我認為，如果鑽探活動沒有變化，這種情況可能會持續到第四季並持續到 2022 年。但如果人們回到 2023 年，我們正處於 140 年代中期，有 18 台鑽機運行了相當長一段時間，我們在維持產量或從那時起增加產量方面遇到了困難。正如我們多次評論的那樣，我們實際上已經通過 11 台鑽機實現了一種良好、非常平穩的操作節奏，而且運行得非常好。我們已將其增加到 12 個。

The thing I would say about 2025 is that the 12th rig is drilling gas-focused wells, and some of those will be appraised. Some will be development wells, some will be low-risk appraisal type of step outs, some of them will be exploration, looking for bigger, better prospects, which we believe there are -- they are out there. And so the potential for gas, I would say, is unknown at this point in time. We're certainly optimistic. We believe there's good prospectivity, but the potential is still a bit unknown.

關於 2025 年，我要說的是，第 12 個鑽機正在鑽探天然氣井，其中一些將進行評估。有些將是開發井，有些將是低風險評估類型的退出，有些將是勘探，尋找更大、更好的前景，我們相信它們就在那裡。因此，我想說，目前天然氣的潛力尚不清楚。我們當然很樂觀。我們相信前景良好，但潛力仍然有點未知。

The other thing I would say is that we've -- in the last, I would say, in the last 1.5 years, we've learned a lot about what we can be doing around improving our focus on waterflood management, and we've got a lot of plans in 2025 for working that. And I think the potential for that we have yet to really see what that can do on on a decline mitigation basis, the best way to maintain production volumes in a country like Egypt is to mitigate decline, not to be trying to drill too many wells. So we're working on both fronts, and we'll see what 2025 rings. But if everything is kind of equal with 2024, we'll probably just continue on this pattern of just a slight decline.

我要說的另一件事是，在過去的 1.5 年裡，我們學到了很多關於如何改善我們對注水管理的關注的知識，並且我們在 2025 年制定了很多實現這一目標的計劃。我認為我們還沒有真正看到在減緩產量下降的基礎上能起到什麼作用，在像埃及這樣的國家維持產量的最佳方法是減緩產量下降，而不是試圖鑽太多油井。因此，我們正在兩方面開展工作，我們將拭​​目以待 2025 年的到來。但如果一切與 2024 年持平，我們可能會繼續這種略有下降的模式。

Got it. And then just second, you've talked a bit about this already today, but just with shareholder return, I mean, you guys in other periods where the stock has gotten here, have been very opportunistic coming in pretty aggressively. I'm just wondering given recent pricing is that potentially in the cards?

知道了。其次，你今天已經談到了這一點，但就股東回報而言，我的意思是，在股票到達這裡的其他時期，你們一直非常積極地投機取巧。我只是想知道最近的定價是否有可能實現？

And I think clearly, we've got our time periods fastest. We're running ahead Neal, but we do think that share price is obviously attractive. We've got the proceeds coming in from the asset sales. The majority of that is going to go to debt reduction as we're also working to get debt paid down as well.

我清楚地認為，我們的時間週期是最快的。我們領先尼爾，但我們確實認為股價顯然很有吸引力。我們從資產出售中獲得了收益。其中大部分將用於減少債務，因為我們也在努力償還債務。

Arun Jayaram, JPMorgan.

阿倫‧賈亞拉姆，摩根大通。

I wanted to go back to Egypt and gas. Steve, you mentioned that over time that you can make up, call it, the PDP wedge with incremental volumes where you get the higher gas price I was wondering if you could help us think about what the PDP decline rate looks like for gas in Egypt and obviously in the Kasser field specifically?

我想回到埃及去加油。史蒂夫，你提到，隨著時間的推移，你可以彌補，稱其為PDP 楔形，隨著產量的增加，你會獲得更高的天然氣價格，我想知道你是否可以幫助我們思考埃及天然氣的PDP 下降率是什麼樣的顯然是在卡塞爾領域？

Yes, Arun, I'll take that one. Kasser's been on decline. We've gone through some stages of compression. It is the big portion of our gas is concert, but we also produce a lot of casing head gas with a lot of the other oil wells. So cost has been in the double digits there. And obviously, we'll have to see with the new program can we fill the overall gas decline, but I think we've got an opportunity to add some incremental volumes that could be pretty material.

