雪佛龍 (CVX) 2023 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好。我叫凱蒂，今天我將擔任你們的會議主持人。歡迎參加雪佛龍 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。

I will now turn the conference call over to General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

我現在將電話會議轉交給雪佛龍公司投資者關係總經理傑克·斯皮林先生。請繼續。

Thank you, Katie. Welcome to Chevron's Second Quarter 2023 Earnings Conference Call and Webcast. I'm Jake Spiering, General Manager of Investor Relations.

謝謝你，凱蒂。歡迎參加雪佛龍 2023 年第二季度收益電話會議和網絡廣播。我是投資者關係總經理傑克·斯皮林。

Our Chairman and CEO, Mike Wirth; and CFO, Pierre Breber, are on the call with me today. We will refer to slides and prepared remarks that are available on Chevron's website. Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. Please review the cautionary statement on Slide 2.

我們的董事長兼首席執行官 Mike Wirth；首席財務官 Pierre Breber 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。在開始之前，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 Mike.

現在我將把它交給邁克。

Thanks, Jake, and thank you, everyone, for joining us today.

謝謝杰克，也謝謝大家今天加入我們。

Earlier this week, we announced several senior leadership changes, including Pierre's plans to retire next year, along with second quarter performance highlights. In a few minutes, Pierre will share more details on our financials, which included return on capital employed greater than 12% for the eighth consecutive quarter and another quarterly record in shareholder distributions, more than $7 billion.

本週早些時候，我們宣布了幾項高級領導層變動，包括皮埃爾明年退休的計劃，以及第二季度的業績亮點。幾分鐘後，皮埃爾將分享有關我們財務狀況的更多詳細信息，其中包括連續第八個季度超過 12% 的資本回報率以及股東分配的季度記錄，超過 70 億美元。

At TCO, we're making good progress with commissioning and pre start-up activities, including introducing fuel gas to new facilities. In the third quarter, we expect mechanical completion for the future growth project and to complete a major turnaround. Cost and scheduled guidance is unchanged.

在 TCO，我們在調試和啟動前活動方面取得了良好進展，包括將燃氣引入新設施。在第三季度，我們預計未來增長項目的機械完工並完成重大轉變。成本和預定指導不變。

Conversion of the field from high pressure to low pressure is expected to begin late this year and FGP is on track to start up by mid next year. We have unused contingency, which gives us confidence that we'll complete the project within the total budget.

油田從高壓到低壓的轉換預計將於今年年底開始，FGP 有望在明年中期啟動。我們有未使用的應急費用，這使我們有信心在總預算內完成該項目。

After completion of these projects, TCO is expected to deliver production greater than 1 million barrels of oil equivalent per day and generate about $5 billion of free cash flow, Chevron share at $60 Brent in 2025. Chevron's Permian production set another record in the second quarter, about 5% above the previous quarterly high.

這些項目完成後，TCO預計每天產量將超過100萬桶油當量，並產生約50億美元的自由現金流，2025年雪佛龍的布倫特原油價格為60美元。雪佛龍二疊紀產量在第二季度再創新高，較上一季度高點高出約 5%。

We expect next quarter's production to be roughly flat before growing again in the fourth quarter, on track with our full year guidance. Early 2023 well performance in our company-operated assets in all 3 areas is consistent with our plans. In New Mexico, we've put on production at 10 wells. Before year-end, we expect to pop an additional 30 wells with higher expected production rates. As a reminder, about half of Chevron's production is company operated with a balanced non-operated and royalty production.

我們預計下季度的產量將大致持平，然後在第四季度再次增長，符合我們的全年指導。 2023 年初，我們公司運營的資產在所有 3 個領域的良好表現與我們的計劃一致。在新墨西哥州，我們已投產 10 口井。年底前，我們預計將再開採 30 口井，預期產量將更高。提醒一下，雪佛龍大約一半的產量是公司運營的，非運營和特許權使用費產量保持平衡。

While short-term well performance is one measure, we're focused on maximizing value from our unique, large resource base expected to deliver decades of high-return production. Over the next 5 years, we expect to develop over 2,200 net new wells, growing production while delivering return on capital employed near 30% and free cash flow greater than $5 billion in 2027 at $60 Brent.

雖然短期油井表現是一種衡量標準，但我們專注於從我們獨特的大型資源庫中實現價值最大化，預計將帶來數十年的高回報生產。未來 5 年，我們預計將淨開發 2,200 多口新井，增加產量，同時實現近 30% 的已動用資本回報率，到 2027 年以 60 美元的布倫特原油價格計算的自由現金流將超過 50 億美元。

Longer term, we've identified well over 6,000 economic net well locations that support a plateau greater than 1 million barrels per day through the end of next decade. Our deep resource inventory and advantaged royalty position allow us to optimize our development plans for high returns, incorporating learnings and technology improvements as we expect to deliver strong free cash flow for years to come.

從長遠來看，我們已經確定了 6,000 多個經濟淨井位，這些井位能夠在下一個十年末支持每天超過 100 萬桶的穩定水平。我們深厚的資源庫存和有利的特許權使用費地位使我們能夠優化我們的高回報開發計劃，結合學習和技術改進，因為我們預計在未來幾年提供強勁的自由現金流。

In the Deepwater Gulf of Mexico, the floating production unit anchor is on location and the project remains on track for first oil next year. We continue to build on our exploration success and were awarded the highest number of blocks in the most recent lease round. In the Eastern Med, our Aphrodite appraisal well in Cyprus met our expectations, and we've submitted a development concept to the government.

在墨西哥灣深水區，浮式生產裝置已就位，該項目仍有望在明年首次產油。我們繼續在勘探成功的基礎上再接再厲，並在最近一輪租賃中獲得了最多數量的區塊。在東方地中海，我們在塞浦路斯的Aphrodite評價井達到了我們的預期，我們已經向政府提交了開發構想。

At Leviathan, we're expanding pipeline capacity to nearly 1.4 Bcf per day. We expect to close our PDC Energy -- our acquisition of PDC Energy in August after their shareholder vote next week. Our teams are working on integration plans, and we look forward to welcoming PDC's talented employees to Chevron.

