康菲 (COP) 2024 Q2 法說會逐字稿

Welcome to the second 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 年第二季財報電話會議。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 second quarter 2024 earnings conference call. On the call today are several members of the Conocophillips leadership team, including Ryan Lance, Chairman and 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 Lower 48; and Kirk Johnson, Senior Vice President of Global Operations. Ryan and Bill will kick it off with opening remarks, after which the team will be available for your questions.

謝謝 Liz，歡迎大家參加我們的 2024 年第二季財報電話會議。今天參加電話會議的有康菲石油公司領導團隊的幾位成員，包括董事長兼執行長 Ryan Lance；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。瑞安和比爾將以開場白開始，之後團隊將回答您的問題。

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.

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。

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 certain non-GAAP financial measures. Reconciliations to the nearest corresponding GAAP measure can be found in today's release and on our website.

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，我們將參考某些非 GAAP 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。

Third, when we move to Q&A, we will take one question per caller.

第三，當我們進行問答時，我們將為每個來電者回答一個問題。

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

這樣，我會將電話轉給瑞安。

Thank you, everyone, for joining our second quarter 2024 earnings conference call. It was another busy quarter for the company. We continue to execute on our returns focused value proposition. We announced a 34% increase in our ordinary dividend starting in the fourth quarter, we announced the planned acquisition of Marathon Oil, and we further progressed our global commercial LNG strategy.

感謝大家參加我們的 2024 年第二季財報電話會議。對公司來說，這是又一個忙碌的季度。我們繼續執行以回報為中心的價值主張。我們宣布從第四季開始將普通股利增加34%，我們宣布計劃收購馬拉松石油公司，我們進一步推進我們的全球商業液化天然氣策略。

Now starting with results, we delivered record production in the second quarter with strong contributions from the entire portfolio. In the Lower 48, we still expect to deliver low single-digit production growth in 2024 at a lower level of capital spending relative to 2023. Internationally, production continued to ramp up at Surmont Pad 267 and the MBOED in Canada, Bohai Phase 4B in China and for subsea tiebacks in Norway. And we continue to make strong progress in Willow and on our LNG projects at Port Arthur in Qatar.

現在從結果開始，在整個產品組合的強勁貢獻下，我們在第二季實現了創紀錄的產量。在48 個州以下地區，我們仍預計2024 年將在資本支出水準低於2023 年的情況下實現低個位數產量成長。產量持續增加。我們在 Willow 和卡達亞瑟港的液化天然氣項目上繼續取得強勁進展。

Shifting to commercial LNG, we recently signed two additional long-term regasification and sales agreements to deliver volumes into Europe and Asia, both of which will start in 2027. With these agreements, we have now secured just under 6 million tonnes per annum volume placement for our offtake commitments. And we continue to work new offtake and placement opportunities as we look to expand our commercial LNG portfolio up to 10 million to 15 million tonnes per annum in the coming years.

轉向商業液化天然氣，我們最近簽署了兩項額外的長期再氣化和銷售協議，向歐洲和亞洲供貨，這兩個協議均將於2027 年開始。萬噸的供貨量為了我們的承購承諾。我們將繼續尋找新的承購和安置機會，希望在未來幾年將我們的商業液化天然氣產品組合擴大到每年 1,000 萬至 1,500 萬噸。

Now regarding our planned acquisition of Marathon Oil, we remain very excited about this transaction and integration planning activities are underway to ensure a seamless transition upon close. The Marathon Oil shareholder vote has been set for August 29, and we are working through the FTC second request that we received in mid-July. We still expect to close the transaction late in the fourth quarter.

現在，關於我們計劃收購馬拉松石油公司，我們仍然對這項交易感到非常興奮，整合規劃活動正在進行中，以確保交易完成後的無縫過渡。馬拉松石油公司股東投票已定於 8 月 29 日進行，我們正在處理 7 月中旬收到的 FTC 第二次請求。我們仍預計在第四季末完成交易。

On return of capital, we remain committed to distributing at least $9 billion to shareholders this year on a standalone basis. As we said back in May, we will be incorporating our VROC into our base dividend starting in the fourth quarter, representing a 34% increase in the ordinary dividend, and consistent with our long-term track record, we are confident that we can grow this dividend at a top quartile rate relative to the S&P 500.

在資本回饋方面，我們仍然致力於今年向股東單獨分配至少 90 億美元。正如我們在 5 月所說，我們將從第四季度開始將 VROC 納入基本股息，這意味著普通股息增加 34%，與我們的長期業績記錄一致，我們有信心實現增長相對於標準普爾500 指數，該股息率處於前四分之一水平。

Finally, as we've previously announced with the Marathon acquisition, we will be increasing our annualized buyback run rate by $2 billion upon closing, with a plan to retire the equivalent amount of newly issued equity in two to three years.

最後，正如我們之前在收購 Marathon 時宣布的那樣，我們將在交易完成後將年化回購利率提高 20 億美元，並計劃在兩到三年內收回等量的新發行股權。

So to wrap up, we're pleased with our operational execution, and we are looking forward to closing the Marathon transaction later this year.

總而言之，我們對我們的營運執行感到滿意，我們期待在今年稍後完成馬拉松交易。

Now let me turn the call over to Bill to cover our second 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二季的業績和 2024 年的指導。

Well, thanks, Ryan. In the second quarter, we generated $1.98 per share in adjusted earnings. We produced 1,945,000 barrels of oil equivalent per day, representing 4% underlying growth year over year. And this includes the impact of 18,000 barrels per day of turnarounds. Lower 48 production averaged 1,105,000 barrels of oil equivalent per day for 748,000 in the Permian, 238,000 in the Eagle Ford and 105,000 in the Bakken.

嗯，謝謝，瑞安。第二季度，我們調整後每股收益為 1.98 美元。我們每天生產 1,945,000 桶石油當量，年增 4%。這包括每天 18,000 桶週轉的影響。下 48 個州的平均日產量為 1,105,000 桶油當量，其中二疊紀盆地為 748,000 桶油當量，Eagle Ford 為 238,000 桶油當量，巴肯盆地為 105,000 桶油當量。

Alaska international production averaged 839,000 barrels of oil equivalent per day, also representing roughly 4% underlying growth year over year, excluding the Surmont acquisition effects. This highlights the benefits of our diversified global portfolio.

阿拉斯加國際產量平均每天為 839,000 桶油當量，年增約 4%（不包括 Surmont 收購影響）。這凸顯了我們多元化的全球投資組合的優勢。

Moving to cash flows, second quarter CFO was $5.1 billion, which included over $300 million of APLNG distributions. Working capital was $100 million headwind, which was lower than our guidance of $600 million. As expected, timing of some of our tax payments shifted into the third quarter. Capital expenditures were just under $3 billion. We returned $1.9 billion to shareholders in the quarter, including $1 billion in buybacks and $900 million in ordinary dividends and VROC payments. And we ended the quarter with cash and short-term investments of $6.3 billion and $1 billion in longer-term liquid investments.

轉向現金流，第二季 CFO 為 51 億美元，其中包括超過 3 億美元的 APLNG 分配。營運資金逆風為 1 億美元，低於我們 6 億美元的指引。正如預期的那樣，我們的一些納稅時間轉移到了第三季。資本支出略低於 30 億美元。本季我們向股東返還 19 億美元，其中包括 10 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，我們擁有 63 億美元的現金和短期投資以及 10 億美元的長期流動投資。

Now turning to guidance. For the third quarter, we expect production to be in a range of 1.87 million to 1.91 million barrels of oil equivalent per day. And this is inclusive of the 90,000 barrels per day of turnaround impacts that we discussed last quarter. The primary driver that is our once every five year turnaround at Surmont, which will impact production by about 50,000 barrels per day during the quarter.

現在轉向指導。我們預計第三季產量將在每天 187 萬至 191 萬桶石油當量之間。這包括我們上季度討論的每天 90,000 桶的周轉影響。主要驅動因素是我們在 Surmont 每五年進行一次的檢修，這將影響本季每天的產量約 5 萬桶。

For the full year, we have raised the midpoint of our production outlook, reflecting strong second quarter results. Our new range is 1.93 million to 1.94 million barrels of oil equivalent per day, which implies roughly 3% underlying growth year over year. Our full year turnaround forecast continues to be about 30,000 barrels per day.

對於全年，我們上調了生產預期的中點，反映了第二季的強勁業績。我們的新範圍是每天 193 萬至 194 萬桶油當量，這意味著同比基礎成長率約為 3%。我們全年產量預測仍為每天 30,000 桶左右。

On the income statement guidance items, we have lowered our DD&A guidance to a range of $9.3 billion to $9.4 billion, and we have lowered our annual after-tax adjusted corporate segment net loss to a range of $800 million to $900 million. Of these decreases are partially offset by higher forecasted adjusted operating costs, which we now anticipate to be in a range of $9.2 billion to $9.3 billion, primarily due to increased transportation and processing costs and inflationary pressures on the Lower 48.

