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Operator
Operator
Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Second Quarter 2022 Earnings Conference Call. (Operator Instructions). As a reminder, this conference call is being recorded.
早上好。我叫凱蒂,今天我將成為您的會議主持人。歡迎來到雪佛龍 2022 年第二季度收益電話會議。 (操作員說明)。提醒一下,正在錄製此電話會議。
I will now turn the conference over to the General Manager of Investor Relations of Chevron Corporation, Mr. Roderick Green. Please go ahead.
我現在將會議轉交給雪佛龍公司投資者關係總經理羅德里克·格林先生。請繼續。
Roderick Green - General Manager of IR
Roderick Green - General Manager of IR
Thank you, Katie. Welcome to Chevron's Second Quarter 2022 Earnings Conference Call and Webcast. I'm Roderick Green, GM of Investor Relations. Our CFO, Pierre Breber; and EVP of Upstream, Jay Johnson, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website.
謝謝你,凱蒂。歡迎來到雪佛龍 2022 年第二季度收益電話會議和網絡直播。我是投資者關係總經理 Roderick Green。我們的首席財務官皮埃爾·布雷伯; Upstream 的執行副總裁 Jay Johnson 今天與我通話。我們將參考雪佛龍網站上提供的幻燈片和準備好的評論。
Before we get started, please be reminded that this presentation contains estimates, projections and other forward-looking statements. Please review the cautionary statement on Slide 2.
在我們開始之前,請注意本演示文稿包含估計、預測和其他前瞻性陳述。請查看幻燈片 2 上的警告聲明。
Now I will turn it over to Pierre.
現在我將把它交給皮埃爾。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thank you, Roderick, and thanks, everyone, for joining us today.
謝謝羅德里克,謝謝大家今天加入我們。
We delivered another strong quarter, another quarter of strong financial results with ROCE over 25%, the highest since 2008. Special items this quarter include asset sale gains of $200 million and a $600 million charge to terminate early a long-term LNG regas contract at Sabine Pass. C&E for the quarter was nearly $4 billion, including inorganic spend to form our JV with Bunge. With the acquisition of REG, our total investment was $6.8 billion, more than double last year's quarter.
我們又一個強勁的季度實現了強勁的財務業績,ROCE 超過 25%,為 2008 年以來的最高水平。本季度的特殊項目包括 2 億美元的資產出售收益和 6 億美元提前終止長期 LNG 再氣化合同的費用薩賓山口。本季度的 C&E 接近 40 億美元,包括與邦吉成立合資企業的無機支出。通過收購 REG,我們的總投資為 68 億美元,是去年同期的兩倍多。
Strong cash flow enabled us to fund this higher level of investment, pay down debt for the fifth consecutive quarter and returned more than $5 billion to our shareholders through dividends and buybacks. Adjusted second quarter earnings were up more than $8 billion versus last year. Adjusted Upstream earnings increased mainly on higher realizations, partially offset by lower liftings from the end of concessions in Indonesia and Thailand. Adjusted Downstream earnings increased primarily on higher refining margins.
強勁的現金流使我們能夠為這一更高水平的投資提供資金,連續第五個季度償還債務,並通過股息和回購向我們的股東返還超過 50 億美元。與去年相比,調整後的第二季度收益增加了超過 80 億美元。調整後的上游收益增加主要是由於較高的變現,部分被印度尼西亞和泰國特許權結束後的較低的提價所抵消。調整後的下游收益增加主要是由於煉油利潤率提高。
Compared with last quarter, adjusted earnings were up nearly $5 billion. Adjusted Upstream earnings increased primarily on higher realizations, partially offset by tax and other items, including higher withholding taxes on TCO dividends and cash repatriations. Adjusted Downstream earnings increased primarily on higher refining margins and a favorable swing in timing effects.
與上一季度相比,調整後的收益增加了近 50 億美元。調整後的上游收益增加主要是由於較高的變現,部分被稅收和其他項目抵消,包括對 TCO 股息和現金匯回更高的預扣稅。調整後的下游收益增加主要是由於較高的煉油利潤率和時間效應的有利波動。
The All Other segment was up due in part to a favorable change in the valuation of stock-based compensation.
所有其他部分的增長部分是由於股票薪酬估值的有利變化。
I'll now turn it over to Jay.
我現在把它交給傑伊。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thanks, Pierre. Second quarter oil equivalent production decreased about 7% year-on-year due to expiration of our contracts in both Indonesia and Thailand, the sale of our Eagle Ford asset and CPC curtailments impacting TCO during April. This was partially offset by shale and tight growth, primarily in the Permian.
謝謝,皮埃爾。由於我們在印度尼西亞和泰國的合同到期、出售我們的 Eagle Ford 資產以及 CPC 削減影響 4 月份的 TCO,第二季度石油當量產量同比下降約 7%。這部分被頁岩和緊張增長所抵消,主要是在二疊紀。
In the Permian, we're delivering on our objectives of higher returns and lower carbon. Our development costs are down about 25% since 2019, and we expect to keep them flat this year by offsetting inflation with productivity improvements. An example of simul frac, where we performed completion activities on 4 wells at a time, reducing cycle time by a quarter.
在二疊紀,我們正在實現更高回報和更低碳的目標。自 2019 年以來,我們的開發成本下降了約 25%,我們預計今年將通過提高生產力來抵消通貨膨脹,從而使它們保持平穩。以模擬壓裂為例,我們一次對 4 口井進行完井作業,將周期時間縮短了四分之一。
We continue to design, construct and operate facilities to limit methane emissions. 2 of our Midland Basin sites recently earned the highest ratings from Project Canary's independent certification program. Production is at record levels and growing in line with guidance with our royalty position, providing a distinct financial advantage for our shareholders.
我們繼續設計、建造和運營設施以限制甲烷排放。我們米德蘭盆地的 2 個站點最近獲得了金絲雀項目獨立認證計劃的最高評級。產量處於創紀錄水平,並按照我們的特許權使用費狀況的指導增長,為我們的股東提供了明顯的財務優勢。
At TCO, the drilling program is complete, and the final metering station is online. We expect to complete construction by year-end with remaining project activities, primarily focused on systems completion, commissioning and start-up. Total project cost guidance is unchanged. WPMP startup is expected in the second half of next year and FGP expected timing remains first half of 2024. TCO's operations continue to generate strong cash flow, enabling a midyear dividend. With project spend decreasing, we're expecting higher dividends going forward.
在 TCO,鑽井計劃已完成,最終計量站已上線。我們預計將在年底前完成剩餘項目活動的建設,主要集中在系統完成、調試和啟動。項目總成本指導不變。 WPMP 預計在明年下半年啟動,FGP 預計時間仍為 2024 年上半年。TCO 的運營繼續產生強勁的現金流,實現年中股息。隨著項目支出的減少,我們預計未來會有更高的股息。
In Australia, we shipped 87 LNG cargoes from Gorgon and Wheatstone in the first half of this year, up over 10% from last year. Our reliability benchmarks in the first quartile and we intend to stay there with an ongoing focus on operational excellence. Gorgon Stage 2, the first backfill project, is on track to deliver first gas in September.
在澳大利亞,今年上半年我們從 Gorgon 和 Wheatstone 發運了 87 批 LNG 貨物,比去年增長了 10% 以上。我們的可靠性基準處於第一個四分位數,我們打算繼續關注卓越運營。 Gorgon Stage 2 是第一個回填項目,有望在 9 月交付第一批天然氣。
Our Gulf of Mexico projects are progressing well, with Ballymore receiving FID as a tieback to Blind Faith, an example of leveraging our existing infrastructure to improve returns. The Anchor hull is currently sailing from Korea and work on its top sides continues in Texas.
我們的墨西哥灣項目進展順利,Ballymore 獲得 FID 作為對 Blind Faith 的回接,這是利用我們現有基礎設施提高回報的一個例子。 Anchor 船體目前從韓國出發,其頂部的工作仍在德克薩斯州繼續進行。
Lastly, we recently signed agreements to export 4 million tons a year of LNG from the U.S. Gulf Coast, with 1.5 million tons a year expected to start in 2026. These agreements leverage our growing U.S. natural gas production and expand our value chains in Atlantic Basin markets.
最後,我們最近簽署了每年從美國墨西哥灣沿岸出口 400 萬噸液化天然氣的協議,預計 2026 年開始每年出口 150 萬噸。這些協議利用了我們不斷增長的美國天然氣產量,並擴大了我們在大西洋盆地的價值鏈市場。
Now back to you, Pierre.
現在回到你身邊,皮埃爾。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thanks, Jay. We closed the REG acquisition last month, and integration is going very well. We're pleased to welcome REG's talented employees to Chevron and CJ Warner to our Board. Our teams have already identified further commercial opportunities, and we quickly acted to lower insurance and financing costs.
謝謝,傑。我們上個月完成了對 REG 的收購,整合進展順利。我們很高興歡迎 REG 的才華橫溢的員工加入雪佛龍和 CJ 華納加入我們的董事會。我們的團隊已經發現了更多的商業機會,我們迅速採取行動降低保險和融資成本。
In May, we launched our joint venture with Bunge. The JV is operating 2 existing crushers, and evaluation work is underway to expand crush capacity and add pretreatment facilities.
5 月,我們與邦吉成立了合資企業。合資公司正在運營 2 台現有破碎機,並且正在進行評估工作以擴大破碎能力並增加預處理設施。
In carbon capture and storage, we closed on the expanded JV to develop the Bayou Bend CCS hub. The lease held by the JV is in Texas state waters, near large industrial emitters, and we believe it is the first U.S. offshore lease dedicated to CCS. Also, we recently filed for a conditional use permit in Kern County, California, to store CO2 emissions from one of our cogeneration plants.
在碳捕獲和儲存方面,我們關閉了擴大的合資企業,以開發 Bayou Bend CCS 樞紐。合資公司持有的租約位於德克薩斯州水域,靠近大型工業排放源,我們相信這是美國第一個專門用於 CCS 的海上租約。此外,我們最近在加利福尼亞州克恩縣申請了有條件使用許可證,以儲存我們的一個熱電聯產廠的二氧化碳排放量。
Now looking ahead. In the third quarter, we expect turnarounds and downtime to reduce production in a number of locations. In Downstream, planned turnarounds are primarily at our California refineries. We do not expect significant dividends from TCO for Angola LNG until the fourth quarter. Our full year guidance for affiliate dividends is unchanged, with upside potential beyond the top of the range depending on commodity prices. Also, we increased the top end of our share buyback guidance range to $15 billion per year and expect to be at that rate during the third quarter.
現在展望未來。在第三季度,我們預計周轉和停機時間將減少許多地點的產量。在下游,計劃中的周轉主要在我們的加利福尼亞煉油廠進行。我們預計在第四季度之前,安哥拉液化天然氣的 TCO 不會帶來可觀的紅利。我們對聯屬公司股息的全年指導保持不變,根據商品價格,上漲潛力超出範圍頂部。此外,我們將股票回購指導範圍的上限提高到每年 150 億美元,並預計在第三季度達到這一水平。
In closing, we're executing our plans, increasing investment to grow both traditional and new energy supplies and delivering value to our stakeholders. Although commodity markets may be volatile, our actions are consistent through the cycle and focus on our objectives to deliver higher returns and lower carbon.