是的，阿倫，我要那個。卡塞爾的狀態一直在走下坡。我們已經經歷了一些壓縮階段。這是我們天然氣的很大一部分，但我們也與許多其他油井一起生產大量套管頭天然氣。因此，那裡的成本一直是兩位數。顯然，我們必須看看新計劃能否填補天然氣整體下降的局面，但我認為我們有機會增加一些可能非常重要的增量。

Understood. Understood. And then just maybe a follow up. John, with the North Sea now in kind of a late cycle stage in terms of the life cycle of that development of the field. And then obviously, Suriname starting up in 2028, how are you thinking about thinking about another leg to the stool in terms of the portfolio, obviously, you sold some assets recently. But how are you thinking about just the broader portfolio? And obviously, given the North Sea where it's at, adding another leg to the stool?

明白了。明白了。然後也許只是後續行動。約翰，就該領域開發的生命週期而言，北海現在處於後期階段。顯然，蘇利南將於 2028 年啟動，您如何考慮在投資組合方面考慮另一條腿，顯然，您最近出售了一些資產。但您如何看待更廣泛的投資組合？顯然，考慮到它位於北海，在凳子上再增加一條腿？

Yes. I mean, I think if you step back, we've got what we believe are two really strong long-term legs of the stool with both Permian or kind of our reshaped and reworked Permian unconventional business. We think we can hold that flat at a very efficient rig count for the foreseeable future. Egypt is a large asset. We've been there now for over three decades.

是的。我的意思是，我認為如果你退後一步，我們相信我們已經擁有了二疊紀或我們重塑和改造的二疊紀非常規業務的兩條真正強大的長期凳子腿。我們認為，在可預見的未來，我們可以在非常有效率的鑽機數量下保持​​這一水準。埃及是一筆龐大的資產。我們在那裡已經三十多年了。

We see a lot of running room in Egypt as well. Suriname will start to come on in '28 and will be very material. And so if you step back and look at that, and we just maintain the two large onshore positions. '28, Suriname's going to put in some pretty nice growth relative to those two assets. So I mean I think portfolio is in pretty good shape. We're always looking to how we improve it. But I think we've got with Suriname stepping in and coming on in 2028, it's going to be a nice add to what are two really nice core positions, both in the Permian and the US and Egypt.

我們在埃及也看到了很大的運行空間。蘇利南將於 28 年開始登場，並將非常重要。因此，如果你退一步看一下，我們只是維持兩個大型陸上部位。'28，蘇利南相對於這兩項資產將實現相當不錯的成長。所以我的意思是我認為投資組合狀況非常好。我們一直在尋找如何改進它。但我認為，蘇利南將在 2028 年介入，這將是對二疊紀、美國和埃及兩個非常好的核心地位的一個很好的補充。

Understood. Plus, the exploration in Alaska?

明白了。另外，阿拉斯加的探險？

Absolutely. And I think the key there, Arun, is we've stayed committed. We've been spending a small portion of our budget in exploration. I think we've got a wonderful staff. And as I said in the prepared remarks, with successful exploration, you can add real shareholder value and Suriname Block 58 is a perfect example of that. So we've got a nice portfolio. We're excited about it. We'll continue to fund a little bit. But we also know where we make our real money is in our core assets and driving our free cash flow from Permian and Egypt.

絕對地。阿倫，我認為關鍵在於我們始終堅持承諾。我們只花了一小部分預算用於勘探。我認為我們擁有一支出色的員工團隊。正如我在準備好的演講中所說，透過成功的勘探，您可以增加真正的股東價值，蘇利南 Block 58 就是一個完美的例子。所以我們有一個很好的投資組合。我們對此感到興奮。我們將繼續提供一點資金。但我們也知道我們真正賺錢的地方是我們的核心資產，並推動我們來自二疊紀和埃及的自由現金流。

Charles Meade, Johnson Rice.

查爾斯·米德，約翰遜·賴斯。

I wanted to ask a question about Suriname, and you put this slide in your supplement on Slide 11, and I always -- I like these kind of mockup cartoons that give a sense of the development layout. But what -- when you guys decided to include this, what are you -- besides the numbers on the right side of the slide, what do you really hope people take away from this when they when they see this? And what's the so what you won't be able to get about the GranMorgu?

