康菲 (COP) 2024 Q1 法說會逐字稿

Welcome to the First Quarter 2024 ConocoPhillips Earnings Conference Call. My name is Liz, and I will be your operator for today's call. (Operator Instructions).

歡迎參加康菲石油公司 2024 年第一季財報電話會議。我叫莉茲，我將擔任您今天通話的接線生。 （操作員說明）。

I will now turn the call over to Phil Gresh, Vice President, Investor Relations. Sir, you may begin.

我現在將把電話轉給投資者關係副總裁 Phil Gresh。先生，您可以開始了。

Thank you, Liz, and welcome, everyone, to our First Quarter 2024 Earnings Conference Call. On the call today, we have several members in the ConocoPhillips' leadership team, including Ryan Lance, Chairman and CEO; Tim Leach, Adviser to the CEO; Bill Bullock, Executive Vice President and Chief Financial Officer; Andy O'Brien, Senior Vice President of Strategy, Commercial Sustainability and Technology; Nick Olds, Executive Vice President of Lower 48; and Kirk Johnson, Senior Vice President of Global Operations.

謝謝 Liz，歡迎大家參加我們的 2024 年第一季財報電話會議。參加今天的電話會議的有康菲石油公司領導團隊的幾位成員，其中包括董事長兼執行長 Ryan Lance；提姆·利奇（Tim Leach），執行長顧問；比爾‧布洛克，執行副總裁兼財務長； Andy O'Brien，策略、商業永續發展與技術資深副總裁； Nick Olds，Lower 48 執行副總裁；柯克·約翰遜（Kirk Johnson），全球營運資深副總裁。

Ryan and Bill will kick it off with opening remarks, after which the team will be available for your questions. A few quick reminders. First, along with today's release, we published supplemental financial materials and a slide presentation, which you can find on the Investor Relations website. Second, during this call, we will make forward-looking statements based on current expectations. Actual results may differ due to factors noted in today's release and in our periodic SEC filings. We will make reference to some non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website. And third, of course, when we move to Q&A, we will be taking one question per caller.

瑞安和比爾將以開場白開始，之後團隊將回答您的問題。一些快速提醒。首先，在今天發布的同時，我們也發布了補充財務資料和幻燈片簡報，您可以在投資者關係網站上找到這些資料。其次，在這次電話會議中，我們將根據目前預期做出前瞻性陳述。由於今天的新聞稿和我們定期向 SEC 提交的文件中提到的因素，實際結果可能會有所不同。我們將參考一些非公認會計準則財務指標。您可以在今天的新聞稿和我們的網站上找到最接近的相應 GAAP 衡量標準的調整表。第三，當然，當我們進行問答時，我們將為每個來電者回答一個問題。

So with that, I will turn it over to Ryan.

因此，我將把它交給瑞安。

Thanks, Phil, and thank you to everyone for joining our first quarter 2024 earnings conference call. It was another solid quarter of focused execution across the portfolio on our strategic plan. Starting with our international projects. We continue to ramp up production at Surmont Pad 267 in Canada, Bohai Bay 4B in China and 3 subsea tiebacks in Norway. And we expect to start up the fourth subsea tieback in Norway in the next month. In Canada at Montney, production reached a new record level following the start-up of the second central processing facility, leading to over 20% growth versus the fourth quarter.

謝謝 Phil，也謝謝大家參加我們的 2024 年第一季財報電話會議。這是我們整個投資組合集中執行策略計畫的又一個堅實的季度。從我們的國際項目開始。我們持續提高加拿大 Surmont Pad 267、中國渤海灣 4B 和挪威 3 個海底回接計畫的產量。我們預計下個月將在挪威啟動第四次海底回接。在加拿大蒙特尼，第二個中央處理設施啟動後，產量達到了新的紀錄水平，較第四季度增長了 20% 以上。

Shifting to our other projects. We are wrapping up a successful first major winter construction season at Willow this week and module fabrication is going according to plan. As we build out our LNG portfolio, our Qatar and Port Arthur projects are also progressing well.

轉移到我們的其他項目。本週，我們將在 Willow 成功結束第一個主要冬季施工季節，模組製造正在按計劃進行。在我們建立液化天然氣投資組合的同時，我們的卡達和亞瑟港計畫也進展順利。

Moving to the Lower 48. Our primary focus remains on capital efficient growth as we continue to improve efficiency in drilling and completions. For 2024, we still expect to deliver low single-digit production growth at flat activity levels with lower capital spending versus 2023. Shifting to return of capital, we remain on track to distribute at least $9 billion to shareholders this year. And we announced a VROC of $0.20 per share for the second quarter, consistent with our guidance of a 60-40 split between buybacks and cash distributions for the year.

轉向下 48 個國家。與 2023 年相比，我們仍預期 2024 年將在活動水準持平的情況下實現較低的個位數產量成長，資本支出較低。我們宣布第二季的 VROC 為每股 0.20 美元，這與我們今年回購和現金分配比例為 60-40 的指引一致。

To wrap up, it was a solid start to the year. We are on track with the full year guidance that we laid out back in February, which anticipates a well-balanced growth across our global portfolio. And as we discussed in our Analyst and Investor Meeting last year, we continue to invest in our deep, durable and diverse asset base, which will drive significant cash flows and shareholder distributions over the course of our 10-year plan.

總而言之，這是今年的好開始。我們正在按照 2 月制定的全年指引走上正軌，該指引預計我們的全球投資組合將實現均衡成長。正如我們在去年的分析師和投資者會議上討論的那樣，我們將繼續投資於我們深厚、持久和多樣化的資產基礎，這將在我們的十年計劃期間推動大量現金流和股東分配。

Now let me turn the call over to Bill to cover our first quarter performance and 2024 guidance in more detail.

現在讓我將電話轉給 Bill，更詳細地介紹我們第一季的業績和 2024 年的指導。

Thanks, Ryan. In the first quarter, we generated $2.03 per share in adjusted earnings. We produced 1,902,000 barrels of oil equivalent per day, representing 2% underlying growth year-over-year. Lower 48 production averaged 1,046,000 barrels of oil equivalent per day with 736,000 in the Permian, 197,000 in the Eagle Ford and 96,000 in the Bakken. Now this included a 25,000 barrel per day headwind from weather, which impacted Lower 48 production by about 2% and was slightly higher than the 20,000 barrel per day guidance provided on the fourth quarter call.

謝謝，瑞安。第一季度，我們調整後每股收益為 2.03 美元。我們每天生產 1,902,000 桶油當量，年增 2%。下 48 個州的平均日產量為 1,046,000 桶油當量，其中二疊紀盆地為 736,000 桶油當量，Eagle Ford 為 197,000 桶油當量，巴肯盆地為 96,000 桶油當量。現在，這包括來自天氣的 25,000 桶/日逆風，這對 Lower 48 州的產量產生了約 2% 的影響，略高於第四季度電話會議上提供的 20,000 桶/日指導。

As a result, Lower 48 underlying growth was roughly 1% year-over-year. Now for the rest of the company, Alaska International production averaged 856,000 barrels of oil equivalent per day, representing roughly 4% underlying growth year-over-year, excluding the Surmont acquisition effects, and this really highlights the benefit of our diversified global portfolio.