在 Leviathan，我們正在將管道容量擴大到每天近 1.4 Bcf。我們預計在下週股東投票後，我們將在 8 月份完成對 PDC Energy 的收購。我們的團隊正在製定整合計劃，我們期待歡迎 PDC 的才華橫溢的員工加入雪佛龍。

Now over to Pierre.

現在輪到皮埃爾了。

As Mike said, strong, consistent financial performance enabled Chevron to return record cash to shareholders this quarter while also investing within our CapEx budget and paying down debt. Working capital lowered cash flow primarily due to true-up tax payments outside the U.S. Excluding tax payments, working capital movements are variable. Our typical pattern in the second half of the year is to draw down working capital.

正如邁克所說，強勁、穩定的財務業績使雪佛龍本季度能夠向股東返還創紀錄的現金，同時也在我們的資本支出預算範圍內進行投資並償還債務。營運資本減少現金流主要是由於美國境外的調整稅款。不包括稅款，營運資本變動是可變的。我們下半年的典型模式是減少營運資金。

Chevron's net debt ratio ended the quarter at 7%, significantly below the low end of our guidance range. Surplus cash on the balance sheet was reduced during the quarter with cash balances ending at $9.6 billion, well above the cash required to run the company.

雪佛龍本季度末的淨負債率為 7%，遠低於我們指導範圍的下限。本季度資產負債表上的過剩現金有所減少，現金餘額達到 96 億美元，遠高於運營公司所需的現金。

Adjusted second quarter earnings were down $5.6 billion versus the same quarter last year. Adjusted upstream earnings were lower mainly due to realizations, partly offset by higher liftings. Other includes primarily favorable tax items and income from Venezuela nonequity investments. Adjusted downstream earnings decreased primarily due to lower refining margins. OpEx was up mainly due to higher transportation costs and the inclusion of REG.

調整後的第二季度收益比去年同期減少了 56 億美元。調整後的上游收益較低，主要是由於變現所致，但部分被提升量增加所抵消。其他主要包括優惠稅收項目和來自委內瑞拉非股權投資的收入。調整後的下游盈利下降主要是由於煉油利潤率下降。運營支出的增長主要是由於運輸成本上升以及 REG 的納入。

Compared with last quarter, adjusted earnings were down $900 million. Adjusted upstream earnings decreased primarily due to lower realizations. This was partially offset by higher production in the U.S. and nonrecurring tax benefits. Adjusted downstream earnings were down modestly. Lower margins were partially offset with higher volumes.

與上季度相比，調整後收益減少了 9 億美元。調整後的上游收益下降主要是由於變現率下降。這被美國產量增加和一次性稅收優惠部分抵消。調整後的下游盈利小幅下降。較低的利潤率被較高的銷量所部分抵消。

Second quarter oil equivalent production was down about 20,000 barrels per day from last quarter primarily due to planned turnarounds at Gorgon and in the Gulf of Mexico and downtime associated with the Canadian wildfires. This was mostly offset by growth in the Permian.

第二季度石油當量產量比上季度每天減少約 20,000 桶，主要是由於戈爾貢和墨西哥灣的計劃檢修以及加拿大野火導致的停工。這主要被二疊紀盆地的增長所抵消。

Now looking ahead, in the third quarter, we have a planned turnaround at TCO and a planned pit stop at Gorgon completed earlier this week. Our full year production outlook is trending near the low end of the annual guidance range.

現在展望未來，在第三季度，我們計劃在 TCO 進行周轉，併計劃在本週早些時候完成在 Gorgon 的進站。我們的全年產量前景趨勢接近年度指導範圍的低端。

Since PDC's proxy solicitation on July 7, we've not been permitted to buy back our shares. After we closed the acquisition in August, we plan to resume buybacks at the $17.5 billion annual rate, which we expect to continue through the fourth quarter. We do not expect a dividend from TCO until the fourth quarter. Full year affiliate dividends are expected to be near the low end of our guidance.

自 7 月 7 日 PDC 徵集委託書以來，我們一直沒有被允許回購我們的股票。 8 月份完成收購後，我們計劃以 175 億美元的年利率恢復回購，預計將持續到第四季度。我們預計 TCO 要到第四季度才會派發股息。預計全年附屬股息將接近我們指導的低端。

Putting it all together, we delivered another quarter with solid financial results, strong project execution and continued return of cash to shareholders. Our approach is consistent and you can see that in our actions and results.

總而言之，我們又一個季度實現了穩健的財務業績、強勁的項目執行力以及持續向股東返還現金。我們的方法是一致的，您可以從我們的行動和結果中看到這一點。

Back to you, Jake.

回到你身邊，傑克。

That concludes our prepared remarks. We'll now take your questions. (Operator Instructions) Katie, please open the lines.

我們準備好的發言到此結束。我們現在將回答您的問題。 （接線員指示）凱蒂，請接通線路。

(Operator Instructions) Our first question comes from John Royall with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 John Royall。

Glad to be the first on this call to congratulate Pierre on his retirement. So my first question is on upstream production. Can you bridge us maybe from the midpoint of your production guidance to the low end that you mentioned in the opening. It sounds like the Permian is on plan. So what pieces have come in below the midpoint of plan to move to that well end?

很高興成為本次電話會議的第一個祝賀皮埃爾退休的人。所以我的第一個問題是關於上游生產。您能否將我們從生產指導的中點到您在開頭提到的低端聯繫起來。聽起來二疊紀正在計劃中。那麼，哪些部分低於計劃的中點，才能實現這一目標呢？

Yes, John. We're -- guidance remains unchanged. We expect to be at the lower end of that. And as we said, Permian production has been strong. The things that Pierre mentioned, I think, are the key things that we've seen. There's been some impact of fires in the -- in Canada that have impacted our ability -- not really our operations per se. We did some evacuations on a precautionary basis, but it was midstream and processing downtime that we weren't able to move our production to market. And the rest of it is and Benjamins too, I guess, is the other one. We have an FPSO in Thailand that had an incident and early in the year was taken off station.

