康菲 (COP) 2026 Q2 法說會逐字稿

Welcome to the second-quarter 2026 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（ConocoPhillips）2026 年第二季財報電話會議。我是 Liz，將擔任今天會議的接線員。（接線員指示）

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

現在我將把電話交給投資人關係副總裁 Guy Baber。先生，您可以開始。

Thank you, Liz, and welcome, everyone, to our second-quarter 2026 earnings conference call. On the call today are several members of the ConocoPhillips leadership team, including Ryan Lance, Chairman and CEO; Andy O'Brien, Chief Financial Officer and Executive Vice President of Strategy and Commercial; Nick Olds, Executive Vice President of Lower 48 and Global HSE; and Kirk Johnson, Executive Vice President of Global Operations and Technical Functions.

謝謝你，Liz，也歡迎各位參加我們 2026 年第二季財報電話會議。今天與會的有多位康菲石油領導團隊成員，包括董事長兼執行長 Ryan Lance；財務長暨策略與商務執行副總裁 Andy O'Brien；美國本土 48 州（Lower 48）與全球 HSE（健康、安全與環境）執行副總裁 Nick Olds；以及全球營運與技術職能執行副總裁 Kirk Johnson。

Ryan and Andy will kick off the call this morning with opening remarks, after which the team will be available for your questions. As a reminder, for the Q&A portion, we will be taking one question per caller, consistent with our normal practice. A few other 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.

Ryan 與 Andy 將在今天上午以開場致詞揭開序幕，之後團隊將開放回答各位的提問。提醒各位，在問答環節中，我們將依照一貫作法，每位來電者僅提一個問題。另外還有幾點快速提醒。第一，隨同今天的新聞稿，我們也發布了補充財務資料與簡報投影片，您可在投資人關係網站上找到。

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'll 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.

第二，在本次電話會議中，我們將基於目前的預期發表前瞻性陳述。實際結果可能因今日新聞稿及我們定期向美國證券交易委員會（SEC）申報文件中所述因素而有所不同。我們也會提及部分非 GAAP 財務衡量指標。與最接近之對應 GAAP 指標的調節表可見於今日新聞稿及我們的網站。

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

接下來，我把電話交給 Ryan。

Thank you, Guy, and thank you to everyone for joining our second-quarter 2026 earnings conference call. Before I get into our quarterly results, I want to acknowledge the other announcement we made this morning that I will be retiring as CEO effective September 1. I've spent more than 40 years at ConocoPhillips and have had the honor of leading the company for the past 14 years.

謝謝你，Guy，也感謝各位參加我們 2026 年第二季財報電話會議。在我進入本季業績之前，我想先提及我們今天上午發布的另一項公告：我將自 9 月 1 日起退休並卸任執行長職務。我在康菲石油服務超過 40 年，並有幸在過去 14 年領導公司。

We have some of the most talented employees in the industry. And together, we have positioned the company for long-term success, with a track record of delivering superior returns on and of capital through the cycles, and I'm incredibly proud of what we've accomplished together. And I'm also excited that Andy will assume the role of President and CEO.

我們擁有業界最優秀的人才。而且我們攜手讓公司具備長期成功的定位，在景氣循環中持續交出優異的資本報酬與資本運用成果，我對我們共同完成的一切感到無比自豪。我也很高興 Andy 將接任總裁兼執行長一職。

You all know Andy well already. He's been with the company almost 30 years. I don't need to list his credentials, but I do want to take the opportunity to call out the valuable contributions he's already made, helping to shape our company and strategy. His leadership experience and deep understanding of our business make him well positioned to lead the company forward, and I have full confidence in him and the leadership team he has chosen.

各位對 Andy 都非常熟悉。他在公司服務將近 30 年。我不需要逐一列舉他的資歷，但我確實想藉此機會特別肯定他已做出的重要貢獻，協助塑造我們的公司與策略。他的領導經驗與對我們業務的深刻理解，使他非常適合帶領公司持續向前；我對他以及他所選定的領導團隊充滿信心。

I will assume a transitional role of Executive Chairman to support a smooth leadership transition. Andy will have full accountability for leading the company and managing day-to-day operations. I want to thank our employees and the Board for their confidence they have shown in me over the years and our shareholders for their continued confidence in ConocoPhillips.

我將擔任過渡性的執行董事長角色，以支持順利完成領導交接。Andy 將對公司領導與日常營運管理負起全部責任。我要感謝我們的員工與董事會多年來對我的信任，也感謝股東持續對康菲石油的信心。

Let me now turn to the results for the quarter. ConocoPhillips delivered strong second-quarter results. Production was above the high end of our guidance range with our peer-leading Permian position, achieving a new record of over 900,000 barrels of oil equivalent per day. We generated over $4 billion of free cash flow, and we increased shareholder distributions to $3 billion, doubling our share repurchases from the prior quarter.

接下來談本季業績。康菲石油第二季交出強勁成果。在同業領先的二疊紀（Permian）布局帶動下，產量高於我們指引區間的上緣，創下每日超過 90 萬桶油當量的新紀錄。我們創造超過 40 億美元的自由現金流，並將股東回饋提高至 30 億美元，股份回購金額較上一季倍增。

We also made meaningful progress on strategic initiatives that further strengthen our portfolio and support long-term value creation. We achieved our $5 billion disposition target ahead of schedule, expanded our commercial LNG offtake portfolio and added new growth opportunities in the Middle East at an attractive cost of supply. Simply put, ConocoPhillips is in a stronger position than ever before.

我們也在策略性計畫上取得實質進展，進一步強化投資組合並支持長期價值創造。我們提前達成 50 億美元的資產處分目標，擴大我們的商業 LNG（液化天然氣）承購（offtake）組合，並以具吸引力的供應成本在中東新增成長機會。簡而言之，康菲石油的整體態勢比以往任何時候都更強。

We have the highest quality asset base in the sector with the deepest and most capitally efficient Lower 48 inventory and a diversified portfolio of low cost of supply legacy assets. We are executing well and driving continuous improvement. Our balance sheet is rock solid, with leverage well below one times and cash of more than $8 billion.

我們擁有本產業中品質最高的資產基礎，在美國本土 48 州（Lower 48）具備最深厚且資本效率最高的庫存，並擁有多元化、供應成本低的既有資產組合。我們執行到位並推動持續改善。我們的資產負債表非常穩健，槓桿率遠低於 1 倍，現金超過 80 億美元。

We continue to lead the peer group in returning capital to shareholders as we've done in the last decade. Our cost reduction program is progressing ahead of plan. Our LNG projects will be contributing in 2027, and Willow continues to hit all key milestones in advance of first oil in early 2029. We remain firmly on track to deliver our $7 billion free cash flow inflection by 2029, effectively doubling last year's total free cash flow. All of this is made possible by the best people in the business, and I'm pleased to transition our leadership of the company with us being in such a strong position.

我們持續領先同業，正如過去十年一樣，將資本回饋給股東。我們的成本削減計畫進度超前。我們的 LNG 專案將於 2027 年開始貢獻，而 Willow 專案也持續在 2029 年初首次出油前，提前達成所有關鍵里程碑。我們仍堅定按計畫在 2029 年實現 70 億美元自由現金流的躍升拐點，等同於將去年自由現金流總額有效翻倍。這一切都仰賴業界最優秀的人才；在公司處於如此強勢的狀態下完成領導交接，我感到非常欣慰。

So with that, let me turn the call to Andy to discuss our second-quarter results and outlook in more detail.

接下來，我把電話交給 Andy，請他更詳細說明我們第二季業績與展望。

Thank you, Ryan, and thanks to you and the Board for the confidence that you've shown in me. I'm excited to step into the role of President and CEO. The company has never been in a better position with a great portfolio and a strong foundation thanks to Ryan's leadership and our world-class workforce. Kirk and Nick will remain important members of the executive leadership team and trusted partners as we move forward, continuing in their role overseeing our operations.

謝謝你，Ryan，也感謝你與董事會對我的信任。我很期待接任總裁兼執行長一職。在 Ryan 的領導與我們世界級團隊的努力下，公司擁有優質的投資組合與堅實的基礎，從未像現在這樣處於更佳位置。Kirk 與 Nick 將持續擔任執行領導團隊的重要成員與值得信賴的夥伴，並延續其監督營運的職責。

And I'm pleased to welcome Konnie Haynes-Welsh to the team, our new Chief Financial Officer. She will be a great addition as we build on the strong foundation already in place. I'm also looking forward to working with our broader organization as we continue executing with the same discipline and focus that have served us so well. Turning now to our second-quarter performance. We produced 2,248,000 barrels of oil equivalent per day.

我也很高興歡迎我們的新任財務長 Konnie Haynes-Welsh 加入團隊。在我們既有的堅實基礎上持續深化之際，她將是非常重要的助力。我也期待與更廣泛的組織合作，延續一貫的紀律與專注，持續把事情做好。接著談我們第二季的表現。我們的產量為每日 2,248,000 桶油當量。

That was above the high end of our guidance, driven by strong operational performance across our global portfolio, including record Permian production. We generated $3.24 per share in adjusted earnings. Cash flow from operations was $7.2 billion and after $3 billion of capex, that translated into $4.2 billion of free cash flow.

該數字高於我們指引的上緣，主要由全球投資組合的強勁營運表現所帶動，其中包括二疊紀（Permian）產量創新高。我們的調整後每股盈餘為 3.24 美元。營運活動現金流為 72 億美元，在 30 億美元資本支出（capex）之後，轉化為 42 億美元的自由現金流。

We increased our second-quarter shareholder distributions to $3 billion. That included doubling share repurchases to $2 billion, plus $1 billion of ordinary dividends. And we ended the quarter with $8.1 billion of cash and short-term investments, along with $1.2 billion of liquid long-term investments. In short, this was another quarter of exceptional operational and financial execution.

我們將第二季股東回饋提高至 30 億美元。其中包括將股份回購倍增至 20 億美元，另加 10 億美元的普通股股利。本季末我們持有 81 億美元的現金與短期投資，並另有 12 億美元的具流動性長期投資。總之，這又是一個營運與財務執行都極為出色的季度。

Turning to our outlook. Our full-year guidance items are unchanged. We remain on track to deliver our plan. For distributions, we continue to target returning 45% of our CFO to shareholders this year. We averaged about 40% for the first half, meaning we expect to increase the distribution percentage over the second half of the year.

