阿帕契 (APA) 2026 Q3 法說會逐字稿

Good day, and welcome to APA Corporation's third quarter 2026 financial and operational results. (Operator Instructions) Please note this call is being recorded.

各位好，歡迎參加 APA Corporation 2026 年第三季財務與營運成果電話會議。(接線員指示) 請注意，本通話將被錄音。

I would now like to turn the call over to Stephane Aka, Managing Director of Investor Relations. Please go ahead.

現在我想把電話交給投資人關係董事總經理 Stephane Aka。請開始。

Good morning and thank you for joining us on APA Corporation's third quarter 2026 financial and operational results conference call. We will begin the call with an overview by CEO, John Christmann. Ben Rodgers, CFO, will share further color on our results and outlook. Steve Riney, President; and Tracey Henderson, Executive Vice President of Exploration, are also on the call and available to answer questions.

各位早安，感謝各位參加 APA Corporation 2026 年第三季財務與營運成果電話會議。我們將先由執行長 John Christmann 進行概述。財務長 Ben Rodgers 將就我們的業績與展望提供更多說明。總裁 Steve Riney 與勘探執行副總裁 Tracey Henderson 也在線上，並可回答問題。

We will start with prepared remarks and allocate the remainder of time to Q&A. In conjunction with yesterday's press release, I hope you have had the opportunity to review our financial and operational supplement, which can be found on our Investor Relations website at investor.apacorp.com.

我們將先進行事先準備的發言，並把剩餘時間留給問答。配合昨日的新聞稿，我希望各位已經有機會檢視我們的財務與營運補充資料，可於我們的投資人關係網站 investor.apacorp.com 查閱。

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.

請注意，我們可能會討論某些非 GAAP 財務衡量指標。這些指標與最直接可比的 GAAP 財務衡量指標之差異調節表，可在我們網站提供的補充資訊中找到。依循以往的揭露慣例，今日電話會議中引用的調整後產量數據，已調整以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 on today's call. A full disclaimer is located with the supplemental information on our website.

我想提醒各位，今天的討論將包含以前瞻性估計與假設為基礎的內容，係根據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在今日電話會議中討論的內容出現重大差異。完整免責聲明載於我們網站補充資訊中。

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

那麼，我將把電話交給 John。

Good morning and thank you for joining us. Today, I will review our third quarter results, discuss our fourth quarter outlook and outline our preliminary plans for 2027.

各位早安，感謝各位參與。今天我將回顧我們第三季的業績，討論第四季展望，並概述我們對 2027 年的初步規劃。

APA's strategy is anchored by three priorities: delivering top-tier operational performance, building a high-quality portfolio and maintaining financial discipline. Together with our long-term commitment to oil and gas, these core principles guide our investments, operations and capital returns framework.

APA 的策略以三大優先事項為核心：提供一流的營運表現、打造高品質資產組合，以及維持財務紀律。結合我們對油氣產業的長期承諾，這些核心原則引導我們的投資、營運與資本回饋架構。

By honing these priorities over the past two years, we are continuing to strengthen our operating capabilities, resulting in another quarter of excellent performance. More efficient development programs, a structurally lower cost base, and higher commodity prices are driving stronger free cash flow.

過去兩年我們持續聚焦這些優先事項，並持續強化營運能力，帶來本季再度優異的表現。更高效率的開發計畫、結構性更低的成本基礎，以及較高的商品價格，正推動自由現金流走強。

In addition, the carry agreement under our joint venture in Suriname further enhances our financial flexibility, allowing us to fund only 10% of GranMorgu's development capital while retaining our 40% working interest and significant exposure to the project's future cash flows. This has enabled us to advance this world-class opportunity while reducing debt, returning cash to shareholders and building the long-term future of the company.

此外，我們在蘇利南合資案下的承擔協議（carry agreement）進一步提升財務彈性，使我們在保有 40% 作業權益（working interest）並維持對專案未來現金流的重大曝險之下，僅需負擔 GranMorgu 開發資本的 10%。這讓我們得以推進這項世界級機會，同時降低負債、回饋股東現金，並打造公司的長期未來。

Turning to the third quarter. We delivered strong performance across our core assets. US oil production again exceeded guidance. Egypt sustained gross BOE production, and GranMorgu continues to progress toward first oil in mid-2028.

接著談第三季。我們在核心資產上全面交出強勁表現。美國原油產量再次超越指引。埃及維持總 BOE 產量，而 GranMorgu 持續朝 2028 年年中首次出油（first oil）推進。

Capital investment in the Permian and Egypt, as well as total operating costs, were in line with guidance. We generated approximately $700 million in free cash flow and returned over $500 million to shareholders through dividends and buybacks. We also took additional steps to strengthen the balance sheet, which Ben will discuss shortly.

二疊紀與埃及的資本投資，以及總營運成本，均符合指引。我們創造約 7 億美元自由現金流，並透過股利與庫藏股回購向股東返還超過 5 億美元。我們也採取額外措施強化資產負債表，Ben 稍後將進一步說明。

In the US, oil production of 128,000 barrels per day exceeded our guidance through a combination of high uptime, earlier turn in lines and robust new well performance. Total US production averaged 294,000 BOEs per day, also above guidance. Our focus remains on improving capital productivity through continued drilling and completion efficiency gains and maintaining reliable base production.

在美國，原油產量 12.8 萬桶/日，透過高稼動率、更早投產（turn in lines）以及新井表現強勁的組合，超越我們的指引。美國總產量平均為 29.4 萬 BOE/日，同樣高於指引。我們仍聚焦於透過持續提升鑽井與完井效率來改善資本生產力，並維持可靠的基礎產量。

In Egypt, gross production was relatively flat quarter over quarter at 206,000 BOEs per day. Gross gas production of 542 million cubic feet per day exceeded our guidance, driven by strong well performance and more resilient base production.

在埃及，總產量季對季大致持平，為 20.6 萬 BOE/日。總天然氣產量 5.42 億立方英尺/日，高於指引，主要受惠於井況表現強勁以及更具韌性的基礎產量。

Average gas realizations increased to $4.34 per Mcf from $4.23 in the second quarter. Adjusted production was approximately 64,000 BOEs per day, slightly below guidance due to PSC impacts, primarily from higher oil prices.

平均天然氣實現價格由第二季的每千立方英尺（Mcf）4.23 美元上升至 4.34 美元。調整後產量約為 6.4 萬 BOE/日，因 PSC 影響而略低於指引，主要來自較高的油價。

In Suriname, our partner, [Total] continues to advance GranMorgu on budget and on schedule for first oil in mid-2028. Third quarter development capital was approximately $40 million, which was below our guidance. A portion of capital shifted into the fourth quarter, primarily due to the timing of equipment deliveries and rig upgrades, but our full year outlook remains unchanged.

在蘇利南，我們的合作夥伴 [Total] 持續在預算內、按進度推進 GranMorgu，目標於 2028 年年中首次出油。第三季開發資本約 4,000 萬美元，低於我們的指引。部分資本支出移轉至第四季，主要因設備交付與鑽機升級的時點所致，但我們全年展望維持不變。

Shifting to our fourth quarter and updated full year outlook. In the Permian, drilling and completion efficiency gains continue to improve capital productivity. These improvements have driven an increase in full year US oil production guidance to 124,000 barrels per day, above our initial guidance of 120,000 to 122,000 barrels per day.

接著談第四季與更新後的全年展望。在二疊紀，鑽井與完井效率的提升持續改善資本生產力。這些改善推動我們將全年美國原油產量指引上調至 12.4 萬桶/日，高於原先 12.0 萬至 12.2 萬桶/日的初始指引。

Faster drilling cycle times are also enabling us to accelerate some frac activity into the fourth quarter, resulting in a modest increase in 2026 capital spending that will support a smoother production profile entering 2027. Fourth quarter oil production is expected to moderate with the timing of turn-in-lines during the year and reflecting seasonal weather impacts.

更快的鑽井週期時間也使我們得以將部分壓裂（frac）活動提前至第四季，導致 2026 年資本支出小幅增加，並有助於在進入 2027 年時形成更平順的產量曲線。由於全年投產時點（turn-in-lines）的時間分布，以及季節性天候影響，預期第四季原油產量將趨於溫和。

In Egypt, we expect gross BOE production to increase slightly for the fourth quarter and full year. Across the portfolio, our priorities remain operational execution, continued cost management, and strong free cash flow generation as we close out 2026.

在埃及，我們預期第四季與全年總 BOE 產量將小幅增加。就整體資產組合而言，我們的優先事項仍是營運執行、持續成本管理，以及在 2026 年收官之際維持強勁的自由現金流創造。

Looking ahead to 2027, we will continue generating significant free cash flow from our core producing assets while advancing GranMorgu towards first oil. The strength of our core business provides the financial flexibility to further enhance the balance sheet and return capital to shareholders while pursuing several high-impact exploration opportunities.

展望 2027 年，我們將在推進 GranMorgu 邁向首次出油的同時，持續由核心生產資產創造可觀的自由現金流。核心業務的強勁表現提供財務彈性，使我們能在追求多項高影響力勘探機會的同時，進一步強化資產負債表並向股東返還資本。

Our preliminary estimate for upstream capital next year is approximately $2.5 billion. Exploration and GranMorgu development account for roughly 60% of the increase from 2026, with the remainder driven by Permian activity and modest inflation. We expect this investment program to result in similar US and Egypt production year-over-year.