是的，約翰。我們的指導保持不變。我們預計會處於較低水平。正如我們所說，二疊紀的產量一直很強勁。我認為皮埃爾提到的事情是我們所看到的關鍵事情。加拿大的火災對我們的能力產生了一些影響，而不是我們的運營本身。我們出於預防目的進行了一些疏散，但由於處於中游和加工停機時間，我們無法將生產轉移到市場。其餘的都是，我猜本傑明斯也是另一位。我們在泰國有一艘 FPSO 發生事故，並於今年年初被拆除。

And so that's another 10,000 or 11,000 barrels a day yet, which is off for the foreseeable future. And so it's really those 2 things are the ones that are pushing us down that were both unexpected.

因此，每天還需要另外 10,000 或 11,000 桶，這在可預見的未來是不可能的。所以，真正讓我們失望的是這兩件事，而且都是出乎意料的。

Great. And then my next question is sticking to production, but just drilling in a bit on the Permian. The well results generally looked very strong in the first half, but still a bit below 2022 in New Mexico. Maybe you can just update us on what inning you think you're in just in terms of optimizing the single bench developments in New Mexico?

偉大的。然後我的下一個問題是堅持生產，但只是在二疊紀鑽探了一下。上半年的油井結果總體看起來非常強勁，但仍略低於新墨西哥州的 2022 年。也許您可以向我們介紹一下您認為自己在優化新墨西哥州單板凳發展方面處於哪一局的最新情況？

Yes. So the thing that I think it's important to bear in mind is that New Mexico type curve we showed there, there are only 10 POPs represented or 10 POPs that we achieved, all in the second quarter there. So there's no first quarter POPs. And there's only 7 that actually had enough data to make it into the curve you see on the chart. So it's a very thin set of data. We expect 30 more POPs in the second half of this year. So the bulk of the program is not represented in those curves.

是的。因此，我認為重要的是要記住，我們在那裡展示了新墨西哥州類型的曲線，只有 10 個 POP 代表或我們實現了 10 個 POP，全部都是在第二季度。所以第一季度沒有 POP。實際上只有 7 個擁有足夠的數據來使其符合您在圖表上看到的曲線。所以這是一組非常薄的數據。我們預計今年下半年將增加 30 個 POP。因此，程序的大部分內容並未在這些曲線中體現。

And there's a couple of other things. One, the wells we did POP have had some facility constraints that have limited full productivity. So we actually haven't been able to move all the production due to some third-party facility constraints that we faced. And the rest of the program is actually in a different part of the New Mexico portion of the Delaware where we expect higher productivity. So it's a combination of things, but I really -- I'd caution you not to over index on a very thin data set with a lot more data to come in the second half of the year.

還有其他一些事情。第一，我們進行 POP 的井存在一些設施限制，限制了全部生產力。因此，由於我們面臨一些第三方設施的限制，我們實際上無法轉移所有生產。該計劃的其餘部分實際上位於特拉華州新墨西哥州部分的另一個地區，我們預計那裡的生產率會更高。所以這是多種因素的結合，但我真的要提醒你，不要在一個非常薄的數據集上過度索引，因為下半年會有更多數據出現。

We'll go next to Devin McDermott with Morgan Stanley.

接下來我們將採訪摩根士丹利的德文·麥克德莫特。

Pierre, congrats on the retirement. So I wanted to just stick with the Permian since we're on that topic. I was wondering if you could talk a little bit just around the mix trend you're seeing there. And if we disaggregate the productivity a little bit further, you talk about how much of the uplift is coming from gas and NGLs versus oil? And then similarly, as you progress towards some of your longer-term production goals, how you expect the mix in the basin for you to trend oil, gas, NGLs over time?

皮埃爾，恭喜你退休。所以我想只關註二疊紀，因為我們正在討論這個話題。我想知道您是否可以談談您在那裡看到的混合趨勢。如果我們進一步分解生產力，您會談到與石油相比，有多少增長來自天然氣和液化天然氣？同樣，當您朝著一些長期生產目標邁進時，您期望盆地內的混合物如何隨著時間的推移對石油、天然氣、液化天然氣產生趨勢？

Yes. Devin, we're still drilling primary benches so we can optimize the oil cut. Across the basin, our production remains roughly 50% oil, 25% NGLs, 25% gas. We look at all the commodities, oil, NGLs and gas and have our own long-term views on prices and markets to run the economics, to optimize to returns.

是的。德文，我們仍在鑽探主要台架，以便我們可以優化石油開採。在整個盆地，我們的產量仍然大約為 50% 石油、25% 液化天然氣、25% 天然氣。我們關注所有大宗商品、石油、液化天然氣和天然氣，並對價格和市場有自己的長期看法，以運行經濟、優化回報。

And the gas oil ratio in aggregate has been relatively flat for a number of years and we don't see it changing a lot. It can vary a little bit in different parts of the basin. But if you take it for our whole portfolio, that 50%, 25%, 25% remains a pretty good way for you to think about it.

多年來，天然氣與石油的總體比例一直相對平穩，我們認為它沒有發生太大變化。盆地的不同部分可能會略有不同。但如果你把它當作我們整個投資組合的一部分，那麼 50%、25%、25% 仍然是一個很好的思考方式。

Okay. Great. And then I wanted to shift over to TCO. Good to hear the continued positive progress there as we get closer to the finish line. There's a lot of moving pieces over the next year, 1.5 years as we get the 2 phases of development online, you give the guidance for the turnaround impact in 3Q.

好的。偉大的。然後我想轉向 TCO。當我們接近終點線時，很高興聽到那裡持續的積極進展。明年，1.5 年，當我們在線上實現兩個開發階段時，會有很多變化，您為第三季度的周轉影響提供指導。

I was wondering if you could talk a little bit more about how you see the evolution of production into the fourth quarter of this year and then through 2024 as we get to that 2025 run rate, so shape it a bit for us as we look out over the next few quarters.