最後,我們正在執行我們的計劃,增加投資以發展傳統和新能源供應,並為我們的利益相關者創造價值。儘管大宗商品市場可能會波動,但我們的行動在整個週期中是一致的,並專注於實現更高回報和更低碳的目標。
Back to you, Roderick.
回到你身邊,羅德里克。
Roderick Green - General Manager of IR
Roderick Green - General Manager of IR
That concludes our prepared remarks. We are now ready to take your questions. Please limit yourself to 1 question and 1 follow-up. We'll do our best to get all your questions answered. Katie, please open the lines.
我們準備好的發言到此結束。我們現在準備回答您的問題。請將自己限制為 1 個問題和 1 個跟進。我們將盡最大努力回答您的所有問題。凱蒂,請打開線路。
Operator
Operator
(Operator Instructions) Our first question comes from Devin McDermott with Morgan Stanley.
(操作員說明)我們的第一個問題來自摩根士丹利的 Devin McDermott。
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
So Jay, I wanted to congratulate you on the retirement plans and take advantage of having you here on the call. My first one is on TCO. And it's great to see the project progress there. And with the WPMP portion of the project largely complete, I was wondering if you could talk a little bit more about the remaining milestones for that second phase FGP as you progress toward that first half 2024 startup.
所以傑伊,我想祝賀你退休計劃,並利用你在電話中的優勢。我的第一個是 TCO。很高興看到那裡的項目進展。隨著項目的 WPMP 部分基本完成,我想知道您是否可以在邁向 2024 年上半年啟動的過程中更多地談談第二階段 FGP 的剩餘里程碑。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thank you, Devin, for both the retirement wishes and the question. But TCO, we've been just steadily making progress here, and we had a very strong period in the first half of this year. We had the unrest in January, of course, and then the team responded well after that, even with some of the Omicron impacts.
德文,謝謝你的退休願望和問題。但是 TCO,我們一直在穩步取得進展,今年上半年我們經歷了非常強勁的時期。當然,我們在一月份發生了騷亂,然後團隊在那之後做出了很好的反應,即使受到了 Omicron 的一些影響。
As we are finishing construction, we expect to finish construction on everything this year and be largely into the commissioning phase. And this is largely putting together doing the pressure testing, filling with fluids, cleaning systems and preparing them for eventual startup.
由於我們正在完成建設,我們預計今年將完成所有項目的建設,並在很大程度上進入調試階段。這主要是在進行壓力測試、填充流體、清潔系統並為最終啟動做準備。
The WPMP that we expect in the second half of next year will be around enabling us to boost the pressure from the field up to the facilities. So we don't expect to see a material change in our production at that point in time, but it enables us then to move into the phase of start-up for FGP where we will start to see incremental production coming through the plant.
我們預計明年下半年的 WPMP 將圍繞使我們能夠增加從現場到設施的壓力。因此,我們預計屆時我們的生產不會發生重大變化,但這使我們能夠進入 FGP 的啟動階段,屆時我們將開始看到工廠的增量生產。
And some of the big milestones we've already accomplished. All 40 production wells are already now produced and completed and actually producing into the plant that helps us with the transition from the high pressure to the low-pressure phase. We've got the injection wells already completed so we can begin the FGP startup. Field facilities are well underway in terms of the new gathering system. We'll have about all the metering stations have to be converted to high pressure to low pressure. They'll be done kind of one at a time, so we can maintain production through that period.
我們已經完成了一些重要的里程碑。現在所有 40 口生產井都已經生產完成並實際生產到工廠中,這有助於我們從高壓階段過渡到低壓階段。我們已經完成了注入井,因此我們可以開始 FGP 啟動。就新的收集系統而言,現場設施正在順利進行。我們將把所有的計量站都必須轉換為高壓到低壓。他們將一次完成一個,因此我們可以在此期間維持生產。
So those are the -- you won't see a lot of outward signs other than progress on the commissioning, the number of subsystems completed and that's really what we're moving into. Rather than percent complete, we're 93% complete overall now. What's going to be more important are just the rundown curves as we bring each system to completion.
所以這些是 - 除了調試的進展,完成的子系統的數量之外,你不會看到很多外部跡象,而這正是我們正在進入的領域。我們現在總體上完成了 93%,而不是完成百分比。當我們完成每個系統時,更重要的是破敗曲線。
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Great. Very helpful and great progress there. And sticking with TCO in that part of your portfolio. There's been a lot of headlines around the CPC pipeline in recent weeks and months. I just wondering if you could give us a status update on where things stand there? And then also to the extent that there were to be any further disruptions to flows on that pipe, can you talk a little bit about the impacts to operations for your base existing production in that area?
偉大的。那裡非常有幫助和巨大的進步。並在您的投資組合中堅持使用 TCO。最近幾周和幾個月來,圍繞 CPC 管道有很多頭條新聞。我只是想知道您是否可以向我們提供有關情況的最新狀態?然後,如果該管道上的流量會進一步中斷,您能否談談對您在該地區現有生產基地運營的影響?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
The CPC continues to be an important export route for us. It handles the majority of Kazakh crude that's being exported to Western markets, and it represents an important supply to the world. It's about 1.4 million barrels of oil a day coming through that.
CPC 仍然是我們的重要出口路線。它處理出口到西方市場的大部分哈薩克斯坦原油,它代表著對世界的重要供應。每天大約有 140 萬桶石油流過。
The oil that we put into the line from Kazakhstan carries a certificate of origin from Kazakhstan. And we've done a lot of work in Washington and Brussels to make sure people understand the importance of the pipeline to world supplies. And we've seen the reliability overall still and the capacity to be able to maintain at the levels we need.
我們從哈薩克斯坦投入生產線的油帶有哈薩克斯坦原產地證書。我們在華盛頓和布魯塞爾做了很多工作,以確保人們了解管道對世界供應的重要性。我們已經看到了整體的可靠性以及能夠維持在我們需要的水平的能力。
The interruptions that we've seen have been managed. We've gotten through those. And as we look forward, we just continue to work with the Kazakh Government and with the international consortium that owns and operates the CPC pipeline to maintain this important source of -- or export route for the crude. There are some alternate export routes being developed, but CPC remains the primary and most important route for us.
我們看到的中斷已經得到處理。我們已經通過了這些。展望未來,我們將繼續與哈薩克斯坦政府以及擁有和運營 CPC 管道的國際財團合作,以維持這一重要的原油來源或出口路線。有一些替代出口路線正在開發中,但 CPC 仍然是我們的主要和最重要的路線。
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Devin J. McDermott - VP, Commodity Strategist for Power Markets & Equity Analyst of Power and Utilities Research Team
Got it. Just to clarify, at the moment, operationally, at normal nameplate and flow rates through the pipe?
知道了。只是為了澄清,目前,在正常銘牌和通過管道的流速下操作?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Yes, we're at full capacity, both at TCO and through the CPC pipeline. They actually work quite well with us when they do have to take the pipeline down for ongoing maintenance, which all pipelines have to do from time to time. They coordinate with the producers. They're often coordinated with turnarounds that the producing facilities are undergoing. So the recent downtime for CPC as they were dealing with some of the results of the survey work around the terminal was coordinated with the NCOC turnaround activities so that it didn't have any impact at all on TCO's production.
是的,我們在 TCO 和 CPC 管道中都處於滿負荷狀態。當他們不得不關閉管道進行持續維護時,他們實際上與我們合作得很好,所有管道都必須不時進行。他們與生產者協調。它們通常與生產設施正在進行的周轉協調。因此,CPC 最近在處理碼頭周圍調查工作的一些結果時的停機時間與 NCOC 周轉活動相協調,因此對 TCO 的生產沒有任何影響。
Operator
Operator
We'll take our next question from Neil Mehta with Goldman Sachs.
我們將向高盛的尼爾梅塔提出我們的下一個問題。
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Jay, thank you for all the insights over the years and wish you well in your retirement, sir.
傑伊,感謝您多年來提供的所有見解,並祝您退休後一切順利,先生。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thank you.
謝謝你。
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
The first question is on capital returns. And you guys raised the top end, the buyback guidance here. So just talk about the math that went into it, and how you think about the optimal return of capital formation, whether it is through buybacks or dividend growth?
第一個問題是關於資本回報的。你們提出了最高端,這裡的回購指導。因此,只需談談其中的數學原理,以及您如何看待資本形成的最佳回報,無論是通過回購還是通過股息增長?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thanks, Neil. It's Pierre. I'll take that. I'll go through our financial priorities. They've been consistent for decades, literally. The first financial priority is to grow the dividend. We've done that for 35 consecutive years, increased it 6% earlier this year. It's up 20% since right before COVID, and it's doubled since 2010.
謝謝,尼爾。是皮埃爾。我會接受的。我將介紹我們的財務優先事項。從字面上看,它們幾十年來一直保持一致。第一個財務優先事項是增加股息。我們已經連續 35 年做到這一點,今年早些時候增加了 6%。自 COVID 之前以來,它上漲了 20%,自 2010 年以來翻了一番。
The second is to invest and grow both traditional and new energy, and you saw that our total investments first half of the year were up 80% versus a year ago. The third is to maintain a strong balance sheet. For the fifth consecutive quarter, we paid down debt. Our net debt ratio is at 8%. That's well below our mid-cycle guidance of 20% to 25%.
二是傳統能源和新能源雙管齊下,今年上半年我們的投資總額比去年同期增長了80%。三是保持穩健的資產負債表。我們連續第五個季度償還了債務。我們的淨負債率為 8%。這遠低於我們 20% 至 25% 的周期中期指導。
And when we have cash in excess of those first 3 priorities, we buy back shares, and we intend to do it ratably over the cycle. We repurchased shares, 50 now last 19 years. We bought back almost $60 billion during that time at an average price of around $90 a share, very close to the weighted average price during that whole time. And as you said, we just increased the guidance to -- we just increased the top of the range of our guidance to $15 billion a year. That represents about 1% of our shares each quarter.
當我們擁有超過前三個優先事項的現金時,我們會回購股票,並打算在整個週期內按比例進行。我們回購了 50 股,現在已經用了 19 年。在那段時間裡,我們以每股約 90 美元的平均價格回購了近 600 億美元,非常接近整個期間的加權平均價格。正如你所說,我們剛剛將指導增加到 - 我們剛剛將指導範圍的頂部增加到每年 150 億美元。這占我們每個季度大約 1% 的股份。
The $15 billion annual rate is based on our current outlook. It was tested against a number of scenarios. The rate is consistent with our Investor Day upside leverage case, which was a $75 Brent flat nominal price over 5 years.
150 億美元的年利率是基於我們目前的展望。它針對多種場景進行了測試。該比率與我們的投資者日上行槓桿案例一致,即 5 年內布倫特原油持平名義價格為 75 美元。
As we've said with previous buyback rates, we intend to maintain buybacks at this annual rate for a number of years across the commodity cycle. As a reminder, our net debt is well below our mid-cycle guidance range. So we'll continue buybacks even when the commodity cycle turns down, and we'll lever back up our balance sheet closer to that 20% to 25% guidance range.