在損益表指引項目上，我們已將 DD&A 指引下調至 93 億美元至 94 億美元範圍，並將年度稅後調整後企業部門淨虧損下調至 8 億美元至 9 億美元範圍。其中，預計調整後營運成本的上升部分抵消了這些下降，我們目前預計營運成本將在 92 億美元至 93 億美元之間，這主要是由於運輸和加工成本增加以及 48 個州的通膨壓力。

For CapEx we expect to spend approximately $11.5 billion. This reflects strong progress on our Willow scope for the year as well as some additional capital allocated to Lower 48 partner operate activity that has highly competitive returns. On cash flow we are increasing full year guidance for APLNG distributions by $100 million to $1.4 billion, and we expect $400 million of these distributions in the third quarter. Additionally, we're going to have a $100 million pension contribution in the third quarter.

對於資本支出，我們預計支出約 115 億美元。這反映了我們今年在 Willow 範圍上取得的巨大進展，以及分配給 Lower 48 合作夥伴經營活動的額外資本，這些活動具有極具競爭力的回報。在現金流方面，我們將 APLNG 分配的全年指引增加 1 億美元，達到 14 億美元，我們預計第三季的分配將達到 4 億美元。此外，我們將在第三季繳納 1 億美元的退休金。

Finally, regarding working capital, we anticipate a $500 million outflow based on a tax payment shift I mentioned from the second quarter to third quarter. And as a reminder, guidance excludes the impact of pending acquisitions. So in conclusion, we continue to deliver on our strategic initiatives. We remain focused on executing our plan for 2024. We are committed to staying highly competitive and our shareholder distributions are progressing towards closing the Marathon transaction.

最後，關於營運資金，根據我提到的從第二季到第三季的納稅轉移，我們預計會有 5 億美元的流出。提醒一下，指導意見不包括待決收購的影響。總之，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 年的計畫。

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)

（操作員說明）

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

Good morning, Ryan, and team. Thank you for taking the time. My question is just around everything, buybacks. So if you could just talk about the share repurchase strategy and remind us between now and August 29, probably you can be out of the market, but your commitment to come back in the back half of the year and get to that over $9 billion at or above the $9 billion capital return numbers are your perspective on taking advantage of the volatility in as you plan for the back half as it relates to share repurchases?

早安，瑞安和團隊。感謝您抽出時間。我的問題圍繞著一切，回購。因此，如果您能談談股票回購策略並在現在到 8 月 29 日期間提​​醒我們，您可能會退出市場，但您承諾在今年下半年回歸併在 2019 年實現超過 90 億美元的目標。高於90 億美元的資本回報數字是您對利用與股票回購相關的下半年計劃時的波動性的看法嗎？

Yeah, Neil, we're very confident in at least $9 billion of distributions for the year. And if you look at things we paid out about 40% of CFO in the first half of the year, and that's despite having some restrictions on open market repurchases that are related to Marathon transaction that we had in place since May. And so as you look at things as a result of those restrictions are $4.2 billion of distributions in the first half.

是的，尼爾，我們對今年至少 90 億美元的分配非常有信心。如果你看看我們在今年上半年支付了大約 40% 的 CFO，儘管我們自 5 月以來對與 Marathon 交易相關的公開市場回購有一些限制。因此，你會發現，由於這些限制，上半年的分配額為 42 億美元。

That's a bit below a $9 billion annualized run rate. But as you know, the proxy have now mailed out and with regulatory requirements that we have in place, we're restricted from buying back any of our shares until that Marathon shareholder vote. But that is just right around the corner, that's August 29.

這略低於 90 億美元的年化運行率。但如您所知，委託書現已寄出，並且根據我們制定的監管要求，在馬拉松股東投票之前，我們不得回購任何股票。但那一天就在眼前，那就是 8 月 29 日。

And so to answer your question, once the Marathon shareholder vote is complete, you should expect us to be leaning into buybacks. And we think that's really important because we've consistently been one of our largest buyers of stock every quarter and you can run the math on that. It's pretty straightforward. That's at least $3 billion of buybacks.

因此，為了回答你的問題，一旦馬拉松股東投票完成，你應該期望我們傾向於回購。我們認為這非常重要，因為我們一直是每季最大的股票買家之一，你可以對此進行數學計算。這非常簡單。這相當於至少 30 億美元的回購。

What you should expect through the third and fourth quarter and that would put us really right in line with our long-term track record of retiring about 5% of our shares on an annualized basis that we've had since the strategy reset. Then as Ryan reiterated in his comments that once we close Marathon, we expect to be increasing our annualized buyback rate by $2 billion.

你應該對第三季和第四季的預期感到滿意，這將使我們真正符合我們自策略重置以來按年化計算退出約 5% 股份的長期記錄。然後，正如 Ryan 在評論中重申的那樣，一旦我們關閉 Marathon，我們預計將把年化回購率提高 20 億美元。

That would put total annualized distributions at a run rate above 11, inclusive of the base dividend increase slated for the fourth quarter. So yeah, leaning into buybacks as we go through the remainder of the year and really quiet a little bit of things to be looking forward to pretty excited about.

這將使年化分配總額的運行率高於 11，其中包括第四季度的基本股息成長。所以，是的，在今年剩下的時間裡，我們傾向於回購，並且確實有一些值得期待的令人興奮的事情。

And Neil, I would add that, look, the share price has been frustrating to watch. You know, through the first half of the year. And we get and we've been out of the market, due to the Marathon transaction. I would just remind everybody that the shareholders come first in our value proposition, and that's been consistent since we reset in 2016.

尼爾，我想補充一點，看看，股價一直令人沮喪。你知道，今年上半年。由於馬拉松交易，我們已經退出市場。我只想提醒大家，股東在我們的價值主張中是第一位的，自 2016 年我們重新設定以來，這一點一直保持不變。

We retired over $400 million of our shares over that period of time. And I think the average price per share that we purchased is somewhere in the $70 per share price. So it's been an it's been the member. The program has been managed really well, if you look at cumulatively our return of capital over that period of time from 2017 through what we expect to do the end of this year, that's nearly $57 billion of capital gone back to our shareholder over that period of time, representing about 45% of our market cap today.

在此期間，我們註銷了價值超過 4 億美元的股票。我認為我們購買的每股平均價格約為每股 70 美元。所以它一直是會員。該計劃管理得非常好，如果你看看我們從 2017 年到今年年底這段時間的累計資本回報，就會發現，在此期間，我們向股東返還了近 570 億美元的資本的時間，約佔我們今天市值的45%。

So with the -- why we're excited about the Marathon transaction is there's just going to be we're going to be bigger, but we're going to be better and we're going to have more free cash flow. And we're going to have more funds to distribute back to our shareholders. And we'll retire the shares, as I said in my opening comments in two to three years, just based on our plans as we see it today.

因此，我們對馬拉松交易感到興奮的原因是，我們會變得更大，但我們會變得更好，我們將擁有更多的自由現金流。我們將有更多的資金分配給我們的股東。正如我在開場白中所說，我們將根據我們今天所看到的計劃，在兩到三年內退役這些股票。

So this is the important question. It's probably got some undercurrent around the share price performance, which we're not pleased with as well. But we're determined to be back in the market as soon as we can and then buy back the shares to hit our return on capital target for 2024.

所以這是一個重要的問題。股價表現可能存在一些暗流，我們對此也不滿意。但我們決心盡快重返市場，然後回購股票，以實現 2024 年的資本報酬率目標。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

How's everybody doing line. It was good seeing you are a couple of weeks ago.

大家的線路都怎麼樣了。很高興幾週前看到你。

Thanks for taking my questions. So I better get done out of a I don't have a question last time. So I'm going to stick to one, but I want to make one comment very quickly, and that is that no market recognition of value, Ryan flows through the dividend to a company of your size, like commend you on your decision on the dividend decision. And I think you only have to look at CNQ to see what I'm talking about. So congratulations on making that decision. My question, however, is on the deal you announced a while. I was out and more importantly, the tax benefits that I don't think we’re really fleshed out on the Q&A.

感謝您回答我的問題。所以我最好結束上次的「我沒有問題」。所以我要堅持一個，但我想很快發表一個評論，那就是沒有市場對價值的認可，瑞安通過股息流向像你這樣規模的公司，就像讚揚你對股息決定。我想你只要看看 CNQ 就能明白我在說什麼。祝賀您做出這個決定。然而，我的問題是關於你不久前宣布的交易。我退出了，更重要的是，我認為我們在問答中並沒有真正充實稅收優惠。

Marthon has a lot of legacy NOLs. And what I'm trying to understand is how you use that and whether or not some that was incorporated into your view of synergies and if not, what I could look like ultimately in terms of value.

Marthon 有許多遺留的 NOL。我想要了解的是你如何使用它，以及是否有一些內容被納入你對協同效應的看法中，如果沒有，我最終在價值方面會是什麼樣子。

Sure. Hi, Doug. This is Bill. Yeah, Marathon had for $2.8 billion of NOLs as of the end of year last year at December 31, 2023, that's a tax-affected value of about $600 million. And we certainly expect at Marathon will be using a portion of those losses in 2024 prior to closing. But as you point out that this isn't a stock transaction.