我想知道您是否可以多談談您如何看待今年第四季度的生產演變，然後到 2024 年，當我們達到 2025 年的運行率時，所以在我們展望未來時，為我們塑造一下它在接下來的幾個季度裡。

Yes. So the headline here is no change to cost and schedule, I think that's really important. In the second quarter, we made really good progress. As we said, 98% project completion and commissioning is essentially 2/3 complete. In the second quarter, we achieved mechanical completion of the 3GI gas injection facilities and got fuel gas into the flare system, which is very important to enable on-time startup of FGP.

是的。所以這裡的標題是成本和時間表沒有變化，我認為這非常重要。在第二季度，我們取得了非常好的進展。正如我們所說，項目完成率達到98%，調試基本上完成了2/3。第二季度，我們實現了3GI注氣設施的機械完工，並將燃氣進入火炬系統，這對於FGP的按時啟動非常重要。

In the quarter that we're in now in the third quarter, we expect full mechanical completion of the future growth project and also a turnaround at one of the complex technology lines or KTLs. We'll begin a lot of work and start up on utility systems, boilers, steam system, other utilities that are required for a start-up of a pressure boost facility, which is the key driver of WPMP, which enables us to convert from high pressure to low pressure across the field.

在我們現在所處的第三季度，我們預計未來增長項目將全面機械完成，並且其中一個複雜的技術線或 KTL 也將實現周轉。我們將開始大量工作並啟動公用系統、鍋爐、蒸汽系統以及啟動增壓設施所需的其他公用設施，這是 WPMP 的關鍵驅動力，使我們能夠從整個區域從高壓到低壓。

Once that that turnaround is done in the third quarter, and you will see some production impact. I think Pierre guided to that, we expect to have 2 of the 4 big pressure boost compressors online, which allows us to begin the conversion of metering stations from high pressure to low pressure, and that will initiate -- we'll get that started at the end of this year. It will take 10 to 12 months for all of those conversions to occur.

一旦這種轉變在第三季度完成，您將看到一些生產影響。我認為皮埃爾指導了這一點，我們預計 4 台大型增壓壓縮機中的 2 台在線，這使我們能夠開始將計量站從高壓轉換為低壓，這將啟動 - 我們將開始今年年底。所有這些轉換需要 10 到 12 個月的時間才能完成。

Next year, there will be turnarounds next year as well, 2 more turnarounds, 1 at SGI and another one in one of KTLs and all of that is part of a very carefully choreographed sequencing of turnarounds and start-up activity that will bring the full field to the 1 million barrels a day for 2025.

明年，明年也將進行周轉，另外 2 次周轉，1 次在 SGI，另外 1 次在 KTL，所有這些都是精心設計的周轉和啟動活動順序的一部分，這將帶來全面的周轉和啟動活動。到 2025 年，產量將達到 100 萬桶/日。

So as we indicated at our Investor Day, what you're going to see in '23 and '24 is the normal turnaround activity interlaced with all of this project start-up activity. This is not as simple as bringing on a new portion of the field, really reworking the entire gathering and producing capacity of the field. And so it's quite a complex series of activities to execute all of that. And so the production reflects that. And we've put, I think, and said in earnings, a chart to kind of give you some guidance for both this year and next year.

因此，正如我們在投資者日所指出的，您將在 23 年和 24 年看到的是與所有該項目啟動活動交織在一起的正常周轉活動。這並不像引入一個新的領域那麼簡單，真正改造整個領域的採集和生產能力。因此，執行所有這些是一系列相當複雜的活動。所以生產反映了這一點。我認為，我們在收益中放置了一張圖表，為您今年和明年提供一些指導。

Yes, Slide 10 from our set has annual production '23, '24, '25. No change in that guidance.

是的，我們的幻燈片 10 的年產量為“23”、“24”、“25”。該指導意見沒有變化。

We'll go next to Neil Mehta with Goldman Sachs.

接下來我們將討論高盛的尼爾·梅塔。

I want to stay on TCO and while there will be a volume inflection in '25, there's probably going to be a free cash flow inflection in 2024, just as affiliate CapEx rolls off first. And so just can you talk about the cadence of that and how it manifests itself in terms of dividends?

我想繼續保持 TCO，雖然 25 年銷量會出現變化，但 2024 年自由現金流可能會出現變化，就像附屬資本支出首先下降一樣。那麼您能談談這種節奏以及它如何在股息方面體現出來嗎？

Yes. We've been guiding, Neil, it's Pierre, to the clean year because that's the $5 billion of free cash flow at $60 Brent in 2025. And of course, regarding the free cash flow because as you recall, it's not just dividends, it's also repayment of the loans and the co-lending that we have done along the way and the profile of those loans are disclosed in our SEC filings.

是的。尼爾，我是皮埃爾，我們一直在引導乾淨的一年，因為這意味著 2025 年布倫特原油價格為 60 美元時將有 50 億美元的自由現金流。當然，關於自由現金流，因為正如你所記得的，它不僅僅是股息，它還包括股息。我們一直以來所做的貸款和共同貸款的償還以及這些貸款的概況都在我們向美國證券交易委員會提交的文件中披露。

I mean you will see exactly to your point, you'll see a build towards that just as the CapEx has rolled off is not, not that long ago, we were investing $3 billion to $4 billion a year our share into the project, and that's down to $1.5 billion or so this year and will continue to trend down. So there's that inflection point.

我的意思是，你會準確地看到你的觀點，你會看到朝著這個方向發展，就像資本支出已經下降一樣，不久前，我們每年向該項目投資 30 億至 40 億美元，並且今年這一數字將降至 15 億美元左右，並將繼續呈下降趨勢。所以就有了那個拐點。

What's also being managed, of course, our commodity prices and those vary. And as we've said, TCO continues to be conservative in managing its balance sheet. But as the -- so it's been holding more cash on the balance sheet. As the project gets closer to the end, as we've demonstrated that TPC is running very reliably now for almost 1.5 years, we expect some of that cash to come on.

當然，我們所管理的商品價格也有所不同。正如我們所說，TCO 在管理其資產負債表方面繼續採取保守態度。但隨著——所以它在資產負債表上持有更多現金。隨著項目接近尾聲，我們已經證明 TPC 已經非常可靠地運行了近 1.5 年，我們預計會收到部分現金。

So I can't get in front of the board of directors of TCO. It's a separate company that we are a shareholder in, but we expect, as we said, a much bigger dividend in the fourth quarter than we saw in 2Q, and we expect to see a release of some of that extra -- surplus cash that's been held on the balance sheet, and that will continue over the next couple of years as we head into that $5 billion of free cash flow in '25.