我想問一個關於蘇利南的問題，你把這張幻燈片放在幻燈片 11 的補充中，我總是——我喜歡這種卡通模型，它們給人一種開發佈局的感覺。但是，當您決定將其納入時，除了幻燈片右側的數字之外，您真正希望人們在看到此內容時從中得到什麼？那麼，關於 GranMorgu，還有什麼是您無法獲得的呢？

Well, I mean I think it's just given -- it's a real project today, right? So I mean, we've got visibility now to volumes in 2028. And so I think it's time that you put some slides out there that bring it to life. And that's why we put the picture out there. You can see this is kind of looking from deepwater in.

嗯，我的意思是，我認為它只是被賦予的——這是今天的一個真實的項目，對吧？所以我的意思是，我們現在已經可以看到 2028 年的銷售量了。所以我認為現在是時候放一些幻燈片來讓它變得生動了。這就是我們把圖片放在那裡的原因。你可以看到這有點像是從深水裡看。

You'll see where the FPSO will be placed. This is a total slide. You see, with Krabdagu, it's a fair way, as we've talked about in terms of the development opportunities that we've appraised there. And looking over at Sapakara, it's more of a field. the thing I would also say along that fairway is there will be more exploration prospects and potential tiebacks as well. So it's something we're excited about. It's material. It's large. But I think it's just bringing this project to life because it's real today, and we're looking forward to 2028.

您將看到 FPSO 將放置的位置。這是一張完整的投影片。你看，對於克拉布達古來說，這是一種公平的方式，正如我們已經討論過的那樣，我們評估了那裡的發展機會。看看薩帕卡拉，它更像是一片田野。我還要說的是，沿著這條球道，將會有更多的勘探前景和潛在的回接。所以這是我們感到興奮的事情。這是物質的。它很大。但我認為這只是讓這個項目變得現實，因為它今天已經成為現實，我們期待 2028 年。

Leo Mariani, ROTH.

利奧·馬裡亞尼，羅斯。

Just wanted to inquire a little bit about the kind of activity plan in the US. It sounds like you guys are basically kind of pulling back there. Oil is roughly at 70. You guys are kind of citing a softer oil outlook. Just kind of curious, are you expecting kind of oil prices to be lower next year?

只是想了解在美國的活動計畫。聽起來你們基本上是在退縮。油價大約在70左右。你們引用的是石油前景疲軟的說法。只是有點好奇，您預計明年油價會更低嗎？

I mean, obviously, you just bought the Callon asset. You saw some pretty nice organic growth the last couple of quarters on a combined basis, and now you're kind of choosing to pull back. Can you just provide a little bit more color on sort of the thinking there as we roll into next year?

我的意思是，顯然，您剛剛購買了 Callon 資產。在過去的幾個季度中，您看到了一些相當不錯的有機增長，但現在您選擇了收縮。當我們進入明年時，您能否就我們的想法提供更多的資訊？

Yes. Leo, I just think we're in a softer price environment. We've got an asset base that we can sustain volumes with eight rigs. We're going to work on efficiencies. It's always easy to pick up those rigs up.

是的。Leo，我只是認為我們正處於一個較為疲軟的價格環境中。我們擁有足夠的資產基礎，可以透過八台鑽機維持產量。我們將致力於提高效率。拿起這些裝備總是很容易。

But I think with where we're moving into 2025, it feels like a good place to be initially. And the nice thing is, like I said, if we can sustain Permian and roughly sustained Egypt. You've got Suriname coming in the next -- 2028 from an overall corporate level.

但我認為，隨著我們進入 2025 年，這感覺像是一個最初的好地方。正如我所說，如果我們能夠維持二疊紀並大致維持埃及，那就太好了。從整體企業層面來看，蘇利南將在接下來的 2028 年到來。

Okay. And then maybe just jumping over to Egypt here. So I think you guys made a comment there on the call that you expect that we could see some very modest lines on Egyptian gross oil, but I know you're expecting to kind of keep adjusted or sort of net production on oil, relatively flat. So maybe you're expecting to get a slightly higher share of that oil. I don't know if that's just related to expectations for lower prices in the PSCs for next year.

好的。然後也許只是跳到埃及這裡。所以我認為你們在電話會議上發表了評論，你們預計我們可以看到埃及石油總產量的一些非常溫和的線，但我知道你們預計石油淨產量會保持調整或相對持平。因此，也許您期望獲得略高的石油份額。我不知道這是否只是與明年產品分成合約價格下降的預期有關。

I was hoping you could kind of address that quickly. And then also just on Egypt Gas, you got the gas rig going. What's your expectation there on gas production in Egypt for next year? Can that start to flatten out, maybe in the second half? Do you see any growth in Egypt gas as we get towards the end of the year or next year?