因此，Lower 48 地區的基本成長率年比約為 1%。現在，對於該公司的其他部門來說，阿拉斯加國際公司的平均產量為每天 856,000 桶油當量，年增約 4%（不包括 Surmont 收購影響），這確實凸顯了我們多元化全球投資組合的優勢。

Moving to cash flows. First quarter CFO was $5.1 billion, which included APLNG distributions of $521 million. Capital expenditures were $2.9 billion. Debt retirement payments were $500 million, and this was partially offset by proceeds of $200 million from disposition of non-core assets. And we returned $2.2 billion to shareholders in the quarter, including $1.3 billion in buybacks and $900 million in ordinary dividends and VROC payments. We ended the quarter with cash and short-term investments of $6.3 billion and $1.1 billion in longer-term liquid investments.

轉向現金流。第一季財務長為 51 億美元，其中包括 5.21 億美元的 APLNG 分配。資本支出為 29 億美元。債務清償金額為 5 億美元，部分被非核心資產處分收益 2 億美元抵銷。本季我們向股東返還 22 億美元，其中包括 13 億美元的回購以及 9 億美元的普通股利和 VROC 付款。截至本季末，我們的現金和短期投資為 63 億美元，長期流動投資為 11 億美元。

Turning to guidance. We've maintained our full year production outlook of 1.91 million to 1.95 million barrels of oil equivalent per day, which translates to 2% to 4% underlying growth. And for the second quarter, we expect production to be in the range of 1.91 million to 1.95 million barrels a day equivalent, also which represents a similar 2% to 4% year-over-year underlying growth. Our full year turnaround forecast is 30,000 barrels per day. This includes 25,000 barrels per day of turnarounds in the second quarter, primarily in Alaska, Norway and Qatar and 90,000 barrels per day for the third quarter. And as we mentioned on the last earnings call, the heavy third quarter maintenance was driven by our once every 5-year turnaround at Surmont.

轉向指導。我們維持全年產量預期為每天 191 萬至 195 萬桶油當量，這意味著基礎成長率為 2% 至 4%。對於第二季度，我們預計產量將在每天 191 萬桶至 195 萬桶當量之間，這也代表著類似的同比 2% 至 4% 的基本增長。我們全年的周轉量預測為每天 30,000 桶。其中包括第二季度每天 25,000 桶的周轉量（主要在阿拉斯加、挪威和卡達）以及第三季度每天的 90,000 桶。正如我們在上次財報電話會議上提到的，第三季度的繁重維護是由我們在 Surmont 每 5 年一次的周轉所推動的。

For CapEx, our full year guidance remains $11 billion to $11.5 billion with a greater weight to the first half of the year. Now this is due to the $400 million of equity contributions at Port Arthur LNG that are almost entirely in the first half of the year, as we discussed on the last call. For APLNG, we expect $300 million of distributions in the second quarter with no change to full year guidance of $1.3 billion.

對於資本支出，我們的全年指引仍為 110 億至 115 億美元，其中上半年的比重更大。現在，這是由於亞瑟港液化天然氣公司 4 億美元的股權出資幾乎全部發生在今年上半年，正如我們在上次電話會議中討論的那樣。對於 APLNG，我們預計第二季的分配額為 3 億美元，全年指引為 13 億美元，沒有變動。

And finally, for the second quarter, we're forecasting a $600 million working capital outflow related to tax payments and timing in the U.S. and Norway. All other full year guidance items are unchanged. So we continue to deliver on our strategic initiatives. We remain focused on executing our plan for 2024 and we're committed to staying highly competitive on our shareholder distributions.

最後，我們預計第二季美國和挪威與納稅和時間安排相關的營運資金將流出 6 億美元。所有其他全年指導項目保持不變。因此，我們將繼續實施我們的策略性舉措。我們仍然專注於執行 2024 年的計劃，並致力於在股東分配上保持高度競爭力。

That concludes our prepared remarks. I'll now turn it back over to the operator to start the Q&A.

我們準備好的演講到此結束。我現在將其轉回操作員以開始問答。

(Operator Instructions) Our first question comes from the line of Devin McDermott from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Devin McDermott。

I wanted to ask about Alaska. You noted that you just completed the first and are completing the first winter construction season for the Willow project. I was wondering if you could give us a little bit more detail on what was completed this past winter, how it went versus plan? And as we look ahead, what are some of the next key milestones we should be focused on for the project.

我想問一下阿拉斯加的情況。您注意到您剛剛完成了第一個項目，並且正在完成 Willow 項目的第一個冬季施工季節。我想知道您能否向我們提供更多有關去年冬天完成的工作的詳細信息，以及與計劃相比進展如何？展望未來，我們應該關注該專案的下一個關鍵里程碑是什麼。

Devin, this is Kirk. Yes. So we had a really strong start to project execution here on Willow this year. We were actively closing out here this week actually, our first major winter construction season on the North Slope where we were able to successfully mobilize over 1,200 workers and were able to successfully build out 7 miles of gravel road, 30 miles of gravel pads, 30 acres of gravel pads for future facilities. And we've successfully constructed all of the pipelines that we planned for this winter season. Certainly, in addition, module fabrication has continued to progress really well here this winter and this spring. And we're expecting to be ready to transport the first of those modules to the North Slope here on schedule here midyear, which is the Willow operations center.

德文，這是柯克。是的。因此，今年我們在 Willow 上的專案執行有了一個非常強勁的開端。事實上，本週我們正在積極收尾，這是我們在北坡的第一個主要冬季施工季節，我們成功動員了1,200 多名工人，並成功建造了7 英里的碎石路、30 英里的碎石墊、30數英畝的礫石墊用於未來的設施。我們已經成功建造了今年冬季計劃的所有管道。當然，此外，今年冬天和今年春天，模組製造繼續進展順利。我們預計將在年中按計劃將第一個模組運送到北坡，即 Willow 營運中心。

We still expect to be in the range of $1.5 billion here for 2024 and the progress that we're making here this year gives us confidence to keep our estimate on total capital to first production as being remaining unchanged. So we're still in that $7 billion to $7.5 billion range. And again, that's underpinned not just by the progress that we're making here on construction here this year, both on the North Slope and our offsite module fabrication. But we continue to make some really strong progress on our contractual scope.

我們仍然預計 2024 年的投資額將在 15 億美元左右，而我們今年的進展使我們有信心保持對首次生產總資本的估計不變。所以我們仍然處於 70 億至 75 億美元的範圍內。再說一遍，這不僅僅是我們今年在北坡和場外模組製造方面取得的進展所支撐的。但我們繼續在合約範圍方面取得一些真正的重大進展。

We've landed 3/4 of our total project scope here to date, and we have an expectation that we could be upwards of 90% of our total scope contractor here by year-end. And so as we look forward here for the remainder of the year, obviously, we're going to continue off-site module fabrication for production facilities, and then we'll continue to ramp up both procurement and certainly prepare for the follow-on winter construction season. So again, great progress here on the Willow project this year and putting us in a really strong position. We do these projects a lot in Alaska, and it's great to see the teams making the progress they are here yet again this year.

到目前為止，我們已經在這裡完成了總專案範圍的 3/4，預計到年底我們可以成為這裡承包商總範圍的 90% 以上。因此，當我們展望今年剩餘時間時，顯然，我們將繼續為生產設施進行場外模組製造，然後我們將繼續加大採購力度，並為後續做好準備冬季施工季節。再說一遍，今年 Willow 計畫取得了巨大進展，使我們處於非常有利的地位。我們在阿拉斯加經常進行這些項目，很高興看到團隊今年再次在這裡取得進展。

Our next question comes from the line of Neil Mehta with Goldman Sachs.