當然。嗨，道格。這是比爾。是的，截至去年年底（2023 年 12 月 31 日），Marathon 的 NOL 為 28 億美元，受稅收影響的價值約為 6 億美元。我們當然預期 Marathon 將在 2024 年關閉前利用部分損失。但正如您所指出的，這不是股票交易。

As such, we'd be assuming Marathon's tax basis in its assets as well as any of those net operating losses that they have. Our NOLs is that just as a reminder, we're in a fault tax cash paying position right now. And at today's pricing, we would expect to be able to use any remaining NOLs within the first three years or so. And so what I think is important about this is that we don't consider NOLs synergies.

因此，我們假設馬拉松公司資產的稅基以及他們擁有的任何淨營運虧損。我們的 NOL 是，只是提醒一下，我們現在處於錯誤稅現金支付狀態。按照今天的定價，我們預計能夠在前三年左右使用任何剩餘的 NOL。因此，我認為重要的是我們不考慮 NOL 的協同效應。

We tend to think about synergies and things that we're going to be taking action on. So we didn't bring the NOLs up as part of the deal announcement. But yeah, tax benefits are certainly something we consider as part of the transaction, they are real value.

我們傾向於考慮協同效應以及我們將採取行動的事情。因此，我們沒有在交易公告中提及 NOL。但是，是的，稅收優惠肯定是我們考慮的交易的一部分，它們是真正的價值。

And Doug, this is Andy. And, as Bill mentioned, we didn't include the NOLs as part of our synergies better in terms of the synergy that things are progressing, really well there, too. We remain very confident of achieving that $500 million synergy run rate within a year of closing, and we see upside to that number. So our activities are now progressing well.

道格，這是安迪。而且，正如比爾所提到的，我們沒有將 NOL 作為我們協同效應的一部分，就事情正在進展的協同作用而言，情況也確實很好。我們仍然非常有信心在交易完成後的一年內實現 5 億美元的協同運行率，並且我們看到這個數字的上升空間。所以我們的活動現在進展順利。

As we mentioned previously, we expect it to be a pretty seamless integration. We've stood up our integration teams. They're focused on reviewing the organizational structures and systems so that we can be ready to close as soon as we get to go so that there are some obvious, you know, G&A synergies, primarily focus on the back-office support the corporate function duplication as well as system integrations, no, the other synergies that we're looking at on the operating cost side of things. So there's clear adjacency of the operating areas that are going to lead to efficiencies such as improved productive time of our field staff for also going to be able to rationalize the field office.

正如我們之前提到的，我們希望它是一個非常無縫的整合。我們已經組建了整合團隊。他們專注於審查組織結構和系統，以便我們一開始就可以準備好關閉，以便有一些明顯的，你知道的，G&A 協同效應，主要集中在後台支持公司職能重複以及系統集成，不，我們正在考慮營運成本方面的其他綜效。因此，營運區域之間存在明顯的相鄰關係，這將提高效率，例如提高我們現場工作人員的生產時間，也能夠使現場辦事處合理化。

And on the capital side, we've been really digging in here too. We work the cost-saving opportunities, you know from several angles here. Couple of examples would be no our ability to run a consistent program of scale is going to drive savings. As we look deeper, we see opportunities to bring the use of our super zippers and rural frac operations to the mountain needles positioned. So you know, on the synergy side of things, we're progressing really well. We're going to be ready to go day one as soon as the transaction closes.

在資本方面，我們也一直在努力挖掘。我們致力於節省成本的機會，您可以從多個角度了解這一點。舉幾個例子，我們運行一致的規模計劃的能力不會推動節省。當我們深入觀察時，我們看到了將我們的超級拉鍊和農村壓裂作業應用於山針定位的機會。所以你知道，在協同方面，我們進展得非常好。交易一結束，我們就準備好開始第一天的工作。

And I would say that, yeah, just one last now appreciate your comments on the dividend. Look at fiber holdout on the team you have made given the history and having to make the decision back in 2016, so like the company has gotten a lot bigger. We've gotten a lot better, and we've gotten a lot. We've lowered our cost supply have dramatically more and more resource, more free cash flow, more cash flow, if it's at lower prices, lower as we've lowered our sustaining capital is low balance sheet's in great shape. So it all lends itself to doing the dividend action that we're going to do in the fourth quarter, consistent with the close of the Marathon transaction to your earlier comment.

我想說的是，是的，最後一點感謝您對股息的評論。看看你所組建的團隊中對光纖的抵制，考慮到歷史並不得不在 2016 年做出決定，所以就像公司變得更大一樣。我們變得更好了，也得到了很多。我們已經降低了我們的成本供應，擁有越來越多的資源，更多的自由現金流，更多的現金流，如果價格更低，那麼隨著我們降低維持資本而降低，資產負債表狀況良好。因此，這一切都有助於我們將在第四季度採取股息行動，這與馬拉松交易的結束與您先前的評論一致。

And lastly, on the we do this integration really well, just look at our culture experience, Shell experience, we'll do this one really well, and we will overdeliver on the synergies.

最後，我們在這一整合方面做得非常好，只要看看我們的文化經驗、殼牌經驗，我們就會做得很好，並且我們將超額發揮協同效應。

Scott Hanold, RBC Capital Markets.

斯科特漢諾德，加拿大皇家銀行資本市場部。

Thanks. My question is around LNG and I'd be interesting to hear about how your strategy is evolving specifically your recent re-gas agreement at the [aggregate] and the Asia agreement, how are you thinking about regional targeting and contracting on the future takeaway if you get to that 10 to 15 and that you first did out there.

謝謝。我的問題是關於液化天然氣的，我很想聽聽你們的戰略是如何發展的，特別是你們最近在[聚合]和亞洲協議上達成的再天然氣協議，你們如何考慮區域目標和未來外賣的合同，如果你做到了 10 到 15 個，這是你第一次做的。

Hey, Scott, this is Andy. I can take that one. As you mentioned, yeah, we have made further progress on marketing RNG. We did secure 0.75 MTPA of re-gas capacity at Zeebrugge Terminal in Belgium. And then we also entered into a long-term sales contract with an Asian buyer for approximately 9.5 MTPA. So these recent placements take our total now from the 4.5 we previously communicated to six MTPA.

嘿，斯科特，這是安迪。我可以接受那個。正如你所提到的，是的，我們在行銷 RNG 方面取得了進一步的進展。我們確實在比利時澤布呂赫碼頭確保了 0.75 MTPA 的加氣能力。隨後我們也與一位亞洲買家簽訂了約 9.5 MTPA 的長期銷售合約。因此，最近的排名使我們的總數從之前傳達的 4.5 個 MTPA 增加到了 6 個。

As a reminder, two of that is in support of the FDA. We have with Qatar. And for competitive reasons, we don't talk too much about in advance where we're developing offtake, so outsourcing or re-gas capacity. So, you know, as you can see from this quarter, we're making really good progress on both fronts. And as we've previously communicated now, over the long term, 10 to 15 MTPA would be a good range of capacity for us. At that size, we can achieve the full benefits of scale really across our organization. So no, I think we're very happy with the progress we've made this quarter and that I think everything's on track what we're trying to achieve here.

提醒一下，其中兩個是支持 FDA 的。我們與卡塔爾有過接觸。出於競爭原因，我們不會提前多談我們正在開發的承壓業務、外包或再天然氣產能。所以，你知道，正如你從本季看到的那樣，我們在這兩方面都取得了非常好的進展。正如我們之前所傳達的，從長遠來看，10 到 15 MTPA 對我們來說是一個不錯的容量範圍。在這樣的規模下，我們可以在整個組織中真正實現規模的全部好處。所以不，我認為我們對本季的進展感到非常滿意，我認為一切都在我們想要實現的目標上。

[Betty Xu], Barclays.

[Betty Xu]，巴克萊銀行。

Good morning. Thank you for taking my question. So I wanted to ask about the main CapEx to the upper end of the guidance range, which was specifically attributed to Willow? And then the now operator activity, can you give us an update on how Willow is tracking versus your plan? And is that responsible for both the increase in the budget.

早安.感謝您回答我的問題。所以我想問指導範圍上限的主要資本支出，具體歸因於 Willow？那麼現在的操作員活動，您能否向我們介紹一下 Willow 如何追蹤您的計劃的最新情況？這是預算增加的原因嗎？

So Betty, this is Andy. Maybe I'll start by just sort of clearing sort of the total guidance, then Kirk can take you Willow questions directly. So we initially set a guidance range of $11 billion to $11.5 billion at the beginning of the year. And that include a number of uncertainties, including without so we now have wrapped up a successful winter construction season and we're halfway through the year, and we now have line of sight of achieving a scope of work will around $1.5 billion to $1.7 billion this year. For any large project such as Willow, achieving scope of milestones on time or early in the first two years is really quite critical to set the foundation for us to success and derisks our project execution.

貝蒂，這是安迪。也許我會先清理一下整體指導，然後柯克可以直接向您提出 Willow 問題。因此，我們最初在年初設定了 110 億美元至 115 億美元的指導範圍。其中包括許多不確定性，如果沒有的話，我們現在已經成功結束了冬季施工季節，今年已經過半，我們現在預計工程範圍將達到 15 億至 17 億美元左右今年。對於像 Willow 這樣的任何大型項目，按時或在前兩年儘早實現里程碑範圍對於為我們的成功奠定基礎並降低專案執行的風險確實非常重要。

And then the other area we specifically called out as the Lower 48 and there are a couple of moving parts here. We see the an increase in our partner-operated scope specifically here and when we are balancing our attractive low-cost supply opportunities by partners, we're going to participate. And then also on the operating side of things, we are seeing more wells as a result of our efficiency.