我希望你能盡快解決這個問題。然後，在埃及天然氣公司，天然氣鑽孔機也開始運作。您對埃及明年的天然氣產量有何預期？也許在下半場，這種情況會開始趨於平緩嗎？隨著年底或明年的臨近，您認為埃及天然氣會成長嗎？

Yes. I'd just say, if you look in Egypt at 11 rigs, we -- as Steve mentioned, we've been declining slightly at the top line. It's been very, very slight over the last four quarters. So at 11, it's about where we probably are on the gross oil side. We're actually getting after some of the waterflood projects as well, which the benefit those have is they flatten your decline.

是的。我只想說，如果你看看埃及的 11 座鑽井平台，我們——正如史蒂夫提到的那樣，我們的營收一直在略有下降。過去四個季度的情況非常非常輕微。因此，11 代表的是我們可能處於石油總量的位置。我們實際上也在追求一些注水項目，這些項目的好處是它們可以平息你的衰退。

So then it's -- with the strong waterflood program, then you can improve that. And then on the gas side, our overall gross gas is declining. But with this program, and we've got a one-rig program laid out and some nice quick prospects to get after that we can get to infrastructure. We'll bring new volumes on and then we'll -- we've got some bigger prospects to drill and then we'll see. So I think the key there is we're getting started with that. And after we get some prospects down, we'll have a better clue of scale on the gas side in the future.

那麼，透過強大的注水計劃，你就可以改進這一點。然後在天然氣方面，我們的總天然氣總量正在下降。但透過這個計劃，我們已經制定了一個單一鑽機計劃，並在之後我們可以建立基礎設施，並獲得了一些不錯的快速前景。我們將推出新的捲，然後我們會--我們有一些更大的前景需要挖掘，然後我們會看到。所以我認為關鍵是我們要開始做這件事。在我們確定了一些前景之後，我們將對未來天然氣方面的規模有更好的了解。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

I want to go back to the North Sea ARO conversation. So I think the $1.2 billion is on a present value basis. So wondering if you could give the total liability on an absolute basis. And I think the as we think about the cash outflow related to this, does your free cash flow calculation include this outflow as you think about the capacity for tax returns in any given year.

我想回到北海 ARO 的話題。所以我認為 12 億美元是以現值計算的。所以想知道您是否可以絕對地承擔全部責任。我認為，當我們考慮與此相關的現金流出時，當您考慮任何給定年份的報稅能力時，您的自由現金流計算是否包括這種流出。

Yes. So I'll give you -- I've already given you two numbers. I'll give you a third number as well. So again, the two numbers I've given are that we've got about a $2 billion liability on our balance sheet. US GAAP requires that we take what we think the current cost is of of abandoning all of those assets as if we had to abandon them today. We inflate that into the future and then we discount that back at prescribed inflation and discount rates. So we've got that -- when you take the cost today, inflate them and then discount them back, you get $2 billion. Today cost estimate is $2.5 billion. So obviously, the inflation rate is lower than the discount rate that we have to use for that, which is our borrowing rate.

是的。所以我會給你——我已經給你兩個數字了。我也會給你第三個號碼。再說一次，我給的兩個數字是我們的資產負債表上有大約 20 億美元的負債。美國公認會計原則要求我們考慮放棄所有這些資產的當前成本，就好像我們今天必須放棄它們一樣。我們將其通貨膨脹到未來，然後我們按照規定的通貨膨脹率和折現率將其折現。所以我們得到了——當你計算今天的成本，誇大它們然後再貼現，你會得到 20 億美元。目前成本估算為 25 億美元。顯然，通貨膨脹率低於我們必須使用的折現率，也就是我們的借款利率。

For that 10 to 15-year time frame. Then there's the tax benefit of all of that. The present value of that tax benefit is $800 million. So that's offsetting the $2 billion present value getting to the $1.2 billion net, which is a net after-tax present value liability on our balance sheet today. Two different numbers on the balance sheet. $2 billion liability, $800 million deferred tax asset. What was the second part of the question?

對於這 10 到 15 年的時間範圍。然後還有所有這些的稅收優惠。該稅收優惠的現值為 8 億美元。因此，這抵消了 20 億美元的現值達到 12 億美元的淨額，這是我們今天資產負債表上的淨稅後現值負債。資產負債表上有兩個不同的數字。 20 億美元負債，8 億美元遞延稅資產。問題的第二部分是什麼？

Just on the free cash flow calculation, when you think about the organic free cash flow is related to cash return, does this cash outflow gets netted out of that?