我們的下一個問題來自尼爾梅塔與高盛的對話。

I wanted to spend some time talking about return of capital, and it is notable in the release you talked about at least $9 billion. So just your framework for thinking about what the right level of return of capital, it is early in the year. Oil prices have been volatile, gas prices have been weak, but certainly, you have a terrific balance sheet and have the capacity to raise that number. So I'd love your perspective on that.

我想花一些時間討論資本回報，值得注意的是您談到的至少 90 億美元的發行版。因此，您在今年年初就思考什麼是正確的資本回報水平的框架。石油價格波動很大，天然氣價格疲軟，但可以肯定的是，你擁有出色的資產負債表，並且有能力提高這個數字。所以我很想聽聽你對此的看法。

Yes. Thanks, Neil. No, I think we want to divestiture. Look, we believe we're in good shape with the 9 day that we described early in the year. I think you look at a reasonable percentage of our cash flow through the first quarter of this year, similar to what we've done in years past. We recognize that the price that we're experiencing today is well above our mid-cycle. So our investors should expect well above 30% of our cash flow going back to them.

是的。謝謝，尼爾。不，我想我們想剝離。看，我們相信我們在年初描述的 9 天中處於良好狀態。我認為你會看到今年第一季我們現金流的合理百分比，與我們過去幾年的做法類似。我們認識到，今天的價格遠高於週期中期。因此，我們的投資者應該預期我們 30% 以上的現金流會回到他們身上。

We're monitoring kind of the volatility, as you mentioned, Neil, and again, it's not just sort of in WTI or Brent markers, it's in all the markers, NGL, LNG and natural gas as well. So it's a function where we just want to see some durability to some of the prices to see where they end the year and you can expect to get a fair percentage of our cash flow return back to our shareholders like we've done over the last number of years.

正如您所提到的，Neil，我們正在監測某種波動性，而且，這不僅僅是 WTI 或布蘭特原油價格的波動，還包括所有天然氣產品、液化天然氣、液化天然氣和天然氣的波動。因此，在這個功能中，我們只想看到某些價格的持久性，看看它們在今年結束時的情況，並且您可以期望我們將相當比例的現金流回報給股東，就像我們去年所做的那樣年數。

Our next question comes from the line of Lloyd Byrne with Jefferies.

我們的下一個問題來自勞埃德·伯恩和傑弗里斯的對話。

Ryan, can you just comment strategically on the Permian gas and just kind of how you see that playing out? You guys have been really proactive in integrating some of that gas and looking forward, but any target levels you have? And maybe just how you're thinking about some of those differentials.

Ryan，您能否對二疊紀天然氣進行策略性評論，以及您如何看待這種情況的發展？你們一直在積極主動地整合一些氣體並展望未來，但是你們有目標水平嗎？也許只是你如何看待其中一些差異。

Yes. Thanks, Lloyd. I can -- Bill's got some information there that he can share. I think you're right. We've been thinking about this for the last number of years trying to build out an LNG strategy and to complement what we're doing on the commercial side, the gas that we move around the Lower 48 to expose ourselves to some of the arms that are open even today. So I can let Bill add a little bit more color to that.

是的。謝謝，勞埃德。我可以——比爾在那裡得到了一些他可以分享的資訊。我想你是對的。過去幾年我們一直在考慮這個問題，試圖制定液化天然氣戰略，並補充我們在商業方面所做的工作，我們在 Lower 48 地區運輸天然氣，使自己暴露在一些武器之下即使在今天仍然開放。所以我可以讓比爾為此添加更多色彩。

Yes, sure. Lloyd, so as we talked about in the past, we have -- we shipped to multiple markets. We've got transport capacity to the Gulf. We've got transport capacity on West Coast. We're very supportive of offtake capacity from the Permian Basin. In fact, we do have some firm capacity on the upcoming Matterhorn pipeline, but a sizable portion of our volume also is exposed to prices and in-basin pricing. We don't disclose what percentage moves to each location for commercial reasons. But a really good way to think about the company's realizations is as a percentage of capture of first of month Henry Hub pricing that's what we show.

是的，當然。勞埃德，正如我們過去談到的，我們已經向多個市場發貨。我們有通往海灣的運輸能力。我們在西海岸擁有運輸能力。我們非常支持二疊紀盆地的承壓能力。事實上，我們確實對即將建成的馬特洪峰管線擁有一定的產能，但我們的產量中很大一部分也受到價格和流域內定價的影響。出於商業原因，我們不會透露轉移到每個地點的百分比。但考慮公司實現的一個真正好的方法是我們展示的亨利中心第一個月定價的百分比。

First quarter, we were about 70% realization. That was a little bit higher than fourth quarter, so in a good position. And obviously, the Permian Basin has got some transitory issues right now with gas pricing, you're start seeing pricing go negative in towards the end of the first quarter and as we go into the second quarter. So I think everyone is expecting to see a lot of volatility this year. We certainly expect realization in the second quarter to be particularly low, but these are transitory that as we come out the back of the year with takeaway capacity, we expect that to return to more normal levels.

第一季度，我們實現了約 70%。這比第四季略高，因此處於有利位置。顯然，二疊紀盆地目前的天然氣定價存在一些暫時性問題，您會開始看到價格在第一季末和進入第二季時出現負值。所以我認為每個人都預期今年會出現很大的波動。我們當然預計第二季的實現量會特別低，但這些都是暫時的，隨著我們在今年稍後外送能力的提高，我們預計將恢復到更正常的水平。

And as you know, we've got a very sophisticated gas marketing organization. We are moving several multiples of our equity production. So our flow assurance is very good for the company, and we've got access to competitive market pricing. And that flow insurance really is important because we don't routinely flare, and we want to be able to continue to produce mix, we've got strong return profiles in the Permian, primarily driven by oil.

如您所知，我們擁有非常先進的天然氣行銷組織。我們正在轉移幾倍的股權產量。因此，我們的流量保證對公司來說非常有利，而且我們可以獲得有競爭力的市場定價。流動保險確實很重要，因為我們不會定期燃燒，而且我們希望能夠繼續生產混合物，我們在二疊紀地區獲得了強勁的回報，主要由石油驅動。

Our next question comes from the line of Scott Hanold with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場部的 Scott Hanold。

I'd like to take a look at the Lower 48 activity. Obviously, 1Q is down a little bit just because of the weather, but can you give us some color on how you see that progressing through the year? Should we see a nice bounce back in 2Q and then that steady kind of slow single-digit kind of rise through the course of the rest of this year?

我想看 Lower 48 的活動。顯然，由於天氣原因，第一季略有下降，但您能否告訴我們您如何看待這一年的進展？我們是否應該在第二季度看到良好的反彈，然後在今年剩餘時間內實現穩定的緩慢個位數成長？

Yes. This is Nick, Scott. Maybe I'll take you through kind of the Permian update in Lower 48, what we see -- as you noted there, we had the headwinds of weather downtime, as Bill referenced in his prepared remarks. As we look at that, we would have -- you exclude weather, we have about 3% year-over-year of growth there. In addition, remember, we took the operational frac gap at Eagle Ford in the second half of 2023. So we had some impact in Q1 there because of wells coming online kind of the second half of the Q1 time period. Overall, for Permian, we're very focused on just driving efficient operations out there. We've got flat activity with rigs and frac crews. We may bump up quarter-to-quarter. I'd also mention that on the first half of our development plan out in the Permian is really focused on the Delaware and then we'll pivot to on the second half more oil weighted towards the Midland Basin, where we've got some of our larger pad projects and some 3-mile laterals coming online.