然後是我們特別稱為 Lower 48 的另一個區域，這裡有一些活動部件。我們特別在這裡看到我們合作夥伴營運範圍的擴大，當我們平衡合作夥伴有吸引力的低成本供應機會時，我們將參與其中。此外，在營運方面，由於我們的效率提高，我們看到了更多的油井。

So both the partner-operated activity and the efficiencies so that they're going to have products and production benefit in 2025. So when we think about it, we're pleased with the scope of work we've achieved so far this year and then the scope we've locked in for the second half. We have given we're halfway through the year. We're now comfortable guiding the capital for the total year, it's going to about $11.5 billion.

因此，合作夥伴運營的活動和效率，他們將在 2025 年獲得產品和生產效益。 。我們已經知道今年已經過了一半。我們現在可以放心地引導全年資本約 115 億美元。

And Betty, this is Kirk, and I can give a little bit more color here on Willow specifically, certainly, as Andy spoke to our strong execution. And the accomplishments that we've realized here in the first part of this year just continues to give us a strong view of Willow capital will be here in 2024. And that's why we're moving into this $1.5 billion to $1.7 billion range.

貝蒂，這是柯克，我當然可以在威洛身上提供更多的色彩，當然，正如安迪談到我們強大的執行力一樣。今年上半年我們所取得的成就繼續讓我們對 Willow Capital 將在 2024 年實現這一目標抱有強烈的看法。

Again, it is just a function of really strong execution across our workflows. And that is, of course, factored into our total company guidance on any large projects such as Willow, achieving our scope and our milestones across the full suite of workflows from engineering through fabrication and construction all the way through supply chain in the first few years, especially having just taken FID here late last year, which is critical and it set the foundation for our success going forward of the project.

再說一次，這只是我們工作流程中真正強大執行力的功能。當然，這是我們對任何大型專案（例如 Willow）的整體公司指導的一個因素，在最初幾年內實現了我們在從工程到製造和施工一直到供應鏈的全套工作流程中的範圍和里程碑，特別是去年年底剛剛在這裡進行了最終投資決定，這一點至關重要，它為我們推進該項目的成功奠定了基礎。

And certainly, as you heard from me last quarter, our winter construction season here in 2024 ramped up and we were able to achieve all the critical scope that we had planned here despite some pretty challenging weather that caused them some early delays. But ultimately, we are able to get all of that critical scope completed.

當然，正如您上個季度從我那裡聽到的那樣，我們2024 年的冬季施工季節加快了，儘管一些相當具有挑戰性的天氣導致了一些早期的延誤，但我們還是能夠實現我們在這裡計劃的所有關鍵範圍。但最終，我們能夠完成所有關鍵範圍。

On fabrication, the largest of our operation center modules we completed ahead of schedule those modules shipped, and they've now actually arrived in Alaska. And we have plans to take offload from bars to shore here this month in August. Engineering is also on track. And when we couple up the fact that we're just doing really well on engineering as well as ramping up these operations center models a bit early.

在製造方面，我們提前完成了最大的營運中心模組，這些模組已發貨，現在它們實際上已抵達阿拉斯加。我們計劃在八月將貨物從酒吧卸到岸上。工程也已步入正軌。當我們結合這樣一個事實時，我們在工程方面做得非常好，並且提前提升了這些營運中心模型。

It's allowed us and our contractors to roll directly from fab of the ops center modules into the central processing facility modules. And we're able to do that actually a couple of months better than planned, which just puts us in a strong position as we set this foundation for the large project. We in fact, we cut steel here just last month in July.

它使我們和我們的承包商能夠直接從營運中心模組的工廠轉移到中央處理設施模組。事實上，我們能夠比計劃好幾個月做到這一點，這使我們在為大型專案奠定基礎時處於有利地位。事實上，我們上個月七月就在這裡切割鋼材。

So I'll wrap it up by again, just reinforcing this first year post FID is important and it's also important in procurement. All of our major facility contracts have been landed in equipment orders and in fact, we're now at a place where we can say 80% of our total facility spend is wrapped up within contracts and we continue to make progress on that here as we move into the second half of the year.

所以我會再次總結一下，加強 FID 後的第一年很重要，在採購中也很重要。我們所有的主要設施合約都已在設備訂單中籤訂，事實上，我們現在可以說我們設施總支出的 80% 都包含在合約中，我們將繼續在這方面取得進展，因為我們進入下半年。

So again, across all the workflows, just really hitting the milestones early is really important and gives us a lot of confidence to reinforce our prior guide on total project capital. And we're still on track for a 2029 first oil.

因此，在所有工作流程中，儘早真正實現里程碑非常重要，這給了我們很大的信心來加強我們先前對專案總資本的指導。我們仍有望在 2029 年產出第一批石油。

And, Betty I would step back to sort of very high level. A couple of comments from my side to you. Shareholders should want us doing this. This is derisking the big project, as Kirk described and on the extra VROC that Andy talked about, look our choices to cut back our operated program to hit some capital number for the year, and that's not a good decision either. So rather than cut back on operating program just to cover for additional ballots we're getting from other operators doesn't make a lot of sense to us given the cost of supply of those opportunities. So we're wanting to fund both of them at this stage.

而且，貝蒂，我會回到非常高的水平。我這邊給你的一些評論。股東應該希望我們這樣做。正如柯克所描述的，以及安迪談到的額外 VROC，這正在降低大項目的風險，看看我們選擇削減我們的營運計劃以達到今年的一些資本數字，這也不是一個好的決定。因此，考慮到這些機會的供應成本，與其削減營運計劃只是為了支付我們從其他營運商那裡獲得的額外選票，對我們來說沒有多大意義。所以我們想在這個階段為他們提供資金。

Steve Richardson, Evercore ISI.

史蒂夫理查森，Evercore ISI。

Thank you. I wonder if I could just follow up on that last comment, Ryan, in terms of activity in the Lower 48, so it sounds like a combination of more OBO and also maintain your program. Can you talk a little bit about what you're seeing on the leading edge of service cost and appreciate that that probably doesn't show up in the high-level numbers in terms of the second half of this year, but you foreshadow kind of what you're seeing on the leading edge and what that could mean for '25.

謝謝。 Ryan，我想知道我是否可以就下 48 州的活動來跟進最後的評論，所以這聽起來像是更多 OBO 和維護您的計劃的結合。您能否談談您所看到的服務成本前沿情況，並認識到這可能不會出現在今年下半年的高層數字中，但您預示著您在前沿所看到的以及這對25 年意味著什麼。

Maybe I'll just start that and Nick can talk to the, you know, the details of Lower 48. So in terms of inflation and deflation, as we previously communicated now where we're seeing a bit of a bifurcation this year with Lower 48 seeing deflation falling as experiencing some inflation. And I'd say right at the margin, we're seeing slightly more deflation than we expected in the Lower 48. (inaudible) slightly higher than expected, but that's what at the margin.

也許我會先開始，尼克可以談談，你知道，Lower 48 的細節。認為通貨緊縮隨著經歷一定程度的通貨膨脹而下降。我想說的是，就邊際而言，我們看到 48 個州的通貨緊縮程度略高於我們的預期。

You know, overall our full-year expectation is still in the low single-digit annual average deflation company-wide, as we previously guided. So I'll let Nick provided more color on the Lower 48. But industry wide what we're seeing, we've seen a 20% drop in rig and frac activity over the last 12 months, driven by efficiency gains and activity reductions and your those efficiency improvements are still resulting in higher production facility to the Lower 48, we are seeing high single to low double-digit depletion in front our key spend categories.

您知道，總體而言，我們的全年預期仍處於全公司範圍內較低的個位數年度平均通貨緊縮水平，正如我們之前所指導的那樣。因此，我會讓Nick 為Lower 48 提供更多的資訊。了20%儘管這些效率改進仍然導致 48 個國家的生產設施更高，但我們看到我們的關鍵支出類別出現了高個位數到低兩位數的損耗。

Yeah, Steve, this is Nick. I'm just a little more commentary you know, for the first half, we have seen continued deflation around pumping services, the profit, and there's an oversupply of profit out in the Permian. So we're seeing some price reduction. And there we think that will continue into the second half. And we spoke about OCTG as well, and we see that will probably continue in the second half as well.

是的，史蒂夫，這是尼克。我只是多一點評論，你知道，上半年，我們看到抽水服務和利潤持續通貨緊縮，而且二疊紀的利潤供過於求。所以我們看到價格有所下降。我們認為這種情況將持續到下半年。我們也談到了 OCTG，我們認為這種情況可能也會在下半年繼續下去。

We'll probably see a little bit of a curtailment or decrease in deflation in the second half going into 2025 because we've seen fairly large gains over the first half of 2024. But overall, we're capturing that. And when you look at Lower 48 general will have a full run rate. If you look from July through December, we'll capture that deflation. That's where we see the fact that our 2024 budget is a modestly lower than 2023, primarily driven by that market inflation capture.