所以我不能到TCO董事會面前。這是一家獨立的公司，我們是股東，但正如我們所說，我們預計第四季度的股息將比第二季度大得多，並且我們預計將釋放一些額外的剩餘現金被保留在資產負債表上，並且隨著我們在 25 年進入 50 億美元的自由現金流，這種情況將在未來幾年繼續下去。

And maybe the last thing, Neil, I know you know this, TCO has really good price sensitivity. So I've seen yours and other estimates that [70] or [80], the cash flow is even stronger.

也許最後一件事，尼爾，我知道你知道這一點，TCO 具有非常好的價格敏感性。所以我看到你和其他人的估計[70]或[80]，現金流甚至更強。

That was great. And the follow-up is just on the return of capital I think you have a big buyback range, a lot of market participants have kind of viewed your $17.5 billion as the P50 outcome and any reasonable commodity price environment. And so thinking less of it like a flywheel and more as sort of a relatively fixed number unless commodity prices go wacky. Just any thoughts on that statement and whether you -- if you're trying to give us a little bit more a surety around that number as opposed to a more volatile number.

那很棒。後續只是關於資本回報，我認為您的回購範圍很大，很多市場參與者都將您的 175 億美元視為 P50 結果和任何合理的商品價格環境。因此，除非商品價格變得古怪，否則不要將其視為飛輪，而是將其視為相對固定的數字。只是對這一聲明的任何想法，以及您是否 - 如果您試圖為我們提供有關該數字的更多保證，而不是一個更不穩定的數字。

Yes. The range, Neil, is tied to the upside, downside cases that we showed at our Investor Day roughly, right? So this $10 billion to $20 billion. So you're right, it's a wide range because it reflects a wide range of prices between that upside case and the downside case. And of course, in between, there's sort of a mid-cycle case. And as a reminder, that downside case gets to $50 in a couple of years and stays there for 3 years. So that is a real downside case. And that's what the low end of the buyback range is notionally tied to.

是的。尼爾，這個範圍與我們在投資者日展示的上行和下行案例大致相關，對吧？所以這 100 億到 200 億美元。所以你是對的，它的範圍很廣，因為它反映了上行情況和下行情況之間的廣泛價格範圍。當然，在這兩者之間，存在某種中期週期的情況。提醒一下，這種不利情況會在幾年內達到 50 美元，並持續 3 年。所以這是一個真正的不利情況。這就是回購範圍的低端在理論上所關聯的。

The upside case is a case that's not too different from what we're seeing now. It averages about $85 over the 5-year period, it trends down to $70 towards the end of that period. And that's why you're seeing a buyback very close to the top end of the range at the $17.5 billion. So it's certainly a signal that as we look out over this commodity cycle, and again, we think of the buybacks as being steady across a cycle that we feel good about it.

好的情況是與我們現在看到的情況沒有太大不同。 5 年期間的平均價格約為 85 美元，到該時期結束時趨於下降至 70 美元。這就是為什麼你會看到回購規模非常接近 175 億美元的上限。因此，這無疑是一個信號，表明當我們審視這個大宗商品週期時，我們再次認為回購在整個週期中是穩定的，我們對此感覺良好。

So we said we could do a much larger buyback, but that would be not steady, and we want to be -- we don't want to be procyclical. We're trying to be across the cycle. And so yes, when we guide on buybacks, we're guiding with the intent of maintaining it for a number of years across the cycle.

所以我們說我們可以進行更大規模的回購，但這並不穩定，我們希望——我們不想順週期。我們正在努力跨越這個週期。所以，是的，當我們指導回購時，我們的指導意圖是在整個週期中維持回購多年。

Yes. And Neil, I would just add, you see in our second quarter results, our net debt remains very, very low. And we've indicated multiple times that we don't have a problem gearing back up and putting more debt on the balance sheet to get back towards the range that we've guided to through the cycle in order to sustain a very steady share repurchase program.

是的。尼爾，我想補充一點，你在我們第二季度的業績中看到，我們的淨債務仍然非常非常低。我們已經多次表示，我們沒有問題，可以在資產負債表上增加債務，以回到我們在整個週期中指導的範圍，以維持非常穩定的股票回購程序。

We'll go next to Stephen Richardson with Evercore ISI.

接下來我們將介紹 Evercore ISI 的 Stephen Richardson。

Mike, I was wondering if you could talk a little bit about new energies. I think you've been clear from the beginning that build versus buy was part of the consideration in a lot of these businesses. We saw a big CO2 pipeline and EOR company transact recently. So maybe you can talk a little bit about the CCUS business as you view it? And why build versus buy is maybe the better choice for Chevron? And then maybe I'd just get ahead of it with a follow-up is maybe you could give us a little bit of an update on buy then, please.

邁克，我想知道你是否可以談談新能源。我認為您從一開始就很清楚，構建與購買是許多此類企業考慮的一部分。我們最近看到了一條大型二氧化碳管道和 EOR 公司的交易。那麼也許您可以談談您對 CCUS 業務的看法？為什麼對於雪佛龍來說，建造而不是購買可能是更好的選擇？然後也許我會先進行後續跟進，也許您可以給我們一些有關購買的最新信息，請。

Sure. Why don't I'll put those 2 together, actually. Look, we'll do both build and buy, I think, in new energy. So I would fully expect us to do that in renewable fuels. We have built a business, but then we also went out and acquired Renewable Energy Group.