是的。這是尼克，史考特。也許我會帶你了解下48 層二疊紀的更新情況，我們所看到的——正如你在那裡指出的，我們遇到了天氣停工的不利因素，正如比爾在他準備好的講話中提到的那樣。當我們看到這一點時，如果排除天氣因素，我們的年增長率約為 3%。此外，請記住，我們在 2023 年下半年考慮了 Eagle Ford 的營運壓裂缺口。總的來說，對於二疊紀來說，我們非常專注於推動高效營運。我們的鑽井平台和壓裂人員活動平淡。我們可能會逐季度上漲。我還想提一下，我們在二疊紀盆地的開發計劃的前半部分實際上主要集中在特拉華州，然後我們將在下半年將更多的石油轉向米德蘭盆地，在那裡我們有一些我們較大的護墊項目和一些3 英里的支線項目即將上線。

Again, Scott, the teams are just, again, laser focused on capital efficiency, both on drilling and completions. We see good results from the combination of, for example, simul-frac and remote fracs. So we continue to see those efficiency improvements on the operating side for fracs. And then on the drilling side, I think we've mentioned several times, we've got a real-time drilling intelligence group out there monitoring the rigs 24/7. So that's really seeing promise as well.

斯科特，團隊再次專注於鑽井和完井的資本效率。例如，我們看到了同步壓裂和遠程壓裂相結合的良好結果。因此，我們繼續看到壓裂操作的效率提高。然後在鑽井方面，我想我們已經多次提到，我們有一個實時鑽井情報小組 24/7 監控鑽機。所以這也確實是有希望的。

So on the efficiency front, we're seeing that roll through. If you look back as far as taking in account the weather that Bill had mentioned on 25,000 barrels equivalent per day and also accounting for the impact of the Eagle Ford frac app, you can look at 1Q kind of being the low point for the year around production, we'll see progressively higher production kind of Q2, Q3, Q4. And again, we've got some larger pad projects coming on in second half of the year in the Midland Basin. So increasingly favorable trajectory on production. All in, as we talked about before, the plan that we laid out was low single digits of growth in that 2% to 4% range.

因此，在效率方面，我們看到了這一點。如果您回顧比爾提到的每天 25,000 桶當量的天氣情況，並考慮到 Eagle Ford 壓裂應用程式的影響，您可以看到第一季是全年的最低點產量，我們將看到第二季度、第三季、第四季的產量逐漸增加。同樣，我們將在今年下半年在米德蘭盆地開展一些更大的油田項目。因此，生產軌跡越來越有利。總而言之，正如我們之前談到的，我們制定的計劃是 2% 到 4% 範圍內的低個位數成長。

Our next question comes from the line of Betty Jiang with Barclays.

我們的下一個問題來自於Betty Jiang與巴克萊銀行的對話。

Nick, you set that up for me really well because I want to follow up on the Permian and then the efficiency gains that you guys are seeing. We are hearing from other operators significant efficiencies from e-fracs and longer laterals. I would just love to get more color what you guys are seeing and how that's tracking versus the corporate plan and importantly, how that's getting translated into the capital efficiency that you're seeing in the basin relative to plan?

尼克，你為我設定得非常好，因為我想跟進二疊紀，然後是你們看到的效率提升。我們從其他業者獲悉，電子壓裂和更長的支管可顯著提高效率。我只是想了解更多關於你們所看到的內容以及它是如何追蹤公司計劃的，更重要的是，這如何轉化為你們在盆地中看到的相對於計劃的資本效率？

Yes. Well, good. Let's start on some of the longer laterals. I talked a little about previously on the operating efficiency on the frac spreads and drilling. Again, our teams are very focused on long lateral development as we go forward. As a reminder for the group on the phone, if you look at our Permian inventory, 80% of the laterals are 1.5 miles or greater, and we got 60% 2 miles or greater. If you look specifically at 2024, again, 80% of the wells or 1.5 miles or greater and about 20% are 3-mile laterals. And we've got -- as I mentioned before, we got some of those longer laterals coming online in the second half of this year.

是的。嗯，很好。讓我們從一些較長的支線開始。我之前談過一些關於壓裂價差和鑽井的運作效率。同樣，我們的團隊在前進過程中非常注重長期橫向發展。提醒一下電話中的團隊，如果您查看我們的二疊紀庫存，您會發現 80% 的支線長度為 1.5 英里或更長，而我們 60% 的支線長度為 2 英里或更長。如果你特別關注 2024 年，你會發現 80% 的油井長度為 1.5 英里或更長，約 20% 的油井長度為 3 英里。正如我之前提到的，我們已經在今年下半年上線了一些較長的支線。

We see up to that 30% to 40% improvement on cost of supply when you move from a 1-mile lateral to a 3-mile lateral. So we're seeing those efficiency improvements out there. Maybe just staying on the drilling side, specifically in the Midland Basin. We've had some recent success there, where we've had internal record wells. We look from spud to rig release, so very favorable performance over the last 3 months, and we continue to see that on the drilling side. And the bottom line is it does translate as we focus in on more feet per day, more stages per day, more pumping hours per day. And we've seen that 10% to 15% improvement of pumping hours from 2022 to 2033. That all translates to improved capital efficiency and therefore, lowering your cost supply. So it's very encouraging across all fronts.

當您從 1 英里橫向移動到 3 英里橫向移動時，我們發現供應成本可降低 30% 到 40%。所以我們看到了效率的提升。也許只是停留在鑽探方面，特別是在米德蘭盆地。我們最近在那裡取得了一些成功，我們擁有內部記錄井。我們從鑽機到鑽機的釋放來看，過去三個月的表現非常有利，我們在鑽井方面也將繼續看到這一點。最重要的是，當我們專注於每天更多的英尺、每天更多的賽段、每天更多的泵送時間時，它確實會轉化。我們已經看到，從 2022 年到 2033 年，抽水時間將提高 10% 到 15%。因此，這在各方面都非常令人鼓舞。

Our next question comes from the line of Roger Read with Wells Fargo.

我們的下一個問題來自富國銀行的羅傑·里德（Roger Read）。

Maybe, Ryan, just get your updated thoughts on the global LNG market. You've obviously got a pretty good footprint, you're expanding it here, just how you're thinking about it over the next let's say, 2 to 3 years as some of these newer projects come online?

瑞安，也許您只是了解您對全球液化天然氣市場的最新想法。顯然，您已經取得了相當不錯的足跡，您正在這裡擴展它，那麼您如何考慮在接下來的兩到三年內，當其中一些新項目上線時？

Yes. Thanks, Roger. I'll take a shot and maybe let Andy chime in a little bit as well. But as I said earlier, I think we certainly step back to a few years ago and wanted to continue to grow our LNG exposure in that position. We know the markets. We have our own technology. We know the business quite well, and we do have a strategic intent to continue to try to grow that. And it's really participating in all facets of it, the production side here in North America, in Qatar, in Australia, being in the liquefaction side here in North America and elsewhere being -- having ships and being in the regas potential as well.