進入 2025 年下半年，我們可能會看到通貨緊縮有所縮減或減少，因為我們在 2024 年上半年看到了相當大的收益。當你看Lower 48時，一般都會有完整的運行率。如果你從 7 月到 12 月觀察，我們會發現通貨緊縮。這就是我們所看到的事實，即我們 2024 年的預算略低於 2023 年，這主要是受到市場通膨捕獲的推動。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

Hi, good morning. Thanks for taking my questions. So my question is on production and just looking at your guidance for 3Q and then backing into the guidance for 4Q from your full year guide, it looks like a pretty steadily increasing profile throughout the year. If I add back the turnaround impact in 3Q, and I think that's in line with how you've talked about the year generally. But maybe you could just give a little color on the moving pieces in production between the different regions as we progressed the back half of the year outside of the turnaround impact you've already called out?

早安.感謝您回答我的問題。所以我的問題是關於生產的，只要看看你們對第三季度的指導，然後再從全年指南中回顧第四季度的指導，看起來全年的情況都在穩步增長。如果我再加上第三季的周轉影響，我認為這與您對今年的整體看法是一致的。但也許您可以對不同地區之間生產中的移動部件進行一些說明，因為我們在今年下半年取得了進展，超出了您已經指出的周轉影響？

Sure. I can take that one. And I think the short answer is yes. Yes, it is pretty steady when you adjust for the turnarounds. So we're expecting organic production to grow 2% to 4% in 2024 and actually pretty consistent across the Lower 48 and Alaska international. And as Bill said in his prepared remarks, organic production was up roughly 4% year over year in the second quarter, which is towards the top end of our guidance, again, with a balance across Lower 48 and A&I.

當然。我可以接受那個。我認為簡短的答案是肯定的。是的，當你根據週轉情況進行調整時，它是相當穩定的。因此，我們預計 2024 年有機產量將成長 2% 至 4%，實際上在 48 個州和阿拉斯加國際地區的成長相當一致。正如 Bill 在他準備好的演講中所說，第二季度有機產量同比增長約 4%，這再次接近我們指導的上限，Lower 48 和 A&I 保持平衡。

Now if you look at our production profile this year on OpEx is what you're alluding to is that if you exclude the turnarounds, were basically growing up 1% quarter, it's pretty straightforward. The profile is being masked a bit in the third quarter as that's one of our heaviest turnaround quarters in some time with a 90,000 barrels a day of turnaround impacts that Bill mentioned in the prepared remarks.

現在，如果你看一下我們今年營運支出的生產概況，你會發現，如果排除週轉成本，我們季度基本上增長了 1%，這非常簡單。第三季的情況被掩蓋了一些，因為這是我們一段時間內最嚴重的扭虧為盈的季度之一，比爾在準備好的演講中提到了每天 90,000 桶的扭虧為盈。

Kevin, to give a little bit more color on that know that 90,000 barrels is split 50 in Canada, 20 in the Lower 48, six in Alaska, five in Norway, and four in Malaysia and Qatar. And in the Lower 48 specifically now our second quarter actually outperformed our expectations, and we are expecting production to be fairly flat in the third quarter, and that's due to the turnaround I just mentioned, the 20,000 barrels a day.

凱文（Kevin）進一步說明了這一點，90,000 桶中的 50 桶在加拿大，20 桶在下 48 個州，6 桶在阿拉斯加，5 桶在挪威，4 桶在馬來西亞和卡達。特別是在 48 州下游地區，我們第二季度的表現實際上超出了我們的預期，我們預計第三季度的產量將相當持平，這是由於我剛才提到的轉變，即每天 20,000 桶。

So we have an Eagle Ford, then we'll be up in the fourth quarter versus the third quarter. So no bottom line, we're tracking right in line with our guidance. Just reported recorded a somewhat masked a bit with the turnaround activity, that you're saying.

所以我們有鷹福特，那麼我們將在第四季度領先第三季。所以沒有底線，我們正在按照我們的指導進行追蹤。正如您所說，剛剛報導的記錄有點被周轉活動所掩蓋。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Good morning. And maybe come back on the guidance side on the OpEx front, obviously, you're talking about costs going up a little bit. You've talked about some the things on the CapEx side. I didn't know if those were tied together like higher activity, higher costs, what part of this is kind of internal versus external? Broadly speaking, what are the inflationary pressures?

早安.也許回到營運支出的指導方面，顯然，您正在談論成本略有上升。您談到了資本支出方面的一些事情。我不知道這些是否像更高的活動、更高的成本一樣連結在一起，其中哪一部分是內部的還是外部的？從廣義上講，通膨壓力有哪些？

Sure, Roger, this is Andy. I can take that one. As Bill mentioned in prepared remarks, we have raised the guidance to 9.2 to 9.3 for the full year and about half of this small Lower 48 non-operated position. And then the other half is around lifting costs as primarily a result of the higher transportation and processing costs are some high utilities and some additional workover activity and we have experienced some of these impacts in the second quarter, and we're now incorporating those into portfolio guidance.

當然，羅傑，這是安迪。我可以接受那個。正如 Bill 在準備好的演講中所提到的，我們已將全年指導值提高到 9.2 至 9.3，其中大約有一半是 48 州小規模非營運職位。然後另一半是圍繞提升成本，主要是由於運輸和加工成本較高，包括一些高額公用事業和一些額外的修井活動，我們在第二季度經歷了其中一些影響，我們現在將這些影響納入投資組合指導。

Probably another point I would make is that from as a reminder, the third quarter is going to be our largest, our large turnarounds I just referred to. So with that, we will actually see the third quarter be the high end of a high point of that, the controllable costs for this year.

我可能要說的另一點是，作為提醒，第三季將是我們最大的、我剛才提到的大規模週轉。因此，我們實際上將看到第三季是今年可控成本高點的高端。

Ryan Todd, Piper Sandler.

瑞恩·托德，派珀·桑德勒。

Maybe if I could follow up on LNG topics from earlier, congrats on the to announced uptake. Does that you have LNG business? Maybe can you speak more broadly in terms of what you're seeing on as you go down market to gas, what you're seeing more broadly on appetite and market dynamics for LNG sales contracts and maybe how you think about global supply demand dynamics over the next couple of years in those markets?

也許如果我可以跟進先前的液化天然氣主題，恭喜您宣布的採用。你們有液化天然氣業務嗎？也許您可以更廣泛地談談您在進入天然氣市場時所看到的情況，您對液化天然氣銷售合約的興趣和市場動態的更廣泛看法，以及您對全球供應需求動態的看法未來幾年這些市場會怎樣？

Yeah, I can take that one to it in terms of what we're seeing in terms of the offtake side of things. I'm a document from the offtake and the marketing of in terms of the offtake side of it, you know, we're happy with our position and we know, we continue to look for further opportunities that we know are have competitive pricing and a high likelihood of FID.

是的，我可以根據我們在承購方面所看到的情況來看待這個問題。我是一份來自承購和承購方面行銷的文件，你知道，我們對我們的地位感到滿意，我們知道，我們將繼續尋找進一步的機會，我們知道這些機會具有競爭性的價格和FID 的可能性很高。

So the LNG pause is causing some questions from potential buyers on the timing of things. But and again, against this backdrop, we've been able to sign two deals this quarter. And you have I think that clearly highlights the benefits of our terminated project.

因此，液化天然氣的暫停引起了潛在買家對時機的一些疑問。但是，在這種背景下，我們本季再次簽署了兩筆交易。我認為這清楚地凸顯了我們終止專案的好處。

So in terms of the marketing, the LNG, no, we remain happy with the demand. We continue to see both in Europe and Asia for new LNG and we continue to work opportunities across the globe and needed to be more to come on that, which we addressed. And we don't talk too much about them in advance. But I think big picture, we remain very constructive on LNG and the role it's going to play. And we're quite pleased with the progress that we're making to grow our position out of the 10 to 15 MTPA that we have it has been communicated.

因此，就行銷而言，液化天然氣，不，我們對需求仍然感到滿意。我們繼續在歐洲和亞洲尋找新的液化天然氣，我們繼續在全球範圍內尋找機會，並且需要為此採取更多行動，我們已經解決了這個問題。我們不會提前談論太多它們。但我認為，從大局來看，我們對液化天然氣及其將發揮的作用仍然非常有建設性。我們對我們在 10 到 15 MTPA 的基礎上取得的進展感到非常滿意，我們已經傳達了這一點。

Neal Dingmann, Truist.

尼爾‧丁曼，真理主義者。

Morning. Thanks for the time. My question is on the Permian and Permian gas takeaway and maybe Lower 48 realization expectations. I'm just wondering you all suggests you expect the Permian gas prices remain depressed and I can tell look more third party pipeline capacity is added. My question is, are you all thinking the pressure could be for several quarters ahead. And would you all consider curtailing anything until gas rebound? I know you have mostly oil, so just to know if there was anything to potentially curtail?