當然。事實上，我為什麼不把這兩個放在一起呢？聽著，我認為我們將在新能源方面進行建造和購買。因此，我完全希望我們能夠在可再生燃料方面做到這一點。我們已經建立了一家企業，但後來我們也出去收購了可再生能源集團。

So I think you'll see both. Certainly, the Denbury transaction is one that the market somewhat anticipated and you can presume that multiple market players probably took a look at or had conversations with Denbury. For us, like in CCUS, we look for areas that have good geology or poor space. They're near concentrated emissions and have the right policy support to enable a business. The Gulf Coast has all of these things. And while you've been, we've got about 140,000 acres of permanent CO2 sports -- core space, both onshore and offshore. We've got storage potential there of greater than 1 billion metric tons. In the second half of this year, we're going to drill a strat well in the offshore acreage to further delineate and characterize the subsurface. In the first part of next year, we expect to drill a strat well in the onshore acreage and do the same.

所以我想你會看到兩者。當然，登伯里交易是市場有所預期的一筆交易，你可以假設多個市場參與者可能都看過登伯里或與登伯里進行過對話。對於我們來說，就像 CCUS 一樣，我們尋找地質條件良好或空間較差的區域。它們接近集中排放，並有適當的政策支持來開展業務。墨西哥灣沿岸擁有所有這些東西。當您去過時，我們擁有約 140,000 英畝的永久性二氧化碳運動場——核心空間，包括陸上和海上。我們在那裡的儲存潛力超過 10 億噸。今年下半年，我們將在近海區域鑽探一口地層井，以進一步描繪和描述地下特徵。明年上半年，我們預計將在陸上區域鑽探地層井，並進行同樣的工作。

And of course, we're in conversations with a number of customers in that region in the Golden Triangle, up at Mont Belvieu all the way across the Houston ship channel, and we've got term sheets going back and forth. We're in negotiations with a number of different potential customers. The commercial framework for this is still evolving. And we're working on the other pieces you need. So classic well-injection permits and midstream assets. We've got an RFP out right now with a number of midstream providers consistent with the way we have generally approached the midstream. We own assets if they're strategic. If there's a way for us to go to somebody who is in the business of operating -- building and operating midstream infrastructure, we certainly look at that as well.

當然，我們正在與金三角地區的許多客戶進行對話，從貝爾維尤山一直穿過休斯頓航道，我們已經收到了來回的條款清單。我們正在與許多不同的潛在客戶進行談判。其商業框架仍在不斷發展。我們正在研究您需要的其他部分。所以經典的油井注入許可證和中游資產。我們現在已經向一些中游提供商發出了征求建議書，這與我們通常處理中游的方式一致。如果資產具有戰略意義，我們就擁有它們。如果我們有辦法找到從事運營業務的人——建設和運營中游基礎設施，我們當然也會考慮這一點。

So we're putting all the pieces together there for a phased development. We like the Bayou Bend project, and we'll report more. But to your kind of underlying question, we'll build organically, and we'll do inorganic where it makes sense.

因此，我們將所有部分整合在一起進行分階段開發。我們喜歡 Bayou Bend 項目，我們會報導更多。但對於你提出的基本問題，我們將有機地構建，並在有意義的地方進行無機的構建。

We'll take our next question from Biraj Borkhataria with RBC.

我們將接受 RBC 的 Biraj Borkhataria 提出的下一個問題。

Pierre, best of luck with retirement. My first one is on portfolio concentrations. At your Analyst Day, you talked about just over $20 billion of free cash flow at $60 a barrel and looking through today's slides, roughly half of that in the medium term will come from the Permian plus TCO. So I understand you want every dollar to go to the highest level of return, which is completely sensible.

皮埃爾，祝你退休好運。我的第一個是關於投資組合的集中度。在分析師日，您談到每桶 60 美元的自由現金流將超過 200 億美元，從今天的幻燈片來看，中期大約一半將來自二疊紀盆地加上 TCO。所以我理解你希望每一塊錢都能達到最高的回報水平，這是完全明智的。

But I was wondering if you can talk about portfolio concentration because it is quite unusual for a super major to have that level of concentration in terms of free cash flow. So how do you think about portfolio diversity? And is this something you're actively trying to address going forward? And I've got a follow-up on a different topic.

但我想知道你是否可以談論投資組合的集中度，因為對於一個超級專業公司來說，在自由現金流方面達到如此程度的集中度是很不尋常的。那麼您如何看待投資組合的多樣性？這是您今後正在積極努力解決的問題嗎？我有一個關於不同主題的後續行動。

Yes, Biraj, if you look back over the last decade, we've cleaned up our portfolio. We had a lot of assets that were kind of at the smaller end of the tail that pulled capital and management time and resources. And we want to be diversified. We've got a diverse portfolio, but we don't need to be diversified just for the sake of it. We want to have assets that have scale and are material and long lived.

是的，Biraj，如果你回顧過去十年，我們已經清理了我們的投資組合。我們有很多資產，這些資產都處於尾部較小的一端，需要佔用資本、管理時間和資源。我們希望多元化。我們擁有多元化的投資組合，但我們不需要僅僅為了多元化而多元化。我們希望擁有規模化、物質化、壽命長的資產。

You can start in the Far East and look at our LNG positions in Australia, which aren't drawing a lot of capital right now, but are throwing off a lot of cash. We've got a strong position in West Africa that we strengthened with the Noble acquisition and the EG assets that can feed LNG into Europe. Obviously, you mentioned TCO. The Eastern Med is a very strong position. We've recently taken FID and are working on expansion projects for Tamar, Leviathan, and have submitted a concept on Aphrodite. So there's a lot of opportunity in that asset.

你可以從遠東開始，看看我們在澳大利亞的液化天然氣倉位，這些倉位目前沒有吸引大量資金，但正在投入大量現金。我們在西非擁有強大的地位，通過收購來寶和可以向歐洲輸送液化天然氣的 EG 資產，我們鞏固了這一地位。顯然，您提到了 TCO。東方醫學的地位非常強大。我們最近完成了最終投資決定，正在為 Tamar、Leviathan 進行擴建項目，並提交了 Aphrodite 的概念。所以該資產有很多機會。

When we close PDC, we're going to be producing 400,000 barrels a day in the DJ Basin. We've talked about some of our other shale and tight assets in Argentina. In Canada, we've got 2 crackers underway in CPChem. It will come online middle of this decade, 1 in the U.S. 1 in the Middle East.