正如我們在之前的回購率中所說的那樣,我們打算在整個商品週期內將回購率維持在這個年率多年。提醒一下,我們的淨債務遠低於我們的中期指導範圍。因此,即使大宗商品週期轉低,我們仍將繼續回購,並將我們的資產負債表槓桿化至接近 20% 至 25% 的指導範圍。
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Neil Singhvi Mehta - VP and Integrated Oil & Refining Analyst
Pierre, the follow-up is just on the Permian. Can you just talk about how you're thinking about the growth profile there relative to what you guided at the beginning of the year, does the upward drift in commodity prices change the way you're thinking about prosecuting that asset?
皮埃爾,後續只是在二疊紀。你能談談你如何看待那裡的增長狀況,相對於你在年初的指導,大宗商品價格的上漲是否會改變你考慮起訴該資產的方式?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Yes, I'll start out with that and then Pierre can finish if he's got any other thoughts. The Permian -- our approach to the Permian, as you know, for many years, has been to be very disciplined, very focused on generating the returns and the efficiency that allow us to be profitable regardless of the prices.
是的,我會從這個開始,然後如果皮埃爾有任何其他想法,他可以完成。二疊紀——如你所知,多年來,我們對二疊紀的方法一直非常自律,非常專注於產生回報和效率,使我們無論價格如何都能盈利。
And so we're not responding to short-term price, but we are increasing our activity levels since the turn down during COVID. And so we have seen our investment go up. This year, it's $1 billion higher than it was last year. And we also see the number of wells that we're putting on production going up, we expect to do over 200 [POPs] this year. And so we're looking for about a 15% increase in our Permian production.
因此,我們不會對短期價格做出反應,但自 COVID 期間下跌以來,我們正在提高我們的活動水平。所以我們看到我們的投資增加了。今年,它比去年高出 10 億美元。而且我們還看到我們投入生產的油井數量在增加,我們預計今年將完成 200 多個 [POPs]。所以我們希望我們的二疊紀產量增加 15% 左右。
We've increased 2 additional rigs in July. So we're running now with a fleet of 10 rigs across the Permian in the current time, and we expect to maintain that through the second half. But I'll remind you also one of our rigs today drills the equivalent of what 2 rigs could do in 2018. So using just rig counts is a little bit of a -- you have to be careful because we're so much more efficient with our rigs. And each frac crew today is also completing roughly double the work they were doing back in 2018. So we're much more efficient than we were just 4 years ago.
我們在 7 月份增加了 2 台額外的鑽機。因此,我們現在在二疊紀擁有 10 台鑽井平台,我們希望在下半年保持這種狀態。但我還要提醒您,我們今天的一台鑽機的鑽機量相當於 2 台 2018 年的鑽機數量。因此,僅使用鑽機數量有點困難——您必須小心,因為我們的效率要高得多與我們的鑽機。今天的每個壓裂人員完成的工作量也大約是 2018 年的兩倍。所以我們的效率比 4 年前要高得多。
We expect to see our investment continue to grow. We've given you guidance of increasing our investment rate up to about $4 billion a year by 2024. And then I would expect to see it relatively flat after that as we just maintain an efficient operation across the Permian. We also have non-operated activity, and we currently have about 9 net rigs running on the non-op side. And so that also contributes significantly to our production profile.
我們希望看到我們的投資繼續增長。我們已經為您提供了到 2024 年將我們的投資率提高到每年約 40 億美元的指導。然後我預計在那之後它會相對平穩,因為我們只是在二疊紀保持高效運作。我們也有非運營活動,目前我們有大約 9 個網絡鑽機在非運營方面運行。因此,這也對我們的生產概況做出了重大貢獻。
Our guidance remains unchanged. We'd expect to see about 1.2 million to 1.5 million barrels a day of production ultimately is our plateau. But as we continue to gain insights and knowledge and as we look at our efficiencies, as we look at our portfolio and world demand, that can change as we go forward. That's our guidance as we see it today, and we'll continue to update you as we move forward in time.
我們的指導保持不變。我們預計最終將看到每天約 120 萬至 150 萬桶的產量是我們的平台期。但是,隨著我們繼續獲得洞察力和知識,以及我們審視我們的效率、審視我們的投資組合和世界需求,隨著我們的前進,這種情況可能會發生變化。這就是我們今天看到的指導方針,隨著時間的推移,我們將繼續為您提供最新信息。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
My only add is it's also among our most carbon-efficient barrels in the portfolio. And as Jay has said, it's a demonstration of our -- delivering on our objectives of higher returns and lower carbon.
我唯一的補充是它也是我們投資組合中碳效率最高的桶之一。正如傑伊所說,這是我們實現更高回報和更低碳目標的證明。
Operator
Operator
We'll take our next question from Jeanine Wai with Barclays.
我們將向巴克萊銀行的 Jeanine Wai 提出我們的下一個問題。
Jeanine Wai - Research Analyst
Jeanine Wai - Research Analyst
Jay, we'd also like to wish you well, and thank you for all your time over the years. And we'll stick to 2 Upstream questions just so we can get to last in before you leave.
傑伊,我們也祝你一切順利,並感謝你多年來的所有時間。我們將堅持 2 個上游問題,以便我們可以在您離開之前堅持下去。
Our first one is on LNG. This week, there was an announcement that Chevron along with a couple of other partners that you guys reached FID on development that will help boost Angola LNG plant volumes. So can you talk about how you're viewing expansion opportunities in Angola and also hit on Equatorial Guinea where you also have kind of an equity position that feeds an LNG plant there? And is there a preference on how your involvement evolves with LNG plants because you have some ownership -- some equity ownership, but we also know that you had a Cheniere agreement that you announced recently that was more just on the marketing front. So just wondering how you're seeing your role there on new opportunities.
我們的第一個是液化天然氣。本週,雪佛龍與其他幾個合作夥伴宣布,你們達成了 FID 的開發,這將有助於提高安哥拉液化天然氣工廠的產量。那麼,您能否談談您如何看待安哥拉的擴張機會以及赤道幾內亞,在那裡您還擁有為那裡的液化天然氣工廠提供資金的股權?是否因為您擁有一些所有權 - 一些股權所有權,您對液化天然氣工廠的參與如何發展有偏好,但我們也知道您最近宣布的切尼爾協議更多地只是在營銷方面。所以只是想知道你如何看待你在新機會中的角色。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
That was pretty good, Jeanine. I think you got 3 questions in there, and I'm going to try and merge through those.
那太好了,珍妮。我認為您有 3 個問題,我將嘗試合併這些問題。
Jeanine Wai - Research Analyst
Jeanine Wai - Research Analyst
Oh, no. That's just one.
不好了。那隻是一個。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
I know. I'm allowed to do that. I'm the Upstream guy. Look, on the LNG in Angola, you're right, we just took FID in the new gas consortium. There are 2 primary sources of gas for Angola LNG. Traditionally, it was built for the associated gas that's produced along with the oil resources in Angola. And that's been the main source of gas for Angola LNG up to this point. And we continue to develop new oil resources with our 20-year extension, just secured really good terms on both the oil and the gas. It encourages investment in that country. There's a lot of oil still in Block 0. So that continues unabated. And actually, the investment will move forward.
我知道。我被允許這樣做。我是上游的人。看,關於安哥拉的液化天然氣,你是對的,我們剛剛在新的天然氣財團中接受了 FID。安哥拉液化天然氣有兩個主要的天然氣來源。傳統上,它是為與安哥拉的石油資源一起生產的伴生氣而建造的。到目前為止,這一直是安哥拉液化天然氣的主要天然氣來源。我們繼續開發新的石油資源,延長 20 年,剛剛獲得了非常好的石油和天然氣條件。它鼓勵對該國的投資。 Block 0 中仍有大量石油。所以這種情況有增無減。實際上,投資將向前發展。
The non-associated gas. In other words, drilling and developing reservoirs that are gas only is a new investment mode, and we're doing that through the consortium you mentioned. And that's designed to be supplemental gas so that we can keep the Angola LNG facilities full.
非伴生氣。換句話說,鑽井和開發純天然氣儲層是一種新的投資模式,我們正在通過你提到的財團來做這件事。這旨在作為補充氣體,以便我們可以保持安哥拉液化天然氣設施的滿負荷。
And so the ongoing effort to keep that plant running, it's really economic because it builds on existing infrastructure that's already been built, the investments have already been made. And importantly, it's supplying needed LNG into the European market and also gives us exposure to that Atlantic Basin. So that's been a good project for us, and we're pleased to take that FID.
因此,保持該工廠運行的持續努力,真的很經濟,因為它建立在已經建成的現有基礎設施之上,並且已經進行了投資。重要的是,它為歐洲市場提供所需的液化天然氣,也讓我們接觸到大西洋盆地。所以這對我們來說是一個很好的項目,我們很高興接受這個 FID。
In EG, again, we have exposure now to the Atlantic Basin through that project. We continue to produce there. There's not much more I can say, other than that's also been a profitable area for us and it came to us through the Noble acquisition. So it was kind of one of those more hidden jewels. We talk about Eastern Med. We talk about the DJ Basin in particular. But EG is supplying a very good return to us through those gas and LNG facilities.
在 EG,我們現在通過該項目再次接觸到大西洋盆地。我們繼續在那裡生產。我能說的不多,除此之外,這對我們來說也是一個有利可圖的領域,它是通過收購來寶來到我們這裡的。所以它是一種更隱藏的珠寶之一。我們談論東方醫學。我們特別談論 DJ 盆地。但是 EG 通過這些天然氣和液化天然氣設施為我們提供了非常好的回報。
In terms of our focus on ownership versus commercial, we're really pretty agnostic. We're looking for the returns and the scale that we can build out of the business. We're looking for multiple points of supply so that we can maintain an active and profitable portfolio.
就我們對所有權與商業的關注而言,我們真的很不可知論。我們正在尋找可以從業務中建立的回報和規模。我們正在尋找多個供應點,以便我們能夠維持積極且有利可圖的投資組合。
And so where we can do commercial deals and not have to use capital, but to really be able to leverage other facilities, that's always a nice way for us to go, and I'm pleased to get that exposure out of the Gulf Coast into both European and potentially Asian markets. It gives us an access for a lot of our produced gas in North America to access those markets rather than just U.S. But where it makes sense, we'll also make investments as we have in other places and own the facilities or run them through joint venture facilities or non-operated facilities. We really look at what gives us the best opportunity to generate the returns we're looking for.
因此,我們可以進行商業交易而不必使用資本,但要真正能夠利用其他設施,這對我們來說總是一個不錯的方式,我很高興將這種風險從墨西哥灣沿岸轉移到歐洲和潛在的亞洲市場。它使我們能夠將我們在北美生產的大量天然氣進入這些市場,而不僅僅是美國。但在有意義的地方,我們還將像在其他地方一樣進行投資並擁有這些設施或通過聯合運營它們風險設施或非經營性設施。我們真正關注的是什麼為我們提供了產生我們正在尋找的回報的最佳機會。
Jeanine Wai - Research Analyst
Jeanine Wai - Research Analyst
Great. We won't sneak in our unrelated follow-up since that was a very wholesome response.
偉大的。我們不會偷偷跟進我們無關的後續行動,因為這是一個非常有益的回應。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Okay. Thanks, Jeanine.