早晨。謝謝你的時間。我的問題是關於二疊紀和二疊紀天然氣的外賣，也許還有 Lower 48 的實現預期。我只是想知道你們都認為二疊紀天然氣價格仍然低迷，我可以看出，更多的第三方管道容量會增加。我的問題是，你們是否都認為壓力可能會持續幾個季度。你們會考慮在天然氣反彈之前減少任何開支嗎？我知道你們主要擁有石油，所以只是想知道是否有什麼可能會減少的？

Yeah, Neal. As we indicated on our first quarter earnings call, we expected Lower 48 gas realizations in the second quarter to be particularly low. You'll recall at that time, Permian Basin pricings was a printing negative. That is, in fact how things played out for the quarter. You saw a negative Waha person month and gas daily pricing through the quarter.

是的，尼爾。正如我們在第一季財報電話會議上指出的那樣，我們預計第二季 48 州天然氣實現量將特別低。您還記得當時，二疊紀盆地的定價是印刷底片。事實上，本季的情況就是如此。您看到整個季度 Waha 的人月價格和每日天然氣價格均為負值。

So yeah, first of all, the Lower 48 realizations were just under 20% of Henry Hub in the quarter. Now we've got a significant portion of our production is Permian Basin are we set up we ship to multiple markets out of the Permian, including the Gulf Coast and West Coast, but a sizable portion of our production does receive in-basin pricing.

是的，首先，本季 48 州的實現率略低於亨利中心的 20%。現在，我們的產量很大一部分來自二疊紀盆地，我們將其運往二疊紀盆地以外的多個市場，包括墨西哥灣沿岸和西海岸，但我們很大一部分的產量確實接受盆地內定價。

And as we went through the second quarter, there was increased maintenance activity in the Permian Basin that put downward pressure on pricing. The basin is pretty constrained right now, takeaways fully utilized outages are an issue, and we would expect that to trend to continue into the third quarter. Relief is really coming up later in the third quarter with Marathon pipeline coming on adding some significant takeaway, we think that's going to be really helpful for Permian Basin pricing as we look towards the end of the third quarter and end of the fourth quarter, it should improve overall Lower 48 capture rate as we go forward.

當我們進入第二季時，二疊紀盆地的維護活動增加，這給價格帶來了下行壓力。該盆地目前相當有限，外送充分利用停電是一個問題，我們預計這種趨勢將持續到第三季。隨著馬拉鬆管道的增加，第三季末確實會出現緩解，我們認為這對二疊紀盆地的定價非常有幫助，因為我們展望第三季末和第四季末，隨著我們的前進，應該會提高Lower 48 地區的整體捕獲率。

The other thing I'd just note, as you look at it second, or do you think about the remainder of the year is that in the second quarter, not only was Permian Basin pricing low, but a lot of the premium markets were impacted. California border pricing traded at a discount to Henry Hub, which is a bit unusual. Inventory levels were high mild weather was going on, I would expect as we go out of the shoulder months and into the fall that that will resolve itself too.

我要指出的另一件事是，當您再看一下，或者您考慮今年剩餘時間時，第二季度不僅二疊紀盆地定價較低，而且許多高端市場都受到了影響。加州邊境定價比亨利中心有折扣，這有點不尋常。庫存水平很高，氣候溫和，我預計，當我們度過平淡月份並進入秋季時，這個問題也會自行解決。

But the big thing we're looking for is additional takeaway capacity coming out of the Permian Basin with Marathon picking up. And we've got a little bit of capacity on that. And then your point about would you think about curtailing?

但我們正在尋找的最重要的事情是隨著馬拉鬆的興起，二疊紀盆地的額外外送能力。我們在這方面有一點能力。然後你的觀點是你會考慮削減嗎？

Well, as we've said repeatedly for ConocoPhillips, this is a pricing issue not a flow assurance issue. And that's really important because we're primarily investing in oil producing opportunities in Permian Basin, and we do not routinely flare. So being able to move that production is important. So we're a long way away from looking at curtailing oil production, but we are looking forward to additional capacity coming out of the Permian Basin.

嗯，正如我們多次對康菲石油公司所說的那樣，這是一個定價問題，而不是流量保證問題。這非常重要，因為我們主要投資於二疊紀盆地的石油生產機會，而且我們不常燃燒。因此，能夠轉移生產非常重要。因此，我們距離削減石油產量還有很長的路要走，但我們期待二疊紀盆地的額外產能。

Leo Mariani, ROTH.

利奧·馬裡亞尼，羅斯。

I wanted to just touch base on a couple of your different operating areas from a production perspective. Eagle Ford volumes were up very, very sharply, you know, this quarter, and you also saw a pretty nice rise in your Canadian Montney volumes as well. So I was hoping you can give a little color around those.

我想從生產角度談談你們的幾個不同的營運領域。您知道，本季伊格爾福特的銷量成長了非常非常急劇，而且加拿大蒙尼的銷量也出現了相當不錯的成長。所以我希望你能為這些提供一些色彩。

I mean, some of the jump in Eagle Ford production was somewhat temporary. Maybe there was a lot of turn-in lines and expect production there to moderate later this year. And also just on the Montney stuff, is that just going to kind of steadily grow? Just trying to get a sense of trajectory on that asset also? Thanks.

我的意思是，伊格爾福特產量的成長有些是暫時的。也許有很多上交線，預計今年稍後產量將會放緩。還有蒙特尼的東西，它會穩定成長嗎？只是想了解該資產的軌跡嗎？謝謝。

Yeah, Leo, I'll start here. So on Eagle ford, you're right, we are really encouraged with the production. We had 238,000 barrels of oil per day versus 197,000 from Q1 and then take the group back. We had that frac gap that we had in the second half of 2023. And then we reinstated that frac crew. And so you're really seeing the benefit in Q2 as we work through that inventory.

是的，利奧，我就從這裡開始。所以在伊格爾福特，你是對的，我們對製作感到非常鼓舞。我們每天有 238,000 桶石油，而第一季為 197,000 桶，然後收回該組。我們在 2023 年下半年就遇到了壓裂缺口。因此，當我們處理該庫存時，您確實會看到第二季的好處。

So really encouraged with the wells that we placed online into Q1 and in Q2. So we've seen a strong bump in the production there. Wells are performing very strong throughout now, as Andy mentioned, on the turnarounds we're currently going through as we speak, large turnaround in Eagle ford that's going as planned as expected. So we'll be slightly down on that 20,000 barrels per day impact equivalent per day for Q3 and you'll expect cap Q4 back up and running. So really strong performance on Eagle ford overall.

我們在第一季和第二季在線放置的油井確實令人鼓舞。所以我們看到那裡的產量出現了強勁的成長。正如安迪所提到的，就我們目前正在經歷的轉變而言，威爾斯目前表現非常強勁，伊格爾福特的重大轉變正在按計劃如期進行。因此，我們將略微降低第三季度每天 20,000 桶的影響當量，並且您預計第四季度的上限將恢復並運行。鷹福特的整體表現非常強勁。

And Leo, you asked about Morathon as well. We had a really strong start here in 2024, where in the second quarter this last quarter we averaged 43,000 barrels equivalent a day and you can take you back a bit. That's more than double relative to same quarter last year and then were up quarter over quarter as well, roughly 3,000 barrels a day.

Leo，你也問到了 Morathon 的事。我們在 2024 年有一個非常強勁的開局，在上個季度的第二季度，我們平均每天生產 43,000 桶當量，您可以稍微回落一下。與去年同期相比，這一數字增加了一倍多，並且逐季增長，每天約 3,000 桶。

And all that just being driven by us bringing additional wells online as we seek to fill this new CPF2 capacity, obviously that we that we commissioned here late last year. Also for modeling, our production rates have been in line with our type curve. So really pleased with how we're seeing those wells come online. And we do, in fact, continue to expect to modestly grow our production throughout 2024.

所有這一切都是由我們在尋求填補這個新的 CPF2 產能時增加的油井上線所推動的，顯然是我們去年年底在這裡委託的。對於建模來說，我們的生產率也與我們的類型曲線一致。我們對這些井上線的情況感到非常滿意。事實上，我們確實預期 2024 年產量將持續小幅成長。

Albeit as you know, and you've witnessed from us in the Lower 48 unconventional profiles, can they can be a bit lumpy quarter to quarter and tall guys you hear a little bit. We do expect third quarter to be pretty flat to second quarter, but then we'll start to see an uptick again here in the last quarter of the year. So of course, internationally, we're seeking to make sure our production remains in sync with this new processing facility and offtake capacity that that having just added last year a gain of 100 million cubic feet a day of gas processing capacity, an additional 30 and both crude and condensate handling capacity with this new phase.

儘管如您所知，並且您已經在 Lower 48 的非常規概況中親眼目睹，但他們可能會每季度都有點凹凸不平，並且您會聽到一點高個子。我們確實預計第三季將與第二季持平，但隨後我們將在今年最後一個季度再次開始看到成長。因此，當然，在國際上，我們正​​在尋求確保我們的生產與這個新的處理設施和承運能力保持同步，去年剛剛增加了每天 1 億立方英尺的天然氣處理能力，額外增加了 30以及這個新階段的原油和凝析油處理能力。

And so having brought on the second rig earlier this year. We're just slowly ramping into that new capacity, and we expect that to continue here modestly and into the future. So I'm just, again pleased with how we're making some progress on our wells activities, their performance and then obviously, everything that we're gaining from the experience we have in the Lower 48.