當我們關閉 PDC 時，DJ 盆地每天將生產 400,000 桶石油。我們已經討論了我們在阿根廷的其他一些頁岩和緊張資產。在加拿大，我們的 CPChem 正在進行 2 場破解活動。它將在本十年中期上線，1 個在美國，1 個在中東。

We've acquired REG and are growing our renewable fuels business. So we have exposure across a large portfolio and then, of course, we also have projects coming online in the Gulf of Mexico. I mentioned Anchor earlier, Whale, Ballymore and we recently acquired more leases in this recent lease sale than the -- twice as many leases as in the biggest lease sale over the last 8 years. So we're adding to our position in the Gulf of Mexico. So this idea that we're a 2-asset company, the Permian and TCO, I don't think really stands up to careful inspection. They are 2 great assets. And so they get a lot of attention, but we've got a lot of other strong assets in our portfolio.

我們收購了 REG，並正在發展我們的可再生燃料業務。因此，我們擁有大量的投資組合，當然，我們也有在墨西哥灣上線的項目。我之前提到過 Anchor、Whale、Ballymore，我們最近在最近的租賃銷售中獲得的租賃數量比過去 8 年最大租賃銷售的兩倍還要多。因此，我們正在增加我們在墨西哥灣的地位。因此，我認為我們是一家擁有二疊紀和 TCO 兩種資產的公司的想法確實經不起仔細檢查。他們是兩項巨大的資產。因此它們受到了很多關注，但我們的投資組合中還有很多其他強大的資產。

If I can just build off that and go to the return of capital question that Neil asked and that's what gives us confidence not only on the buyback, but on the track record of dividend growth. So we guided to 10% annual free cash flow coming from all of those businesses.

如果我能在此基礎上討論尼爾提出的資本回報問題，那麼這不僅讓我們對回購充滿信心，而且對股息增長的記錄也充滿信心。因此，我們指導所有這些業務的年度自由現金流為 10%。

Some are holding cash constant. Some are growing cash flow that Mike covered, and that goes to leading dividend growth, where we've grown the dividend over the last 5 years at rates double our closest peer and much higher than others and where we have a buyback that is nearly 6% of our shares outstanding annually.

有些人保持現金不變。邁克所涵蓋的一些現金流正在不斷增長，這將導致股息增長，在過去 5 年裡，我們的股息增長速度是我們最接近的同行的兩倍，遠高於其他公司，而且我們的回購額接近 6 倍。每年已發行股票的百分比。

Our business is built for $50. So part of the confidence in our ability currently, if you look at our breakeven and adjust for working capital this quarter, if you look at the last 4 quarters, it's actually probably a little bit lower than that with the strong refining margins that we've been seeing.

我們的業務是 50 美元建立的。因此，目前對我們能力的部分信心，如果你看看我們本季度的盈虧平衡並調整營運資本，如果你看看過去 4 個季度，它實際上可能比我們強勁的煉油利潤率要低一些。已經看到了。

So we're built for lower prices. Free cash flow is going to grow from this space. That should give investors confidence in our ability to continue to grow the dividend at leading rates and to maintain buybacks at also very high rates.

因此，我們專為降低價格而打造。自由現金流將從這個領域增長。這應該會讓投資者相信我們有能力繼續以領先的速度增加股息，並以非常高的速度維持回購。

I've got just a follow-up on a different question. Through the Permian, you'll be producing a lot more gas over time, and you have expressed the desire to grow in LNG. So you signed a couple of deals as an offtake to synthetically integrate your U.S. gas position to global markets.

我只是對另一個問題進行了跟進。隨著時間的推移，通過二疊紀盆地，您將生產更多的天然氣，並且您已經表達了增長液化天然氣的願望。因此，您簽署了幾項協議，作為將您的美國天然氣地位綜合整合到全球市場的承購。

I wanted to ask about sort of whether you'd be interested in owning liquefaction or whether you feel being an offtaker is enough because some of your peers have argued the benefit of integration and owning through the value chain. But I think in the past, you've noticed the returns are typically lower.

我想問一下您是否對擁有液化業務感興趣，或者您是否認為成為承購商就足夠了，因為您的一些同行已經爭論了通過價值鏈進行整合和擁有的好處。但我認為在過去，您已經註意到回報通常較低。

And I'm particularly interested in asking that question now because a number of players have signed offtake agreements with companies such as Venture Global and then actually they're not receiving the gas as agreed. So just interesting how you're thinking about that sort of value chain in LNG?

我現在特別有興趣問這個問題，因為許多參與者已經與 Venture Global 等公司簽署了承購協議，但實際上他們沒有按照約定收到天然氣。有趣的是，您如何看待液化天然氣的這種價值鏈？

Yes. I mean, it's consistent with what we've described earlier, and I think you've captured it. It depends on the circumstance in places where we've got remote gas where you need to be in the entire value chain, and you can create an economic model that supports the investments, we've done that. In other locations where you've got other people that will put capital into the midstream assets and we can sell gas into that. We can offtake gas off of it, but not participate in some of the very capital-intensive and lower return portions of the value chain, that's certainly a model that helps us support our aspiration to drive higher returns.

是的。我的意思是，它與我們之前描述的一致，我認為您已經抓住了它。這取決於我們擁有偏遠天然氣的地方的情況，你需要參與整個價值鏈，你可以創建一個支持投資的經濟模型，我們已經做到了。在其他地方，其他人會將資金投入到中游資產中，我們可以向其中出售天然氣。我們可以從中獲取天然氣，但不參與價值鏈中一些資本密集型和回報率較低的部分，這無疑是一個幫助我們支持實現更高回報願望的模式。

Now you have to have good partners. You have to have reliable operations, and we'll work closely with the companies that we have offtake with. We vet them carefully, and we -- we have confidence in the people that we are working with to provide those reliable operations. But we're really looking to drive high returns, not necessarily to own assets for the sake of control, unless it creates a differentiated value proposition.

現在你必須有好的合作夥伴。您必須擁有可靠的運營，我們將與我們承購的公司密切合作。我們仔細審查它們，並且我們對與我們合作的人員充滿信心，以提供這些可靠的操作。但我們真正希望獲得高回報，不一定是為了控製而擁有資產，除非它創造了差異化的價值主張。

We'll take our next question from Sam Margolin with Wolfe Research.