好的。謝謝,珍妮。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thanks, Jeanine.
謝謝,珍妮。
Operator
Operator
We'll take our next question from Doug Leggate with Bank of America.
我們將向美國銀行的 Doug Leggate 提出下一個問題。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
41 years in 1 place, Jay, that's pretty impressive. Congratulations.
41 年在一個地方,傑伊,這令人印象深刻。恭喜。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thank you.
謝謝你。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
I wonder if I could take maybe 2 questions for you, actually. Maybe Pierre might prefer the second one. I want to go to the Permian first. You have about half year production operated and half non-operated. Can you parse between the inflationary pressures between your operated and non-operated from what you're seeing currently?
實際上,我想知道我是否可以為您回答 2 個問題。也許皮埃爾可能更喜歡第二個。我想先去二疊紀。您大約有半年的生產運營和一半的非運營。你能從你目前看到的情況中分析你的經營和非經營之間的通脹壓力嗎?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
It's difficult for me to really do that definitively. What I can say, though, is I think we have a competitive advantage in the Permian. We have a couple of things working in our favor. We maintain a global supply chain, and we're able to tap suppliers of both equipment and materials, goods and services over a much broader range than maybe some of our competitors.
我很難真正明確地做到這一點。不過,我可以說的是,我認為我們在二疊紀具有競爭優勢。我們有幾件事對我們有利。我們維持著全球供應鏈,我們能夠在比我們的一些競爭對手更廣泛的範圍內利用設備和材料、商品和服務的供應商。
We also do multiyear contracts and other mechanisms commercially that allow us to mitigate some of the inflationary pressures that we see today. And then, of course, our focus on driving for improved productivity, improved efficiency has really helped us continue to counter the inflationary pressures.
我們還在商業上開展多年期合同和其他機制,以減輕我們今天看到的一些通脹壓力。然後,當然,我們專注於提高生產力,提高效率確實幫助我們繼續應對通脹壓力。
I think the other area that we have a distinct advantage is we've been building out our infrastructure in the Permian. And so just as a proof point, the last 800 wells over the last 5 years, to produce those 800 wells, we had to build 40 central tank batteries. As we look forward, the next 800 wells, we only need to build an additional 4 central tank batteries. So while others are having to invest in this high inflationary period, we're largely using infrastructure that was built over the past 5 years with very small incremental surface facilities required. And I think that's going to be hard for others to match.
我認為我們具有明顯優勢的另一個領域是我們一直在二疊紀建設我們的基礎設施。因此,作為一個證據,過去 5 年的最後 800 口油井,為了生產這 800 口油井,我們必須建造 40 個中央油箱電池。正如我們所期待的,接下來的 800 口井,我們只需要額外建造 4 個中央油箱電池。因此,雖然其他人不得不在這個高通脹時期進行投資,但我們主要使用的是過去 5 年建造的基礎設施,所需的增量地面設施非常少。我認為其他人很難做到這一點。
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
Douglas George Blyth Leggate - MD and Head of US Oil & Gas Equity Research
So that's a (inaudible) answer, very clear answer. Pierre, I don't know quite how to ask this question. I'm going to try and get part a and part b, perhaps, I'll be respectful. Mike was interviewed recently, talking about the tightness in the global oil market. I think you said something like I know to put words in his mouth, but any weakness in oil prices is going to be fleeting because of the under investment. And you guys obviously have stepped up your spending from COVID levels, but you're still well below pre-COVID levels '16 through '19, let's say.
所以這是一個(聽不清的)答案,非常明確的答案。皮埃爾,我不知道怎麼問這個問題。我將嘗試獲得 a 部分和 b 部分,也許,我會尊重。邁克最近接受了採訪,談到了全球石油市場的緊張。我想你說了一些我知道的話是為了把話放在他嘴裡,但由於投資不足,油價的任何疲軟都將轉瞬即逝。你們顯然已經從 COVID 水平提高了支出,但比方說,你們仍然遠低於 16 到 19 年 COVID 之前的水平。
With your balance sheet where it is in the depth of opportunities that you obviously have that you're not funding, how should we think about your continued commitment to the current CapEx level? Or do we see Chevron reengage in organic growth at some point?
鑑於您的資產負債表處於您顯然沒有資助的機會的深度,我們應該如何考慮您對當前資本支出水平的持續承諾?或者我們是否會看到雪佛龍在某個時候重新參與有機增長?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
You should think that there's no change in our guidance. There's -- our 2022 capital is on track. It's likely to end up below our $15 billion budget. We've been ramping up during the course of the first half of the year, and I think you'll see us higher in the second half of the year, but likely end the year below our $15 billion budget.
你應該認為我們的指導沒有變化。有——我們的 2022 年首都正步入正軌。它最終可能會低於我們 150 億美元的預算。我們在今年上半年一直在增加,我認為你會在下半年看到我們更高,但年底可能會低於我們 150 億美元的預算。
Our guidance that we shared at our March Investor Day is $15 billion to $17 billion of organic capital investments through 2026. Our budget this year is around $15 billion. So we have $2 billion of room to increase activity and investment within the guidance. And then as Jay just described, our major capital project in Kazakhstan is winding down. It will decrease spending by about $1 billion, and that opens up another $1 billion.
我們在 3 月投資者日分享的指導是到 2026 年的有機資本投資 150 億至 170 億美元。我們今年的預算約為 150 億美元。因此,我們有 20 億美元的空間來增加指導範圍內的活動和投資。然後正如傑伊剛剛描述的那樣,我們在哈薩克斯坦的主要資本項目正在結束。它將減少大約 10 億美元的支出,這將打開另外 10 億美元。
So we have -- we will increase investment in activity next year. I expect that we're doing that work right now. We'll share the details in December when it's finalized and approved by the Board. But we'll increase it within the guidance. And that guidance enables us to sustain and grow the Upstream business, as we've talked about, 3% compounded annual growth rate between now and 2026.
所以我們有 - 我們將在明年增加對活動的投資。我希望我們現在正在做這項工作。我們將在 12 月最終確定並獲得董事會批准後分享詳細信息。但我們會在指導範圍內增加它。正如我們已經談到的那樣,該指導使我們能夠維持和發展上游業務,從現在到 2026 年,複合年增長率為 3%。
Add to our refinery capacity. We bought a refinery in Pasadena, Texas in 2019, kept all of our U.S. refineries through COVID and are making investment in that Pasadena refinery that was just recently FID-ed.
增加我們的煉油廠產能。我們於 2019 年在德克薩斯州帕薩迪納購買了一家煉油廠,通過 COVID 保留了我們所有的美國煉油廠,並正在對最近剛剛獲得 FID 的帕薩迪納煉油廠進行投資。
And of course, all the activities we're doing to grow new energies. We can do all of that within the guidance. And as we recognize, Jay, one of the things he deserves a lot of credit for is our Upstream business is much more capital efficient than it's ever been. And has a mindset of how do we deliver business results with less capital. And if we do that, there's more free cash flow for shareholders.
當然,我們正在做的所有活動都是為了培養新能量。我們可以在指導範圍內完成所有這些工作。正如我們所認識到的那樣,Jay,他值得稱讚的一件事是我們的上游業務比以往任何時候都更具資本效率。並且有一種思維方式,即我們如何以更少的資本交付業務成果。如果我們這樣做,股東就會有更多的自由現金流。
Operator
Operator
We'll take our next question from John Royall with JPMorgan.
我們將向摩根大通的約翰·羅亞爾提出下一個問題。
John Macalister Royall - Analyst
John Macalister Royall - Analyst
Can you talk about your growth in the Gulf of Mexico in the Upstream? You're leaning in there with number of brownfield projects. So can you just speak broadly on how you view on within your portfolio, and how the returns look on those bolt-ons relative to your other options globally in the Upstream? And then what does the service inflation picture look like in that part of your system relative to, say, the Permian?
您能談談您在上游墨西哥灣的發展嗎?你正靠著大量的棕地項目。那麼,您能否就您在投資組合中的看法,以及相對於您在上游全球範圍內的其他選擇的回報如何看待您的投資組合?然後,相對於二疊紀,您系統的那部分服務通脹情況如何?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thank you, John. I'll start this and let Pierre add in. But we're really quite pleased with the portfolio we maintain in the Gulf of Mexico. It's a good area of exploration for us. And it has some of the lowest carbon intensity in the world. It's about 6 kilograms of equivalent per barrel produced. So on a world scale, and even our company scale, which is already top quartile, it's right at the bottom end of that range. So this is a great area to develop for future production and carbon efficiency.
謝謝你,約翰。我會開始這個,讓皮埃爾加入。但我們對我們在墨西哥灣維護的投資組合非常滿意。這對我們來說是一個很好的探索領域。它的碳強度是世界上最低的。每桶生產約 6 公斤當量。所以在世界範圍內,甚至我們公司的規模,已經是前四分之一,它就在這個範圍的底部。因此,對於未來的生產和碳效率來說,這是一個很好的發展領域。
When we look at the queue of projects we have, we've got the Anchor project that is expecting to have first oil in 2024. We've got Whale, is coming through. We expect in 2024. We've been expanding our existing facilities. We're starting up the waterflood at St. Malo, which is part of the Jack/St. Malo complex. We've installed our multiphase pumps and are commissioning those. That's going to be an important milestone technologically and our ability to step out further and further.
當我們查看我們擁有的項目隊列時,我們已經有了 Anchor 項目,該項目預計將在 2024 年獲得第一批石油。我們有 Whale,正在通過。我們預計在 2024 年。我們一直在擴展我們現有的設施。我們正在聖馬洛啟動注水,它是 Jack/St 的一部分。馬洛情結。我們已經安裝了多相泵並正在調試它們。這在技術上將是一個重要的里程碑,也是我們進一步走得更遠的能力。
We just took FID at Ballymore. And Ballymore is an interesting one because it was a nice size discovery, but we could really capitalize and get a much higher return by taking 3 wells back to a host facility, at Blind Faith and be able to develop that. So we're pleased to be able to see that higher return coming from Blind Faith. And it also helps our existing production at Blind Faith.
我們剛剛在 Ballymore 參加了 FID。 Ballymore 是一個有趣的發現,因為它是一個很好的規模發現,但我們可以通過將 3 口井帶回 Blind Faith 的託管設施並能夠開發它來真正利用並獲得更高的回報。因此,我們很高興能夠看到 Blind Faith 帶來更高的回報。它還有助於我們在 Blind Faith 的現有生產。
As we continue to work forward, I think we're going to see growth in our Gulf of Mexico production, but it's going to be important that we continue to be able to lease and acquire additional acreage in that basin, along with others because there's still, I think, room for continual exploration and tie back to this great chain of infrastructure that we have, be able to produce this lower carbon fuel.
隨著我們繼續前進,我認為我們將看到墨西哥灣產量的增長,但重要的是我們繼續能夠在該盆地以及其他盆地租賃和獲得額外的種植面積,因為有我認為,仍然有持續探索的空間,並與我們擁有的龐大的基礎設施鏈聯繫起來,能夠生產這種低碳燃料。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Only add is our rigs were largely contracted when rates are lower. So clearly, offshore rigs have increased, but we're largely contracted at prior rates.