因此，今年稍早引進了第二台鑽機。我們正在緩慢地提高新產能，我們預計這種情況將在未來繼續溫和發展。因此，我再次對我們在油井活動、油井表現以及我們從 Lower 48 地區的經驗中獲得的進展感到滿意。

Karl Ackerman, Bank of America.

卡爾·阿克曼，美國銀行。

Morning, guys. I'd like to follow up on the gas discussion. You talked a little bit about how your Permian is well set up through year end to the extent you can. I'd like to expand on that and talk about how the market and the macro shaping up through the end of 2025 and longer term, maybe that macro gets a little bit more interesting due to power and exports. So as you sort of assess that change. Wondering if you think your portfolio is appropriately positioned to what is that kind of macro?

早安，夥計們。我想跟進有關天然氣的討論。您談到了您的二疊紀如何在年底盡可能地做好準備。我想對此進行擴展，並討論 2025 年底及更長期市場和宏觀經濟將如何發展，也許由於電力和出口，宏觀經濟會變得更有趣。當你評估這種變化時。想知道您是否認為您的投資組合適合這種宏觀情況？

Hi, Karl, I can take that Andy here. Maybe I'll start with the demand side of that and then we can talk about sort of how you might respond to that. So I think you said up to now do pretty well there in terms of sort of you know, we are expecting to see tailwinds, I mean, in sort of gas demand for gas on the LNG side, you know, our data center size and transportation needs. So is it just the under construction LNG plants, you know, are going to add 10 to 15 BCF a day over the next several years.

嗨，卡爾，我可以把安迪帶到這裡。也許我會從需求方面開始，然後我們可以討論您可能會如何應對。所以我認為你說到目前為止在某種程度上你知道，我們預計會看到順風，我的意思是，在液化天然氣方面對天然氣的需求，你知道，我們的資料中心規模和交通需求。那麼，在接下來的幾年裡，僅僅是正在建造的液化天然氣工廠每天就會增加 10 到 15 BCF 的產量嗎？

I know that. And that's alongside the broader electrification trends so that the there has been a lot of forecasts in we've all seen in AI driven power demand, and they will also be constructive for natural gas demand. But I do want to point out is important. So there are lots of different factors at play here such as the pace of those data center build-outs. No constraints on the power expansion, no, the expected improvement in efficiency. So no westel carefully working through back that piece of the equation.

我知道。這與更廣泛的電氣化趨勢並存，因此我們在人工智慧驅動的電力需求方面已經有了許多預測，它們也將對天然氣需求具有建設性。但我確實想指出這一點很重要。因此，這裡有很多不同的因素在起作用，例如資料中心擴建的速度。沒有對功率擴展的限制，沒有，預期的效率提高。所以沒有韋斯特仔細研究這個等式的一部分。

In terms of just seeing how material is going to be over time. But you're absolutely right. We do see it driving demand, then we'll go to the second half of the questions that we know what does that mean for us?

就只是看看材料隨著時間的推移會如何。但你是絕對正確的。我們確實看到它推動了需求，然後我們將討論問題的後半部分，我們知道這對我們意味著什麼？

So in terms of our portfolio, no. Then we have a lot of gas opportunities in our portfolio that we're not currently developing today a lot of dry gas opportunities. And you know, also we have a lot of associated gas in our unconventionals, and we could know we could choose to basically target gassier parts of the unconventionals.

所以就我們的投資組合而言，沒有。然後，我們的投資組合中有很多天然氣機會，而我們目前還沒有開發很多乾氣機會。你知道，我們的非常規天然氣中也有很多伴生氣，我們可以選擇基本上瞄準非常規天然氣的含氣部分。

But for us, the bottom line is it's got to compete on a cost of supply basis where we are today to make the cut for our annual capital program. And the really nice thing about the gas opportunities is, you know, if the demand is there and the support is there. We can pivot very quickly to the gas in our portfolio if it makes sense, and it's competing on the cost supply basis.

但對我們來說，底線是它必須在供應成本的基礎上競爭，我們今天要削減我們的年度資本計畫。天然氣機會的真正好處是，你知道，如果需求存在並且支持存在的話。如果有意義的話，我們可以很快轉向我們投資組合中的天然氣，並且它在成本供應的基礎上競爭。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

Good morning, and I'll return to the Willow project. It's perhaps $7 billion of CapEx. It's the biggest project on the north slope of the last 20 years. And so I'll ask some questions that are a little nitpicky to get comfort around the doability of the project. And I guess on the facility side of spend, you mentioned that the arrival of the operation center, the other pieces of the facility, I guess, are the drill pads and then the central processing facility what's the design philosophy around those? And how do you get comfort that you're strong controllables?

早上好，我將回到 Willow 專案。這可能是 70 億美元的資本支出。這是近20年來北坡最大的計畫。因此，我會問一些有點挑剔的問題，以使專案的可行性得到安慰。我想在設施方面的支出，你提到了營運中心的到來，我想設施的其他部分是鑽台，然後是中央處理設施，圍繞這些的設計理念是什麼？你如何因為自己是強大的可控因素而感到安慰？

Hi, Bob, this is Kirk. Yeah, certainly, yeah, good questions. We've been very proactive in how we plan this project out over the coming years. And certainly what you're hearing from me is how that's playing out for us, which is it's a combination, of course, naturally, we're seeking to build as much of these modules outside of the Alaskan North Slope, where we have pretty challenging weather conditions.

嗨，鮑勃，這是柯克。是的，當然，是的，好問題。我們在未來幾年如何規劃該專案方面一直非常積極主動。當然，你從我這裡聽到的是這對我們來說是如何發揮作用的，這是一個組合，當然，自然地，我們正在尋求在阿拉斯加北坡之外建造盡可能多的這些模組，在那裡我們有相當多的具有挑戰性的天氣條件。

It's remote and it takes a lot of effort and a lot of planning to do what we can do each winter within those winter construction seasons. And so we've been very purposeful in how we identify areas in which we can aggregates and build these large modules offsite, whether it be in Alaska or in other regions globally and build those certainly with preferred contractors and partners that can progress those with us, you've heard how I've described.

這裡地處偏遠，需要付出大量的努力和大量的計劃才能在每年冬天的冬季施工季節裡完成我們能做的事情。因此，我們一直非常有目的地確定可以在場外聚集和建造這些大型模組的區域，無論是在阿拉斯加還是在全球其他地區，並與能夠與我們一起推進這些項目的首選承包商和合作夥伴一起建造這些模組，你已經聽過我的描述了。

We've locked up a bulk of our spend upwards of 80% of our total facility spend in the fabrication as well as in the construction of all of this, whether it be off-site through the modules. Obviously, we have to work on the transportation sea, lifting those into Alaska, but we're still making a few truckables in and pieces of work that are appropriate that we can do there in Alaska and exploit the talent and the labor markets that we have in Alaska and then of course, we're transporting all of that to the North Slope.

我們已將超過設施總支出 80% 的大部分支出鎖定在所有這些設施的製造和建設中，無論是透過模組在場外進行。顯然，我們必須在運輸海上工作，將它們運送到阿拉斯加，但我們仍在製造一些卡車運輸和適合我們可以在阿拉斯加進行的工作，並利用我們所擁有的人才和勞動力市場。這些都運到北坡。

And these are across multiple winter construction seasons, which is why you hear me describe the good work that we had this year. We do actually have expectations of even more work next year in 2025 on the North Slope. And again, that's all weather-dependent. And this is why it's so important for us when we have good weather to knock that scope out when we have that opportunity.

這些都是跨越多個冬季施工季節的，這就是為什麼你會聽到我描述我們今年的出色工作。事實上，我們確實期望明年 2025 年在北坡開展更多工作。再說一遍，這完全取決於天氣。這就是為什麼當我們有好天氣的時候，當我們有機會的時候，把望遠鏡拿出來對我們來說是如此重要。

And so we've purposely staged and created this project so that we can get that scope done. We expect to have our peak activity both in fabrication and construction in Alaska across 2024 and 2025 years, expected stair-step down. But again, that's premised on good weather, strong line of sight to our contractors. And so we just feel like we've got a really strong foundation to how this project starting just immediately post FID So really happy with how all this is working for us. Bob.

因此，我們特意組織並創建了這個項目，以便我們能夠完成該範圍。我們預計阿拉斯加的製造和建築活動將在 2024 年和 2025 年達到高峰，預計將逐步下降。但同樣，這是以良好的天氣和我們承包商的良好視線為前提的。因此，我們覺得我們已經為該專案在 FID 後立即啟動奠定了堅實的基礎，因此我們對這一切為我們帶來的效果感到非常滿意。鮑伯.

Bob, I'd add a couple of things just from my long-term experience on the North Slope, you know, this is, I don't know, 25th or more drill site that we've built on the North Slope. They're all charged in lateral design. They're the same design that we've done on drill sites, you know, for the last 10 or 15 years. So we know our view and we've done a lot of them and this isn't any incremental scope and then fund the central facilities to your question.