接著談我們的展望。我們全年指引項目維持不變。我們仍按計畫推進並交付成果。在股東回饋方面，我們今年仍以將營運活動現金流（CFO）的 45% 回饋給股東為目標。上半年平均約為 40%，這表示我們預期在下半年提高回饋比例。

For third-quarter production, our guidance range is 2,290,000 to 2,320,000 barrels of oil equivalent per day. This improvement from the second quarter is driven by a production ramp in Qatar and continued Lower 48 growth. This more than offsets the impact of non-core asset sales of 15,000 barrels of oil equivalent per day in July.

針對第三季產量，我們的指引區間為每日 2,290,000 至 2,320,000 桶油當量。相較第二季的改善，主要來自卡達產量爬坡，以及美國本土 48 州（Lower 48）持續成長。這些增量已足以抵銷 7 月出售非核心資產所帶來的每日 15,000 桶油當量影響。

Now let me walk you through the three strategic updates. The completion of our disposition program, the additions to our commercial LNG portfolio and our new international opportunities. First, we achieved our $5 billion disposition target ahead of schedule, with $1.7 billion of non-core Lower 48 asset sales in July, and we were really pleased with the value we captured for these assets.

現在我來帶各位回顧三項策略更新。包括我們處分計畫的完成、商業 LNG 組合的新增，以及新的國際機會。首先，我們提前達成 50 億美元的處分目標，7 月完成 17 億美元的 Lower 48 非核心資產出售，我們對於這些資產所實現的價值感到非常滿意。

While this completes our announced disposition program, disciplined portfolio management remains central to how we run ConocoPhillips. So we'll continue to high-grade and optimize our portfolio. That work never stops. Second, we recently signed two LNG offtake agreements each for 1 million tonnes per annum, one in Indonesia and one on the US Gulf Coast.

雖然這代表我們已完成先前宣布的處分計畫，但嚴謹的投資組合管理仍是我們經營 ConocoPhillips 的核心。因此，我們將持續提升資產品質並優化投資組合。這項工作永不停止。第二，我們近期簽署兩份 LNG 承購協議（offtake），每份每年 100 萬噸，一份在印尼，另一份在美國墨西哥灣沿岸。

These additions bring our total offtake for 12 million tonnes per annum and marked another important step in scaling this business. Our commercial LNG strategy builds on our global scale and decades of resource LNG experience, allowing us to move lower value natural gas into premium-priced international markets while maintaining full value chain control to maximize margins through the cycle.

這些新增使我們的總承購量達到每年 1,200 萬噸，並標誌著擴大此業務規模的另一個重要步驟。我們的商業 LNG 策略建立在全球規模與數十年的 LNG 資源經驗之上，使我們能將價值較低的天然氣輸送至溢價的國際市場，同時維持對全價值鏈的完整掌控，以在景氣循環中最大化利潤率。

And third, we signed strategic agreements for low cost of supply growth opportunities in Iraq and Syria. This builds on the improved fiscal terms we signed in Libya earlier this year. These opportunities are part of a targeted and deliberate strategy to build on our advantaged, globally diversified portfolio. Each is a high-quality, long-life conventional asset with demonstrated production and meaningful redevelopment potential. They have attractive entry costs at highly competitive cost of supply. These fields are already producing today, and we expect the production to largely fund the redevelopment, delivering longer-term free cash flow upside with little to no impact on our capital spending.

第三，我們在伊拉克與敘利亞簽署了具策略性的協議，以把握低供應成本的成長機會。這是在我們今年稍早於利比亞簽署更佳財政條款的基礎上再向前推進。這些機會屬於一項聚焦且審慎的策略，旨在強化我們具優勢、全球多元化的投資組合。每一項都是高品質、長壽命的傳統資產，具備已驗證的產量與可觀的再開發潛力。其進入成本具吸引力，且供應成本高度具競爭力。這些油氣田目前已在生產，我們預期產量將在很大程度上為再開發提供資金，在幾乎不影響或完全不影響資本支出的情況下，帶來較長期的自由現金流上行空間。

To wrap up, our strategic priorities are unchanged. They are clear, consistent and durable and they have served us well for the last decade. We will continue to grow our dividend at a rate competitive with the top quartile of the S&P 500. We will protect and further strengthen our investment-grade balance sheet. We will return a significant portion of our CFO to shareholders right off the top.

總結來說，我們的策略優先事項維持不變。它們清晰、一致且具持久性，並在過去十年為我們帶來良好成果。我們將持續以可與標普 500 前四分位數公司競爭的速度提高股利。我們將維持並進一步強化投資級資產負債表。我們將把營運現金流（CFO）的相當大一部分，優先直接回饋給股東。

And only after meeting all these priorities, we will evaluate disciplined growth with a focus on improving our returns on capital employed, and we are meeting these priorities while reinvesting to deliver a peer-leading $7 billion free cash flow inflection by 2029. That inflection is well underway. As free cash flow grows, our breakeven price comes down, our reinvestment rate comes down, and our financial strength and competitive positioning further improve. Every measure moves meaningfully in the right direction. That concludes our prepared remarks.

只有在達成上述所有優先事項之後，我們才會評估在紀律下的成長，並聚焦於提升投入資本報酬率；同時，我們也在滿足這些優先事項的過程中持續再投資，以在 2029 年前實現同業領先的 70 億美元自由現金流拐點。這個拐點已在穩步推進中。隨著自由現金流成長，我們的損益兩平價格下降、再投資率下降，而我們的財務實力與競爭定位也進一步提升。各項指標都明顯朝正確方向改善。以上為我們預先準備的發言。

I'll now turn it back to the operator to begin the Q&A.

接下來我把時間交還給主持人，開始問答環節。

(Operator Instructions) Neil Mehta, Goldman Sachs.

(主持人指示) Neil Mehta，高盛。

Ryan, what a great quarter to close on. And Andy, congratulations and well deserved on becoming the CEO. And Ryan, you've been one of the most consequential leaders in the history of the energy industry, and it's hard to imagine it was just 10 years ago, you had that defining Analyst Day that really laid the foundation for what the sector should look like, specifically the E&P sector.

Ryan，這一季收官非常出色。Andy，恭喜你成為 CEO，實至名歸。Ryan，你一直是能源產業史上最具影響力的領導者之一；很難想像就在 10 年前，你舉辦了那場具有指標意義的分析師日，真正為整個產業、特別是上游勘探與生產（E&P）領域，奠定了應有的樣貌與基礎。

So my question, Ryan, is why now? In terms of retiring and how you thought about the approach to succession planning? And then maybe bigger picture, as you reflect on your career, any advice you want to leave us all with as an investment and an energy community about how the sector can continuously improve from here?

所以我的問題是，Ryan，為什麼是現在？就退休這件事，以及你如何思考接班規劃的方式？另外從更宏觀的角度，當你回顧職涯時，對我們投資界與能源社群，是否有任何建議，關於這個產業接下來如何持續精進？

Well, thank you, Neil. A lot in that. And I appreciate the kind words and really thank everybody on the call for their support personally and the confidence that you've shown in our company and we're committed to continuing that. There's probably never a good time, but succession planning has really been a fundamental part of my career and what we've done with the Board.

謝謝你，Neil。你提到的內容很多。我很感謝你的溢美之詞，也真心感謝所有與會者對我個人的支持，以及你們對我們公司的信任；我們承諾會持續延續這份信任。或許永遠沒有真正「好」的時機，但接班規劃一直是我職涯的基本功，也是我們與董事會共同推動的核心工作。

We have a very robust, evergreen process to ensure that we get the right leadership at every level in the company and it's always been front of mind. I've told a number of you in the past the very first board meeting I had with a new Board when I first became CEO, one of the topics was succession because I swore I wasn't going to go through a process that I went through somewhere down the road.

我們有一套非常健全、可持續運作（evergreen）的流程，以確保公司各層級都能選出合適的領導者，這一直是我們優先關注的事項。我過去也跟不少人提過：我在剛成為 CEO、與新董事會召開的第一次董事會會議上，其中一個議題就是接班，因為我發誓不想在未來某個時點再經歷一次我曾在其他地方遇過的那種流程。

I've been in this business for 42 years, seen a lot and that includes 14 years as the CEO of the company. So, at the moment, I love the business. And we knew this moment was always going to come at some point in time. I'm proud of what we've accomplished. And like I said, we've been planning for quite some time. I think in terms of the timeline, I would say three things, Neil.

我在這個產業已經 42 年，見證了很多事，其中包括擔任公司 CEO 的 14 年。此刻，我仍然熱愛這份事業。而我們也一直知道，這個時刻終究會在某個時間點到來。我為我們所達成的成果感到自豪。如我所說，我們已經規劃了相當長一段時間。就時間點而言，我想我會提出三點，Neil。

First, we wouldn't do this if I didn't think the company was in a strong position. And as Andy outlined in his comments about the outlook and the quarter, I don't think our portfolio has ever been stronger. We're executing well on all the projects and all the exploitation that we're doing. Everything is on track. Cost reduction programs are working well, and we're well on our way to delivering the $7 billion of free cash flow that we've committed that we're going to do in the company.

第一，如果我不認為公司處於強勢位置，我們不會做這個決定。正如 Andy 在談到展望與本季表現時所說，我不認為我們的投資組合曾經像現在這麼強。我們在所有專案與各項開發作業的執行都很到位。一切都按計畫進行。降本計畫運作良好，我們也正穩步朝著交付我們承諾的 70 億美元自由現金流目標前進。

So one, I don't think the company has ever been in a stronger position. And I wouldn't leave if I didn't think that was the case. Second, I think you want to know that you're turning it over to the right leader who will take the company to the next level, and I'm confident that Andy is that person. He's been with me for 30 years. He's helped shape our execution, our strategy and bring strong leadership, and he's played really a key role in our success that we've had to date.

所以第一點，我認為公司從未處於比現在更強的位置。如果我不認為是這樣，我不會離開。第二，你會希望確定交棒給能帶領公司更上一層樓的正確領導者，而我有信心 Andy 就是那個人。他跟我共事 30 年。他協助塑造我們的執行力與策略，並提供強而有力的領導；他在我們迄今的成功中確實扮演了關鍵角色。

And then third, I would say, look, I've had a 14-year run, which is phenomenal. And I've just been so proud of the team, the company, what we've accomplished. It's been through lots of ups and downs in this business. But when you think about that, if I go much longer, two, three, four years, I don't give the next team at least a decade to be able to put their fingerprints and take this company onward and upward.