就自由現金流計算而言，當您考慮有機自由現金流與現金回報相關時，現金流出是否會從中扣除？

Yes, it will. And just I think -- and let's just remember we've talked a lot, and I understand why we talked a lot and kind of focused on the abandonment activity that's ahead of us and the costs associated with that. Let's just not forget that we still have operating assets in the North Sea. Those continue to generate free cash flow even after a 78% tax rate. And those -- that free cash flow will help us pay for a lot of those costs here in the next several years.

是的，會的。我想——讓我們記住我們已經談了很多，我理解為什麼我們談了很多，並且專注於我們面前的放棄活動以及與之相關的成本。我們不要忘記，我們在北海仍然擁有營運資產。即使稅率為 78%，這些資產仍能繼續產生自由現金流。自由現金流將幫助我們在未來幾年內支付大量成本。

Understood. My follow up is on the gas marketing piece. This year, really surprised with how powerful the benefit on the gas marketing side in a weak Waha gas environment. Can you give us a flavor of under the current features, price on Waha spread, would you be able to continue to capture above normal marketing benefit next year as well?

明白了。我的後續工作是天然氣行銷部分。今年，在娃哈哈天然氣疲軟的環境下，天然氣行銷的效益如此之大，實在令人驚訝。您可否為我們介紹一下，根據娃哈哈目前的特色和價格，您明年是否還能繼續獲得高於正常水準的行銷效益？

Yes, that's just going to depend a lot on what happens with Waha as we go through next year. And it's really -- it's not absolutely Waha prices. It's the differential between Waha and Gulf Coast versus the cost to transport fairly simple. If there's a $2, if -- I use fake numbers, if there's a $2.50 spread, and there's a dollar cost to transport, then you're making $1.50 on nearly 750 million cubic feet a day that we buy and transport to the Gulf Coast. And if it will all depend on what are those spreads for 2025, and as we've experienced here in 2024, they can be extremely volatile.

是的，這在很大程度上取決於明年娃哈會發生什麼。這確實不是娃哈哈的價格。瓦哈和墨西哥灣沿岸之間的差異與運輸成本相當簡單。如果有2 美元，如果——我使用假數字，如果價差為2.50 美元，並且運輸成本為1 美元，那麼我們每天購買並運輸到墨西哥灣沿岸的近7.5 億立方英尺的貨物，您將賺取1.50美元。如果這一切都取決於 2025 年的利差是多少，正如我們在 2024 年所經歷的那樣，它們可能會極不穩定。

Even over short periods of time, like for a weekend, we can find for a weekend, prices can go negative for three or four days as much negative as like negative $5, which means when we're purchasing gas over the weekend, people are paying us $5 to take to take gas and then we transport it for our transport costs, which we can't disclose, but you could probably figure out what it is, and we sell that on the Gulf Coast for what would normally be a positive price, a little less volatile pricing on Gulf Coast than you get on at Waha.

即使在很短的時間內，例如週末，我們也可以發現，在一個週末，價格可能會持續三到四天為負值，就像負5 美元一樣，這意味著當我們在周末購買天然氣時，人們會支付 5 美元來獲取天然氣，然後我們將其運輸以支付我們的運輸成本，我們無法透露，但您可能會弄清楚它是什麼，我們在墨西哥灣沿岸以通常是正數的價格出售它價格，墨西哥灣沿岸的價格波動比瓦哈的價格波動小。

It's certainly nice to have that pipeline right now. Just to clarify, the Gulf Coast benchmark are you looking at Houston share, or it's a combination of different hubs?

現在擁有這條管道當然很好。澄清一下，墨西哥灣沿岸基準是指休士頓的份額，還是不同樞紐的組合？

Yes. It's -- it would be looking at mainly ship channel or depending on where the pipe takes you back to.

是的。它主要關注的是船舶航道，或取決於管道帶你返回的位置。

Jeoffrey Lambujon, TPH & Company.

Jeoffrey Lambujon，TPH & Company。

Really just a quick follow up to your commentary on the North Sea. A couple of questions ago, just around the free cash flow generation that you mentioned. Can you also help us understand what your outlook is for OpEx from that asset as production declines in the next year, or will just kind of help us dominate it along with the ARO dynamic that you already walked through.