鮑勃，我想根據我在北坡的長期經驗補充幾件事，你知道，這是，我不知道，我們在北坡建造的第 25 個或更多鑽探場地。他們都負責橫向設計。您知道，它們與我們過去 10 或 15 年在鑽井現場所做的設計相同。所以我們知道我們的觀點，我們已經做了很多，這不是任何增量範圍，然後為你的問題的中央設施提供資金。

We've done both the stick-built facilities on the North Slope during our winter construction seasons, and we built them off site and see lifted them up in the important part for Willow as the size of the opportunity there for us and the size and scope of the facility lent themselves to offsite fabrication. And I think the team did a great job hitting the window pretty well on the Gulf Coast.

我們在冬季施工季節期間在北坡建造了這兩個設施，我們在場外建造了它們，並將它們提升到了 Willow 的重要部分，因為那裡對我們來說機會的大小以及規模和規模該設施的範圍適合異地製造。我認為該團隊在墨西哥灣沿岸的窗戶上做得很好。

When there was a ramping down of activity, we could slot our project in pretty quickly get to good productivity. And then as we've already demonstrated our ability to see lift the facilities up to the north slope. And it's gone really well with the first set of facilities showing up. So that's an important distinction because a lot of stick built on the North Slope at the size of Willow, as you know, to us demonstrated the need to go off site and build it.

當活動減少時，我們可以很快地將專案投入到良好的生產力中。然後，正如我們已經展示的那樣，我們有能力將設施提升到北坡。隨著第一套設施的出現，進展非常順利。所以這是一個重要的區別，因為正如你所知，在北坡上建造了很多柳樹大小的木棍，向我們證明了需要離開現場建造它。

Build off the Gulf Coast to take advantage of better productivity and year round building and then shifted and are slope. So that and so that should give some cap. And we know we're doing done this before, and these are just repeats of stuff we've done in the past.

在墨西哥灣沿岸進行建設，以利用更高的生產力和全年建設，然後移動並傾斜。這樣那樣應該要給一些上限。我們知道我們以前做過這件事，而這些只是我們過去所做的事情的重複。

Kevin MacCurdy, Pickering Energy Partners.

凱文·麥克科迪，皮克林能源合作夥伴。

Good morning to build on the earlier question about CapEx. Your first half CapEx was in line but now you're pointing to that kind of the high end of the range for the year, we would assume that the Willow spin is more geared towards fourth quarter. But when do you see or when do you expect to see the higher activity and CapEx from the partner operated activity? And how material is the production impact or not activity?

早安，我們將討論先前有關資本支出的問題。你上半年的資本支出是一致的，但現在你指向的是今年範圍的高端，我們假設 Willow 旋轉更適合第四季度。但是您什麼時候會看到或您預計什麼時候會看到合作夥伴運營的活動帶來更高的活動和資本支出？生產影響或活動影響有多大？

Yes. Let me jump in here, Kevin. And then, Kirk, you want to add anything on this as well here, I'll take you back to the total capital for Lower 48. As Ryan mentioned, we expect capital to be modestly lower compared to 2023, mainly driven by that market deflation.

是的。讓我跳到這裡，凱文。然後，Kirk，您還想在此添加任何內容，我將帶您回到 Lower 48 的總資本。 正如 Ryan 所提到的，我們預計資本將比 2023 年略有下降，這主要是由該市場推動的通貨緊縮。

Now on the operated side, we as we've mentioned before, we are fairly flat on rig and frac crew counts. And that's driven by that improved operating capital efficiencies that we continue to realize through 2024. And we'll have deflation capture. Now on the non-operated side to your point of capital is higher as we've seen higher amount of Permian non-operated balance than anticipated relative to the 2024 guidance given.

現在，在營運方面，正如我們之前提到的，我們的鑽機和壓裂人員數量相當持平。這是由我們在 2024 年繼續實現的營運資本效率提高所推動的。現在，在非經營方面，您的資本點更高，因為我們看到二疊紀非經營餘額高於相對於 2024 年給出的指導的預期。

So that higher activity and as Andy mentioned, we'll continue to participate in those that these investments are attractive within our cost by framework and a competitive compared to our operated program. We've seen that through 2Q, especially that's why we've raised guidance, and we do detailed analysis on all of these as we go through a cost play framework.

因此，正如安迪所提到的那樣，我們將繼續參與那些在我們的成本範圍內具有吸引力的投資，並且與我們運營的計劃相比具有競爭力。我們在第二季度已經看到了這一點，特別是這就是我們提出指導的原因，當我們研究成本遊戲框架時，我們對所有這些進行了詳細分析。

Now if I look in the second half of this year, we'll continue to realize the benefit of the deflation. And like we've seen in previous years that non-op activity typically tails off kind of the back end of Q3 and then Q4. So we expect that as well. So again, this kind of circling back, our capital for the years is modestly lower than 2023.

現在，如果我展望今年下半年，我們將繼續認識到通貨緊縮的好處。就像我們前幾年看到的那樣，非營運活動通常會在第三季末和第四季逐漸減少。所以我們也期望如此。如此循環往復，我們這些年的資本略低於 2023 年。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Thank you, guys. Good morning. Maybe this is a wave or maybe just for Bill, if we're looking at for 2025 and '26 in terms of CapEx, can you share with us some of the moving parts there have been down comparing to 2024? I would imagine part of the spending will be weighed down, but that looked like Alaska may actually be up the spending campaign to. So maybe you can give us some idea there what is the key moving parts that we should take into consideration?

感謝你們。早安.也許這是一波浪潮，也可能只是針對比爾，如果我們在資本支出方面考慮 2025 年和 26 年，您能否與我們分享一些與 2024 年相比有所下降的活動部分？我想部分支出將會受到壓力，但這看起來阿拉斯加實際上可能是支出活動的重點。那麼也許您可以給我們一些建議，我們應該考慮哪些關鍵的移動部件？

Yeah, Paul you highlighted --

是的，保羅你強調了——

Comparing to 2024, I would imagine part of the spending will be weighed down, but that looked like Alaska may actually be up the spending campaign to. So maybe you can give us some idea there. What is the key moving parts that we should take into consideration.

與 2024 年相比，我認為部分支出將會受到壓力，但這看起來阿拉斯加實際上可能會成為支出活動的重點。也許你可以給我們一些想法。我們應該考慮的關鍵移動部件是什麼？

Yes, Paul, I know you highlighted a few of the moving parts that we'll have in 2025. But at this point, it's a bit early for us to be talking about what the 2025 capital spend is going to be, particularly when we were prior to closing the Marathon transaction. So I think that's going to have to wait until we get through to the year and get them out, get the Marathon transaction closed or we're going to be wanted to talk in detail about '25 CapEx.

是的，保羅，我知道您強調了 2025 年我們將擁有的一些動態部分。因此，我認為這將必須等到我們度過這一年並讓他們退出，完成馬拉松交易，否則我們將需要詳細討論「25 資本支出」。

Josh Silverstein, UBS.

喬許·西爾弗斯坦，瑞銀集團。

If things goes, I just wanted to get an update on some of the LNG product development. I was curious if the permitting slowdown in the US has actually helped the pace of development at Port Arthur and then it's I think it's been about a year since the to grow LNG announcement. I just wanted to get an update on that project here.

如果事情順利的話，我只是想了解一些液化天然氣產品開發的最新情況。我很好奇美國允許的經濟放緩是否真的有助於加快亞瑟港的發展步伐，我認為自宣布增加液化天然氣以來已經過去了大約一年。我只是想在這裡了解該項目的最新情況。

Yes, Andy, I can take that when you know on the port on Port Arthur, specifically as you mentioned, that is our Phase 1 is a fully permitted project. We started construction or the operators public construction where the for the contractor. And so at this stage, I'd just say things I know things are now on track. I'm really not much else to say in terms of the construction of the project, this point know it's on track and going as planned.

是的，安迪，當你知道亞瑟港的港口時，我可以認為，特別是正如你所提到的，我們的第一階段是一個完全許可的項目。我們開始施工或營運商為承包商進行公共施工。所以在這個階段，我只想說一些我知道事情現在已經步入正軌的事情。關於該項目的建設，我真的沒什麼好說的，這一點知道它正在按計劃進行。

And then I think your second question was it was really on NPL, no, this one. So this has impacted new projects in US and Mexico. These are impacted by the pause that is impacting the FID there. But I don't know that I'd probably point you to go on. So those questions are probably better asked why MPL in terms of sort of the pace of the project and where they're at.

然後我想你的第二個問題是，它確實出現在 NPL 上，不，是這個。這影響了美國和墨西哥的新計畫。這些受到影響 FID 的暫停的影響。但我不知道我是否會指示你繼續。因此，這些問題可能最好從專案的進度和進度來問為什麼選擇 MPL。

We see like you see sort of critical milestones being progressed, but they know that they face the same revenue hurdles that the or the rest of the industry does. You mentioned, you're correct that we have a we've agreed today 2.2 MTPA of uptake and NPL as a way of where we're keenly watching the progress there, too with that. So that's about what is that continuing on the on the LNG poles.

我們看到，就像你看到的一些關鍵里程碑正在取得進展，但他們知道他們面臨著與行業或其他行業相同的收入障礙。你提到的，你說得對，我們今天已經商定了 2.2 MTPA 的吸收率和 NPL，作為我們密切關注進展的一種方式。這就是液化天然氣桿上持續發生的事情。

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

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