唯一的補充是,當費率較低時,我們的鑽井平台大部分都在收縮。很明顯,海上鑽井平台有所增加,但我們主要以之前的價格簽訂合同。
John Macalister Royall - Analyst
John Macalister Royall - Analyst
Yes. So on the Downstream, I just had a question on particularly California, just kind of your go-forward views there. Product balance is not quite as tight as they are in other parts of the country. But then we're seeing some capacity come out due to RD conversions there. And so just looking for maybe your medium-term view on refining and California specifically?
是的。所以在下游,我只是有一個關於加利福尼亞的問題,只是你對那裡的前瞻性看法。產品平衡不像國內其他地區那麼緊。但是後來我們看到由於那裡的 RD 轉換而產生了一些容量。所以只是在尋找你對煉油和加州的中期看法?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
On the Downstream side, we had a strong quarter. Well, good execution, reliable operations, high refinery utilization, and I'm talking generally now, U.S. West Coast and Gulf Coast, good cost control, and we're able to capture the margins in the marketplace. We had a slight benefit in the second quarter because the Richmond turnaround was deferred. So it was a little bit less of an impact than what we had guided to on the first quarter call. And timing effects really weren't a driver, right, timing is more of the absence of timing effects that you saw.
在下游方面,我們有一個強勁的季度。好吧,良好的執行,可靠的運營,高煉油廠利用率,我現在說的是美國西海岸和墨西哥灣沿岸,良好的成本控制,我們能夠在市場上獲得利潤。我們在第二季度略有收益,因為里士滿的周轉被推遲了。所以它的影響比我們在第一季度電話會議上的指導要小一些。時間效應真的不是驅動因素,對,時間更多的是你看到的時間效應的缺失。
In terms of these markets, they're volatile right now. I mean, we've seen margins come off from where they were before. In the second quarter, we saw a demand response. On gasoline, probably around the mid-single digits across the U.S., a little bit higher on the West Coast, a little bit lower in the Gulf Coast. I didn't really see much on the diesel side. And Jet is really tied to the recovery of travel.
就這些市場而言,它們現在很不穩定。我的意思是,我們已經看到利潤率從以前的水平下降。在第二季度,我們看到了需求響應。汽油方面,可能在美國的中個位數左右,西海岸略高,墨西哥灣沿岸略低。我在柴油方面並沒有真正看到太多。而Jet確實與旅行的複蘇息息相關。
So we'll just see where the market takes us, whether it's West Coast or Gulf Coast, we're focused on safe, reliable operations, continuing to have good cost control and delivering products that our customers are demanding.
所以我們只會看看市場會把我們帶到哪裡,無論是西海岸還是墨西哥灣沿岸,我們都專注於安全、可靠的運營,繼續保持良好的成本控制並提供客戶需要的產品。
Operator
Operator
We'll take our next question from Jason Gabelman with Cowen.
我們將向 Jason Gabelman 和 Cowen 提出我們的下一個問題。
Jason Daniel Gabelman - Director & Analyst
Jason Daniel Gabelman - Director & Analyst
I have one on the Upstream portfolio and then one on the financials. On the Upstream, can you just talk about your other gas opportunities that you have available in the queue. Specifically, I'm thinking about the Eastern Med. I know you're delineating some acreage there, and it seems like there's a lot of gas available to exploit. And then also, I believe you have a Haynesville position. I'm not sure if that's in the money or not (inaudible) that you're looking at. And then I'll ask my follow-up after.
我有一份關於上游投資組合,然後一份關於財務。在上游,您能否談談您在隊列中可用的其他加油機會。具體來說,我正在考慮東方醫學。我知道你在那裡劃定了一些土地,似乎有很多天然氣可供開採。然後,我相信你有海恩斯維爾的職位。我不確定您正在查看的是否有錢(聽不清)。然後我會問我的後續行動。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
We have a lot of gas opportunities, and we've got a lot of infrastructure to build those opportunities on, which is really important because it gives us an advantage from a return standpoint. In the Eastern Med, which I'll add, is one of the lowest carbon intensity areas from a Scope 1 and Scope 2. We're at 2 kilograms of carbon equivalent per barrel produced.
我們有很多天然氣機會,我們有很多基礎設施可以建立這些機會,這非常重要,因為從回報的角度來看,它為我們提供了優勢。我要補充的東部地中海是范圍 1 和範圍 2 中碳強度最低的地區之一。我們每桶生產的碳當量為 2 公斤。
We have, of course, supplied a lot of gas into the Israeli market and that opportunity continues to grow as coal is displaced. We also take that gas into Jordan for conversion to electric power. And now we're taking it into Egypt, work and supply, both domestic needs in Egypt, but also potentially access some of the ullage that exists in the LNG facilities that are already existing in Egypt.
當然,我們已經向以色列市場供應了大量天然氣,隨著煤炭的取代,這個機會繼續增加。我們還將這些氣體帶入約旦以轉換為電力。現在我們正在將其帶入埃及,工作和供應,既滿足埃及的國內需求,也有可能獲得埃及已經存在的液化天然氣設施中存在的一些空缺。
We're considering floating LNG as well. As you know, there are very benign conditions, [Med Ocean] conditions in the Mediterranean that lend themselves to floating LNG. So it represents a viable option for us.
我們也在考慮浮動液化天然氣。如您所知,地中海有非常良性的條件,[Med Ocean] 條件適合使用浮動液化天然氣。因此,它對我們來說是一個可行的選擇。
Developing additional gas capacity at Leviathan and Tamar is well within the scope of those projects and would allow us to access these additional marketing opportunities through the LNG and the flexibility that provides.
在 Leviathan 和 Tamar 開發額外的天然氣產能完全屬於這些項目的範圍,這將使我們能夠通過 LNG 和所提供的靈活性獲得這些額外的營銷機會。
We continue to have some upside potential in additional fields through EG. And then we've got access, as you pointed out, in the United States. We are ramping up our drilling activity in the Haynesville, and we expect to see rigs there starting later this year. They'll be working in that area. It was very profitable even at the low prices, it's profitable now.
我們繼續通過 EG 在其他領域擁有一些上行潛力。然後,正如你所指出的,我們可以在美國訪問。我們正在加強在海恩斯維爾的鑽井活動,我們預計今年晚些時候將在那裡看到鑽井平台。他們將在那個地區工作。即使價格很低,它也非常有利可圖,現在它是有利可圖的。
So again, our focus is going to be on discipline on continuing to drive for those efficiencies, but we really are excited to get Haynesville underway and add that to our portfolio in that part of the country.
因此,我們的重點將再次放在繼續推動這些效率的紀律上,但我們真的很高興海恩斯維爾能夠啟動並將其添加到我們在該國該地區的投資組合中。
Jason Daniel Gabelman - Director & Analyst
Jason Daniel Gabelman - Director & Analyst
Great. And my follow-up is just on the share count. I believe it went up again this quarter despite the buyback. And it's gone up since the buyback started. I think if you back out the shares issued for Noble, it's been flattish. So can you just discuss exactly what's going on there and your expectations for their share count moving forward with the higher buyback, but also at a higher share price?
偉大的。我的後續行動只是關於份額數。儘管回購,我相信本季度它會再次上漲。自回購開始以來,它一直在上漲。我認為,如果您退出為 Noble 發行的股票,那將是平淡無奇的。那麼,您能否確切地討論那裡發生了什麼,以及您對他們的股票數量的預期隨著更高的回購而向前發展,但也以更高的股價?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Yes. The share count is going down and will go down. What you see in the earnings press release is a weighted average during the course of the quarter, not necessarily the end of the quarter. So you'll see in our Q that the share count at the end of second quarter is, in fact, lower than the first quarter, which you'd expect as we bought back 2.5 billion shares and issued [0.8].
是的。股票數量正在下降並將下降。您在收益新聞稿中看到的是本季度的加權平均值,不一定是本季度末的加權平均值。因此,您會在我們的 Q 中看到,第二季度末的股票數量實際上低於第一季度,這是您預期的,因為我們回購了 25 億股並發行 [0.8]。
The first quarter, we had this very large issuances for our employees and retirees exercising stock options. And so we started the year with a lower share count, issued those for our employee retiree stock options. Therefore, started second quarter at a higher rate and then worked our way down.
第一季度,我們為行使股票期權的員工和退休人員發行了大量債券。因此,我們以較低的股票數量開始了這一年,為我們的員工退休人員發行了股票期權。因此,第二季度以較高的速度開始,然後一路下滑。
So the math does work. It is going down. It's -- you have to look at end of quarter to end of quarter. But what you see in terms of earnings per share, it's an average over the quarter, and it's kind of a quirk that second quarter average was higher than the first quarter, but just the nature of the pattern during the quarter. Share counts are going down.
所以數學確實有效。它正在下降。這是 - 你必須查看季度末到季度末。但就每股收益而言,這是本季度的平均水平,第二季度的平均水平高於第一季度,這有點奇怪,但這只是本季度模式的性質。股票數量正在下降。
Operator
Operator
We'll take our next question from Manav Gupta with Credit Suisse.
我們將向瑞士信貸的 Manav Gupta 提出我們的下一個問題。
Manav Gupta - Research Analyst
Manav Gupta - Research Analyst
My first question here is, I wanted to take expertise from Jay again. This was a heavy turnaround quarter for you. But even then, some of the things where you were turning around were very high-margin barrels for you, so whether it was TCO, Angola or Wheatstone. And help us understand, like in terms of opportunity cost, if this volume was somewhere in the lower margin business versus some of your higher-margin business because you're trying to say Upstream results were good, but they could have been even better because some of the higher-margin barrels were actually in a turnaround.
我的第一個問題是,我想再次從 Jay 那裡獲得專業知識。這對你來說是一個沉重的周轉季度。但即便如此,你轉身的一些事情對你來說是非常高利潤的桶,所以無論是 TCO、安哥拉還是惠斯通。並幫助我們理解,比如在機會成本方面,如果這個數量是在利潤率較低的業務中,而不是在一些利潤率較高的業務中,因為你想說上游的結果很好,但它們本可以更好,因為一些利潤率較高的桶實際上正在轉機。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
I appreciate the question. One of the things that's really important to us is that we operate safely and reliably. And so we look and we schedule our turnarounds, and they're predominantly to ensure asset integrity and ongoing reliable performance. And when we schedule those, we don't like to shift those because of market conditions. And so we tend to want to execute those on time.
我很欣賞這個問題。對我們來說真正重要的一件事是我們安全可靠地運行。因此,我們查看並安排周轉時間,它們主要是為了確保資產完整性和持續可靠的性能。當我們安排這些時,我們不喜歡因為市場條件而改變這些。因此,我們傾向於按時執行這些任務。
What's important is that we execute them within the time frames that we expected so that our production is in accordance with our planning. And both Wheatstone and Angola LNG were done really, really well. I was proud of our teams, they went in, they did the turnaround.
重要的是我們在我們預期的時間範圍內執行它們,以便我們的生產符合我們的計劃。惠斯通和安哥拉液化天然氣都做得非常非常好。我為我們的團隊感到驕傲,他們進去了,他們做出了轉變。
This means now in Australia, all 5 trains have been through the first round of turnarounds. And so that's an important milestone, an important accomplishment. This work that we do, while it may seem like we're giving up some opportunities in the near term, it allows us to continue to drive higher and higher reliability, which means our overall production will be higher and our costs will be lower and our safety will be higher. And so that's really how we think about this.