第三，我會說，我已經跑了 14 年，這非常了不起。我一直為團隊、公司以及我們所完成的一切感到驕傲。這段期間經歷了這個產業的許多起伏。但你想想，如果我再做更久兩、三、四年，就無法讓下一個團隊至少有十年的時間去留下他們的印記，並帶領公司持續向前、向上。

And so it's an important time to that because with Andy's leadership and the team that he's built and put around him it's going to take our company to a bigger and better place. So, I think that's just, now is the right time to be thinking about that and doing this. My advice, look this is such an important business in the world. We play in the middle of sustainability, of energy security and national security.

因此，這是一個重要的時間點；在 Andy 的領導，以及他所建立並配置在身邊的團隊之下，將把公司帶到更大、更好的境地。所以我認為，現在正是思考並推動這件事的合適時機。至於我的建議，我想說，這是一個對世界極其重要的產業。我們正處於永續、能源安全與國家安全的交會點。

No matter where you go around the world, it's a really, really important business. And there'll be ups and there will be downs. It's still got some cycle time to the business. So it demands sort of investors and people like yourself that take confidence in the company, take confidence in the management team, confidence in the portfolio and the execution that we're executing and hang with us.

無論你走到世界哪個角落，這都是一門非常、非常重要的生意。而且會有起有落。這個產業仍然具有一定的週期性。因此，它需要像你這樣的投資人與相關人士，對公司有信心、對管理團隊有信心、對資產組合與我們正在推進的執行力有信心，並且願意與我們一路同行。

We're going to be here a long time. It's an important business. It's an important industry. We've all seen why energy security is becoming concerns for countries around the whole world. So I think what we're doing is really, really important to the world. It's important with this AI revolution that's coming, and we're going to benefit from that as well. But we just got to increase the interest in us, we have to perform.

我們會在這裡很長一段時間。這是一門重要的生意。這是一個重要的產業。我們都看到了為什麼能源安全正成為全球各國的關切。所以我認為我們正在做的事情對世界非常、非常重要。在即將到來的 AI 革命之下，這也很重要，而我們也將從中受益。但我們必須提升市場對我們的關注度，我們必須拿出表現。

We need to get back to a higher percentage of the S&P 500. And to do that, you got to compete against the S&P 500, and that's what we intend to do at ConocoPhillips. So thank you for the kind words, Neil. Really appreciate it, and thanks for your confidence and advice over the years.

我們需要回到在標普 500 指數中更高的占比。而要做到這一點，你就必須與標普 500 競爭，這正是我們在康菲石油（ConocoPhillips）打算做的事。所以謝謝你的美言，Neil。真的很感謝，也謝謝你多年來的信任與建議。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

Ryan, you've left an indelible mark on the industry and all of us who are involved. So, thank you for that. Your voice on these calls will be missed.

Ryan，你在這個產業以及我們所有參與其中的人身上都留下了不可磨滅的印記。所以，謝謝你。我們會想念你在這些電話會議上的聲音。

Thank you, Steve.

謝謝你，Steve。

Andy, appreciate the prepared remarks, but I would love for you to expand a little, particularly about your vision for ConocoPhillips and where do you aspire to take the organization in the next couple of years.

Andy，感謝你的事先準備發言，但我很希望你能再多延伸一點，特別是談談你對康菲石油的願景，以及你希望在未來幾年把組織帶到什麼位置。

Yes. Thanks, Steve. I appreciate the question. Let me just start with sort of, I think, where Ryan ended. I've been very fortunate to have the opportunity to be involved in all the major strategic decisions that we've made over the past decade. So that should give you confidence that the key pillars of our strategy will remain unchanged. Our cost of supply focus, the capital allocation framework, our commitment to competitive and improving returns on and of capital, and our focus on disciplined execution, that's not changing.

是的。謝謝，Steve。我很感謝這個問題。我先從 Ryan 結尾提到的部分說起。過去十年我們做出的所有重大策略決策，我很幸運都有機會參與其中。因此，這應該能讓你對我們策略的關鍵支柱將維持不變更有信心。我們對供應成本（cost of supply）的聚焦、資本配置框架、對具競爭力且持續改善的資本回報的承諾，以及對紀律化執行的重視，這些都不會改變。

But what I would say is don't confuse consistency of strategy with complacency. The goal of this leadership team is going to be to raise the bar on our performance and unlock even more value. But within our long-held capital allocation framework that works so well, we see tremendous potential for the company as we move into the next stage.

但我想說的是，不要把策略的一致性誤解為自滿。這個領導團隊的目標，是要把我們的表現標準再提高，並釋放更多價值。不過，在我們長期堅持、且運作得非常好的資本配置框架之內，隨著我們進入下一個階段，我們看見公司仍有巨大的潛力。

But top of mind is that our priorities are straightforward. We've got to keep executing the plan. We've got to deliver our major projects and cost reduction program that underpin our $7 billion free cash flow inflection – that is on track. That is going to be sort of hyperfocus for the team and myself. We will continue high grading the portfolio.

目前最優先的，是我們的重點很明確。我們必須持續把計畫執行到位。我們必須交付支撐我們 70 億美元自由現金流拐點的重大專案與降本計畫——目前進度如期。這將會是團隊以及我個人的高度聚焦重點。我們也會持續進行資產組合的優化（high grading）。

That's something that we've spoken about a lot in the past, and you think how our portfolio has changed over the years. We don't look at the assets as being static. We make sure all of our assets over time compete on a cost of supply base in our portfolio. So, portfolio high grading is something that you'll see continue at ConocoPhillips. So that's really important for us.

這是我們過去談過很多次的事情，你也可以看到多年來我們的資產組合如何改變。我們不把資產視為一成不變。我們會確保隨著時間推進，我們所有資產都能在資產組合中以供應成本為基礎進行競爭。因此，資產組合優化將會是你在康菲石油持續看到的作法。這對我們非常重要。

And we're going to look for additional ways to really improve our returns within our existing framework. So, I think you'll see a fair bit of continuity. It's not about one big change. It's about the cumulative impact of disciplined execution, continuous improvement, our strong behaviors and the organization that we have that drives value. And we have that. We have world-class employees and their ability to innovate and drive improvement is a key part of how we're going to continue to unlock value as we go forward.

而且我們會在既有框架內，尋找更多方式來真正提升我們的回報。所以，我認為你會看到相當程度的延續性。這不是關於某一個巨大的改變。而是關於紀律化執行、持續改善、我們強而有力的行為準則，以及能夠驅動價值的組織所帶來的累積效果。而我們具備這些。我們擁有世界級的員工，他們創新並推動改善的能力，是我們未來持續釋放價值的關鍵一環。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks and also, congrats, Ryan, on your retirement and really positioning the company exceptionally well for the long term. Great to see Andy's appointment to CEO next month. For the question, just want to touch on Qatar and get an update with what you're seeing there across the producing assets and also the NFE and NFS projects. And you did reiterate full-year production guidance despite the divestitures and Qatar not being fully back here in the third quarter. Just wondering what the risking or assumptions are around Qatar returning?

謝謝，也恭喜 Ryan 退休，並且讓公司在長期面向上處於非常出色的位置。很高興看到 Andy 下個月被任命為 CEO。關於問題，我想談一下卡達，請更新一下你們在那邊看到的情況，包括各個生產資產，以及 NFE 與 NFS 專案。另外，儘管有資產剝離、且卡達在第三季尚未完全恢復，你們仍重申全年產量指引。想請問對於卡達恢復的風險考量或假設是什麼？

Phil, this is Kirk. Yes, certainly, as you're pointing out, there's been quite a bit of flux and forward looking certainly some uncertainty as it relates to conflict and the impacts that are playing out for us with Qatar. As you saw in the second quarter, Ras Laffan was largely shut in, although we did see some pretty limited volumes coming out of that business. And that was, as you would expect, it's a function of the ramp down that took place early in the quarter.

Phil，我是 Kirk。是的，正如你所指出的，情勢變動很大；往前看，與衝突相關以及其對我們在卡達業務影響的部分，確實存在一些不確定性。如你在第二季所見，Ras Laffan 基本上大多處於停產（shut in）狀態，儘管我們確實看到該業務有一些相當有限的產量。而這也如你所預期，主要是因為該季初發生的降載（ramp down）所致。

Naturally, there's a need to support local demand and consumption there in country, and they were able to achieve some of that certainly through our train. The planned turnaround that we had premised there in the second quarter, we were able to successfully execute a bit of upside here or glass half full, taking advantage of the downtime that did exist there at Ras Laffan.

當地自然需要支援國內需求與消費，他們也確實能透過我們的生產線（train）達成部分供應。我們原本在第二季規劃的檢修（turnaround），也得以成功執行；從正面來看，我們利用了 Ras Laffan 當時存在的停機時間。

We were able to get that work done so that as that train is expected to ramp up certainly over the next forward-looking quarter here in 3Q, we can be in a strong position of high uptime and execution coming out of that downtime. So certainly, as you're inquiring looking into the third quarter, our guidance does assume a ramp across the quarter.

我們把那項工作完成了，因此當該生產線預期在接下來的第三季逐步升載（ramp up）時，我們能在高運轉率（uptime）與執行表現上處於有利位置，從那段停機時間中順利恢復。所以，正如你詢問的，展望第三季，我們的指引確實假設產量會在該季內逐步爬升。

And naturally, there's a fair bit of obvious uncertainty around the pace of the ramp as well as just overall throughput through the quarter. And so what we've done is just capture that within the uncertainty range that exists there in our total company and our guidance with respect to Qatar. Now if I move forward then into NFE and NFS, it can oftentimes get conflated with the downtime and some of the issues that we've had naturally around production with the Strait being closed.

當然，升載速度以及整體在該季的處理量（throughput）仍存在相當明顯的不確定性。因此，我們已將這些納入公司整體指引的不確定區間之中，特別是與卡達相關的部分。接著談到 NFE 與 NFS，這些專案有時會與停機時間、以及海峽關閉所造成的產量問題混在一起討論。

But those projects were progressing well prior to the conflict, and they continue to progress really quite nicely through the conflict, especially the onshore build out of the liquefaction trains. And so naturally, of course, we're careful to always defer to Qatar Energy on formal updates. But what we're seeing from the schedule, the productivity we're seeing coming out of that, we're expecting any delays that may come on first gas or first cargo to be in the nature of months, not a full year.