我們對明年上游資本支出的初步估計約為 25 億美元。相較 2026 年的增量中，約 60% 來自勘探與 GranMorgu 開發，其餘則由二疊紀活動與溫和通膨所驅動。我們預期此投資計畫將使美國與埃及的產量年對年大致相當。

In the Permian, activity will increase relative to 2026 with a greater percentage in the Delaware Basin, while Egypt activity and capital allocation across oil and gas will remain consistent with 2026. GranMorgu investment will increase as development drilling begins.

在二疊紀，活動量將較 2026 年增加，且在德拉瓦盆地（Delaware Basin）的占比更高；而埃及的活動與油氣之間的資本配置將與 2026 年一致。隨著開發鑽井開始，GranMorgu 的投資將增加。

On the exploration side, capital investment will return to our targeted range of 10% to 15% of annual upstream capital. These investments across our differentiated portfolio could establish new sources of long-term production, free cash flow, and substantial value for shareholders beyond our existing development assets.

在勘探方面，資本投資將回到我們目標區間，即年度上游資本的 10% 至 15%。這些橫跨我們差異化資產組合的投資，可能在既有開發資產之外，建立新的長期產量與自由現金流來源，並為股東創造可觀價值。

In Suriname, two exploration wells are planned with our partner, Total, targeting additional resource potential to extend GranMorgu's production plateau or even support a second development. In Alaska, this winter's program includes one exploration well and an appraisal test of our Sockeye discovery. In Uruguay, we expect to spud our OFF-6 well with Eni in late 2027. We will provide a more detailed outlook in February.

在蘇利南，我們計畫與合作夥伴 Total 鑽探兩口勘探井，目標為額外資源潛力，以延長 GranMorgu 的產量平台期（production plateau），甚至支持第二期開發。在阿拉斯加，今年冬季計畫包含一口勘探井，以及對我們 Sockeye 發現的評估測試（appraisal test）。在烏拉圭，我們預期將於 2027 年底與 Eni 開鑽 OFF-6 井。我們將於 2 月提供更詳細的展望。

In closing, our third quarter results demonstrate continued execution across the portfolio. Our Permian and Egypt businesses are delivering reliable performance and significant free cash flow, enhanced by a structurally lower cost base and improved capital efficiency. This foundation, combined with our advantageous joint venture in Suriname, puts APA in a unique strategic position.

最後總結，我們第三季的業績展現了在整體資產組合上持續落實執行力。我們在二疊紀盆地與埃及的業務持續提供穩健表現與可觀的自由現金流，並受惠於結構性更低的成本基礎與資本效率提升。這項基礎，再加上我們在蘇利南具優勢的合資安排，使 APA 具備獨特的策略定位。

Our carry agreement with Total significantly reduces our upfront capital outlay for GranMorgu while preserving our ownership interest and full share of future profit allocations. As a result, we are able to advance a material high-impact exploration program while reducing debt and returning significant capital to shareholders.

我們與道達爾（Total）的代墊（carry）協議，大幅降低 GranMorgu 的前期資本支出，同時保留我們的持股權益與未來利潤分配的完整份額。因此，我們得以在降低負債並向股東返還可觀資本的同時，推進具實質規模、影響力高的勘探計畫。

Few companies have the financial flexibility to fund world-class growth opportunities of this scale while strengthening their balance sheet and delivering significant shareholder returns. We are accomplishing all of these priorities simultaneously. With GranMorgu less than two years from first oil and a transformational increase in free cash flow on the horizon.

很少有公司能在強化資產負債表並提供可觀股東回報的同時，仍具備資金彈性去支持如此規模的世界級成長機會。我們正同時達成所有這些優先事項。GranMorgu 距離首次出油不到兩年，而自由現金流的變革性提升也已近在眼前。

With that, I'll turn the call over to Ben.

接下來，我把電話交給 Ben。

Thank you, John. For the third quarter, APA reported net income attributable to common stock of $698 million or $2 per diluted common share. Consistent with prior periods, these results include items outside of core earnings. The largest after-tax adjustment was an unrealized derivative gain of $17 million. Excluding this and other smaller items, adjusted net income was $676 million or $1.94 per diluted common share.

謝謝你，John。第三季，APA 公布歸屬於普通股股東的淨利為 6.98 億美元，或每股稀釋後普通股 2 美元。與先前期間一致，這些結果包含核心盈餘以外的項目。稅後調整中最大的一項為未實現衍生性商品收益 1,700 萬美元。排除該項及其他較小項目後，調整後淨利為 6.76 億美元，或每股稀釋後普通股 1.94 美元。

We generated $699 million of free cash flow, bringing our year-to-date total to more than $1.9 billion. These results reflect strong execution across our core assets and the benefits of structural cost improvements and capital efficiencies achieved over the past two years.

我們創造了 6.99 億美元的自由現金流，使年初至今累計超過 19 億美元。這些成果反映了我們核心資產的強勁執行力，以及過去兩年達成的結構性成本改善與資本效率提升所帶來的效益。

Building on this performance, higher expected production in the US and Egypt and stronger commodity prices have increased our 2026 free cash flow outlook to $2.9 billion, up $600 million from August. This supports significant returns to shareholders and continued debt reduction through year-end.

在此表現基礎上，美國與埃及預期產量提高，以及商品價格走強，使我們對 2026 年自由現金流的展望上調至 29 億美元，較 8 月增加 6 億美元。這將支持在年底前對股東進行可觀回饋並持續降低負債。

We accelerated the pace of capital returns during the quarter, repurchasing 10.5 million shares at an average price of $42.78 for approximately $450 million. Including $87 million of dividends, we returned $537 million to shareholders.

本季我們加快資本回饋步伐，以平均每股 42.78 美元回購 1,050 萬股，金額約 4.5 億美元。加計 8,700 萬美元股利，我們合計向股東返還 5.37 億美元。

Through October, we've repurchased $762 million of shares this year, reducing our outstanding share count by approximately 5% since year-end 2025. At current strip pricing, we expect approximately $650 million of additional share repurchases by year-end. Together with dividends, these repurchases are consistent with our commitment to return at least 60% of annual free cash flow to shareholders.

截至 10 月，我們今年已回購 7.62 億美元股票，使流通在外股數較 2025 年底約減少 5%。以目前期貨曲線（strip）價格推估，我們預期在年底前還可額外回購約 6.5 億美元股票。連同股利，這些回購符合我們承諾每年至少將 60% 的自由現金流返還給股東。

We also retired approximately $450 million of debt during the third quarter, opportunistically repurchasing bonds across near-term and longer-dated maturities. We ended the quarter with total debt of $3.3 billion and net debt of $3.2 billion.

我們也在第三季償還約 4.5 億美元債務，並把握時機回購涵蓋近期與較長天期到期的債券。本季末總負債為 33 億美元，淨負債為 32 億美元。

Our debt reduction since year-end 2024 has lowered annualized interest expense by more than $180 million compared with 2024. G&A expense for the quarter was $112 million, including $56 million of stock-based compensation, primarily due to the increase in our share price.

自 2024 年底以來的降債，使年化利息費用相較 2024 年降低超過 1.8 億美元。本季一般及管理費用（G&A）為 1.12 億美元，其中包含 5,600 萬美元的股票基礎薪酬，主要因股價上漲所致。

Turning to capital. Third quarter upstream investment was $466 million, approximately $30 million below guidance, mostly due to GranMorgu spending that shifted into the fourth quarter. For our 2026 capital outlook, we have increased full year upstream capital guidance by $30 million to $2.1 billion, reflecting the additional Permian activity John mentioned.

接著談資本支出。第三季上游投資為 4.66 億美元，較指引低約 3,000 萬美元，主要因 GranMorgu 的支出時點遞延至第四季。就 2026 年資本展望而言，我們將全年上游資本指引上調 3,000 萬美元至 21 億美元，反映 John 提到的二疊紀盆地額外活動。

Separately, we've reduced full year ARO spending by $15 million, reflecting the deferral of certain North Sea activities as we optimize the program. This partially offsets the cash flow impact of the higher upstream capital spending.

另外，我們將全年資產除役義務（ARO）支出下調 1,500 萬美元，反映在我們優化計畫的同時，遞延部分北海作業。這可部分抵銷上游資本支出提高對現金流的影響。

We've increased full year LOE guidance by $25 million, primarily due to higher stock-based compensation expense allocated to LOE. Underlying operating cost performance remains strong with savings across our asset base absorbing $40 million of higher diesel costs in Egypt this year.

我們將全年營運費用（LOE）指引上調 2,500 萬美元，主要因分攤至 LOE 的股票基礎薪酬費用增加。整體而言，營運成本表現仍然強勁；我們資產組合的節省已吸收今年埃及柴油成本增加的 4,000 萬美元。

Moving to our gas trading portfolio, which has been a significant cash flow contributor for several years and represents a differentiated financial advantage for APA. While contributions will vary with market conditions, we expect the portfolio to continue generating substantial free cash flow. At current strip pricing and inclusive of basis hedges, we expect approximately $1.1 billion in pretax cash flow this year and $950 million next year.