實際上只是對您對北海的評論的快速跟進。幾個問題之前，就圍繞著你所提到的自由現金流的產生。您能否幫助我們了解隨著明年產量下降，您對該資產的營運支出前景如何，或者只是幫助我們與您已經經歷過的 ARO 動態一起主導它。

Yes. We'll probably go into more detail on that in the February call. We're just not -- at this point in time, we're -- like we say, we normally at this time of year, give a view to the capital program and production volumes and the general overall direction of the company. And that, as we've highlighted with this conversation is generally dominated by the longer-term oil price outlook. So that's all we really typically look to accomplish on the November call.

是的。我們可能會在二月的電話會議中詳細介紹這一點。我們只是 - 在這個時間點上，我們 - 就像我們所說的那樣，我們通常在每年的這個時候，考慮資本計劃和產量以及公司的總體方向。正如我們在這次談話中強調的那樣，這一點通常由長期油價前景主導。這就是我們通常希望在 11 月的電話會議上實現的目標。

We'll give more details around country-by-country specifics, and the line items between revenues and LOE and breakdown of capital and things like that in February. I can tell you, though, that the North Sea because of the situation we're in, in the North Sea, and we talk about it openly that we're in the business now managing operations -- day-to-day operations for free cash flow now. We -- practically any type of capital investment is not economic under the current situation. And so we manage that for free cash flow, and we will look hard at operating costs, and we are looking hard at operating costs. We never do so in a way that sacrifices or puts at risk, either human safety or the environment, but there's a lot of stuff that we spend money on that could be looked at and examined just to make sure that we're spending properly in an environment where we're just focused on free cash flow for the remaining life of the asset.

我們將提供有關各國具體情況的更多詳細信息，以及收入和 LOE 之間的細目項目以及資本明細以及 2 月份的類似信息。不過，我可以告訴你，北海是因為我們在北海所處的情況，我們公開談論我們現在正在管理的業務——日常運營現在自由現金流。在目前的情況下，實際上任何類型的資本投資都是不經濟的。因此，我們管理自由現金流，我們將認真考慮營運成本，我們正在認真考慮營運成本。我們這樣做從來不會以犧牲人類安全或環境為代價或使其面臨風險，但我們花錢買的很多東西都可以進行審視和檢查，以確保我們的支出正確無誤。只關注資產剩餘壽命的自由現金流。

So we'll get into more detail of that in the February call.

因此，我們將在二月的電話會議中詳細介紹這一點。

And with that, I will close the Q&A session for today and turn it back to John Christmann, our CEO, for closing remarks.

至此，我將結束今天的問答環節，並將其轉回給我們的執行長約翰·克里斯特曼 (John Christmann) 作結束語。

Yes. Thank you. And first of all, I want to apologize for the Internet disconnect that we had during Paul's question. But in closing, as we've outlined, we've made great progress on the portfolio, and the assets are performing at a very, very high level. We have significantly scaled and streamlined our Permian unconventional position.

是的。謝謝。首先，我想對保羅提問期間出現的網路中斷表示歉意。但最後，正如我們所概述的，我們在投資組合方面取得了巨大進展，並且資產的表現處於非常非常高的水平。我們顯著擴大並精簡了二疊紀非常規部位。

We're adding a potentially very valuable gas program in Egypt and now have a clear timeline to significant production and cash flow in Suriname. Going into 2025, we are looking at a potentially softer oil price environment and are focused on sustaining our core business, reducing costs and generating free cash flow. We provided an early look at a plan of eight rigs in the Permian and 12 rigs in Egypt, which should broadly sustain oil volumes at reduced capital levels. We will continue to work this plan and look forward to coming back to you in February with a lot more details. Thank you for joining us.

我們正在埃及增加一個可能非常有價值的天然氣項目，現在對蘇利南的大量生產和現金流有了明確的時間表。進入 2025 年，我們正在考慮潛在的疲軟油價環境，並專注於維持我們的核心業務、降低成本和產生自由現金流。我們提供了二疊紀 8 個鑽井平台和埃及 12 個鑽井平台的早期計劃，該計劃應在資本水準降低的情況下大致維持石油產量。我們將繼續實施該計劃，並期待在二月向您提供更多詳細資訊。感謝您加入我們。

And with that, ladies and gentlemen, we thank you for participating in today's conference. You may now disconnect.

女士們、先生們，我們感謝你們參加今天的會議。您現在可以斷開連線。