但在衝突發生之前，這些專案進展良好；而在衝突期間，它們仍持續相當順利地推進，尤其是陸上液化生產線的建置。當然，我們一向謹慎，正式更新仍以 Qatar Energy 的公告為準。但從我們看到的時程與生產力表現來看，若首氣（first gas）或首船（first cargo）出現延遲，我們預期會是以「數月」為單位，而不是整整一年。

And so we're not expecting any delays coming out of those projects to meaningfully impact our free cash flow that we're continuing to see progress through the next couple of years. So strong confidence in what we're expecting coming out of Qatar.

因此，我們不預期這些專案的任何延遲會對我們未來幾年持續推進的自由現金流造成實質影響。所以，對於我們在卡達業務的展望，我們仍然非常有信心。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Ryan, a bit of an end of era here. But I guess my biggest takeaway is there's hope for Guy Baber yet, right, given that –Andy used to run IR.

Ryan，這裡有點像一個時代的結束。但我想我最大的感想是，Guy Baber 還是有希望的，對吧，因為——Andy 以前是負責 IR 的。

Well, I'm going to I'll miss the banter, Doug.

嗯，我會想念這些打趣的，Doug。

Good luck to you all. So my question, Andy, is, look, you're still guiding $12 billion, $12.5 billion. We know that peak spending of Willow is still ahead. The critical path, it seems to us to get to that huge free cash flow inflection is that spending comes down when Willow comes up. So my question is simply this. Is that the plan?

祝你們各位好運。所以我的問題，Andy，是這樣：你們仍然指引 120 億美元到 125 億美元。我們知道 Willow 的支出高峰仍在前方。在我們看來，要達到那個巨大的自由現金流拐點，關鍵路徑是：當 Willow 上線時，支出要下降。所以我的問題很簡單。這就是計畫嗎？

Or is there another major reset in long-term capex that causes that spending not to come down because if the answer is no, then the free cash flow inflection is kind of baked in. Yet the market doesn't yet seem to have confidence in it from at least from our discussion. So that's my question. And again, good luck to you all, congratulations.

還是說，長期資本支出（capex）會再有一次重大重設，導致支出不會下降？因為如果答案是否，那自由現金流拐點基本上就已經內建了。但至少從我們的討論來看，市場似乎還沒有信心。所以這就是我的問題。再次祝你們各位好運，恭喜。

Yes. Thanks, Doug. Let me just start with a correction. Peak capex of Willow is behind us. So when we -- to the first part of your answer is we passed the peak of Willow. And then the second part of your answer, we absolutely expect our capex to move lower from here, particularly as Willow comes online early in 2029. So the short answer is yes, capex comes down.

是的。謝謝你，Doug。我先更正一下。Willow 的資本支出高峰已經過去了。所以，回到你問題的第一部分，我們已經越過 Willow 的高峰。至於第二部分，我們絕對預期從現在開始資本支出會下降，特別是 Willow 在 2029 年初投產之後。所以簡短答案是：是的，capex 會下降。

But I think that's only part of the story. And I think the bigger part of the story is what's happening to our reinvestment rate and our breakeven. Both of those come down structurally. Our free cash flow breakevens moved from the mid-40s WTI today to the low 30s by 2029. And perhaps, we don't talk about this enough, but the other side of that coin is obviously a lower reinvestment rate.

但我認為那只是故事的一部分。更重要的一部分是，我們的再投資率與損益兩平點正在發生什麼變化。這兩者都會在結構性上下降。我們的自由現金流損益兩平點，將從目前 WTI 每桶 40 多美元的中段，降到 2029 年的 30 多美元低段。而且也許我們談得不夠多，但同一枚硬幣的另一面，顯然就是更低的再投資率。

So we're meaningfully moving this in the right direction. We're improving the financial strength and the flexibility of the company. That's going to enable us over time to return more capital to our shareholders. And I do want to say that we don't have expectations that we're going to go to zero growth capital, maintenance levels once Willow is set up.

所以我們正大幅把方向往正確的方向推進。我們正在提升公司的財務實力與彈性。這將使我們隨時間能夠向股東回饋更多資本。我也想說，我們並不預期在 Willow 建置完成後，就把成長資本降到零、只維持維護性支出水準。

We'll continue to invest in our Lower 48 portfolio and our A&I portfolio, but for modest growth. But I want to emphasize, and I can't emphasize this strongly enough, that's sort of structurally lower reinvestment rate than where we are today.

我們會持續投資於我們的 Lower 48 投資組合以及 A&I 投資組合，但以溫和成長為目標。但我想強調，而且我再怎麼強調都不為過，這將是相較於我們今天所處水準、結構性更低的再投資率。

And I would add, Doug, that we get some of this feedback as well. And you guys -- everybody knows us well enough. We have a high said/did ratio. We don't say things we don't intend to go do. So when we put out the $7 billion free cash flow inflection, you can count that we're going to – Andy, we all and Andy's team is going to deliver that. And there's two parts.

Doug，我補充一下，我們也收到一些類似的回饋。而你們——大家都很了解我們。我們「說到做到」的比例很高。我們不會說我們不打算去做的事。所以當我們提出 70 億美元的自由現金流拐點時，你可以相信我們——Andy、我們所有人以及 Andy 的團隊——會把它交付出來。而且這有兩個部分。

The CFO is going to go up, clearly, as these projects come online, but the capital is coming down, and we're going to have choices and options even post Willow start-up around what we do with the free cash flow that we're generating. And it's going to be significant. So and it starts by just making sure that we get these projects online.

隨著這些專案上線，自由現金流（FCF）顯然會上升，但資本支出會下降；而且即使在 Willow 投產之後，對於我們要如何運用所產生的自由現金流，我們也會有選擇與彈性。而且規模會很可觀。所以，首先就是確保我們把這些專案順利上線。

You heard Kirk talk about LNG and the Willow question, but it's on track, and we're seeing the cost reductions that we expect to get, and we're going to see the capital reductions that we expect between now and when Willow gets started up.

你們聽到 Kirk 談到 LNG 以及 Willow 的問題，但一切都在軌道上；我們正看到預期中的成本下降，也會看到從現在到 Willow 投產之間、我們所預期的資本支出下降。

Lloyd Byrne, Jefferies.

Lloyd Byrne，Jefferies。

Hall of fame career, Ryan. You'll be missed. And Andy, congrats. We have a lot of confidence in you and your team. It's really strong. I want to focus on Alaska. And I just wanted to discuss the -- what you can say about the exploration results, the four-well NPR-A program. And then when will we get those estimates given the public data ruling? And then maybe what it means for the implications of the plateau at Willow, just the potential out there?

Ryan，你的職涯堪稱名人堂等級。我們會想念你。Andy，恭喜。我們對你和你的團隊很有信心。真的很強。我想聚焦在阿拉斯加。我想請你談談——你能分享的勘探結果，NPR-A 的四口井計畫。然後在公開資料裁定之後，我們何時能拿到那些估算？再來也許談談這對 Willow 平台期（plateau）的意涵，也就是那邊的潛力？

Yes. Great question, Lloyd. So certainly, I'll start with the first part of your question, specifically on the exploration program and what we can share. Well, certainly, I'd probably point you back even to the last quarter, coming out of that exploration season it was sufficiently encouraging that we were all willing to declare, Ryan, myself, that we will positively be bringing more resources into Willow into the existing infrastructure that we have there on the North Slope in advance of even drilling more wells.

好的。很好的問題，Lloyd。我先回答你問題的第一部分，特別是勘探計畫以及我們能分享的內容。我想我會請你回顧甚至上個季度：在那個勘探季結束後，結果足夠令人鼓舞，以至於我們——Ryan、我自己——都願意明確表示：我們將會把更多資源導入 Willow，利用我們在北坡既有的基礎設施，甚至在再鑽更多井之前就會這麼做。

So really quite positive. Naturally, we're still working through what those results are. And again, I always try to remind folks that it takes more than one well, typically takes at least another appraisal well to confirm our development plans, but really quite positive in how we think about what those four wells came out to show us. And with that, then, of course, we steered ourselves and our eyes are already focused on next year's program in 2027. The winter season that confines our activity and exploration.

所以整體非常正面。當然，我們仍在整理與消化這些結果。而且我也總是提醒大家，通常不只需要一口井；一般至少還需要另一口評估井（appraisal well）來確認我們的開發計畫，但就我們對那四口井所呈現的訊息而言，確實相當正面。因此，當然，我們也已經調整方向，把目光放在 2027 年明年的計畫上。冬季作業季節會限制我們的活動與勘探。

So we've already started field surveying, I think, well locations and ice roads. And then we, very importantly, submitted our federal permit applications, which are required well in advance of us putting ice out there to begin drilling. And so when I talk about federal permits, I should really make a bit of a side comment here and acknowledge the Trump administration's actions that have been continuously supporting the development of domestic resources.

所以我們已經開始做現場測量，我想包括井位與冰路。然後非常重要的是，我們已提交聯邦許可申請；在我們鋪設冰面、開始鑽井之前，這些都必須提前很久完成。談到聯邦許可，我也想在這裡稍微補充一句，並肯定川普政府的作為，其一直在支持國內資源的開發。

Certainly, in Alaska, as I'm pointing you all towards, but even in the Lower 48, and that's showing up, it's demonstrated through ongoing permit reform efforts on the federal leases, specifically in Alaska. And of course, we're seeing a wealth of participation in the recent lease sales there in Alaska as well as even in the Lower 48. So we're pleased with the outcome of the NPR-A lease sale. The acreage that we picked up is a natural bolt-on to our large existing position that we have there in NPR-A.

當然，在阿拉斯加——正如我剛才引導各位關注的——但即使在 Lower 48 也是如此；這也反映在聯邦租約的持續許可改革努力上，特別是在阿拉斯加。而且我們也看到，近期阿拉斯加以及 Lower 48 的租賃拍賣都有大量參與。所以我們對 NPR-A 租賃拍賣的結果感到滿意。我們取得的面積，是對我們在 NPR-A 既有龐大持倉的自然補強（bolt-on）。

And we also see it as a really positive move with strong interest from our peer companies. From our view, increased activity, naturally, it's good for the state of Alaska, but it's really good for all of us. It improves the utilization of the fixed infrastructure, ours as well as others, the service industry infrastructure in such a remote area that creates new efficiencies for ourselves and everyone else.