這意味著現在在澳大利亞,所有5列火車都已經完成了第一輪的周轉。所以這是一個重要的里程碑,一個重要的成就。我們所做的這項工作,雖然看起來我們在短期內放棄了一些機會,但它使我們能夠繼續推動越來越高的可靠性,這意味著我們的整體產量會更高,成本會更低,並且我們的安全會更高。這就是我們的想法。
Manav Gupta - Research Analyst
Manav Gupta - Research Analyst
And I have a quick policy question. About 1.5 months ago, things got a little heated between the oil companies and the White House. But as we understand, when the actual executive meetings happen between you guys and all the others and the secretary of energy, those are pretty cordial and you guys are looking for solutions out there. Help us understand what happened in the meeting with energy secretary and how did those go?
我有一個快速的政策問題。大約 1.5 個月前,石油公司和白宮之間的關係有些激烈。但據我們了解,當你們和其他所有人以及能源部長之間發生實際的行政會議時,這些會議非常親切,你們正在尋找解決方案。幫助我們了解與能源部長的會面中發生了什麼,進展如何?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Manav, we won't comment on the specifics of our engagements. I think you're right that we're -- it's constructive and productive. I'll point out our U.S. oil and gas production in the first half of the year was up 7% versus last year. Our U.S. refined product sales up 10% versus last year. The administration wants energy supplies to increase, we're doing that. Our investment globally, up 80% first half of the year. If you look at the U.S., more than double when you include REG. So Chevron is growing energy supply, increasing investment, and we're engaging constructively with Congress and this administration.
Manav,我們不會評論我們的約定的細節。我認為你是對的,我們是——這是建設性的和富有成效的。我要指出,我們今年上半年的美國石油和天然氣產量比去年增長了 7%。我們的美國精煉產品銷售額與去年相比增長了 10%。政府希望增加能源供應,我們正在這樣做。我們在全球的投資,今年上半年增長了 80%。如果你看看美國,當你包括 REG 時,它會增加一倍以上。因此,雪佛龍正在增加能源供應,增加投資,我們正在與國會和本屆政府進行建設性接觸。
Operator
Operator
We'll take our next question from Biraj Borkhataria with RBC.
我們將向RBC 的Biraj Borkhataria 提出我們的下一個問題。
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Just one for me on Australia. I mean there's gas shortages in many geographies in Europe, in particular, but there's been some talk about or noise around that in Australia. I wanted to understand whether we should expect any export issues at Gorgon and Wheatstone? Are you in discussions with the government around proportion of gas against domestic market versus what's being exported or anything like that? So any color would be great.
澳大利亞只有一個給我。我的意思是在歐洲的許多地區都存在天然氣短缺,特別是,但在澳大利亞有一些關於這方面的討論或噪音。我想了解我們是否應該期待 Gorgon 和 Wheatstone 的任何出口問題?您是否正在與政府討論天然氣與國內市場的比例與出口的比例或類似情況?所以任何顏色都會很棒。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thanks, Biraj. The shortages that you've heard about in Australia are all on the East Coast, and there are no pipelines connecting the West Coast and the East Coast. So actually, the only way that we could supply any gas to the East Coast of Australia is in the form of LNG. So we are under long-term contract with customers throughout Asia. We also sell into the spot markets with those facilities. We have interest in Northwest Shelf as well as, of course, Wheatstone and Gorgon. The Western Australian market is well supplied. It's a part of our agreements for that supply. And so there really are no issues. I don't see any impact to our export capabilities in Australia.
謝謝,比拉傑。你聽說的澳洲缺貨都在東海岸,沒有連接西海岸和東海岸的管道。所以實際上,我們可以向澳大利亞東海岸供應天然氣的唯一方式是液化天然氣。因此,我們與亞洲各地的客戶簽訂了長期合同。我們還通過這些設施向現貨市場銷售。我們對西北大陸架感興趣,當然還有惠斯通和芡實。西澳市場供應充足。這是我們的供應協議的一部分。所以真的沒有問題。我認為這對我們在澳大利亞的出口能力沒有任何影響。
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Biraj Borkhataria - Director, Co-Head of European Energy Research Team & Lead Analyst
Okay. Understood. And just a follow-up on the same topic. A couple of years ago, I think I had a conversation with Pierre around the potential for increasing nameplate capacity at Gorgon and Wheatstone over time. And as you go through the various debottlenecking exercises, are you able to provide an update on whether that's still in the works, where you are, and what kind of time line that would be on, if that's possible.
好的。明白了。只是對同一主題的跟進。幾年前,我想我與 Pierre 就隨著時間的推移增加 Gorgon 和 Wheatstone 的銘牌容量的潛力進行了交談。當您進行各種去瓶頸練習時,您是否能夠提供有關這是否仍在進行中的最新信息,您在哪裡,以及如果可能的話,將會採用什麼樣的時間表。
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Yes. We continue to focus on incremental capacity increases at both Gorgon and Wheatstone. And that can happen through expansion of debottlenecking where we actually expand the capacity of the facilities. But importantly, it also happens as we increase the reliability of facilities, and their utilization is higher.
是的。我們繼續關注 Gorgon 和 Wheatstone 的增量產能增加。這可以通過擴大去瓶頸來實現,我們實際上擴大了設施的容量。但重要的是,當我們提高設施的可靠性時,也會發生這種情況,並且它們的利用率更高。
If you just look at this year, we've supplied 87 cargoes. As I said, that's up 10% on production from last year, even with the turnaround that we had. So you can see the improvement happening there. We have seen capacity increases at both Wheatstone and Gordon, and I would expect those to continue as we move forward.
如果你只看今年,我們已經提供了 87 批貨物。正如我所說,這比去年的產量增加了 10%,即使我們已經實現了周轉。所以你可以看到那裡發生的改進。我們已經看到 Wheatstone 和 Gordon 的產能都在增加,我希望隨著我們的前進,這些將繼續下去。
Operator
Operator
We'll take our next question from Sam Margolin with Wolfe Research.
我們將向 Wolfe Research 的 Sam Margolin 提出下一個問題。
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
I wanted to revisit the LNG topic and maybe specifically tie it to the Permian because there's just a lot of resource in the Permian that's not commercial, and that's -- that includes different zones of what you're already developing plus areas that are not on your development calendar in the near term. And LNG didn't historically help with that because it's expensive, but obviously, things have changed now. And so I just love your perspective on what happens to your Permian resource or your overall opportunity there or the duration of it in an environment where you can add some extra capital or even commit to a spread, but monetize gas for a double-digit price.
我想重新審視液化天然氣的話題,也許特別把它與二疊紀聯繫起來,因為二疊紀只有很多資源不是商業的,而且這包括你已經在開發的不同區域以及尚未開發的區域您近期的發展日程表。液化天然氣在歷史上並沒有幫助,因為它很昂貴,但顯然,現在情況已經發生了變化。因此,我只是喜歡您對二疊紀資源或那裡的整體機會或在您可以增加一些額外資本甚至承諾價差但以兩位數價格將天然氣貨幣化的環境中的持續時間的看法.
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Look, I would characterize it what determines our pace of activity in the Permian is a balance on what we can accomplish efficiently. We have a factory model all the way from land acquisition. We do deals all the time to fill in the checkerboards and ensure an efficient development plan. As an example, just since 2017, we've executed over 260 transactions that have added 3,500 long laterals. That's allowed us to drive for this efficiency and the higher returns.
看,我認為決定我們在二疊紀活動速度的因素是我們可以有效完成的工作之間的平衡。從征地開始,我們有一個工廠模式。我們一直在做交易以填寫棋盤並確保有效的發展計劃。例如,僅自 2017 年以來,我們已經執行了超過 260 筆交易,增加了 3,500 條長邊。這使我們能夠推動這種效率和更高的回報。
Our activity levels really aren't determined by how much we can export from the United States. All these projects that we have would be economic at much lower prices. So it's really not the price that's unlocking the Permian, it's developing the infrastructure for export from the basin into the markets that we supply, both domestic and international.
我們的活動水平並不取決於我們可以從美國出口多少。我們擁有的所有這些項目將以低得多的價格實現經濟。因此,真正打開二疊紀的不是價格,而是開發基礎設施,以便從盆地出口到我們供應的國內和國際市場。
So it's all done in a coordinated fashion. We do it. So we stay within the capability of the organization to execute efficiently and safely. And that's really what drives the Permian. So it's nice to have access to these additional markets and the optionality they provide. We have an advantage in working closely with our midstream group, who has great capability, both again for the domestic offtake and setting up potential for international export, but it's really not what I would view as the limiting factor on our pace. We determine that based on our overall balance of free cash flow, the returns and our resource and reserve replenishment.
所以這一切都是以協調的方式完成的。我們這樣做。因此,我們保持在組織的能力範圍內,以高效和安全地執行。這就是驅動二疊紀的真正原因。所以很高興能夠進入這些額外的市場以及它們提供的可選性。我們在與我們的中游集團密切合作方面具有優勢,他們具有強大的能力,無論是在國內承購還是為國際出口創造潛力,但這並不是我認為的限制我們步伐的因素。我們根據自由現金流、回報以及我們的資源和儲備補充的總體平衡來確定這一點。
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
Sam Jeffrey Margolin - MD of Equity Research & Senior Analyst
Okay. And then, I mean, maybe just to follow up, like, are there any ancillary factors that might be a consideration like an opportunity to fit another CCUS project on a facility or what it might contribute to like a flaring mitigation effort or anything besides just, like you said, a price signal?
好的。然後,我的意思是,也許只是為了跟進,比如,是否有任何輔助因素可能是一個考慮因素,比如在設施上安裝另一個 CCUS 項目的機會,或者它可能有助於什麼,比如燃燒緩解工作,或者除了只是,就像你說的,價格信號?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
As Pierre said earlier, the Permian actually has very good carbon intensity on a Scope 1 and 2 basis. We're at 15 kilograms of CO2 across the basin. We're now benchmarking our facilities and achieving certification of platinum status on most facilities with Project Canary, which then provides independent third-party certification of our methane emissions and the performance that we have been talking about.
正如皮埃爾之前所說,二疊紀實際上在範圍 1 和 2 的基礎上具有非常好的碳強度。我們整個盆地的二氧化碳含量為 15 公斤。我們現在正在通過 Project Canary 對我們的設施進行基準測試,並在大多數設施上獲得鉑金狀態認證,然後為我們的甲烷排放和我們一直在談論的性能提供獨立的第三方認證。
We are working with both our Chevron Technology Ventures, which is our venture capital arm and our New Energies segment on the carbon capture and sequestration. And carbon capture, in particular, is critically important for not just us but the world. And so we have 3 pilots going on at San Joaquin Valley operations to capture the CO2 that's coming off of our cogen units there.