是的。謝謝，羅傑。我會嘗試一下，也許也讓安迪插嘴。但正如我之前所說，我認為我們肯定會回到幾年前，並希望繼續擴大我們在這一領域的液化天然氣業務。我們了解市場。我們有自己的技術。我們非常了解這項業務，並且我們確實有繼續努力發展業務的策略意圖。它確實參與了它的各個方面，在北美、卡達、澳洲的生產方面，在北美和其他地方的液化方面——擁有船舶並具有再氣化潛力。

So trying to grow that integrated business as well even at sort of the lower Henry Hub prices you see today, the arb is still open to make money and make a decent rate of return as you move some of that LNG to Europe and to Asia it's a long-term business that we're interested in. So I can let Andy chime in on a few more specifics as well.

因此，即使在您今天看到的亨利中心價格較低的情況下，也試圖發展這種綜合業務，當您將部分液化天然氣轉移到歐洲和亞洲時，套利仍然可以賺錢並獲得可觀的回報率。這是我們感興趣的長期業務。 所以我也可以讓安迪插話一些更多細節。

Yes. Thanks, Ryan, and thanks, Roger, for the question. I think this is a bit of our business that I don't think is completely understood. So it might be helpful if I just put sort of some of the details around it. As Ryan said, if you go back all the way to 2022, we increased our ownership on the resource side with taking more equity in APLNG. And then we've also participated in the 2 Qatari expansion projects.

是的。謝謝瑞安，也謝謝羅傑提出的問題。我認為這是我們的業務，但我認為還沒有被完全理解。因此，如果我只是提供一些細節，可能會有所幫助。正如 Ryan 所說，如果你一直追溯到 2022 年，我們透過獲得 APLNG 的更多股權來增加我們在資源方面的所有權。然後我們也參與了卡達的兩個擴建計畫。

And I think where you were specifically going with your question on really more from the commercial perspective. So on the Gulf Coast, we've secured 5 MTPA of offtake from Port Arthur, and we also have a 30% equity interest there. We've also secured offtake on the West Coast of Mexico with 2.2 MTPA of Saguaro LNG and that one is pending FID and 0.2 MTPA of offtake for 5 years starting in 2025 from ECA Phase 1. So all in, our offtake in North America is about 7.4 MTPA pending the FID at Saguaro.

我認為你的問題具體是從商業角度來看的。因此，在墨西哥灣沿岸，我們已經從亞瑟港獲得了 5 MTPA 的承購權，我們也擁有那裡 30% 的股權。我們還在墨西哥西海岸獲得了2.2 MTPA 的Saguaro LNG 承購權，其中一項正在等待最終投資決定，並且從ECA 第一階段開始，為期5 年，從2025 年開始承購0.2 MTPA。北美的承購量大約是 7.4 MTPA，等待 Saguaro 的 FID。

Then switching to the regas side of things, we now have 4.5 MTPA secured in Europe. This includes 2.8 MTPA of capacity at the German LNG. Now up to 2 of that will support our LNG SPAs with Qatar and we also have 1.7 MTPA of regas capacity at the gate terminal in the Netherlands. So over the near term, our focus is on continuing to ladder in the regas opportunities. And over the longer term, maybe think about 10 to 15 MTPA has a good range of offtake capacity to think about. This will allow us to achieve the full benefits of scale across our organization.

然後轉向再氣化方面，我們現在在歐洲擁有 4.5 MTPA。其中包括德國液化天然氣公司 2.8 MTPA 的產能。現在，其中多達 2 個將支援我們與卡達的 LNG SPA，並且我們在荷蘭的門站還擁有 1.7 MTPA 的再氣化能力。因此，短期內，我們的重點是繼續擴大再氣化機會。從長遠來看，也許考慮 10 到 15 MTPA 具有良好的承購能力範圍。這將使我們能夠在整個組織中充分實現規模效益。

I do want to be clear, this is an offtake ambition. We don't feel that we have to take on additional liquefaction capital. So for competitive reasons, we don't get into the specifics of where we're actually developing offtake and regas right now. But needless to say, that's something that's front of mind for us. So I know that was a lot of detail, but hopefully, that helps everyone sort of just frame up sort of the moving parts we have going on, on the LNG business.

我確實想澄清，這是一個承購野心。我們認為我們不必承擔額外的液化資本。因此，出於競爭原因，我們不會詳細了解我們現在實際開發承壓和再氣化的具體情況。但不用說，這是我們首先考慮的事情。所以我知道這有很多細節，但希望這能幫助每個人建立我們在液化天然氣業務上正在進行的一些活動部分。

Our next question comes from the line of Nitin Kumar with Mizuho.

我們的下一個問題來自 Nitin Kumar 和 Mizuho 的對話。

Ryan, there's been some news report saying that linking you to a potential bid on the Citgo refining assets, there was also some articles and notes saying that you're considering the sale of part of your equity interest in LNG. I'm not going to ask you to comment on specific transactions. But as you look at the portfolio today and the evolving macroeconomic outlook, are there opportunities for portfolio optimization? And maybe you can comment on a few of them.

Ryan，有一些新聞報導您可能參與 Citgo 煉油資產的潛在競標，也有一些文章和註釋稱您正在考慮出售部分 LNG 股權。我不會要求你對具體交易發表評論。但當您審視當今的投資組合和不斷變化的宏觀經濟前景時，是否存在投資組合優化的機會？也許你可以評論其中的一些。

Yes. Thanks, Nitin. I say, first, now on the Citgo, we're watching that process. Look, we're a creditor in that process. So we own quite a bit of money by the Venezuelans. So we're watching that process pretty closely. Look, I'm not trying -- we're not trying to become an integrated refining or major with -- refining in our portfolio. This is the way to protect what's the company and the credit that we have against the Venezuelan government. So we're watching that and following that process pretty closely, but that's to get the money that they owe us for the judgments that we have against the Venezuelan government for the expropriation of our assets. Look, we're obviously optimizing the portfolio. I think in the last call, Andy mentioned the acquisition of some APLNG interest a couple of years ago.

是的。謝謝，尼廷。我說，首先，現在我們正在 Citgo 上觀察這個過程。看，我們是這個過程中的債權人。因此，我們擁有委內瑞拉人的大量資金。所以我們正在密切關注這個過程。聽著，我並沒有試圖——我們並沒有試圖成為一個綜合煉油公司或主要從事——我們的投資組合中的煉油業務。這是保護公司以及我們在委內瑞拉政府面前的信譽的方法。因此，我們正在密切關注這一過程，但這是為了拿回他們欠我們的錢，因為我們對委內瑞拉政府徵用我們的資產做出了判決。看，我們顯然正在優化產品組合。我想在上次電話會議中，安迪提到了幾年前收購一些 APLNG 權益。

We've secured the full interest at Surmont here in the last year. So we're always looking at opportunities that make the company better. And those are 2 great opportunities that came along at the right time, and we are at the right place to add to the portfolio. We think about the disposition side, we sold assets over the last couple of years where they don't compete in the portfolio and our cost of supply thresholds.