接著談我們的天然氣交易投資組合。該組合多年來一直是重要的現金流貢獻來源，並構成 APA 差異化的財務優勢。雖然貢獻會隨市場狀況波動，我們預期該組合仍將持續產生可觀的自由現金流。以目前期貨曲線（strip）價格並納入基差避險（basis hedges）計算，我們預期今年稅前現金流約 11 億美元，明年約 9.5 億美元。

As we close out the year, I'd like to put our cost reduction progress over the last two years into perspective. When we launched this initiative in early 2025, we targeted $350 million in annualized savings by the end of 2027. We achieved that milestone two years ahead of schedule and subsequently increased our target to $500 million, which we expect to reach by the end of this year.

在接近年底之際，我想把過去兩年的降本進展放在更完整的脈絡中。我們在 2025 年初啟動此項計畫時，目標是在 2027 年底前達成年化節省 3.5 億美元。我們比原定時程提前兩年達成該里程碑，並隨後將目標提高至 5 億美元，預期在今年底前達成。

Combined with the $180 million in annualized interest savings already in place, reaching our year-end target would bring total annualized savings to approximately $680 million compared with our cost structure as we exited 2024. For context, that is equivalent to roughly 80% of APA's total free cash flow in 2024.

再加上目前已實現的 1.8 億美元年化利息節省，若達成年底目標，與 2024 年底時的成本結構相比，總年化節省將約為 6.8 億美元。作為參考，這約相當於 APA 在 2024 年總自由現金流的 80%。

These improvements span our entire business from greater capital efficiency and lower operating costs to a simpler, more efficient organization. The result is a structurally lower cost base that improves investment returns and supports more resilient free cash flow through commodity cycles. Our employees deserve tremendous credit for these results. Their commitment to finding better ways to operate has translated directly into tangible value for shareholders.

這些改善涵蓋我們整體業務，從更高的資本效率與更低的營運成本，到更精簡、更有效率的組織。其結果是形成結構性更低的成本基礎，提升投資報酬，並在商品循環中支撐更具韌性的自由現金流。我們的員工對這些成果功不可沒。他們致力於尋找更佳營運方式，已直接轉化為股東可感受的具體價值。

Looking ahead to 2027, our focus is on sustaining these gains and driving further reductions as we navigate industry-wide inflationary pressures. On capital, our preliminary outlook for the Permian program John described already incorporates mid-single-digit cost inflation.

展望 2027 年，我們的重點是在面對全產業通膨壓力時，維持這些成果並推動進一步降本。在資本支出方面，我們對 John 所描述之二疊紀盆地計畫的初步展望，已納入中個位數的成本通膨。

We are pursuing additional efficiencies from increased Delaware Basin activity and other initiatives that could help offset those pressures. These potential capital savings are not reflected in our outlook. On operating costs, projects implemented in both Egypt and the Permian are already lowering LOE with more savings to come in 2027.

我們正透過增加德拉瓦盆地（Delaware Basin）活動量及其他措施，追求額外效率，以協助抵銷上述壓力。這些潛在的資本節省尚未反映在我們的展望中。在營運成本方面，埃及與二疊紀盆地已落地的專案正降低 LOE，且在 2027 年仍將有更多節省。

In Egypt, we are expanding power projects to reduce diesel consumption and operating costs. In the Permian, we will benefit from a full year of savings from projects implemented this year alongside new initiatives to drive further reductions.

在埃及，我們正擴大電力專案，以降低柴油消耗與營運成本。在二疊紀盆地，我們將受惠於今年已實施專案帶來的全年節省，並搭配新措施以推動進一步降低成本。

Strong free cash flow and continued cost discipline also position us to take the next step in strengthening our balance sheet. We are approaching our $3 billion net debt target and expect to achieve it in the near future. Looking beyond this milestone, we are establishing a new net debt target of $2 billion.

強勁的自由現金流與持續的成本紀律，也使我們具備條件在強化資產負債表上更進一步。我們正接近 30 億美元的淨負債目標，並預期在不久的將來達成。在跨越此里程碑之後，我們將設定新的淨負債目標為 20 億美元。

Further debt reduction will lower interest expense and fixed cash obligations, supporting free cash flow through commodity cycles. It also preserves flexibility to fund future developments from exploration success while continuing to return at least 60% of annual free cash flow to shareholders.

進一步降債將降低利息費用與固定現金義務，並在商品循環中支撐自由現金流。同時也保留彈性，使我們能在勘探成功後以自有資金支持未來開發，並持續將每年至少 60% 的自由現金流返還給股東。

In closing, our financial progress this year is translating into meaningful shareholder value. With $2.9 billion of expected free cash flow, we are funding significant share repurchases while strengthening our balance sheet. We expect to achieve our $3 billion net debt target about 1.5 years after announcing it, positioning us to establish a new target from a stronger financial foundation.

最後總結，我們今年的財務進展正轉化為具意義的股東價值。在預期 29 億美元自由現金流的支撐下，我們一方面進行大規模股票回購，另一方面強化資產負債表。我們預期在宣布 30 億美元淨負債目標約 1.5 年後達成，讓我們能在更強健的財務基礎上設定新的目標。

Our cost savings progress across operations and overhead has been central to these results. Sustaining these gains and building on them remains a priority as we look ahead. Over the next five years, we see a compelling opportunity to grow free cash flow per share through sustained cost discipline, lower interest expense, GranMorgu start-up and continued share repurchases. Importantly, this growth does not depend on additional exploration success, which would provide further upside.

我們在營運與間接費用方面的成本節省進展，一直是這些成果的核心。展望未來，維持並進一步擴大這些成效仍是優先要務。未來五年，我們看見一個極具吸引力的機會：透過持續的成本紀律、較低的利息費用、GranMorgu 投產啟動，以及持續的股票回購，提升每股自由現金流。重要的是，這項成長不依賴額外的勘探成功；若有新的勘探成功，將帶來進一步上行空間。

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

接下來，我把電話交給主持人進行問答。

(Operator Instructions)

(主持人指示)

Doug Leggate, Wolf Research.

Doug Leggate，Wolf Research。

Thanks, [fellows]. I am -- I wonder if I could touch first on exploration and then specifically in Alaska. I know Tracey is on the call, so I don't know if you want to defer to her maybe. But my question is specifically related to the King Street well that you drilled some time ago.

謝謝，[各位]。我想——我想先談一下勘探，然後特別是阿拉斯加。我知道 Tracey 也在線上，所以不確定你是否想把問題交給她回答。但我的問題特別是關於你們前一段時間鑽的 King Street 井。

And my understanding is there was a deeper target and a shallower formation that you -- that may have helped derisk part of the Chinook target that you're going to drill early next year. I just wonder if you could confirm that or characterize how you see the risk profile of Chinook? That's my first question.

我的理解是，那口井有一個較深的目標層位，以及一個較淺的地層——而這可能有助於降低你們明年初將鑽探的 Chinook 目標的一部分風險。我想請你確認一下，或說明你們如何看待 Chinook 的風險輪廓？這是我的第一個問題。

And my follow-up is just, obviously, you're generating an enormous amount of free cash flow. Credit to Steve for being unhedged perhaps. But I wonder where does the ARO, the abandonment liability stack up in the seriatim of priorities for that cash flow between buybacks, debt reduction, and so on? And I'll leave it there. Thank you.

我的追問是，很明顯你們正在產生非常可觀的自由現金流。也要稱讚 Steve 可能選擇不做避險。但我想問的是，在這些自由現金流的優先順序中，ARO（資產除役義務）、也就是廢棄/退役負債，與回購、降債等相比，排在什麼位置？我就問到這裡。謝謝。

Thank you, Douglas. I'll jump in and then let Tracey add any color to exploration, and then I'll let Ben take the ARO question. But we're excited about what we have in the Lagniappe play in Alaska. We've really derisked the play with two discoveries. King Street was the first that really confirmed a working petroleum system and high-quality reservoir, and that was really, really important.

謝謝你，Douglas。我先回答，然後請 Tracey 對勘探補充一些說明，接著我會讓 Ben 回答 ARO 的問題。我們對阿拉斯加 Lagniappe 勘探區塊的進展感到振奮。我們已透過兩項發現大幅降低了這個區塊的風險。King Street 是第一口井，真正確認了可運作的石油系統與高品質儲層，這點非常、非常重要。

Sockeye was the second well, and we drilled it next. It was not our largest feature, but it was the one that we had the best seismic data over at the time. And what Sockeye did was really tie our interpretations to the seismic and the geologic model to the actual well results.

Sockeye 是第二口井，我們接著鑽探。它不是我們最大的構造，但在當時它是我們擁有最佳地震資料覆蓋的目標。Sockeye 的成果，確實把我們的解釋與地震資料、地質模型，和實際井結果做了很好的對應與校準。

And so both of those wells are very, very important for the whole Lagniappe area. We've got plans next year to appraise Sockeye with the Hungry Horse well and then test a larger separate feature with Chinook. I'll let Tracey comment a little bit more on Chinook.

因此，這兩口井對整個 Lagniappe 區域都非常、非常重要。我們明年計畫用 Hungry Horse 井對 Sockeye 進行評估（appraise），並以 Chinook 測試一個更大、獨立的構造。我讓 Tracey 再多談一點 Chinook。

Yeah, morning. I'll just comment a little bit specifically on your question, Doug, regarding the King Street well and what we had reported previously on that. I think what I would say is it was very encouraging. We saw an accumulation at depth that we reported. And as you mentioned, some shallower things that looked encouraging as well.