我們正在與我們的風險投資部門雪佛龍技術風險投資公司和我們的新能源部門合作進行碳捕獲和封存。尤其是碳捕獲,不僅對我們而且對世界都至關重要。因此,我們有 3 名飛行員在 San Joaquin Valley 運營,以捕獲從我們那裡的熱電聯產裝置中釋放出來的二氧化碳。
And then, of course, we're gaining experience at Gorgon and Quest up in Canada, where we learn more and more about what it takes to effectively and efficiently sequester CO2 into storage. So these are all going on. The beauty of having a portfolio like we do is we can put these pilot projects and we can put these demonstration projects wherever it makes the most sense, both from a regulatory, fiscal and return standpoint and develop these technologies that we're all going to need going forward.
然後,當然,我們在加拿大的 Gorgon 和 Quest up 獲得了經驗,在那裡我們越來越多地了解如何有效和高效地將二氧化碳封存到儲存中。所以這些都在進行。擁有像我們這樣的投資組合的美妙之處在於,我們可以將這些試點項目和這些示範項目放在最有意義的地方,無論是從監管、財政和回報的角度來看,並開發我們都將要開發的這些技術需要前進。
Operator
Operator
We'll take our next question from Irene Himona with Societe General.
我們將向法國興業銀行提出 Irene Himona 的下一個問題。
Irene Himona - Equity Analyst
Irene Himona - Equity Analyst
I wanted to ask, first of all, about what you're seeing on the ground in terms of any signs of persistent demand destruction at retail, but also at industrial customer level, please?
首先,我想問一下,就零售業以及工業客戶層面的持續需求破壞跡象而言,您在實地看到了什麼?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Irene, I said it very quickly earlier, I mean, we've seen, I would call it, demand response to higher prices that in the second quarter was about in the mid-single digits in the U.S. on gasoline. Again, a little higher on the West Coast, a little lower on the U.S. Gulf Coast. And I think we've seen some recovery since because prices have come off, so we'll see where our third quarter ends up. On diesel, it's very hard to see, not price sensitive, it's tied to commercial industrial activity, maybe a little bit of a response at retail diesel.
艾琳,我之前說得很快,我的意思是,我們已經看到,我稱之為需求對第二季度美國汽油價格上漲的反應,大約是個位數的中位數。同樣,西海岸略高,美國墨西哥灣沿岸略低。而且我認為我們已經看到了一些復甦,因為價格已經下跌,所以我們將看到第三季度的結局。在柴油方面,很難看到,對價格不敏感,它與商業工業活動有關,也許是零售柴油的一點反應。
And then [jet] is largely tied to the recovery in air travel. I think people are wanting to get out and see people and places. Asia, where we also have retail is a little more variable because there's been still COVID restrictions, and so it's hard to kind of see the data. I mean what's interesting is there's obviously concerns around the recession. In terms of tailwinds, we still have very low unemployment, and we have a consumer that wants to spend money to go out and do things they haven't been able to do for a couple of years.
然後 [jet] 在很大程度上與航空旅行的複蘇有關。我認為人們想出去看看人和地方。亞洲,我們也有零售,因為仍然有 COVID 限制,所以很難看到數據。我的意思是,有趣的是,人們顯然對經濟衰退感到擔憂。就順風而言,我們的失業率仍然很低,而且我們有一個消費者想花錢出去做他們幾年來無法做的事情。
When prices were higher in the second quarter, they made some choices. And if you look at that demand response on gasoline, that's in line or even higher than some past recession. So it's not clear. I guess what I'd say is demand, I think, will be much more recession resilient going forward just because we've seen a little bit of that response in the second quarter. And again, diesel will be tied to underlying commercial activity. And I think jet will really depend on if the airlines can get all the flights scheduled and have pilots and all the rest and some of the challenges that have been happening over there.
當第二季度價格較高時,他們做出了一些選擇。如果你看看對汽油的需求反應,這與過去的經濟衰退是一致的,甚至更高。所以不清楚。我想我要說的是需求,我認為,僅僅因為我們在第二季度看到了一點點這種反應,所以未來的衰退彈性會大得多。同樣,柴油將與潛在的商業活動聯繫在一起。而且我認為噴氣式飛機將真正取決於航空公司是否能夠安排所有航班並擁有飛行員和所有其他人以及那裡已經發生的一些挑戰。
So that's a little bit of a sense of the demand. We saw a response second quarter, seeing some of it come back here early third quarter, and we'll just see where it goes from here.
所以這是對需求的一點感覺。我們在第二季度看到了回應,其中一些在第三季度初回到了這裡,我們將看看它從這裡走向何方。
Irene Himona - Equity Analyst
Irene Himona - Equity Analyst
For my follow-up, and as you mentioned you're launching some new carbon capture projects. I wanted to go back to Australia and ask if you can possibly talk around the recent performance at the Gorgon carbon capture project. Is utilization improving? And is there any read through perhaps on the technical side from that project to the ones you're launching now?
對於我的後續行動,正如你提到的,你正在啟動一些新的碳捕獲項目。我想回澳大利亞問問你是否可以談談最近在 Gorgon 碳捕集項目上的表現。利用率提高了嗎?從那個項目到你現在正在啟動的項目,是否有任何技術方面的通讀?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thanks, Irene. At Gorgon, we've now stored successfully about 6.6 million tons of CO2 into that reservoir. The -- ironically, the biggest issue we're having currently is just the ability to remove water at a sufficient rate from the storage reservoir to create the space for the CO2 to enter. We've already demonstrated the capacity and capability to inject full CO2 rates into that reservoir, but the water that we're producing has some solids in it and some other contaminants, ironically, oil and gas, because it's an oil and gas basin. And we need the surface facilities that can just remove those before that water is injected into a third reservoir..
謝謝,艾琳。在 Gorgon,我們現在已經成功地將大約 660 萬噸二氧化碳儲存到該水庫中。具有諷刺意味的是,我們目前面臨的最大問題只是能夠以足夠的速度從儲水庫中去除水,從而為二氧化碳進入創造空間。我們已經展示了將全部二氧化碳注入該儲層的能力和能力,但是我們生產的水中含有一些固體和一些其他污染物,具有諷刺意味的是,石油和天然氣,因為它是一個石油和天然氣盆地。我們需要能夠在將水注入第三個水庫之前將其移除的地表設施。
These are not new or particularly high technology challenges at all. It's what we deal with in everyday life around the world. So it's just -- it's compounded a little bit because Gordon sequestration is in a Class A nature reserve, so it's a very cumbersome process to approve additional facilities and additional wells. But these problems are solvable. And they do not represent, in my view, any kind of a restriction on the viability of carbon sequestration as a means of storing CO2 for long periods.
這些根本不是新的或特別高的技術挑戰。這是我們在世界各地的日常生活中處理的問題。所以它只是 - 它有點複雜,因為 Gordon 隔離位於 A 級自然保護區,所以批准額外設施和額外水井是一個非常繁瑣的過程。但這些問題是可以解決的。在我看來,它們並不代表對碳封存作為一種長期儲存二氧化碳的手段的可行性的任何限制。
What I would expect is that and we said this before, as we learn, as we go through this, what it's teaching us is that there are uncertainty ranges on any reservoir, whether you're producing from it or injecting into it and having sufficient contingencies and mitigations, depending on where you find yourself in those uncertainty ranges when you actually put the facility into operation is important, and we'll need to keep these in mind as we develop sequestration projects around the world.
我所期望的是,我們之前說過,當我們學習時,當我們經歷這個時,它告訴我們的是任何油藏都存在不確定性範圍,無論你是從它生產還是注入它並且有足夠的突發事件和緩解措施,取決於您在設施實際投入運行時發現自己處於這些不確定性範圍內的哪個位置,這一點很重要,我們在世界各地開發封存項目時需要牢記這些。
So the science is good. The technology works. It's just the basic issues that we face on reservoirs around the world that we now need to overcome.
所以科學是好的。該技術有效。這只是我們現在需要克服的世界各地水庫所面臨的基本問題。
Operator
Operator
We'll take our next question from Paul Cheng with Scotiabank.
我們將向豐業銀行的 Paul Cheng 提出下一個問題。
Paul Cheng - Analyst
Paul Cheng - Analyst
And Jay may I add my congratulation and thank you for the help over the years. We appreciate it...
傑伊,我可以祝賀你,並感謝你多年來的幫助。我們很感激...
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thanks, Paul.
謝謝,保羅。
Paul Cheng - Analyst
Paul Cheng - Analyst
Two questions. First, you touched on the inflation in different parts of your business. But can you give an over or -- given your footprint, can you give us an overall view that what is sure on expectation on the inflation for next year? I know it's still early for your budget, but are we talking about 10%, 15%? Some of your largest suppliers seems to suggest that everything is all used up in terms of manpower and equipment. So I don't know whether that you agree with that assessment. And if you can tell us that where you see along the supply chain is the biggest maybe pass upon and where that you see the least inflationary pressure? So that's the first question.
兩個問題。首先,您談到了您業務不同部分的通貨膨脹。但是你能否給出一個結論,或者 - 考慮到你的足跡,你能否給我們一個總體觀點,即對明年的通脹預期有什麼把握?我知道您的預算還為時過早,但我們是在談論 10%、15% 嗎?你們一些最大的供應商似乎暗示一切都在人力和設備方面都用完了。所以我不知道你是否同意這個評估。如果您能告訴我們,您在供應鏈中看到的可能是最大的地方,以及您看到的通脹壓力最小的地方?所以這是第一個問題。
The second question on Mexico and Brazil. You guys entered I think a couple of years ago and had some block over there. But I haven't heard you guys talk too much about those. So where those rank within your portfolio today? And what is the next step in those?
第二個關於墨西哥和巴西的問題。我想你們是幾年前進來的,那裡有一些障礙。但我還沒有聽到你們談論這些。那麼今天這些在你的投資組合中排名在哪裡?下一步是什麼?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thanks, Paul. I'll take the first, and then I'll hand it to Jay on the second. On the onshore U.S., we've seen cost inflation this year in the single digits. We've been able to mitigate a part of that through good planning, smart procurement and good relationships with suppliers. And as Jay pointed out, we've been able to also get more efficient with our drilling and completion operations, which also partially offsets it.
謝謝,保羅。我會拿第一個,然後我會在第二個把它交給傑。在美國境內,我們今年看到了個位數的成本膨脹。我們已經能夠通過良好的規劃、明智的採購和與供應商的良好關係來緩解部分問題。正如傑伊指出的那樣,我們還能夠通過鑽井和完井作業提高效率,這也部分抵消了它。
Outside of the U.S., we're seeing much more modest inflation, and we talked about our Gulf of Mexico offshore rigs, which were contracted at a time when the rig rates were lower. As we're looking towards 2023, we're doing that work right now. We're confident that we'll be able to secure all the goods and services that were needed for our program. Again, our program will be a higher activity program next year, and that includes the Permian.
在美國以外,我們看到的通貨膨脹要溫和得多,我們談到了我們的墨西哥灣海上鑽井平台,這些鑽井平台是在鑽井平台率較低的時候簽約的。展望 2023 年,我們現在正在做這項工作。我們有信心,我們將能夠確保我們的計劃所需的所有商品和服務。同樣,我們的計劃明年將是一個更高的活動計劃,其中包括二疊紀。
And we'll share estimates of what we're seeing in terms of, COGS inflation when we disclose our CapEx budget in December. We're just in the middle of that work right now, I feel very good that we'll have all the goods and services that we need, and we're finalizing our plans. Jay?