我們也認為這是非常正面的動作，因為同業公司也展現出強烈興趣。從我們的角度看，活動增加，當然對阿拉斯加州是好事，但對我們所有人也都很有利。它能提升固定式基礎設施的使用率——包括我們的以及其他人的——也能提升在如此偏遠地區的服務產業基礎設施使用率，進而為我們自己與其他所有人創造新的效率。

And so again, we see all of this as really positive news. But if I continue to bring this back to kind of your ending question, how does this play out for us against Willow. So this lease sale as well as our multiyear exploration program that we have been and we'll continue to execute, lays the groundwork for us to continue to leverage Willow and that infrastructure we're building there for decades into the future.

因此，再次地，我們把這一切視為非常正面的消息。但如果我把話題拉回到你最後的問題，也就是這對我們相對於 Willow 會如何發展。因此，這次租賃區拍賣以及我們已在執行、且將持續推進的多年期勘探計畫，為我們在未來數十年持續運用 Willow 及我們在那裡建置的基礎設施奠定了基礎。

And you've seen this from us before. This is our playbook. We've been doing this with Kuparuk and with Alpine. So these new satellite pads that will eventually come from the exploration program and from these lease sales, will fold into our program well into the future. Naturally, there's going to be years of plateau in Willow post first oil.

而你以前也看過我們這麼做。這就是我們的作戰手冊。我們在 Kuparuk 和 Alpine 都是這樣做的。因此，這些最終將來自勘探計畫與這些租賃區拍賣的新衛星井場平台，將在很長一段未來期間納入我們的計畫之中。當然，Willow 在首次出油之後會有數年的產量平台期。

And then once ullage or capacity starts to show up well into the 2030s, we'll be in a really strong position to start bringing in more oil from the satellite pads. So I'm going to continue to reinforce something that you've heard from Ryan and from Andy, just earlier this morning, which is our capital is going to come down post first oil. Capital is moving back into a very ratable expectation that you've seen from historical averages from us in the past.

接著，一旦在 2030 年代中後期開始出現空餘量（ullage）或產能空間，我們就會處於非常有利的位置，開始從衛星井場平台導入更多原油。所以我會持續強調一點，你今天稍早也從 Ryan 和 Andy 那裡聽到過：首次出油之後，我們的資本支出將會下降。資本支出將回到一個更可預期、可平滑配置的水準，與你過去從我們歷史平均所看到的相符。

Our reinvestment rates in Alaska have consistently been in the 30s and you should expect that from us post first oil well into the future. All of this continues to underpin and preserve our confidence in this free cash flow inflection that ultimately culminates with Willow in 2029. So really, really expect from us to be laying the groundwork for us to use this infrastructure for decades into the future.

我們在阿拉斯加的再投資率一向穩定落在 30% 多的區間，而在首次出油之後、往後很長一段時間，你也應該預期我們會維持如此。這一切持續支撐並維持我們對自由現金流拐點的信心，而該拐點最終將在 2029 年隨著 Willow 而達到高峰。所以，真的請期待我們會持續打好基礎，讓我們能在未來數十年運用這些基礎設施。

And I'd step back, Lloyd, we just did a 20,000 foot in support some of what Kirk was saying about the President, this administration and their policies that really are strengthening our energy security and dominance here in the United States. The permitting efficiencies that Kirk is talking about, the better regulatory certainty and this regular cadence of lease sales is not only benefiting our company, but it's benefiting the industry as well.

Lloyd，我退一步從更高層次來看，呼應 Kirk 對總統、這個政府及其政策的部分說法：這些政策確實正在強化美國的能源安全與能源主導地位。Kirk 所談到的許可效率提升、更佳的監管確定性，以及租賃區拍賣的規律節奏，不僅讓我們公司受益，也讓整個產業受益。

And they’re -- the whole administration’s support is kind of just advancing these developments that help meet the energy demand that we know is increasing. So it's the Willow project, it's -- Kirk talked about the exploration sale in NPR-A and the interest that, that brought back to Alaska. We saw the lease sales in New Mexico and North Dakota here earlier this year that -- and a regular cadence of those even in the deepwater has been helpful.

而且——整個政府的支持，某種程度上是在推動這些開發案向前，協助滿足我們知道正在增加的能源需求。所以有 Willow 專案；另外——Kirk 也提到在 NPR-A 的勘探拍賣，以及它為阿拉斯加帶回的關注度。我們今年稍早也看到新墨西哥州與北達科他州的租賃區拍賣——以及即便在深水區也維持規律的拍賣節奏——都很有幫助。

And it's helped us get record production in the Permian, and we're leaning in on investments on LNG side on the Gulf Coast of Texas. So all those things are just helping to contribute to a positive investment climate that we see from this administration. So it's been helping Alaska and it's helping our company in lots of different areas, and I know helping this industry as well.

而這也幫助我們在二疊紀盆地創下創紀錄的產量；同時，我們也在德州墨西哥灣沿岸的 LNG 端加大投資。因此，所有這些因素都在促成我們從本屆政府所看到的正向投資環境。所以，這既在幫助阿拉斯加，也在許多不同面向幫助我們公司，我也知道同樣在幫助整個產業。

Scott Hanold, RBC Capital Markets.

Scott Hanold，RBC 資本市場。

Yes. Thanks, and I want to give my congrats to you as well, Ryan, Andy and Konnie on everything going on. For my question, I was wondering if I could delve into shareholder returns a little bit. Obviously, Andy, as you indicated, there's going to be a big step up here in the second half of the year. How do you envision that happening with buybacks?

是的。謝謝，我也想向你以及 Ryan、Andy 和 Konnie 對目前一切進展表達祝賀。我的問題是，我想更深入談一下股東回報。顯然，Andy，如你所指出的，今年下半年會有一個明顯的提升。你如何看待透過庫藏股回購來實現？

Is it going to be ratable or are you going to be opportunistic with the incremental? And if you could further provide some context, as you start seeing that free cash flow inflection increase, I mean, we're doubling our free cash flow, like in a few years. Do you all still -- are you -- what is the plan with that payout ratio? If you stay at the 45% payout ratio, that's a pretty large quantity or do you guys think you'll eventually feather back to sort of the baseline that you have out there?

會是平滑、可預期地進行，還是會對增量部分採取更機會式的操作？另外，如果你能再提供一些背景：當你們開始看到自由現金流拐點上升時，我的意思是，我們在幾年內就把自由現金流翻倍。你們是否仍然——你們對那個配發比率（payout ratio）的計畫是什麼？如果維持 45% 的配發比率，那會是相當大的金額；或者你們認為最終會逐步回到你們對外所提到的某種基準水準？

Yes. Thanks, Scott. A couple of things to cover there on the short term and then the medium and longer term. So I think I said in my prepared remarks, we averaged about 40% of our payout for the first half of the year. And we're continuing to basically guide to 45% for the full year. So you can do the math on how you get -- if you start with 40%, you end with 45%, what's going to happen in the second half of the year.

是的。謝謝，Scott。這裡有幾點要涵蓋：短期，以及中長期。所以我想我在事先準備的發言中提到，我們上半年平均大約把 40% 的現金配發出去。而我們基本上仍然指引全年為 45%。所以你可以自己算一下：如果從 40% 起步、全年要到 45%，那下半年會發生什麼。

And we remain committed to the 45%. We don't choose to manage this quarter-to-quarter. All the volatility we've been seeing sort of in commodity price has been a pretty good reminder of why we don't do that. So I'm not going to try to guide sort of daily, weekly, monthly, what we're going to be doing. I'm just going to reaffirm that the 45% of our CFO is what we're shooting for this year.

而我們仍然致力於 45%。我們不選擇以季度對季度的方式來管理這件事。我們在大宗商品價格上看到的各種波動，也再次提醒了我們為什麼不這麼做。所以我不會嘗試去指引每天、每週、每月我們會怎麼做。我只會再次確認：今年我們的目標是把營運現金流（CFO）的 45% 回饋給股東。

And then as we look beyond this year and your question is as we start getting this free cash flow inflection and a materially lower reinvestment rate, and as Ryan and I have described, we're not predicting a big ramp in capex here, then that kind of starts to sort of narrow down where does that cash go? And it's -- I don't think we're contemplating feathering it back to any note, it's more -- we're going to be in a much more flexibility as these projects come online to basically look at our commitment and we think our peer-leading distribution and the way we’ve set the company up to have the assets, the portfolio to drive that reinvestment rate allows us to stay peer leading with our distributions, and I really don't see that changing.

然後，當我們把視野放到今年之後，你的問題是：當我們開始迎來自由現金流拐點、再投資率顯著降低，而且如 Ryan 和我所描述的，我們並不預期資本支出會大幅爬升，那麼現金的去向就會變得更聚焦。而且——我不認為我們在考慮把它回調到任何程度；更重要的是——隨著這些專案上線，我們將擁有更大的彈性，去檢視我們的承諾。我們相信我們同業領先的股東分配，以及我們打造公司的方式——擁有能推動該再投資率的資產與投資組合——讓我們得以在股東分配上維持同業領先，而我真的不認為這會改變。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通（JPMorgan）。

Yes. Ryan, congratulations, you're one-of-a-kind and when the history books are written on US energy, US shale, you will deservedly have a couple of really important chapters. And Andy, I also want to express my congratulations to you, you're clearly the right person to lead Conoco in terms of the next stage of the company.

是的。Ryan，恭喜你，你是獨一無二的；當美國能源、美國頁岩油氣的歷史被寫入史冊時，你理所當然會擁有幾個非常重要的篇章。Andy，我也想向你表達祝賀，你顯然是帶領 Conoco 進入公司下一階段的最佳人選。

My question is really regarding some of the recent news flow we've gotten from the Middle East. In particular, I was wondering if you could highlight some of the opportunity set in Iraq at the Kirkuk field. Love to hear a little bit more about this transaction? And how should we think about this in terms of this transaction and your 2029 free cash flow inflection.