好的，早安。我就針對你的問題稍微補充一下，Doug，關於 King Street 井以及我們先前對外揭露的內容。我想我會說，結果非常令人鼓舞。我們在較深部位看到一個聚集（accumulation），並已對外報告。另外，如你所提到的，也有一些較淺層位看起來同樣令人鼓舞。

I think we really need to get the well down at Chinook. I would say it's encouraging that we see a lot of hydrocarbons in these Alaska wells and some that are roughly in the same stratigraphic zones, but I think it's -- I guess, we're basically interpolating a bit too much to say that there's a direct connection or derisking of Chinook based on the seismic from what we see.

我認為我們真的需要把 Chinook 那口井鑽下去。我會說，令人鼓舞的是，我們在這些阿拉斯加井中看到大量烴類，且有些大致位於相同的地層層序帶；但我想——我猜，我們目前若要根據所見的地震資料就說 Chinook 與之有直接連結、或已因此降低 Chinook 風險，可能有點過度內插了。

But it is encouraging to see hydrocarbons in those age-equivalent zones that gives us some confidence that going into Chinook that we feel pretty good about it.

不過，在那些同時代（age-equivalent）的層位看到烴類仍然是正面的訊號，讓我們對進入 Chinook 的鑽探更有信心，整體感覺相當不錯。

Ben, on the ARO?

Ben，關於 ARO？

Sure. So just on your second question, Doug, yes, we obviously have the ARO liability in the North Sea and the contingent liability in the Gulf of America that we're managing. Hats off to the teams. They've done a great job in the past years in Gulf of America and decommissioning those assets. And we just started decommissioning this year in the North Sea, and that will continue for years to come.

當然。就你的第二個問題，Doug，是的，我們確實有北海的 ARO 負債，以及在美洲灣（Gulf of America）的或有負債正在管理。要向團隊致敬。過去幾年，他們在美洲灣的資產退役（decommissioning）方面做得非常出色。而我們今年才剛開始在北海進行退役作業，未來還會持續多年。

When you look at what we've done on the balance sheet, you can see from our maturity profile, we've got less than $200 million due in the next nine years. And that gives us flexibility, not only from a shareholder return and funding exploration and other items but also allows us flexibility to -- flex up or down based on commodity cycles for how we decommission those assets with that being really the only liability we have to manage.

從資產負債表來看，你可以從我們的到期結構看到，未來九年內到期的金額不到 2 億美元。這給了我們彈性：不僅在股東回饋、勘探資金與其他項目上有彈性，也讓我們能依商品循環調整退役作業的節奏——而這基本上是我們需要管理的主要負債。

This year, it's pretty close to $300 million. I would expect the same next year, and dollars in that ZIP code are going to be very manageable for us as we're continuing to execute on those plans. When you look at our leverage stats, we talk a lot about debt to EBITDA.

今年大約接近 3 億美元。我預期明年也差不多，這個量級的金額對我們而言非常可控，我們也會持續按計畫執行。談到槓桿指標時，我們常提到淨負債對 EBITDA。

At the end of this year, we're looking at close to 0.4 times. But even when you include that liability at the end of this year, it's close to three-quarters turn leverage, and that is significantly different than the past here at Apache. And so we think we're well positioned. We're focused on lowering total liabilities, including the ARO. Those are long term. The team is doing a good job of derisking that, and total debt coming down definitely helps, too.

到今年年底，我們預估大約接近 0.4 倍。但即便把那項負債也納入計算，到今年年底也大約是 0.75 倍槓桿，這與 Apache 過去的情況顯著不同。因此我們認為自身處於良好位置。我們專注於降低總負債，包括 ARO。這些都是長期項目。團隊在降低相關風險方面做得很好，而總負債下降也確實有幫助。

Great opportunity to clean it up. I appreciate the answers, guys. Thank you.

這是個很好的機會把它整理得更乾淨。感謝各位的回答。謝謝。

John Freeman, Raymond James.

John Freeman，Raymond James。

Yeah, thank you. You currently got four rigs running in Midland and one in Delaware. John, you mentioned that the plan is for Delaware activity to increase next year. So I assume we should take that sixth rig that gets added and assume that goes to the Delaware next year, so [four-two] split next year in the Permian?

好的，謝謝。你們目前在 Midland 有四座鑽機運作，在 Delaware 有一座。John，你提到明年 Delaware 的活動會增加。所以我是否可以假設，新增的第六座鑽機明年會配置到 Delaware，也就是二疊紀盆地明年變成 [四-二] 的配置？

Yeah, you're going to see us, John, like we said, add back. We've been fortunate this year that due to the heavy TIL count in the back half of '25 and the DUCs. We were able to get down to four rigs this year.

是的，John，你會看到我們如同所說的那樣把活動加回來。我們今年很幸運，因為在 25 年下半年有較多的 TIL 數量以及 DUC（已鑽未完井）。因此我們今年能把鑽機數降到四座。

Next year, we will be adding back in. This year, we were in the 85%, 15% ratio of Midland to Delaware. Longer term, it's more [60%, 40%], but you'll see us probably more in the two-thirds, one-third, but we'll give you more specifics in February.

明年我們會把活動加回來。今年 Midland 對 Delaware 的比例是 85%、15%。長期來看會更接近 [60%、40%]，但你們會看到我們可能先走向約三分之二、三分之一的配置；更具體的細節我們會在二月提供。

Steve, anything you want to add?

Steve，你有什麼要補充的嗎？

Yeah, just to be clear, right now, we have three rigs running in Midland, one running in Delaware, and right around the beginning of the turn of the year from '26 to '27, we'll be adding two more rigs.

有的，澄清一下，目前我們在 Midland 有三座鑽機運作，在 Delaware 有一座；大約在 26 年到 27 年交界、也就是年初左右，我們會再增加兩座鑽機。

But as John said, it's 85%, 15% for the current year, and over the next few years, we'll be migrating to what is reflected in our economic inventory that we talked about in February, which is 60% Midland Basin and 40% Delaware Basin, we'll eventually get to that type of a ratio.

但如 John 所說，今年是 85%、15%；而在接下來幾年，我們會逐步移向我們在二月談到、反映在經濟庫存中的配置，也就是 60% Midland 盆地、40% Delaware 盆地，最終會達到那樣的比例。

Got it. Thanks for that clarification. And then just following up, Ben, on your comments on the balance sheet. Obviously, leverage is in great shape. You've got the new long-term net debt target of $2 billion. And just want to think about how we should be modeling this because when I look at the debt stack, there's very little left? Obviously, on the '29, those will be gone soon.

了解。謝謝你的澄清。接著追問一下，Ben，關於你對資產負債表的評論。顯然，槓桿狀況非常好。你們也提出了新的長期淨負債目標 20 億美元。我想請教我們在建模時應該怎麼看，因為我看你們的債務結構，剩下的其實不多？顯然，關於 2029 年到期的那些，很快就會到期消失。

And then after that, you don't really have any near-term maturities. It's pretty low coupon, and none of that is really able to get called at par at least for a number of years. And so I'm just trying to think about when you think net debt target, should we just assume that maybe in the near term that outside the '29 that a lot of it is just building cash? Or just how to think about that net debt target?

而在那之後，你們其實沒有什麼近期到期的債務。票息相當低，而且至少在未來好幾年內，這些債券基本上也無法以面值被提前贖回。所以我在想，當你們談淨負債目標時，我們是否應該假設短期內除了 2029 年那筆之外，很多都只是累積現金？或者該如何理解這個淨負債目標？

Sure. So stepping back just on the target itself, in August of last year, we outlined the $3 billion, and we said strip pricing, we'd expect to achieve that in three to four years. And obviously, over the last 18 months, we've experienced higher than strip pricing, and we're able to achieve that milestone here likely by the end of this year.

當然。先退一步談目標本身，去年 8 月我們提出 30 億美元的目標，並表示在期貨曲線（strip）價格下，預期三到四年可達成。而顯然在過去 18 個月，我們面對的是高於期貨曲線的價格，因此我們很可能在今年底前就能達成這個里程碑。

So when you look at this new $2 billion target, similar timing at mid-cycle pricing, it's likely by the end of the decade. And if higher prices play out, then again, we could achieve that in a much shorter time period. So we'll continue to be opportunistic, John, as we look at the debt stack.

所以當你看新的 20 億美元目標，在中周期價格下，時間點類似，可能在本十年末達成。如果高價格情境實現，那麼我們也可能在更短時間內達成。因此，John，我們在檢視債務結構時會持續把握機會、採取機動作法。

There's -- it's a pretty strong benefit that we have that $2.8 billion of debt is past the 2040-time frame. There are some other 2030 bonds that we could potentially go after. A lot of that longer-dated debt, just given the current interest rate environment, is trading below par. So you get a little bit additional deleveraging, but definitely recognize that, that's also a benefit to have 17 years average maturity there.

我們有一個相當明顯的優勢：有 28 億美元的債務到期日在 2040 年之後。另外也有一些 2030 年到期的債券，我們可能會考慮處理。不少長天期債務在目前利率環境下是以低於面值交易。因此你會得到一些額外的去槓桿效果，但我們也確實認知到，擁有 17 年的平均到期年限本身就是一項優勢。

So we'll be balanced and thoughtful on that. Obviously, for our shareholders, it doesn't make a lot of sense to sit on hundreds of millions of dollars of cash for a long period of time. It's meant to be a guiding star as we continue to develop our assets, continue to explore, and return capital to shareholders.