去年我們已經獲得了蘇爾蒙特的全部權益。因此，我們一直在尋找讓公司變得更好的機會。這是在正確的時間出現的兩個絕佳機會，我們正處於正確的位置來添加到投資組合中。我們考慮處置方面，我們在過去幾年中出售了資產，這些資產在投資組合和我們的供應成本門檻中不具有競爭性。

Then the team knows that they need to improve or move out of the portfolio and we do that constantly. We don't have any major large disposition programs that we're thinking about inside the company. We just do that as a normal course of business just to improve the company.

然後團隊知道他們需要改進或退出投資組合，我們會繼續這樣做。我們公司內部沒有考慮任何重大的處置計劃。我們這樣做只是作為正常業務過程，只是為了改善公司。

With regard to Port Arthur, look, we've had some inbounds on the equity interest that we have, and we're taking a look at that. Trying to understand as what's right for the company going forward. As Andy mentioned in the last question, look, we're not -- we don't necessarily need to be an equity owner in these things. We wanted Port Arthur to launch the project in Phase 1. So we did that. But we're not married to it, if the right opportunity comes along. So we continue to look at those opportunities at all. We're in the market every day. And we're trading in the market, and we're looking at the market and doing things that we think make the company better.

關於亞瑟港，我們所擁有的股權有一些流入，我們正在考慮這一點。試著了解什麼對公司的未來是正確的。正如安迪在上一個問題中提到的，看，我們不是——我們不一定需要成為這些事情的股權所有者。我們希望亞瑟港在第一階段啟動這個計畫。但如果有合適的機會，我們不會就此結婚。因此，我們將繼續關注這些機會。我們每天都在市場裡。我們在市場上進行交易，我們正在關注市場並做我們認為能讓公司變得更好的事情。

Our next question comes from the line of Paul Cheng with Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

AI is a best word in many other sectors, but we haven't heard the producer talking much about that. But one of the largest oil services companies in their conference call, just talk about how they believe their revenue will be up because there's a lot of interest on their product using the AI that will improve the EUR and well productivities. You guys is always on the cutting edge and trying to improve those aspects in the shale. Can you tell us that is it being openly optimistic or then within the next 2 or 3 years or 3 or 4 years, you actually think the AI is going to help you dramatically improve your EUR or well productivities or that this is really much longer term, maybe at some point, it will happen.

人工智慧在許多其他領域都是一個最好的詞，但我們還沒有聽到製片人談論太多。但最大的石油服務公司之一在電話會議上只談論了他們如何相信自己的收入將會增加，因為人們對他們使用人工智慧的產品很感興趣，這將提高歐元和油井生產率。你們始終處於最前沿，並努力改善頁岩的這些方面。您能否告訴我們，您是否公開樂觀，或者在未來 2 到 3 年或 3 或 4 年內，您實際上認為人工智慧將幫助您大幅提高歐元或油井生產率，或者這實際上是長期的，也許在某個時刻，它會發生。

Yes. Thanks, Paul. Look, I think AI is going to be -- is going to revolutionize a lot of things in our industry, other industries around the world as well. I think Nick in his response to a previous question, talked about some of the things we're doing on the digital space with the date, the automation and some of what we're trying to improve our company, improve our operating efficiency. I can't comment on what somebody else said on their conference call. I think it's going to have an impact on the business, I think it goes to things like learning curve and its pace.

是的。謝謝，保羅。看，我認為人工智慧將會徹底改變我們產業以及世界其他產業的許多事情。我認為尼克在回答先前的問題時談到了我們在數位空間上所做的一些事情，包括日期、自動化以及我們正在努力改進我們的公司、提高我們的營運效率的一些事情。我無法評論其他人在電話會議上所說的話。我認為這會對業務產生影響，我認為這會影響學習曲線及其速度等方面。

Look, if we can help optimize and improve our learning curve and get digitized and understand these -- the application of all this deep machine learning to our company that I think it is going to have an impact. And I think about it as acceleration of a learning curve. So it's the pace. It's a pace at which we can optimize and get better and get more efficient as a company. And it cuts across the whole company. It's not just sort of the technical and the operating side of the company, but it's the back office and other places.

看，如果我們能夠幫助優化和改善我們的學習曲線，實現數位化並理解這些——所有這些深度機器學習對我們公司的應用，我認為這將會產生影響。我認為這是學習曲線的加速。所以這就是節奏。作為一家公司，我們可以按照這個速度進行最佳化、變得更好、提高效率。它貫穿整個公司。這不僅涉及公司的技術和營運方面，還涉及後台和其他地方。

The challenge is going to be getting this deep machine learning in this the semi to an enterprise like ConocoPhillips, enterprises all around the world. How do you get out of the retail space and into the large enterprise space where you have a lot of data, a lot of visual data, a lot of machine learning data that you have to combine together and to see some of that efficiency. So yes, it's going to improve us. It's going to make us better. We got to get everybody in the company embracing kind of what we're doing in this AI space.

我們面臨的挑戰是如何將這種深度機器學習應用於像康菲石油公司這樣的世界各地的企業。你如何走出零售領域，進入大型企業領域，在那裡你擁有大量數據、大量視覺化數據、大量機器學習數據，你必須將這些數據組合在一起並看到一些效率。所以是的，它會改善我們。它會讓我們變得更好。我們必須讓公司裡的每個人都接受我們在人工智慧領域所做的事情。

Our next question comes from the line of Ryan Todd with Piper Sandler.

我們的下一個問題來自 Ryan Todd 和 Piper Sandler。

Maybe just to follow up on some of your LNG conversations from earlier, you clearly talked about there's still work ongoing on the commercial and marketing side and building out some of those kind of things. Is there still appetite to add on the supply side, Qatar announced another LNG expansion in North Field West. Is that the type of thing you'd be interested in more of that in the portfolio or more supply-side LNG within the portfolio? And then are you seeing signs, we've seen -- or some compliance for others about signs of cost inflation on global LNG projects. What are you seeing as you look at the development of your LNG liquefaction trends across the portfolio right now in terms of cost inflation?

也許只是為了跟進您之前的一些液化天然氣對話，您明確談到商業和營銷方面仍在進行中，並正在構建其中的一些東西。供應方面是否還有增加的興趣，卡達宣佈在北田西區再次進行液化天然氣擴建。您是否會對投資組合中的更多此類產品或投資組合中的更多供應方液化天然氣感興趣？然後你是否看到了我們已經看到的跡象——或者其他人對全球液化天然氣項目成本通膨跡象的遵守情況。當您從成本通膨角度審視整個投資組合中液化天然氣液化趨勢的發展時，您看到了什麼？

Yes. Thanks, Ryan. I think Andy outlined sort of our ambition to hit 10 million to 15 million in tons and you add up the volumes that Andy talked about, and it doesn't reach that kind of a level. So do we have an ambition to grow some more of this space? Absolutely, we do. We want to make sure we're in the right spots with the right kinds of opportunity and certainly, North America is a great spot, both on the Gulf Coast and on the West Coast, if there's some good opportunities. It's about having the best liquefaction fees. It's about the better projects that we see out there.