我的問題主要是關於我們最近從中東得到的一些新聞動態。特別是，我想請你談談在伊拉克 Kirkuk 油田的一些機會集合。很想多聽一些關於這筆交易的內容。以及我們應該如何把這筆交易與你們 2029 年自由現金流拐點的脈絡連結起來思考？

Well, thank you for your comments, and we're happy to take that question. So I'm actually going to maybe just broaden it a little bit and sort of maybe talk about Iraq and Syria. There's a lot of similarities to what we've got here. So they share pretty similar characteristics. What we're targeting here is large resource bases with low entry costs, competitive cost of supplies and then structures very importantly that become self-funding relatively quickly.

謝謝你的評論，我們也很樂意回答這個問題。所以我可能會把範圍稍微拉大一點，談談伊拉克和敘利亞。我們在這裡看到很多相似之處。所以它們具有相當類似的特徵。我們在這裡鎖定的是：具備龐大資源基礎、進入成本低、供應成本具競爭力，並且非常重要的是，具備能在相對短時間內達到自給自足（self-funding）的結構。

So let me just Kirkuk just look at that one a bit more specifically. Kind of a few sort of important points to note here. First, the structure, the contract structure is attractive. Those of us have been around a while will remember some of the old legacy technical service contracts in Iraq. This is not that -- under this agreement, we receive a share of the incremental production, the reserves and we recover our costs.

那我就以Kirkuk為例，更具體地再看一下這一項。這裡有幾個重要重點需要注意。第一，結構，也就是合約結構很有吸引力。我們這些在業界待得夠久的人，會記得伊拉克過去一些舊的、沿用下來的技術服務合約。這次不是那種——在這份協議下，我們取得增量產量、儲量的分成，並且可以回收我們的成本。

Second, as I've said before, is that the capital here is actually pretty modest in terms of us getting into this. We currently expect sort of this to close the Iraq transaction with Kirkuk around year-end, and we expect the acquisition capital to be in the $300 million to $500 million at close. And very importantly, that includes our share of historical costs spent to date.

第二，如我之前說過，為了參與這個案子，我們需要投入的資本其實相當有限。我們目前預期伊拉克這筆與Kirkuk相關的交易會在年底左右完成交割，且在交割時的收購資本預計約為3億至5億美元。而非常重要的是，這個金額包含了我們分攤至今已發生的歷史成本。

It also includes our expectation of costs from now to the end of the year. So as we think about this longer term, we actually expect this joint venture to fund its own activity from its own cash flows. So no to little capital expenditures for ConocoPhillips is our base case here. And that's all interesting in terms of the structure and the funding. But most importantly, this asset competes really well within our portfolio.

也包含了我們對從現在到年底之間成本的預期。因此，從更長期來看，我們其實預期這個合資企業可以用自身的現金流來支應其活動。所以對ConocoPhillips而言，我們的基本情境是幾乎不需要、或只需要很少的資本支出。就結構與資金來源而言，這些都很有意思。但最重要的是，這項資產在我們的投資組合中競爭力非常強。

The opportunities are comfortably within our cost of supply thresholds, we're looking at the cost of supply here around $30 a barrel. And again, with long-term resource upside. So that's the Kirkuk opportunity. And then in Syria, you saw a couple of announcements there, too. Now the opportunities here are a bit on the smaller side, yet they share the basic characteristics of what I just described for Iraq.

這些機會的供應成本都能輕鬆落在我們的供應成本門檻之內；我們看到的供應成本大約是每桶30美元。而且同樣具備長期資源上行空間。以上就是Kirkuk的機會。接著在敘利亞，你們也看到幾項公告。這裡的機會規模稍微小一些，但它們具備我剛才對伊拉克所描述的基本特徵。

They provide us a lot of long-term optionality. And then we've also got a long history of ConocoPhillips in Syria. So that goes back several decades. We know the country well and we know the upside that's there. So I kind of try to wrap it up, I'm going to say is that the common denominator here is that we're stepping into existing, previously producing assets that are underdeveloped and they're where the redevelopment then can be funded largely from the assets own cash flow with a goal of really preserving our capital efficiency.

它們為我們提供了大量的長期選擇權。此外，我們在敘利亞也有很長的ConocoPhillips營運歷史。這可以追溯到數十年前。我們很了解這個國家，也了解那裡的上行潛力。總結來說，這裡的共同點是：我們正在進入既有、曾經生產過但尚未充分開發的資產；而後續再開發在很大程度上可以由資產自身的現金流來支應，目標是盡可能維持我們的資本效率。

So we see this as having limited to no impact on our capital program. When we think about our $7 billion free cash flow inflection we laid out in 2029, that's not impacted by this at all. In fact, what we see this is as is upside to that in the future. So again, I think these are great adds to our portfolio. And I think they fit really nicely within what we described earlier of our strategy about how we always high grade the portfolio and are looking for assets to meet the characteristics that we like and add them to our portfolio. But within the framework, that's the key part within the framework of how we manage our capital programs.

因此我們認為，這對我們的資本計畫影響有限，甚至幾乎沒有影響。當我們回頭看先前提出的、在2029年達到70億美元自由現金流拐點的規劃，這完全不會受到影響。事實上，我們認為這在未來反而是對該目標的上行助力。所以再次強調，我認為這些都是對我們投資組合很好的補強。而且它們非常符合我們先前所描述的策略：我們持續對投資組合進行高品質篩選，尋找符合我們偏好特徵的資產並納入投資組合。但在這個框架之內——這是關鍵——也就是在我們管理資本計畫的框架之內。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行。

I'm not going to be able to beat the prior congratulatory remarks. So I'll just say thanks for being a great ambassador to the space and helping to rise a tide.

我大概無法超越前面那些恭賀的話。所以我就說，謝謝你一直是這個領域很好的代言人，也幫助帶動整體水位上升。

Not necessary, Sam. Thanks.

不必這麼說，Sam。謝謝。

All right. I mean maybe we can take another level down into this reinvestment rate and payout ratio theme because it is, as other analysts have said on the call, it is the most frequent question that comes back to us from the investment community. When Conoco has an opportunity to be a peer leader in regular dividend growth, not just because of the cash flow inflection. But also because of the composition and the production mix that's changing, right, you'll have less unconventional as a percentage of your total production.

好。我想我們也許可以再往下深入一層，談談再投資率與配息率這個主題；因為正如其他分析師在這通電話中所說，這是投資社群最常回頭問我們的問題。當Conoco有機會成為同業中「規律股利成長」的領先者時，不只是因為自由現金流的拐點。也因為組成與產量組合正在改變，對吧，你們的總產量中非常規（unconventional）占比會降低。

And so what are your thoughts, Andy, if you can put your CEO and CFO hat on at the same time on just any friction or points of conflict in taking that position as a leader in regular dividend growth if you worry about dividend breakeven or the overall dividend burden or if you think that is very much in play.

所以Andy，你怎麼看？如果你可以同時戴上CEO與CFO的帽子，談談在把自己定位為規律股利成長領先者時，是否會有任何摩擦或衝突點——例如你是否擔心股利損益兩平點（dividend breakeven）、整體股利負擔，或你認為這其實非常可行。

Yes. Great question. And I think you framed it up in terms of the things that we obviously think about when we think about dividend growth. I'd start with, again, continuity statement we already have peer-leading, top-quartile S&P 500 dividend growth. That's not changing. That's the plan. I absolutely with the team look really closely at sort of what does it do to our -- when we basically increased the dividend, what's happening to our breakeven.

是的。好問題。我認為你把我們在思考股利成長時會考量的重點都點出來了。我先從延續性來說：我們已經是同業領先、在標普500中屬於前四分位（top quartile）的股利成長。這不會改變。這就是計畫。我和團隊確實會非常仔細地看：當我們提高股利時，對我們的——也就是我們的損益兩平點——會產生什麼影響。

And as I described earlier, with the free cash flow inflection we have with the capex coming down, the CFO growing up, our free cash flow breakeven is structurally reducing. So that's very constructive for the dividend. We also look very closely at our buyback program. I know you guys look at the dividend per share in terms of how much we're raising that I look very closely at the absolute dividend burden.

如我先前所描述，隨著我們的自由現金流拐點到來、資本支出下降、CFO（營運現金流）成長，我們的自由現金流損益兩平點在結構性下降。這對股利非常有利。我們也非常密切地檢視我們的庫藏股回購計畫。我知道你們會用每股股利來看我們提高了多少；而我會非常密切地看絕對的股利負擔。

And having the buyback program is very helpful basically when we're increasing the dividends we have been sort of in that top quartile, sort of 8% plus type range. When we're buying back 5% of our stock on average each year, that's basically making it much more viable that we can keep doing that without having a big impact on the burden.

而回購計畫非常有幫助：當我們提高股利時，我們一直大致維持在前四分位、約8%以上的成長區間。當我們每年平均回購約5%的股票時，這基本上讓我們更有能力持續這麼做，而不會對股利負擔造成很大的影響。

So yes, we look at the dividend burden, we look at the breakeven impact. And all of those things look really positive, and we feel very confident about the way we're growing the dividend on the top quartile with the S&P 500 and fully expect us to carry on with that strategy.

所以是的，我們會看股利負擔，也會看對損益兩平點的影響。而這些指標看起來都非常正面；我們對以標普500前四分位的水準來成長股利非常有信心，也完全預期會持續執行這個策略。

And why you didn't say it necessarily specifically, Sam, I mean, Andy referred to the share buyback program and maybe some of the criticism we get a little bit is we're procyclically buying shares. We don't believe that. When we deliver $7 billion of free cash flow over the course of the next two, three years, we believe our share price has got to improve with a doubling of that free cash flow.

另外，Sam，雖然你沒有特別明講，但Andy提到了股票回購計畫；我們受到的一些批評可能是：我們在順週期（procyclical）回購股票。我們不這麼認為。當我們在未來兩到三年內實現70億美元自由現金流時，我們相信隨著自由現金流翻倍，我們的股價必須改善。

So we don't believe that we're procyclically buying our shares, which is an important part of our return to, return of capital thesis, and that's only going to get more flexibility as the top line CFO continues to grow.

因此我們不認為我們是在順週期回購自家股票；而這是我們「資本回饋／返還」（return of, return to capital）論點的重要一環，且隨著營收端的CFO持續成長，這只會帶來更大的彈性。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

I guess I'll just pile on the congratulations and wholeheartedly agree with everything that's been said so far. My question is on LNG, just given the headline today to add 2 million tonnes per annum one in the Southeast Asia, in Indonesia, one in Gulf Coast. Just wondering about the strategic rationale to add the Indonesia piece and how that fits into the Gulf Coast portfolio.