所以我們會在這方面保持平衡並審慎思考。顯然，對股東而言，長時間持有數億美元現金並不太合理。這個目標是作為指引之星，讓我們在持續開發資產、持續勘探並回饋股東資本時有所依循。

So we'll be balanced. We've done a lot of cleanup on the balance sheet so far. And it's really just meant to be a guiding star for us as we continue in the next few years. And from an actual what bonds we go after, we'll be very thoughtful about that as we think about maturities and refinancing risk, et cetera.

所以我們會保持平衡。到目前為止，我們已經對資產負債表做了很多整理。這主要是作為未來幾年持續前進時的指引之星。至於實際上要針對哪些債券採取行動，我們會在考量到期結構、再融資風險等因素時非常審慎。

Great. Thanks, guys. Appreciate it.

很好。謝謝各位。感謝。

Thank you, John.

謝謝你，John。

Arun Jayaram, JPMorgan Securities.

JPMorgan Securities 的 Arun Jayaram。

Yeah, good morning, gentlemen. I wanted to see, John, if you could elaborate a little bit more on your Suriname exploration plans for 2027 with Total. Maybe elaborate on what you plan to do with the drill bit outside of outside of GranMorgu?

各位先生早安。John，我想請你再多談一點你們與 Total 在 2027 年於蘇利南的勘探計畫。也許可以說明一下，除了 GranMorgu 之外，你們打算如何運用鑽機（drill bit）？

Sure. Suriname, if you go back to when we announced the Krabdagu appraisal wells at the time that I said that those Krabdagu wells did more than just appraise Krabdagu. They actually derisked an entire exploration fairway and tied it back to our seismic.

好的。蘇利南方面，如果回到我們當時宣布 Krabdagu 評估井（appraisal wells）的時點，我曾說那些 Krabdagu 井不只是評估 Krabdagu。它們其實降低了整條勘探走廊（exploration fairway）的風險，並且能與我們的地震資料（seismic）對應連結。

You'll see in our supplement, slide 19, we put out a map. It's actually a map that Total has also used and put out. We've outlined four wells over the next two years that we'll start back with. They are very similar to what we've done at Krabdagu and Sapakara. So we're very excited about them. I do believe them derisked. I'll also point out that they will be wells that are drilled within the current development area, so they will be cost recoverable under the existing project.

你會在我們的補充資料第 19 頁看到，我們提供了一張地圖。這其實也是 Total 使用並發布過的地圖。我們規劃在未來兩年先推進四口井。它們與我們在 Krabdagu 和 Sapakara 所做的非常類似。所以我們對此非常興奮。我確實認為它們已經過風險降低（derisked）。我也要指出，這些井會在目前的開發區域內鑽探，因此在既有專案下可進行成本回收（cost recoverable）。

But most importantly, they provide the potential at a minimum to extend the plateau, but we also believe you move on these early because you want to understand the materiality and the potential for possible additional infrastructure, either a second boat or possibly even the ability we're in water depths where you could set some fixed structures and get creative on what you might be able to do with the infrastructure.

但更重要的是，它們至少有潛力延長平台期（plateau），而且我們也認為你應該及早推進，因為你想了解其規模重要性（materiality）以及是否需要額外基礎設施的可能性，例如第二艘船（second boat），甚至在我們所處水深條件下，有可能設置一些固定式結構，並在基礎設施配置上做更有創意的方案。

So I think it's important that you get after them early because it gives you some clues on what you might be able to do with it versus if they were only going to be plateau extenders and you'd be more inclined to drill them later in the life cycle. But we're very, very excited. It's something that is relatively derisked, and it's something that both us and our partner are excited to get after because they're definitely going to add more resource.

所以我認為及早推進很重要，因為這能提供一些線索，讓你判斷可以如何運用；相較之下，如果它們只是用來延長平台期，你可能更傾向在生命週期較後段才去鑽。但我們非常、非常興奮。這是一個相對已降低風險的項目，而且我們與合作夥伴都很期待推進，因為它們肯定會增加更多資源量。

Got it. And I'll stay with the exploration theme. I know you and your partner, Eni, in Uruguay have contracted a deepwater floater to drill that well with Noble in the fourth quarter. Could you talk a little bit about the prospect that you plan to drill in 4Q of next year? And how -- and maybe a little bit more around your thoughts around exploration in Uruguay?

了解。我也延續勘探主題。我知道你們與合作夥伴 Eni 在烏拉圭已與 Noble 簽約，租用一座深水浮式鑽井平台（deepwater floater）在第四季鑽那口井。你能否談談你們計畫在明年第四季鑽探的那個勘探目標（prospect）？以及——也請多談一些你們對烏拉圭勘探的想法？

Yeah, Arun. Yes, we have entered into a contract with Noble for the BlackHawk. It's a block now that we'll hold 60% and Eni will hold 40%. They're going to cover most of the well costs.

好的，Arun。是的，我們已與 Noble 就 BlackHawk 簽訂合約。這個區塊我們將持有 60%，Eni 持有 40%。他們將承擔大部分鑽井成本。

And I've got Tracey here. So I'll let Tracey high level, talk about what we're going after with Eni in our OFF-6 block in Uruguay.

而且 Tracey 也在這裡。所以我先請 Tracey 從高層次談談，我們與 Eni 在烏拉圭 OFF-6 區塊要追求的目標。

Sure, John. It is basically deepwater depositional system in the Cretaceous that's worked in multiple places around the Cretaceous margin on the Atlantic margins, most notably Namibia, which is our analog for this and the conjugate margin.

好的，John。基本上這是一個白堊紀（Cretaceous）的深水沉積系統（depositional system），在大西洋邊緣白堊紀邊界的多個地區都已被證實可行，最著名的是納米比亞；那是我們在此的類比（analog）以及對偶邊緣（conjugate margin）。

So it is a really a petroleum systems test on the Latin American side for what has worked on the African margin. The prospect itself, as I said, is very much like a lot of the deepwater Cretaceous turbidite depositional systems that we've seen that have worked in large scale in other parts around the circum-Atlantic. So big well, but we are excited to get it down and very happy to have Eni in as a partner.

因此，這實際上是在拉丁美洲一側，對於在非洲邊緣已成功的石油系統（petroleum systems）進行測試。如我所說，這個勘探目標本身非常類似我們在環大西洋其他地區所見、且已在大尺度上成功的多個深水白堊紀濁積岩（turbidite）沉積系統。所以這是一口大井，但我們很期待把它鑽下去，也很高興有 Eni 作為合作夥伴加入。

Great. Thank you.

很好。謝謝。

Neal Dingmann, William Blair.

William Blair 的 Neal Dingmann。

John, thanks for the time. John, my first question is on -- for maybe, you, Steve, on the gas trading, specifically. Could you speak to what we might expect next year with what I would call your three buckets there with Cheniere, the contract, and the FT given certainly what looks like to be a volatile commodity market?

John，謝謝你撥時間。John，我第一個問題是——也許給你或 Steve——關於天然氣交易，特別是。你能否談談在明年，針對我所稱的你們那三個「桶」（buckets）：Cheniere、合約，以及 FT，在看起來相當波動的商品市場下，我們可以期待什麼？

Yes, Neal, I'll have Ben jump in on this one.

是的，Neal，我會請 Ben 來接這一題。

Sure. So yeah, strip pricing from last week, which is -- which we do for every earnings we said it the week before. At strip pricing as we look for next year across LNG, Waha, NYMEX and Houston Ship Channel, that gas trading portfolio is going to generate about $950 million of pretax cash flow. Current prices, they continue to move around. I'd say it's probably in the mid to high 8s now. So still a significant contributor there.

當然。所以，是的，上週的條帶價格（strip pricing）——也就是我們每次財報都會用、而且我們在前一週就提過的。以我們看明年在 LNG、Waha、NYMEX 與 Houston Ship Channel 的條帶價格來看，那個天然氣交易投資組合將產生約 9.5 億美元的稅前現金流。目前價格仍在波動。我會說現在大概在 8 美元中段到高段。所以那仍然是相當重要的貢獻來源。

What you see is that -- this year, obviously, a lot coming from the pipelines. And then LNG, they were more balanced, just given how the curve is next year. The Permian FT portion has shrunk, and that's expected. You've seen a lot of new pipelines, not only be FID-ed recently, but also coming on this year, and that's going to continue into early next year. So you're seeing Waha strengthen.

你看到的是——今年很明顯有很大一部分來自管線。而 LNG 方面則更為均衡，主要是因為明年的曲線狀況。Permian 的 FT（固定運輸）部分已縮小，這是預期之內。你也看到很多新管線，不僅最近已做出 FID（最終投資決定），今年也陸續投產，而且這個趨勢會延續到明年初。因此你會看到 Waha 走強。

But the Gulf Coast prices are still pretty low compared to global LNG prices. So still expect that to continue next year just given some of the global infrastructure damage that's done through the conflict in the Middle East.

但墨西哥灣沿岸的價格相較於全球 LNG 價格仍然偏低。所以考量到中東衝突造成的部分全球基礎設施損害，我們仍預期這種情況明年會持續。

So just stepping back, it's been a very differentiated source of cash flow for us. If you look through this year alone, that business has generated $2.5 billion. So you look at adding next year, you're going to be over $3 billion from that book of business for us. So it's differentiated. It goes into our shareholder returns, and we expect that to continue for many years.