是的。謝謝，瑞安。我認為安迪概述了我們的目標，即達到 1000 萬到 1500 萬噸，你把安迪談到的數量加起來，但還沒有達到那樣的水平。那我們是否有志向擴大這個空間呢？當然，我們願意。我們希望確保我們處於正確的位置，擁有正確的機會，當然，如果有一些好的機會，北美是一個很好的地方，無論是在墨西哥灣沿岸還是在西海岸。這是關於擁有最好的液化費用。這是關於我們看到的更好的項目。

And I think when it comes to Qatar, we've demonstrated where we've landed a couple of interest in a couple of trains there in NFE and NFS and if they put more out there, the terms are susceptible and competitive, we're certainly interested in expanding that relationship with Qatar down the road. We'll have to see when they make their decision on what they want to do with any future expansions out of the North Field. But our relationships are strong and our participation is strong. I think you're -- in some of those areas, we're seeing the execution of Port Arthur is going pretty well.

我認為，就卡達而言，我們已經展示了我們對 NFE 和 NFS 的一些列車產生了一些興趣，如果他們在那裡投入更多，那麼條款就很容易受到影響並且具有競爭力，我們當然有興趣在未來擴大與卡達的關係。我們必須看看他們何時決定如何處理北油田未來的擴張。但我們的關係很牢固，我們的參與也很強烈。我認為，在其中一些領域，我們看到亞瑟港的執行進展順利。

We don't have any concerns about inflation or what's happening there and certainly watch the market in terms of the liquefaction spend that we have or what future may come but we're pretty comfortable with it. We're getting into these projects because they're competitive in the portfolio, and they're filling a strategic long-term vision that we have for the company.

我們對通貨膨脹或那裡發生的事情沒有任何擔憂，當然也會根據我們擁有的液化支出或未來可能發生的情況來觀察市場，但我們對此感到非常滿意。我們參與這些專案是因為它們在產品組合中具有競爭力，並且它們正在實現我們為公司製定的策略性長期願景。

Our next question comes from the line of Neal Dingmann with Truist Securities.

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

My question is on -- around your Lower 48 marketing associated realized prices. Specifically, you all suggest on Slide 6 that your Permian differentials remain maybe a little bit pressured. I'm just wondering, are there any changes you can make on the marketing side to continue to stabilize and improve this? I know you've materially done this, of course, since you bought the Concho assets versus what they sort of just accepted at wellhead. So I'm just wondering, are there further improvements or things that you potentially could do on the marketing side to even -- see even more improvement on the realizations.

我的問題是圍繞您的 Lower 48 行銷相關的實際價格。具體來說，你們都在投影片 6 上建議二疊紀差異仍然可能有點壓力。我只是想知道，您可以在行銷方面做出任何改變來繼續穩定和改進這一點嗎？當然，我知道你已經實質地做到了這一點，因為你買了 Concho 資產，而不是他們剛剛在井口接受的資產。所以我只是想知道，在行銷方面是否有進一步的改進或可以做的事情，甚至可以看到實現的更多改進。

Yes, Neal, this is Bill. As we talked about, we have offtake capacity both to West Coast and the Gulf Coast, and we're interested in additional takeaway capacity on Matterhorn, like I talked about, so we are constantly looking for ways of optimizing that portfolio. Our commercial organization is in the market daily. We're doing orders of magnitude on that production. So we really have a good sense of where volumes are moving and what rates are going. And so I think that the improvement on margins. And as you're looking at that, that's really going to come down to getting additional takeaway capacity coming out of Permian. And as we've gone into the second quarter, we've had some maintenance going on there with El Paso and a couple of other pipelines and a couple of outages that's putting pressure on Waha pricing. I think everybody has been seeing that. That will likely clear through the system here as we go through this quarter.

是的，尼爾，這是比爾。正如我們所說，我們擁有西海岸和墨西哥灣沿岸的承運能力，而且我們對馬特宏峰的額外承運能力感興趣，就像我所說的那樣，所以我們一直在尋找優化該投資組合的方法。我們的商業組織每天都在市場上。我們正在做數量級的生產。因此，我們確實非常了解交易量的變化以及利率的變化。所以我認為利潤率有所改善。正如你所看到的，這實際上取決於從二疊紀獲得額外的外帶能力。當我們進入第二季度時，我們對埃爾帕索和其他幾條管道進行了一些維護，並發生了幾次停運，這給瓦哈定價帶來了壓力。我想每個人都已經看到了這一點。當我們經歷本季時，這可能會透過系統清除。

But the real relief doesn't come until you get additional takeaway capacity here towards third quarter with Matterhorn coming online. At that point in time, I would expect that you're going to see more normal differentials, and you're going to see a return for our portfolio at more than about 80% of capture of Henry Hub across the portfolio. So I think it's a transitory type thing that you're seeing until you get additional pipeline capacity built and so I think the important thing here, again, is that flow assurance matters at a point in time where you're constrained in the basin, and we've got excellent flow assurance given our commercial capabilities.

但直到第三季馬特洪峰上線後，這裡的外送能力才會增加，真正的緩解才會到來。到那時，我預計您將看到更多的正常差異，並且您將看到我們的投資組合的回報率超過整個投資組合中亨利港捕獲量的 80% 以上。所以我認為這是一個暫時性的事情，直到你獲得額外的管道容量為止，所以我認為這裡重要的是，在你被限制在盆地的時間點，流量保證很重要，鑑於我們的商業能力，我們擁有出色的流量保證。

Our next question comes from Bob Brackett with Bernstein.

我們的下一個問題來自伯恩斯坦的鮑勃·布拉克特。

In the prepared remarks, you mentioned the new pad at Surmont 267. And I recall under the old operating structure, the partner wasn't that eager about new capital, the new technology, clearly now you control the pace. Can you talk about that pad? How different is it technologically than some of the older pads? And what are you seeing in early results?

在準備好的演講中，您提到了Surmont 267的新基地。你能談談那個墊子嗎？它在技術上與一些較舊的墊子有何不同？您在早期結果中看到了什麼？

Bob, this is Kirk. Yes, first, I'll probably just start out by saying our operational performance that this past year has been really strong, and that's important having come through the acquisition of our -- of the remaining 50% interest in that asset. And of course, we brought on that new pad. Certainly, as you've heard from us before, first in on 267 and started earlier this year. And then we achieved first oil in December. And we've been seeing a really steady, strong ramp on Pad 267, having started that in December here through first quarter. Production for first quarter is up 3 MBOE, and we really have just seen 267 start to grow, and we expect that to continue to offset decline, especially when we normalize that for the third quarter turnaround that we have coming up.

鮑勃，這是柯克。是的，首先，我可能首先要說的是，我們去年的營運表現非常強勁，這一點很重要，因為我們收購了該資產剩餘 50% 的權益。當然，我們也帶來了新的墊子。當然，正如您之前從我們那裡聽說的那樣，首先是 267，並在今年早些時候開始。然後我們在 12 月獲得了第一批石油。我們已經看到 Pad 267 的成長非常穩定、強勁，從 12 月開始一直到第一季。第一季的產量增加了 3MBOE，我們確實剛剛看到 267 台開始成長，我們預計這將繼續抵消下降的影響，特別是當我們將即將到來的第三季度週轉正常化時。

Bob, you've also heard from us in the past, we've spoken to the fact that we intend to add about a new pad about every 12 to 18 months, about every year. And we just continue to find new efficiencies and new opportunities as we bring that pad online. It's really performing against our expectations. The team spent a lot of time as we've done a lot of infill work, mitigating base field decline. We've experimented with a number of technologies around our liners, and we have prospects of drilling longer laterals here in the future as well. So expect to hear more from us on this front. But certainly, Pad 267 is coming in strong, and really just pleased with how this is shaping up and our ability to continue to grow the asset here in the future, having control of it.