當我們在 12 月披露我們的資本支出預算時,我們將分享我們所看到的關於銷貨成本通脹的估計。我們現在正處於這項工作的中間,我感覺很好,我們將擁有我們需要的所有商品和服務,我們正在敲定我們的計劃。傑?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Yes. Thanks. And Paul, in terms of Mexico and Brazil, we have not had exploration, significant discoveries there. We are turning our attention, I would say, towards Egypt, where we have a very nice exploration position. We're shooting seismic. These are in areas that have been unexplored before because they've been in restricted areas and now available to us. As well as in Suriname. So as we do in exploration, we're always going through and looking for the next opportunities, but I would say our focus primarily is shifting now towards Egypt and Suriname. Thanks for the question.
是的。謝謝。保羅,就墨西哥和巴西而言,我們還沒有在那裡進行過探索和重大發現。我想說,我們正在將注意力轉向埃及,我們在那裡有一個非常好的勘探位置。我們正在拍攝地震。這些是以前未開發的區域,因為它們一直在限制區域,現在可供我們使用。以及在蘇里南。因此,正如我們在探索中所做的那樣,我們一直在經歷並尋找下一個機會,但我想說我們現在的重點主要是轉向埃及和蘇里南。謝謝你的問題。
Operator
Operator
We'll take our last question from Ryan Todd with Piper Sandler.
我們將回答 Ryan Todd 和 Piper Sandler 的最後一個問題。
Ryan M. Todd - MD & Senior Research Analyst
Ryan M. Todd - MD & Senior Research Analyst
Thanks. Maybe first one on the biofuel side. You now closed both the [REG] and the Bunge deals within that business. Can you talk a little more about what you're seeing in those markets? And whether you can elaborate at all about the broad types of commercial opportunities that you see that you mentioned in your prepared remarks?
謝謝。也許是生物燃料方面的第一個。您現在完成了該業務中的 [REG] 和 Bunge 交易。你能多談談你在這些市場上看到的情況嗎?您是否可以詳細說明您在準備好的評論中提到的廣泛類型的商業機會?
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Thanks, Ryan. We're really excited to welcome REG's people to Chevron and CJ Warner to our Board. She's already participated in our first Board meeting, is fantastic, has great knowledge of traditional and new energy businesses, and it's just a great add to our Board.
謝謝,瑞恩。我們非常高興地歡迎 REG 的員工加入雪佛龍和 CJ 華納加入我們的董事會。她已經參加了我們的第一次董事會會議,非常棒,對傳統和新能源業務有豐富的了解,這對我們的董事會來說是一個很好的補充。
As I said, we've had some sort of early wins. I won't get into the details of the commercial opportunities, but what we saw in the combination, the strength that REG has in terms of feedstock acquisition primarily of waste oils, and then combining that with our retail and marketing footprint. And just bringing 2 great teams together, we're seeing, as you'd expect, 1 plus 1 is more than 2. We've got our renewable fuels business headquartered in Ames, Iowa. And we're very excited about it.
正如我所說,我們已經取得了一些早期的勝利。我不會詳細介紹商業機會,但我們在組合中看到了 REG 在主要收購廢油的原料方面的實力,然後將其與我們的零售和營銷足跡相結合。只需將 2 個優秀的團隊聚集在一起,正如您所料,我們看到 1 加 1 大於 2。我們的可再生燃料業務總部位於愛荷華州艾姆斯。我們對此感到非常興奮。
We closed in mid-June, just a comment on the accounting. There were no results in our second quarter results because we chose a convenience day of June 30. So all you'll see and all you saw in our earnings release, and you'll see in the Q is just the purchase accounting starting in third quarter, then we'll see REG in our results.
我們在 6 月中旬關閉,只是對會計的評論。我們的第二季度業績沒有結果,因為我們選擇了 6 月 30 日的便利日。因此,您將在我們的收益發布中看到的所有內容,以及您在 Q 中看到的只是從第三個開始的採購會計季度,然後我們將在結果中看到 REG。
REG had a good second quarter. Margins have been bouncing around, but the results are largely in line with expectations, and Geismar continues on track. And same thing with Bunge, operating 2 crushers, very excited to be part of that, invested in CoverCress jointly, which is a crop that won't compete with food.
REG第二季度表現不錯。利潤率一直在反彈,但結果基本符合預期,蓋斯馬繼續走上正軌。邦吉也是如此,經營兩台破碎機,很高興能成為其中的一員,共同投資了 CoverCress,這是一種不會與糧食競爭的作物。
So lots of work in this space as we work to get our renewable fuels capability up to 100,000 barrels a day. Still working, still on track to convert diesel hydrotreater at El Segundo to have renewable fuel capability and work across other parts of Chevron systems. So the combination of REG, our Bunge joint venture and our own assets, along with our customer relationships, we're all putting that together to have what we think will be a very successful, viable renewable fuels business.
在我們努力使我們的可再生燃料產能達到每天 100,000 桶的過程中,我們在這個領域做了大量工作。仍在工作,仍在按計劃將 El Segundo 的柴油加氫處理器轉換為具有可再生燃料能力,並在雪佛龍系統的其他部分工作。因此,將 REG、我們的 Bunge 合資企業和我們自己的資產以及我們的客戶關係相結合,我們都將這些結合在一起,以擁有我們認為將是一個非常成功、可行的可再生燃料業務。
Ryan M. Todd - MD & Senior Research Analyst
Ryan M. Todd - MD & Senior Research Analyst
Thanks, Pierre. Maybe the final one for Jay. Congrats on the retirement. I wanted to ask the kind of a higher level question on Upstream project development and technology. And there's been a pretty significant shift over the last 5 to 10 years and the way that you've approached project development, more standardization, oftentimes smaller and more capital-efficient style projects. Ballymore is a great example of this. It's lowered the cost of supply a lot, especially in the deepwater.
謝謝,皮埃爾。也許是傑伊的最後一個。恭喜退休。我想問一個關於上游項目開發和技術的更高層次的問題。在過去的 5 到 10 年中,您處理項目開發的方式發生了相當大的轉變,更加標準化,通常是規模更小、資本效率更高的項目。 Ballymore 就是一個很好的例子。它大大降低了供應成本,尤其是在深水區。
As you pass the baton and look forward kind of into the next 10 years, are there -- are there things that you can see on the horizon, either strategically or technologies that may continue to drive -- changes in project development and technology that may drive things forward even further, whether it's 20,000 kit in the deepwater sort of from flow line improvements and a lot of longer tiebacks. And what could this mean for the future of your resource development portfolio?
當您接過接力棒並展望未來 10 年時,您是否可以看到即將發生的事情,無論是戰略性的還是可能繼續推動的技術 - 項目開發和技術的變化可能推動事情進一步發展,無論是深水區的 20,000 個套件,還是來自流線改進和許多更長的回接。這對您的資源開發組合的未來意味著什麼?
James William Johnson - EVP of Upstream
James William Johnson - EVP of Upstream
Thanks for the question, and it's pretty exciting. I mean the one bad thing about retirement is you don't get to be part of the next steps, and I'm excited about them. I would start by just saying, I think we've accomplished a mindset shift in Chevron, and this is throughout our workforce, being very focused on returns, not chasing a production target, but continuing to run this as a business and thinking about the returns we can get. Scale is important, but it's an outcome of the opportunity set that we have and the investments and capital that we choose to invest.
謝謝你的問題,這很令人興奮。我的意思是退休的一件壞事是你不能成為下一步的一部分,我對他們很興奮。我首先要說的是,我認為我們已經在雪佛龍實現了思維方式的轉變,這貫穿於我們的整個員工隊伍,非常關注回報,不追求生產目標,而是繼續將其作為一項業務經營並考慮我們可以獲得的回報。規模很重要,但它是我們擁有的機會組合以及我們選擇投資的投資和資本的結果。
Getting more focused, the factory model has been really important to us. And ironically, this started where we drilled lots of wells in places like Duri and San Joaquin. We've now successfully transferred that into our unconventional plays in Permian, in the DJ, in Duvernay and Argentina. And now we're actually taking that factory model into places like the Gulf of Mexico, where we do what we call urban planning, and we try and have a steady progression of projects, and we're developing the capability for further and further reach.
變得更加專注,工廠模式對我們來說非常重要。具有諷刺意味的是,這始於我們在杜里和聖華金等地鑽了大量井。我們現在已經成功地將其轉移到我們在二疊紀、DJ、Duvernay 和阿根廷的非傳統戲劇中。現在我們實際上將這種工廠模式帶入了墨西哥灣這樣的地方,我們在那裡進行我們所謂的城市規劃,我們努力使項目穩步推進,我們正在開發越來越遠的影響力.
I mentioned earlier that Jack/St. Malo is now putting into service multiphase pumps. And these multiphase pumps sit on the sea floor, but they allow us to reach 30, 40 and even maybe 50 miles out from a host facility, which really gives us great capacity to make even smaller accumulations economic, and give us the returns we're looking for while extending the life of these major hubs. I think the Gulf of Mexico will continue to be an important proving ground for some of these technologies that can then be exported around the world.
我之前提到過傑克/聖。 Malo 現在正在投入使用多相泵。這些多相泵位於海底,但它們使我們能夠到達距主機設施 30、40 甚至可能 50 英里的地方,這確實使我們有很大的能力使更小的積累變得經濟,並為我們帶來回報在延長這些主要樞紐的使用壽命的同時重新尋找。我認為墨西哥灣將繼續成為其中一些技術的重要試驗場,這些技術隨後可以出口到世界各地。
So our focus on standardization, our focus on minimum viable facilities, our focus on capital efficiency over just scale and NPV, all these together are resulting in and aligning with our technology center, so that we continue to develop the technologies that are giving us the returns that we're going to need going forward. And with the resource base that we have today, and the team of people that we have in our technology groups and in our businesses, I'm really excited.
因此,我們對標準化的關注,我們對最小可行設施的關注,我們對資本效率的關注,而不是規模和 NPV,所有這些共同導致並與我們的技術中心保持一致,因此我們繼續開發為我們提供我們將需要的回報。憑藉我們今天擁有的資源基礎,以及我們在技術團隊和業務中擁有的團隊,我真的很興奮。
Pierre R. Breber - VP & CFO
Pierre R. Breber - VP & CFO
Ryan, thanks for that question. We will miss Jay, but his legacy will live on, and you'll see it in the performance that the Upstream has been delivering and will continue to deliver.
瑞安,謝謝你的問題。我們會想念 Jay,但他的遺產將繼續存在,您會在 Upstream 已經並將繼續提供的表現中看到它。
Roderick Green - General Manager of IR
Roderick Green - General Manager of IR
Thanks, Ryan. I would like to thank everyone for your time today. We appreciate your interest in Chevron and everyone's participation on today's call. Please stay safe and healthy. Katie, back to you.
謝謝,瑞恩。我要感謝大家今天的時間。感謝您對雪佛龍的興趣以及大家對今天電話會議的參與。請保持安全和健康。凱蒂,回到你身邊。
Operator
Operator
Thank you. This concludes Chevron's Second Quarter 2022 Conference Call. You may now disconnect.
謝謝你。雪佛龍公司 2022 年第二季度電話會議到此結束。您現在可以斷開連接。