我想我也來加碼恭喜，並且完全同意目前為止所說的一切。我的問題是關於LNG：考量到今天的標題新聞提到新增每年200萬噸（2 million tonnes per annum），一個在東南亞的印尼，另一個在墨西哥灣沿岸。想請教新增印尼這一塊的策略理由是什麼，以及它如何融入墨西哥灣沿岸的投資組合。

And then stepping out, clearly, market is pretty constructive on LNG fundamentals for the next few years. But there's still debate around balances further out as the new supply coming to the market. So just would love some thoughts on the through cycle earning power of this growing LNG marketing portfolio that you have built.

再往外看，顯然市場對未來幾年的LNG基本面相當建設性。但隨著新供給進入市場，對更長期的供需平衡仍有一些爭論。因此也想聽聽你們對於這個持續擴大的LNG行銷投資組合，在景氣循環各階段（through cycle）的獲利能力有何看法。

Let me just jump in there on the first part of your question. So yes, we added another 2 million tonnes of offtake, one in Indonesia was off the Bontang North Hub field. And then we had another one on the Gulf Coast. Now just stepping back in terms of our strategy a little bit. That's unchanged. The majority of our offtake is coming from the Gulf Coast. And we positioned ourselves to have that low cost of supply with high-quality, low liquefaction fees. And again, a lot of that -- most of that's in the Gulf Coast.

讓我先就你問題的第一部分插一句。所以是的，我們又新增了200萬噸的承購量，其中一筆在印尼，來自Bontang North Hub油氣田。然後我們在墨西哥灣沿岸也新增了另一筆。現在稍微退一步，從我們的策略來看。這點沒有改變。我們大部分的承購量都來自墨西哥灣沿岸。而我們的布局是要擁有低供應成本、且具高品質、低液化費的供應。同樣地，其中很多——其實大多數——都在墨西哥灣沿岸。

But what we're doing here is we're supplementing it with some Pacific Basin supply, again, that's low cost of supply, too. And this was always part of our strategy. And we don't expect to have a huge amount of our portfolio in the Pacific Basin. But the reason we really like to have some is it kind of, it is very beneficial for us, and particularly our commercial organization and the flexibility it provides as we start thinking about how we optimize the portfolio thinking about when we're doing substitution and diversion, having some LNG on the Pacific side is very helpful for just the overall optimization.

但我們在這裡做的是，用一些太平洋盆地的供應來補充，而這些供應同樣也是低供應成本。而這一直都是我們策略的一部分。我們不預期我們的投資組合在太平洋盆地會占很大的比重。但我們之所以真的喜歡保有一些，是因為這對我們非常有利，特別是對我們的商務團隊，以及當我們開始思考如何最佳化投資組合時所提供的彈性；在我們進行替代與改道（diversion）時，太平洋側有一些LNG對整體最佳化非常有幫助。

So it's not a change in our strategy. It's really just a tool to make sure that we can optimize and get the best margins. And then to the second part of your question around, yes, you're looking -- look where prices are right now, they are very constructive. And the way I’m going to answer this, I'm going to take a bit of a step back to sort of our views where we were prior to the war with the Iran. We were a bit of an outlier in that we were always constructive on LNG demand and LNG pricing.

所以這不是我們策略的改變。這更像是一個工具，確保我們能夠最佳化並取得最好的利潤率。至於你問題的第二部分，是的，你在看——看看目前的價格，它們非常具有建設性。我回答這題的方式是，我會先稍微退一步，回到我們在伊朗戰爭之前的看法。我們算是比較特立獨行的一方，因為我們一直對LNG需求與LNG價格持正面看法。

We've been saying for quite some time that we think it's the part of the energy complex that's going to grow the most. It's going to double between here and 2050. So we've always had a view that the pricing in -- for LNG is going to be pretty constructive. And that's why we're building the portfolio we are -- and -- but just like our E&P portfolio, low costof supply wins in E&P and in this world, think of low liquefaction fee as the version of low cost of supply, we're making sure that we're building a portfolio that is very, very competitive.

我們已經講了相當一段時間，我們認為這會是能源組合中成長最多的部分。從現在到2050年將會翻倍。所以我們一直認為LNG的定價——LNG的價格——會相當具有建設性。這也是為什麼我們在打造目前這個投資組合——而且——但就像我們的E&P投資組合一樣，在E&P領域低供應成本者勝出；在這個世界裡，把低液化費視為低供應成本的對應版本，我們要確保打造的投資組合非常、非常具競爭力。

We expect over the long run that we'll be making pretty significant cash flow from these assets. We know there will be some volatility over time, but we think that the price sort of -- the price risk here is very much asymmetric to the upside. So when we do see prices move, they tend to move a lot more on the upside than the downside. So that is something that attracts us to this.

我們預期長期而言，這些資產將為我們帶來相當可觀的現金流。我們知道隨時間會有一些波動，但我們認為這裡的價格——價格風險——在很大程度上是向上不對稱的。所以當我們看到價格變動時，往往上行幅度遠大於下行幅度。因此這也是吸引我們的一點。

And just to put it in context, for every $1 in MMBtu that we see in margin, that on 5 MTPA, that's about $200 million of cash flow for us. So as we as we build this portfolio up sort of to that 10 MTPA to 15 MTPA, and we start seeing those kind of margins increase. This is a very material cash flow engine for ConocoPhillips, and we think this is a really important part of the energy complex for us to have a big stake in.

再提供一個背景數字：我們每看到每MMBtu的利潤增加1美元，以5 MTPA計算，對我們大約就是2億美元的現金流。所以當我們把這個投資組合擴大到約10 MTPA到15 MTPA，並開始看到那樣的利潤率提升時。這會成為ConocoPhillips非常重要的現金流引擎，而我們認為這是能源組合中我們必須大幅布局的一個非常重要的部分。

Josh Silverstein, UBS.

Josh Silverstein，瑞銀（UBS）。

Congratulations to both Andy and to Ryan as well. And Andy, maybe for you looking forward, I'm curious how you're thinking about the portfolio mix. The Lower 48 has gotten up to around 65% of the production base with Willow and LNG ramping up over the next few years, maybe that comes down a little bit. But I was curious how you see the balance of maybe unconventional versus conventional if you want to look at it that way. And maybe was the entry into Iraq, Libya and Syria kind of deliberate to kind of get you a little bit more balanced towards conventionals as well going forward?

也恭喜Andy以及Ryan。Andy，或許請你展望一下，我很好奇你如何思考投資組合的配置。美國本土48州（Lower 48）目前已上升到約占產量基礎的65%，隨著Willow與LNG在未來幾年逐步放量，這個比例也許會稍微下降一些。但我想了解你如何看待非常規與常規之間的平衡，如果你願意用這種方式來看。另外，進入伊拉克、利比亞和敘利亞，是否也是刻意為之，讓你們未來在常規資產上也能更平衡一些？

Yes. Thanks. So the way we think about it is somewhat agnostic basically on where the resource comes from. So we're going to look for the best cost to supply assets that we can find. Now that said, all things being equal, it's pretty nice to be able to balance some conventional with the large and growing unconventional position we have.

是的。謝謝。我們的思考方式基本上對資源來自哪裡是相對中性的。所以我們會尋找我們能找到的、供應成本最具競爭力的資產。不過話說回來，在其他條件相同的情況下，能在我們龐大且持續成長的非常規部位之外，再平衡一些常規資產，確實相當不錯。

So things like Willow, things like NFE, things like NFS, things like we're doing -- we've done in Iraq and even going back a bit further, some of the things we did where we increased our working interest in Surmont and we took more equity in APLNG. These are things that help balance that portfolio. But we look at the assets basically in terms of do they compete on a cost of supply basis.

所以像Willow、像NFE、像NFS、像我們正在做的——我們在伊拉克做過的，甚至再往前一些，我們提高了在Surmont的作業權益（working interest），以及我們在APLNG取得更多股權（equity）。這些都有助於平衡投資組合。但我們看資產的基本方式是：它們是否能在供應成本的基礎上具備競爭力。

And then when they do compete on a cost of supply basis, we then like to have that mix. You say it really does help us with giving us an advantage on our decline rate versus others. It helps with our reinvestment rate versus a pure unconventional company. But we're not going to overreach and do something that isn't competitive just because it's not unconventional.

然後當它們在供應成本上具競爭力時，我們就會喜歡擁有那樣的組合。你可以說，這確實能讓我們在遞減率（decline rate）方面相較其他公司更有優勢。相較於純非常規公司，這也有助於我們的再投資率（reinvestment rate）。但我們不會只是因為它不是非常規，就過度延伸去做一件不具競爭力的事。

We look for the best opportunities. And pretty pleased with how we've been able to balance the portfolio with the big transactions that we were able to do with -- in the unconventional to grow that position. And then sometimes some of the ones we do on the conventional side sort of slip under the radar a little bit because they're smaller, but they've accumulated to quite big numbers.

我們會尋找最好的機會。我們也很滿意，透過在非常規領域所完成的大型交易，我們得以擴大那個部位，同時也能平衡投資組合。而且有時候，我們在常規端做的一些交易因為規模較小，可能比較不引人注意，但累積起來其實已經是相當大的數字。

And of course, when we bring Willow on, that makes another material difference. So I certainly like having that diversity in the portfolio. I think it sort of helps us drive sort of the reinvestment rate down. And I think you'll see that continue. But not an expensive, we're not going to go and do something that -- doesn't compete on a cost of supply and that's exactly as how I described Iraq earlier is that it has all -- it ticks all the boxes from the structure, but first, second and third thing that's important is it competes on a cost of supply basis. And I think that's how the team and I are going to keep looking at this going forward.

當然，當我們把Willow投產後，這又會帶來另一個重大的差異。所以我確實喜歡投資組合的多元性。我認為這有助於我們把再投資率往下拉。而我想你會看到這種趨勢持續。但不是以高成本的方式；我們不會去做那種——在供應成本上不具競爭力的事情。這也正如我先前描述伊拉克時所說的：它在架構上各方面都符合條件，但第一、第二、第三重要的事情是，它在供應成本上具備競爭力。我想這就是團隊和我未來會持續用來檢視這些機會的方式。

James West, Melius Research.