所以退一步看，這對我們而言一直是非常差異化的現金流來源。如果只看今年，這項業務已經產生 25 億美元。再加上明年，你會看到我們從這本業務（book of business）取得的金額將超過 30 億美元。所以它很有差異化。它會用於我們的股東回饋，而我們也預期未來很多年都會持續。

Perfect. And then my second question just on Egypt. John, just given going on in the Middle East, it appears you've been spared and it doesn't seem like there's been any issues there. So again, I guess, first question, do you think that will continue to be the case?

很好。那我的第二個問題是關於埃及。John，考量中東目前的情勢，看起來你們似乎沒有受到波及，也不像有任何問題。所以我想先問，你認為這種情況會持續嗎？

And then secondly, just maybe talk about workover activity there. It seems like you've been able to keep production very stable. Just if you could address that?

第二個，能否談談那邊的修井（workover）活動。看起來你們能把產量維持得很穩定。如果可以的話，請回應一下？

Neal, two good questions. I would say, first in Egypt, they've been a long-term peacemaker over there and have done a really good job in difficult time periods. We've seen that over the last couple of years, starting with Gaza and now what's happening here and now things have moved into the Red Sea. But Egypt has done a great job.

Neal，兩個都問得很好。我會先說埃及，他們長期以來在那邊扮演和平調停者，在困難時期做得非常好。過去幾年我們也看到了，從加薩開始，到現在這裡發生的事，接著情勢又延伸到紅海。但埃及做得很出色。

We continue to be in very, very close contact with both the Egyptian government and the US Embassy. And obviously, the -- our highest priority is the safety and well-being of our employees over there. But things continue to be something we keep a close eye on, but Egypt has done a really, really admirable job thus far. And I would expect that to continue, but it's something we watch very, very closely.

我們持續與埃及政府以及美國大使館保持非常、非常密切的聯繫。當然——我們最高優先順序是那邊員工的安全與福祉。事情我們會持續密切關注，但截至目前埃及確實做得非常、非常令人敬佩。我預期會持續如此，但這也是我們非常、非常密切監控的事項。

Steve, anything you want to comment on the workovers?

Steve，你要不要補充一下修井的部分？

Yeah. Neal, you might remember a few years ago, we had an issue with some mounting workover backlog in Egypt. And we ended up with about 20 workover rigs running in Egypt back then. Since that time, we've concentrated quite a bit of activity around increasing workover rig efficiency and making sure that we're getting after the workover opportunities as quickly as possible.

好。Neal，你可能記得幾年前我們在埃及遇到修井待辦量（backlog）逐步累積的問題。當時我們最後在埃及動用了大約 20 部修井機（workover rigs）。從那之後，我們把相當多的工作重點放在提升修井機效率，並確保能盡快處理修井機會。

Just recently, we're currently running 23% more jobs per workover rig than we have in the recent past. So we've gotten really quite good at this. At any point in time, we'll be running today between 15 and 20 workover rigs in Egypt. And that backlog has been worked down to a pretty small number now.

最近，我們目前每部修井機執行的工作量比過去提升了 23%。所以我們在這方面確實做得相當好。在任何時間點，今天我們大概會在埃及運行 15 到 20 部修井機。而那個待辦量現在已經降到相當小的水準。

So workover activity in Egypt is a really important part of what we call base resilience, which is just keeping the base running as efficiently and as effectively as possible.

所以埃及的修井活動是我們所謂「基礎韌性」（base resilience）非常重要的一部分，也就是讓基礎產量能以最高效率、最有效的方式持續運轉。

Yeah, thank you all.

好的，謝謝各位。

The last thing I'll add on Egypt there, Neal, is we got current last September on our PDRs, and they've done a really good job of staying current. And so it's been a real good situation. We've been bringing on gas, which has been helping them.

關於埃及我最後再補充一點，Neal，我們在去年 9 月把 PDR（到期應收款）更新到最新狀態，而他們也一直做得很好、持續維持在最新狀態。所以整體情況非常不錯。我們也在增加天然氣投產，這對他們有幫助。

They're importing and buying LNG. And so that's been a big deal. And then, of course, they got current with the rest of the industry in June of this year. So I really applaud them for doing a really, really good job in a difficult time period.

他們正在進口並購買 LNG，這影響很大。然後當然，他們也在今年 6 月把對產業其他公司的款項也都更新到最新狀態。所以我真的要稱讚他們在困難時期做得非常、非常好。

Great point. Thanks again, John.

說得很好。再次感謝，John。

Chris Baker, Evercore ISI.

Chris Baker，Evercore ISI。

Hey, guys. Good morning. I wanted to follow up on the '27 outlook. I think, Ben, you mentioned that further efficiency gains are not part of the initial look that you all have outlined today. I'm just curious to the extent that you do see some of those efficiency gains continue and offset some of the cost pressures, we're likely to see that show up in terms of lower capital or perhaps higher volumes?

嗨，各位。早安。我想追問一下 2027 年展望。我想 Ben 你提到，進一步的效率提升並未納入你們今天所概述的初步評估。我想了解的是，如果你們確實看到部分效率提升持續發生並抵消一些成本壓力，我們更可能會在較低資本支出上看到，還是可能反映為更高的產量？

Sure. Yeah, I just -- we've made so much progress over the past two years across the company in all three buckets that we've talked about on controllable spend with capital, LOE and G&A.

當然。是的，我只是——過去兩年我們在公司各方面都取得了很大進展，涵蓋我們談到的三個可控支出項目：資本支出、LOE（租賃營運費用）以及 G&A（一般及行政費用）。

On the capital side, a lot of that progress has been in the Permian and concentrated this year in the Midland Basin and the ability to park rigs over DSUs and have them just really work drives lower drilling days and a lot of different efficiencies, and that's even beyond other development design and other changes that the team has implemented, and we've done all of that with higher production. So hats off to the team there.

在資本支出方面，很多進展是在 Permian，並且今年集中在 Midland Basin；包括能把鑽機停放在 DSU（開發單元）上方，讓它們持續作業、降低鑽井天數，以及許多不同的效率提升；而這甚至還不包含團隊已導入的其他開發設計與其他變更。我們在做到這些的同時，產量還更高。所以要向那邊的團隊致敬。

The main takeaway is, as John and Steve alluded to earlier, higher increase in the Delaware Basin. We've made progress on certain wells there, but we just don't have as many at-bats in the Delaware, and that will increase next year. And we'll see how many of those learnings from the Midland Basin can be carried over to the Delaware Basin from an efficiency standpoint on both drilling and completions and even through to equipping and facilities.

主要重點是，如同 John 和 Steve 先前提到的，Delaware Basin 的增幅更高。我們在那裡某些井上已取得進展，但我們在 Delaware 的出手機會（at-bats）還沒那麼多，而明年會增加。我們也會觀察 Midland Basin 的這些學習，能在鑽井與完井，甚至到設備配置與設施等效率面，有多少可以移轉到 Delaware Basin。

So we think that there's upside there. We didn't include that right now. I just want to make sure that we get over there and get some wells down in the Delaware, and we'll update folks as we continue throughout next year.

所以我們認為那裡有上行空間。但我們目前沒有把它納入。我只是想確保我們先到那邊、在 Delaware 把一些井打下去，接著在明年持續推進的過程中再向大家更新。

Great. And then just as a follow-up, you mentioned some projects around driving continued cost savings in LOE. I'm just curious in terms of any split you can offer between what you've locked in with projects this year versus new initiatives that could potentially show up as further benefits for 2027?

很好。再追問一下，你提到一些推動 LOE 持續節省成本的專案。我想了解你能否提供一些拆分：今年透過專案已經鎖定的部分，與可能作為新倡議、進而在 2027 年帶來額外效益的部分，各大概是多少？

Yeah, Chris, this is Steve. So we did announce at the beginning of the year, we had about $100 million of what we call LOE projects. And that's probably doesn't do justice to the projects because they also include benefits in reliability and runtime and uptime. So it actually shows up both in LOE reduction, but also in production efficiency and production resilience as we call it.

好的，Chris，我是 Steve。所以我們在年初確實宣布過，大約有 1 億美元我們稱之為 LOE 專案。而且這個數字可能還不足以反映這些專案的價值，因為它們也包含可靠度、運轉時間（runtime）與開機率（uptime）的提升效益。因此它不僅體現在 LOE 的降低，也會體現在我們所說的生產效率與生產韌性上。

That $100 million was being spent -- it's primarily -- it's in the Permian Basin. It's primarily around things like ESP conversion to gas lift, more efficient gas treatment, primarily through larger scale gas treatment and facility consolidation type of projects. So these are brownfield types of projects. That $100 million worth of projects, we said would save about $40 million of LOE on a run rate basis. We're delivering those projects on time and as expected in terms of the anticipated results.

那1億美元正在投入——主要——是在二疊紀盆地（Permian Basin）。主要用在像是將ESP（電潛泵）改為氣舉、更高效率的天然氣處理，主要是透過更大規模的天然氣處理以及設施整併類型的專案。所以這些屬於棕地（brownfield）類型的專案。我們說過，這1億美元的專案以運行率（run rate）計算，將可節省約4,000萬美元的LOE（租賃營運費用）。我們正按期交付這些專案，且在預期成果方面也符合預期。

There will be more of those projects. The budget for 2027 does include some, not as much as $100 million, but a meaningful amount of projects. And I would say that still a preliminary budget for 2027. There are things that we can do even beyond 2027 on the facility side.