鮑勃，您過去也收到過我們的來信，我們已經說過，我們打算大約每 12 到 18 個月（大約每年）添加一個新墊。當我們將該平台上線時，我們將繼續尋找新的效率和新的機會。它的表現確實出乎我們的預期。團隊花了很多時間，因為我們做了很多填充工作，以減輕基地場地的衰退。我們已經圍繞尾管試驗了多種技術，並且預計在未來在這裡鑽更長的支管。因此，期待從我們這裡聽到更多關於這方面的資訊。但可以肯定的是，Pad 267 正在強勢崛起，我們對它的發展以及我們未來繼續成長資產並控制它的能力感到非常滿意。

Our next question comes from the line of Alastair Syme with Citi.

我們的下一個問題來自花旗銀行的阿拉斯泰爾·賽姆 (Alastair Syme)。

Can I come back just again to the question of the lower gas prices because I'm not really sure I understand whether you're making any near-term changes to your capital program? I'm thinking both the Permian and the Eagle Ford here given that low prices must surely be impacting on near-term cash flow.

我可以再次回到較低汽油價格的問題嗎，因為我不確定我是否了解您是否正在對資本計劃進行任何近期改變？我認為二疊紀盆地和鷹灘盆地都是如此，因為低價格肯定會影響短期現金流。

Yes. Yes, also, we're not making any capital allocation decisions. It's all driven by the liquid side of the business. I think, as Bill articulated, we need more takeaway capacity out of the Permian to get the Waha prices back up and we're advantaged a bit because we have El Paso volumes that we can take to the West Coast. They've been in a bit of a turnaround as well and some maintenance activities going on that pipeline. So there's a dynamic happening in the basin that is impacting Waha prices.

是的。是的，我們也沒有做出任何資本配置決策。這一切都是由業務的流動性所驅動的。我認為，正如比爾所闡述的那樣，我們需要更多的二疊紀盆地外運能力才能使瓦哈價格回升，而且我們有一點優勢，因為我們有埃爾帕索的產量，可以運往西海岸。他們也經歷了一些轉變，並且正在進行一些維護活動。因此，流域內發生的動態正在影響瓦哈的價格。

So again, as Bill said, getting evacuating your gas is pretty important, so you don't go flare because we're not going to routinely flare gas, we've made that commitment. So having the takeaway is really, really important in these periods of time and then having the flexibility with your commercial team, we know where we can get a premium price and we're after that every single day.

所以，正如比爾所說，疏散氣體非常重要，所以不要放火，因為我們不會定期放火，我們已經做出了這項承諾。因此，在這些時期，外送真的非常非常重要，然後與您的商業團隊保持靈活性，我們知道在哪裡可以獲得溢價，我們每天都在追求這個價格。

Our next question comes from the line of Kevin MacCurdy with Pickering Energy Partners.

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

I wanted to ask on the first quarter capital trajectory. If I remember correctly, you had soft guided to over $3 billion of capital for the first quarter, but you came in lower at $2.9 billion. Can you bridge that gap for us? And is this lower CapEx, the result of just timing? Or is there anything structural that could carry forward?

我想問一下第一季的資本軌跡。如果我沒記錯的話，你們第一季的軟指導資本超過 30 億美元，但你們的資本額較低，為 29 億美元。你能為我們彌補這個差距嗎？資本支出降低是時機的結果嗎？或是有什麼結構性的東西可以發揚光大嗎？

This is Andy. Yes, I can take that question. It's a pretty simple answer. As you said, we came in at $2.9 billion for the quarter, which was slightly less than our guidance. That slight underspend was a result of some Willow capital shifting from the first quarter into April. So if you exclude in that timing, our capital spend came in accordance with our expectations. Now as you look ahead to the second quarter, capital is expected to be slightly higher than the first quarter driven by PA LNG and the Willow timing. And then as you look forward to the second half of the year, capital is expected to be lower than in the second half than the first half, primarily due to the $400 million of Port Arthur LNG equity capital spend that rolls off as we go into project financing.

這是安迪。是的，我可以回答這個問題。這是一個非常簡單的答案。正如您所說，我們本季的營收為 29 億美元，略低於我們的指引。支出略有不足是由於 Willow 的部分資金從第一季轉移到四月份的結果。因此，如果排除那個時間點，我們的資本支出符合我們的預期。現在展望第二季度，在 PA LNG 和 Willow 時機的推動下，資本預計將略高於第一季。然後，當您展望下半年時，下半年的資本預計將低於上半年，這主要是由於亞瑟港液化天然氣股權資本支出隨著我們進入而減少了 4 億美元項目融資。

Our next question comes from the line of Leo Mariani with ROTH MKM.

我們的下一個問題來自 Leo Mariani 和 ROTH MKM 的線路。

I was hoping you could speak a little bit more to the expected trajectory of your Eagle Ford volumes. I know you had kind of the frac holiday a bit, which kind of impacted volumes in the last couple of quarters. I know they've been kind of trickling down here. I guess is that over? Do you have more of a normal activity cadence? And should we start seeing growth in those volumes as we roll into the second quarter and the second half of the year?

我希望你能多談談你的伊格爾福特卷的預期軌跡。我知道你們經歷了一些壓裂假期，這對過去幾季的銷售量產生了影響。我知道他們已經慢慢來到這裡了。我想就這樣結束了吧？您的活動節奏是否更正常？當我們進入第二季和下半年時，我們是否應該開始看到這些數量的成長？

Yes, Leo, just for the group, again, we did take that frac gap, as you just mentioned in the second half of 2023, that impacted 4Q has also impacted the first quarter of this year because the wells coming online after we reinstated that frac crew, came online kind of the second half of this last quarter. So we're not only going to see that until you hit 2Q. Again, we took that frac gap because of just the strong operating efficiency that we're seeing in the fracs versus the drilling side as we apply the different technologies out there. So that's a good thing. Looking ahead, just to 2Q and beyond, we expect to see higher production from the previous 2 quarters as we bring those wells online and had reinstate of that frac gap. So this is all in line with our full year guidance and is consistent with the production growth that we laid out. Again, that's low single digits in that 2% to 4% range.

是的，Leo，就我們而言，我們確實考慮了壓裂缺口，正如您剛剛在2023 年下半年提到的那樣，這影響了第四季度，也影響了今年第一季度，因為在我們恢復壓裂缺口後，油井將上線。因此，我們不僅會在達到第二季之前看到這一點。同樣，我們之所以採用壓裂差距，是因為當我們應用不同的技術時，我們在壓裂方面與鑽井方面看到了強大的運作效率。所以這是一件好事。展望未來，到第二季及以後，隨著我們將這些油井上線並恢復壓裂間隙，我們預計產量將較前兩季有所提高。因此，這一切都符合我們的全年指導，也與我們制定的產量成長一致。同樣，這個數字在 2% 到 4% 的範圍內也是較低的個位數。

We have no further questions at this time. Thank you, ladies and gentlemen. This concludes today's conference call. Thank you for participating. You may now disconnect.

目前我們沒有進一步的問題。謝謝你們，女士們、先生們。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。