James West，Melius Research。

And Ryan, congrats on a great 14-year run as CEO, and I'm glad you're going to get some time to work on your golf game now. Congrats to Andy and Konnie as well. I guess my question follows along a bit with that portfolio strategy question. As we look at kind of the last couple of quarters, especially this quarter with some big moves into the Middle East. Should we expect a similar type of cadence of kind of new projects as we go quarter-to-quarter or year-to-year going forward? Or will there be some slowing as you have molded the story around dividend growth and free cash flow, significant ramp coming?

Ryan，恭喜你擔任CEO精彩的14年任期，也很高興你接下來能有時間去練練你的高爾夫球。也恭喜Andy和Konnie。我想我的問題也延續剛才關於投資組合策略的提問。回顧最近幾個季度，尤其是本季度在中東有一些重大布局。往後我們是否應該預期，無論按季度或按年度，會有類似節奏的新專案推出？還是說，隨著你們已經把故事主軸塑造成股利成長與自由現金流、且有顯著放量在即，節奏會有所放緩？

Well, this has certainly been a pretty busy quarter. So I don't want to set an expectation that we're going to do what we've done with Iraq and Syria and dispositions to the extent we have this quarter, every quarter. I'm going to steal Nick’s line when it comes to Lower 48 production, sometimes it's lumpy. Things come -- sometimes they come in bunches.

嗯，這一季確實相當忙碌。所以我不想讓大家預期我們每一季都會像本季一樣，在伊拉克與敘利亞以及資產處置方面做到同等程度的動作。談到美國本土48州（Lower 48）的產量，我要借用Nick的一句話：有時候會有波動。事情有時會——有時會一波接一波地來。

So I wouldn't read into this quarter's activity as sort of a sign that we're going to be doing this kind of activity every quarter. Our teams -- we're looking at things. The Middle East is certainly an interesting space right now with a lot of activity and we're one of the few companies that can really compete in that space. And we're one of the few companies that sort of know how to be nimble and make that work.

所以我不會把本季的活動解讀為我們每一季都會進行這類活動的訊號。我們的團隊——我們一直在看各種機會。中東目前確實是一個很有意思的領域，活動很多，而我們是少數真正能在那個領域競爭的公司之一。而且我們也是少數知道如何保持靈活、並把事情做成的公司之一。

So yes, it's an area we're looking at. But I go back to the strategy answer I gave. It's got to fit within that framework and our strategy and our capital structure, our reinvestment rate. So everything we're doing is really to enhance that. We're not going to break that structure. And so as these opportunities come along, that's what they're being evaluated against.

所以是的，這是我們正在關注的領域。但我回到我剛才對策略的回答。它必須符合那個框架、符合我們的策略與資本結構，以及我們的再投資率。因此，我們所做的一切，都是為了強化這些。我們不會打破那個結構。所以當這些機會出現時，我們就是以此作為評估基準。

And it's the same on the disposition side. As we look at the portfolio, we formally achieved our $5 billion target, but that doesn't mean that disciplined looking at the portfolio stops, that's something that we do every day in the team. So I think the short answer is, it was a busy quarter. Please don't expect the exact same level of activity every quarter, but our teams are always looking for the right opportunities for ConocoPhillips.

在資產處置方面也是一樣。當我們檢視投資組合時，我們正式達成了50億美元的目標，但這不代表對投資組合進行有紀律的檢視就會停止；這是我們團隊每天都在做的事。所以我想簡短的答案是：這是一個忙碌的季度。請不要期待每一季都有完全相同的活動水準，但我們的團隊一直在為ConocoPhillips尋找合適的機會。

Gabe Daoud, Truist.

Gabe Daoud，Truist。

Congrats to Ryan and Andy as well. I just wanted to maybe ask about Lower 48 and any particular technologies that you guys are testing around improving productivity or recovery factors, particularly in the Permian. But I would also, I guess, just love generally an update around the Lower 48 and what you guys are working on.

也恭喜Ryan和Andy。我想問一下關於美國本土48州（Lower 48），你們是否在測試任何特定技術，以提升生產力或提高採收率，特別是在二疊紀盆地（Permian）。不過我也想更廣泛地請你們更新一下Lower 48的近況，以及你們目前在做哪些工作。

You bet, Gabe, good morning. Well, let's start with on the technology side. So we are testing a range of technologies with a clear objective to not only improve recovery, but more importantly, improve capital efficiency, as Andy just mentioned, meaning that fewer dollars spent per barrel of oil on an EUR basis. So we're seeing really encouraging results from real-time fracture diagnostics where we can optimize our completions stage by stage.

當然可以，Gabe，早安。先從技術面開始。我們正在測試一系列技術，目標很明確：不僅要提升採收率，更重要的是提升資本效率，正如Andy剛才提到的，也就是以EUR（最終可採儲量）為基礎，每桶油花更少的資本。我們在即時壓裂診斷方面看到非常令人鼓舞的結果，能讓我們逐段（stage by stage）最佳化完井作業。

We're using surfactants and far field diverter applications and may provide a little bit more detail on the real-time fracture optimization that allows us to optimize frac designs on the fly. And we're seeing -- we're adjusting stage volumes up to plus or minus 30% to improve reservoir contact and recovery. And that's given us the potential to cut completion costs and improve cost of supply.

我們也在使用界面活性劑（surfactants）以及遠場分流劑（far field diverter）應用；我可以再多說一點即時壓裂最佳化，它讓我們能在作業進行中即時調整壓裂設計。我們看到——我們會把每段的注入量調整到正負30%，以改善與儲層的接觸並提升採收率。這也讓我們有機會降低完井成本並改善供應成本（cost of supply）。

In fact, we've seen adjustments up to 60% of the frac stages for a well versus the original basis of design. Now on the far field diverters, we've seen that work extremely well in the Eagle Ford. That's where we can divert frac energy away from offset wells and keeping the frac in the near target wellbore reducing runaway fractures or what we call frac hits, and that's improving recovery as well.

事實上，相較於原始設計基準，我們看到單井的壓裂段數調整幅度最高可達60%。至於遠場分流劑，我們看到它在Eagle Ford的效果非常好。它能把壓裂能量從鄰井（offset wells）導開，讓壓裂維持在目標井筒附近，降低失控裂縫或我們所稱的「壓裂干擾」（frac hits），也同樣提升了採收率。

And then finally, we've heard a lot about surfactants out there. We have been testing fit-for-purpose surfactants and see encouraging results in the Permian over the last 12 months, where we've seen cumulative oil volumes and lower water oil ratios. In fact, we are realizing a range of results but up to 20% uplift in oil productivity for a treated versus untreated well.

最後，市場上談了很多界面活性劑。我們一直在測試適用於特定目的（fit-for-purpose）的界面活性劑，過去12個月在二疊紀盆地（Permian）看到令人鼓舞的結果：累積產油量提高、油水比（water oil ratios）降低。事實上，我們的結果有一定範圍，但相較於未處理井，處理井的產油生產力提升最高可達20%。

Now we'll need to look at the longer-term performance and how that plays out, but very encouraging early results. Now as a reminder, when you look at these results, the biggest driver on productivity and recovery is still rock quality, and we have peer-leading Tier 1 inventory depth across the four basins that we operate in. And this is where we really see the differential, Gabe, as the broader shale industry matures, that rock quality advantage should translate into even wider capital efficiency advantages in our peer group.

當然我們還需要觀察更長期的表現以及最終會如何呈現，但早期結果非常令人鼓舞。另外提醒一下，當你看這些結果時，影響生產力與採收率的最大驅動因素仍然是岩性品質（rock quality），而我們在所營運的四個盆地中，擁有同業領先的第一級（Tier 1）庫存深度。Gabe，隨著整體頁岩產業逐漸成熟，我們認為這個岩性品質優勢將轉化為在同業群中更顯著的資本效率優勢差異。

A couple of other items on capital efficiencies that we've been really leaning into this year is really lateral length is a key driver for that. We're increasing our average lateral length by 15% this year compared to 2025. And in fact, we've doubled the number of three-mile laterals or greater this year as well. And then if you specifically look at the Permian, all of our wells that we're bringing online this year are greater than two miles with several three- and four-mile laterals being drilled.

另外幾項我們今年在資本效率上大力推進的重點，其中一個關鍵驅動因素是水平段長度（lateral length）。相較於2025年，我們今年把平均水平段長度提高了15%。而且今年三英里或更長水平段的井數也增加到原來的兩倍。若特別看二疊紀盆地（Permian），我們今年投產的所有井都超過兩英里，其中有多口三英里與四英里水平段正在鑽進。

And then as we talked about last year, that 15% improvement in D&C efficiencies, that's more feet per day, more stages per day. That continues into 2026. We're seeing that through continuous pumping, auto frac, simul frac and remote fracs. So just hats off to the team. They are really executing well. You've obviously seen it Ryan and Andy talked about the Permian production record.

再來，如同我們去年談到的，鑽完井（D&C）效率提升15%——也就是每天更多尺數、每天更多段數。這個趨勢會延續到2026年。我們透過連續泵送（continuous pumping）、自動壓裂（auto frac）、同步壓裂（simul frac）以及遠端壓裂（remote fracs）來實現。所以真的要向團隊致敬。他們執行得非常到位。你們也很明顯看到Ryan和Andy提到二疊紀盆地（Permian）的產量紀錄。

We hit 920,000 in second-quarter, and that was a key driver for our outperformance and just seeing really just strong base and development well performance. Teams are executing well. And in fact, if you look at that outperformance over the first half of 2026, Permian production was up 10% year-on-year onunderlying basis. That's actually stronger than any peer major or E&P. So yes, just bottom line, executing well and hats off to our teams.

我們在第二季達到92萬桶，而這是我們表現超預期的關鍵驅動因素之一，也反映出基礎產量與開發井表現都非常強勁。團隊執行得很好。事實上，若看2026年上半年這段超預期表現，二疊紀盆地（Permian）產量在可比基礎上年增10%。這其實比任何同業大型公司或勘探與生產公司（E&P）都更強。所以總結來說，執行得很到位，也要向我們的團隊致敬。

Thank you, ladies and gentlemen. This concludes today's conference. Thank you for participating. You may now disconnect.

謝謝各位女士先生。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。