還會有更多這類專案。2027年的預算確實包含一些，雖然不會像1億美元那麼多，但仍是相當可觀的一筆專案金額。而且我會說，2027年的預算目前仍屬初步。在設施端，我們甚至在2027年之後還有一些事情可以做。

Most of it is -- most of the type of stuff, as you can imagine, would be done in front of the drilling rigs. And so we're not going to go out and do work that we don't need to do because we're not drilling in a certain area.

其中大部分——你可以想像——多半會在鑽機前端完成。因此，如果我們在某個區域不鑽井，我們不會出去做不需要做的工作。

Great, makes sense. Thank you.

很好，合理。謝謝。

Michael Scialla, Stephens.

Michael Scialla，Stephens。

Good morning. I wanted to ask about the debt. You're getting your net debt down to your target of $3 billion. Ben, you mentioned the low leverage. Can you talk about the decision to lower that net debt target further to $2 billion rather than changing your free cash flow framework?

早安。我想問一下債務的部分。你們正把淨負債降到目標的30億美元。Ben，你提到槓桿偏低。能否談談為什麼決定把淨負債目標進一步下調到20億美元，而不是調整你們的自由現金流框架？

Sure. We're thoughtful across our capital returns and our debt balance. One of the things that we take into consideration is obviously funding our exploration program, but we've got a differentiated free cash flow inflection coming from GranMorgu in '28, and that continues through the end of the decade.

當然。我們在資本回饋與債務餘額之間會審慎權衡。我們考量的其中一點，當然是要為勘探計畫提供資金；但我們在2028年將因GranMorgu出現一個差異化的自由現金流拐點，而且這會一路延續到本十年末。

And we look at that and understand we need to continue to deliver the balance sheet so that we can be more opportunistic in debt funding potential growth opportunities and believe that instead of being defensive on our debt balance now, we can be more on the offensive as opportunities arise, and that will be accretive to shareholders over the long term.

我們看待這件事並理解，我們需要持續強化資產負債表，這樣在債務融資方面就能更具機會性，用於潛在的成長機會；我們相信，與其現在在債務餘額上採取防守姿態，不如在機會出現時更積極進攻，而這將在長期為股東帶來增值。

So we take that into consideration but just realize we need to continue to pay down debt as we have the different priorities that we're managing across development capital, exploration capital, continuing to get after our decommissioning assets and lower debt is going to really just make Apache stronger over the long term and give us a lot of options as we look even beyond 2028 with additional free cash flow from GranMorgu.

因此我們把這些都納入考量，但也意識到，當我們在開發資本、勘探資本、持續推進資產除役（decommissioning）等不同優先事項之間進行管理時，我們仍需要持續償還債務；而更低的負債將真正使Apache長期更強健，並在我們展望2028年之後、來自GranMorgu的額外自由現金流時，提供我們更多選項。

So set us up well. We didn't want to plant a flag and say we're done. So continued work there. But it's not going to come at the cost of anything else across the priorities that the company has.

所以這能讓我們有很好的準備。我們不想插旗宣告「我們完成了」。因此會持續在這方面努力。但這不會以犧牲公司其他優先事項為代價。

Makes sense. Appreciate that, Ben. I wanted to follow up on Alaska. Looking at the appraisal well you have planned for Sockeye, it strikes me that it's pretty good distance away from the discovery well, I think like eight miles. That seems like a pretty large step out. And you mentioned that Chinook is potentially larger than Sockeye.

了解。謝謝你，Ben。我想追問一下阿拉斯加。看你們規劃在Sockeye的評估井（appraisal well），我注意到它離發現井的距離似乎相當遠，我想大概有8英里。這看起來是相當大的外推步距（step-out）。而你也提到Chinook可能比Sockeye更大。

So I'm just thinking about the resource here. I don't want to pin you down on any number, but it looks like obviously a large potential resource. And I'm wondering how you're thinking longer term if you do have success here with the 50% working interest. Are you comfortable maintaining that? Or would you look to bring a partner like you did in Suriname?

所以我在想這裡的資源量。我不想把你限定在任何數字上，但看起來顯然是很大的潛在資源。我想知道，如果你們在這裡以50%工作權益（working interest）取得成功，長期而言你們會怎麼思考。你們是否願意維持這個比例？或者會像在蘇利南那樣引入合作夥伴？

Yeah, Mike, I mean, when we announced the Sockeye discovery, we said it was a stratigraphic feature that was 25,000 to 30,000 acres. Now clearly, we're stepping out a pretty good distance from that with Hungry Horse, and it is -- I think it's over six miles as a crow flies.

是的，Mike，我是說，當我們宣布Sockeye發現時，我們說那是一個層序地層（stratigraphic）特徵，面積約2.5萬到3萬英畝。現在很明顯地，我們用Hungry Horse在那個基礎上做了相當大距離的外推，而它——我想直線距離超過6英里。

It's something we're very excited about. It looks fantastic. We did reprocess the seismic data last year. And one thing we did learn is that we did not drill Sockeye initially in the thickest part. That's something that the seismic told us. So we are anxious to appraise it with Hungry Horse. It is a pretty big step-out appraisal well. And then we do have a very large prospect in Chinook that we're also very excited about.

這是我們非常興奮的事情。看起來非常棒。我們去年重新處理了地震資料。而我們學到的一件事是，我們最初鑽Sockeye時並沒有鑽在最厚的區段。這是地震資料告訴我們的。所以我們很期待用Hungry Horse來進行評估。這確實是一口外推距離相當大的評估井。另外我們也有一個非常大的Chinook探勘目標（prospect），同樣讓我們非常興奮。

There's tremendous resource up here. We think 50% is a good starting point for us today. With the Savant acquisition that we have on queue, it brings us some starter kit things that we can work with a pipeline, a big gravel pad, there's a dock, there's a runway, a lot of things, and we're going to have a lot of flexibility. But we want to get these two wells down and come back after that. But I think we like having the 50% where we sit today is a good place for us to be.

這裡的資源非常可觀。我們認為50%對我們目前而言是一個很好的起點。隨著我們排程中的Savant收購案，它帶來一些可作為起步套件（starter kit）的東西：我們可以利用的管線、一個大型碎石井場（gravel pad）、有碼頭、有跑道，還有很多設施，這會讓我們有很大的彈性。但我們想先把這兩口井鑽完，之後再回來評估。不過我想，就我們目前的位置而言，我們喜歡維持50%，這對我們是個不錯的狀態。

Very good. Thanks, John.

非常好。謝謝你，John。

You bet.

不客氣。

Charles Meade, Johnson Rice.

Charles Meade，Johnson Rice。

Yes, good morning, John, to you and your whole team there. And Tracey, I want to start by saying circum-Atlantic, that's a new word for me, but I think I understand what it means.

是的，早安，John，也向你和你整個團隊問好。Tracey，我想先說，circum-Atlantic（環大西洋）這個詞對我來說是新詞，但我想我理解它的意思。

John, if I could actually go back to the earlier question around the exploration in Suriname. If I understood you correctly, I think what I inferred from that is that these other prospects that you and Total plan on drilling are similar and -- maybe similar age and similar settings to Krabdagu as opposed to a different or new play type.

John，如果可以的話，我想回到先前關於蘇利南勘探的問題。如果我理解正確，我從你的回答推論，你們和Total計畫要鑽的其他探勘目標，與Krabdagu相似——可能是相近的地質年代、相近的沉積環境——而不是不同或新的成藏類型（play type）。

And I'm wondering -- if I'm understanding that correctly. And then also, all other things being equal, which, of course, they're not, but it looks like the most interesting one to drill would be that one to the west of Sapakara, where it looks like you could test two different prospects with one wellbore. But I wonder if you could just comment on my interpretation there?

我想確認我是否理解正確。另外，在其他條件相同的情況下——當然實際上不可能完全相同——看起來最有趣、最值得鑽的，會是Sapakara以西那個，因為看起來你可以用同一個井筒測試兩個不同的探勘目標。但我想請你評論一下我這樣的解讀？

No. I mean I'd say it is exactly similar reservoirs, right, same play, same age rock. Actually, while Sapakara is really one primary zone, Krabdagu actually has multiple targets, and we've been clear on that. We do see multiple targets to the west there of Sapakara. But as I've said, these are very similar to what we already understand and are part of the development plan for GranMorgu.

不。我是說，我會說它們就是完全相同的儲層，對吧，同一個成藏、同一個地層年代的岩層。其實，Sapakara主要是一個主要層段，而Krabdagu實際上有多個目標，我們也一直很清楚這點。我們確實看到在Sapakara以西有多個目標。但如我所說，這些都與我們已經理解的非常相似，並且是GranMorgu開發計畫的一部分。

So anything you want to add, Tracey?

Tracey，你還想補充什麼嗎？

No, I think, John, that's spot on. We do see as John mentioned, like in Krabdagu, multiple locations where we've got more than one zone that's hydrocarbon bearing. And so I don't think that's going to be uncommon as we continue to drill these out.

沒有，我想，John，你說得很到位。正如John提到的，我們確實看到像在Krabdagu，有多個位置存在不只一個含烴層段。所以我不認為，隨著我們持續鑽探把這些目標鑽開，這會是罕見的情況。

Great. That's it for me. Thank you.

很好。我就這些。謝謝。

Thank you, Charles.

謝謝你，Charles。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Good morning and staying with the theme of Suriname. You mentioned interestingly on the Q&A that the prospects you're targeting are ring-fenced within the development license. Does that mean that if you did pursue a second development that, that development could access the cost oil pool from the existing operations and therefore, be fairly capital efficient?

早安，延續蘇利南這個主題。你在問答中有趣地提到，你們鎖定的潛在目標是在開發許可範圍內被「圈定」的。這是否意味著，如果你們確實推進第二個開發案，那個開發案可以動用既有營運的成本油池，因此在資本使用上會相當有效率？

Bob, I'll just say they're inside the existing bucket, right? So yes, I mean, but.

Bob，我只能說它們是在既有的那個範圍裡，對吧？所以是的，我的意思是，但……

Okay. Interesting. The other question I might have is, typically, in a PSC such as this when there's an exploration phase and you'll relinquish parts of the block that you deem non-prospective over time. And I'm thinking back to Bonboni, for example.

好的。有意思。我另外一個問題是，通常在像這樣的PSC（產量分成合約）中，當處於勘探階段時，你們會隨時間推移放棄你們認為沒有前景的區塊部分。我想到例如Bonboni。

When you chose these prospects, have you relinquished other parts of the block that you deem non-prospective? Or is there a chance to go out and look at a different system or a play idea?

當你們選擇這些目標時，你們是否已放棄區塊中其他你們認為沒有前景的部分？或者是否仍有機會出去看看不同的系統或新的成藏（play）概念？

I mean at this point, we have not relinquished any of 58. In 53, we relinquished everything, except for the little corner that we've got mapped there around [Baja]. But those are -- we've still got some time and some work to do with Staatsolie in terms of Block 58.

我的意思是，就目前而言，我們尚未放棄58區塊的任何部分。在53區塊，我們放棄了除了一小角之外的全部，那一小角就是我們在那裡、在[Baja]周邊完成測繪的部分。但就58區塊而言，我們與Staatsolie之間仍有一些時間與工作需要推進。

I think we'll be able to keep a big piece of this for quite a while. But there are some things in the future where we do have procedures in place that we have to work through with Staatsolie.

我認為我們能在相當長一段時間內保留其中很大一部分。但未來也有一些事項，我們確實有既定程序需要與Staatsolie一起走完。

Okay. Very clear. Thank you.

好的。非常清楚。謝謝。

You bet. Thank you.

不客氣。謝謝你。

Leo Mariani, Roth.

Leo Mariani，Roth。

I wanted to follow up quickly here on Alaska. Obviously, you got some wells drilling over the winter. Just wanted to get a sense of like, is there minimum success case in terms of maybe a couple of hundred million barrels or something like that, that you need to be comfortable with to proceed with development? Anything you can do to help us out would be great there.

我想在阿拉斯加這部分快速追問一下。顯然你們冬季有一些井在鑽探。想了解一下，例如在成功的最低門檻情境下，是否需要大概幾億桶之類的規模，才能讓你們有信心推進開發？你們能提供任何協助我們理解的資訊都會很有幫助。

Yeah, Leo, it's a great question. I'll just say it's early. We announced the discovery well, the two wells, but Sockeye, we have not come back and started talking about what we would need in an FID case or anything at that point, at this time.

是的，Leo，這是個很好的問題。我只能說現在還早。我們公布了發現井、兩口井，但對於Sockeye，我們目前還沒有回過頭來談在FID（最終投資決策）情境下需要什麼條件或諸如此類的內容。

So we want to appraise Sockeye first, get Chinook down and then when we're ready to come back and talk about some things, we can give more color and more detail there.

所以我們想先對Sockeye進行評估（appraise），把Chinook鑽下去，然後等我們準備好再回來談一些事情時，我們可以提供更多背景與細節。

Okay. And then just in the US, obviously, you're doing a little bit more shifting of activity towards the Delaware. It sounds like next year. Just trying to get a sense, is some of that just driven by the fact that you've had such strong gains on efficiency in the Midland that you believe you can probably replicate some of that in the Delaware, which maybe makes it more competitive?

好的。接著在美國這邊，顯然你們明年似乎會把活動再多一些轉向Delaware盆地。聽起來是明年。我想了解的是，這是否部分是因為你們在Midland的效率提升非常顯著，你們相信可以在Delaware複製其中一些成果，從而讓它更具競爭力？

And then secondly, do you still think there's wood to chop on efficiency gains overall in the Permian?

第二，你們是否仍認為在二疊紀（Permian）整體的效率提升方面，還有很多工作可以做？

I mean I think there's definitely wood to chop. We keep staying after it. I think it's more just a function of our portfolio and the prospectivity over time. What we've tried to do is efficiently develop resource. We made great progress in the Midland.

我的意思是，我認為肯定還有很多工作可以做。我們會持續努力。我認為這更多只是我們投資組合以及隨時間推移的前景性所致。我們一直嘗試以高效率方式開發資源。我們在Midland取得了很大進展。

We've also made good progress in the Delaware. But when you just look at our inventory longer term, post Callon, we picked up a lot of potential. We've got a lot of shallow zones; a lot that's in our technical inventory bucket to be moved over.

我們在Delaware也取得了不錯的進展。但當你從更長期的庫存來看，在併購Callon之後，我們增加了很多潛力。我們有很多淺層層位；也有很多仍在我們技術庫存（technical inventory）籃子裡、需要移轉過來的項目。

And so our natural progression with what our acreage footprint today is would be more of a [60%, 40%] split, and you just see us shifting slightly to that. So it's just the natural progression of our program. But definitely see -- as Ben outlined well, we see room for more efficiencies in the Delaware like we've been able to extract in the Midland.

因此，以我們目前的土地（acreage）版圖來看，自然的推進方向會更接近[60%、40%]的分配，而你們看到我們只是略微朝那個方向調整。所以這只是我們計畫的自然演進。但確實——如Ben已經說得很清楚——我們看到在Delaware仍有更多效率提升空間，就像我們在Midland所能挖掘出來的一樣。

Okay, thanks.

好的，謝謝。

Noah Hungness, Wells Fargo.

Noah Hungness，Wells Fargo。

Morning. I just have one quick one here. And it was on your comment there, John, about derisking some of the technical upside locations in the Permian. When we're thinking about your program next year and in a success case, how could we think about the amount of inventory that you guys could derisk in your '27 program?

早安。我這裡只有一個簡短問題。是關於你剛才的評論，John，你提到在二疊紀對一些技術上行（technical upside）井位進行去風險（derisking）。當我們思考你們明年的計畫、在成功情境下，我們應該如何看待你們在你們的「27年計畫」中能去風險的庫存量？

Yeah, no, I mean, we came out in February with a good look at both our -- what we'll call our development inventory and then our technical locations. At some point, we'll come out with another refresh of that. That's something we're constantly working on.

是的，不，我的意思是，我們在2月已經對兩部分做了很好的呈現——我們所稱的開發庫存（development inventory），以及我們的技術井位（technical locations）。在某個時間點，我們會再做一次更新。這是我們一直在持續進行的工作。

We're always testing things. We have what locations as we're consuming inventory in a year. We're also testing things and moving things over. And we'll come back at some point and give an update and a fresh look on that.

我們一直在測試各種做法。在一年內消耗庫存的同時，我們也在測試一些井位，並把一些項目移轉過來。我們也在測試並把一些項目移轉過來。我們會在某個時間點回來提供更新與新的觀點。

But we are constantly appraising and industry is also appraising. We have a lot of HBP acreage. So there is a progression there that has taken place this year. There's more taking place now, and we'll come back and update that. We'll figure out the appropriate cadence, but we rolled that all out in February of earlier this year.

但我們一直在持續評估，整個產業也在評估。我們有很多HBP（Held by Production，因生產而保留）土地。所以今年已經出現一個推進的進程。現在還有更多正在發生，我們會再回來更新。我們會決定合適的更新節奏，但我們是在今年2月把這些內容完整發布的。

Thanks for the color

謝謝補充說明。

Thank you. This concludes the question-and-answer session. I'd like to turn the call back over to John Christmann, CEO, for closing remarks.

謝謝。問答環節到此結束。我想把電話交回給執行長John Christmann作結語。

Thank you. In closing, I will leave you with the following thoughts. First, we continue to deliver strong operational and financial performance, supporting substantial shareholder returns and debt reduction in 2026. Second, improving capital efficiency and ongoing cost savings are enhancing the long-term durability of our core assets in the Permian and Egypt.

謝謝。在結束之前，我想留給各位以下幾點想法。第一，我們持續交出強勁的營運與財務表現，支持在2026年大幅回饋股東並降低負債。第二，資本效率的提升與持續的成本節省，正在強化我們在二疊紀與埃及核心資產的長期韌性。

Lastly, with GranMorgu less than two years from start-up, we have a clear path to a step change in production and free cash flow through the end of the decade and beyond. Combined with our world-class exploration portfolio, we are very well positioned to deliver differentiated long-term shareholder value. Thank you.

最後，GranMorgu距離投產不到兩年，我們有清晰路徑在本十年末及其後實現產量與自由現金流的階梯式提升。結合我們世界級的勘探投資組合，我們處於非常有利的位置，能夠創造差異化的長期股東價值。謝謝。

Thank you for your participation. You may now disconnect. Good day.

感謝各位的參與。您現在可以斷線。祝各位有美好的一天。