我們將回答 Wolfe Research 的 Sam Margolin 提出的下一個問題。

Question.

問題。

Sam, you're breaking up.

薩姆，你們要分手了。

The question's on the cash balance, it looks like, nominally, it's drawn down, but it feels -- there's some inputs that would theoretically help it rebuild in the second half, you've got working capital, and I think TCO is going to pay a dividend in third quarter and PDC had a very front-loaded capital program too. So that's coming on with free cash. So just wondering about the cash balance and how you think about the level or if we're going to be in a rebuild phase for 2H?

問題在於現金餘額，名義上看起來它已經減少了，但感覺上——理論上有一些投入可以幫助它在下半年重建，你有營運資金，我認為總體擁有成本將會第三季度支付股息，PDC 也有一個非常提前的資本計劃。所以這需要自由現金來實現。所以只是想知道現金餘額以及你如何看待這個水平，或者我們是否會進入 2H 的重建階段？

Well, the direction that it goes depends, of course, on commodity prices and margins and a number of other factors. You're right, our cash levels have come down in part due to working capital outflows, timing of affiliate dividends. And we've also paid down some debt. We've been, I think, very clear that we don't want to hold surplus cash, certainly not permanently that it's where the cash goes in the short term. But over time, that cash is going to be returned to our shareholders in the form of this growing dividend and ratable buyback program. So we need only about $5 billion to support our operations. We are nearly $10 billion at the end of the second quarter. So that's more than sufficient.

當然，它的發展方向取決於商品價格和利潤以及許多其他因素。你是對的，我們的現金水平下降的部分原因是營運資本外流和附屬股息的時機。我們也還清了一些債務。我認為，我們已經非常明確地表示，我們不想持有過剩現金，當然不是永久持有過剩現金，因為這是現金在短期內的流向。但隨著時間的推移，這些現金將以不斷增長的股息和按比例回購計劃的形式返還給我們的股東。因此，我們只需要大約 50 億美元來支持我們的運營。截至第二季度末，我們的營收接近 100 億美元。所以這已經足夠了。

We have access to lots of liquidity. We don't have any commercial paper now again, we've been paying down debt. So that's the more economically efficient way to manage the balance sheet if we get there and whether the cash balance goes up or down again, depends on all the inputs and outputs that we've been showing.

我們可以獲得大量的流動性。我們現在又沒有任何商業票據了，我們一直在償還債務。因此，如果我們到達那裡，這是管理資產負債表的更經濟有效的方式，而現金餘額是否再次上升或下降，取決於我們一直顯示的所有投入和產出。

We're guiding towards the net debt, as Mike said, the net debt is well below the low end of our guidance range. So we look at all those factors. And again, if cash balances head down to $5 billion, that will be adequate to cover the operations.

正如邁克所說，我們正在指導淨債務，淨債務遠低於我們指導範圍的下限。所以我們會考慮所有這些因素。同樣，如果現金餘額降至 50 億美元，這將足以滿足運營需求。

On working capital, our pattern in the second half of the year is that we tend to see some draws on it. But we're certainly not going to recover from what we see in this first half of the year. A big portion of what we saw in the first half of this year on working capital are really tax payments tied to earnings last year. So you can kind of think of those as being offset from last year where we had -- where we had that a favorable working capital environment. So there'll be ups and downs along the way. Over time, working capital tends to average out over 0, but these are just timing effects. We look through them. We knew we were -- had taxes due. And so that's all part of the planning as we look at the balance sheet.

在營運資金方面，我們下半年的模式是我們往往會看到一些動用。但我們肯定不會從今年上半年的情況中恢復過來。我們今年上半年看到的營運資本的很大一部分實際上是與去年收益掛鉤的納稅額。所以你可以認為這些是與去年我們擁有的有利的營運資金環境相抵消的。所以一路上都會有坎坷。隨著時間的推移，營運資本的平均值往往會超過 0，但這只是時間效應。我們仔細觀察它們。我們知道我們有應繳稅款。因此，當我們查看資產負債表時，這都是計劃的一部分。

And Sam, I guess that we've guided to a TCO dividend in the fourth quarter. We do not expect a dividend in the third quarter.

Sam，我想我們已經在第四季度引導了 TCO 股息。我們預計第三季度不會派息。

Got it. Okay. Sorry, I must have misread that remark. The follow-up is actually sort of on the organization, it's a follow-up to Steve's question earlier, but Pierre had spent some time in an ESG role and a low carbon role. And the incoming CFO is coming from a role where there was a lot of work on the ground on the low carbon front on the technology side. And so Chevron has this really interesting sort of marriage between finance and low carbon that I think is differentiated when you look at some of the peers.

知道了。好的。抱歉，我一定是看錯了那句話。後續行動實際上是關於組織的，這是對史蒂夫早些時候提出的問題的後續行動，但皮埃爾已經花了一些時間擔任 ESG 角色和低碳角色。即將上任的首席財務官的職位在技術方面的低碳方面做了很多實地工作。因此，雪佛龍在金融和低碳之間建立了這種非常有趣的結合，我認為當你看看一些同行時，這種結合是有區別的。

And so the question is as we make progress through the low carbon development, do you feel like you're embedded in the highest return areas? Or are there other ones where capital is going to maybe pivot, and I think that ties into carbon capture too because that seems like a place where the incentives are pretty transparent.

那麼問題是，當我們通過低碳發展取得進展時，您是否感覺自己已經融入了回報率最高的領域？或者還有其他資本可能會轉向的地方，我認為這也與碳捕獲有關，因為這似乎是一個激勵措施相當透明的地方。

Yes, Sam. So I think your question started with people and ended up kind of at our kind of investment priorities in new energies. Look, across the entire leadership team. We've got a commitment to driving higher returns and lower carbon and people move through different kinds of roles, but this is part of every role in the company today. So it's a part of the business. It's something we're committed to.

是的，薩姆。所以我認為你的問題始於人們，最終涉及到我們對新能源的投資優先事項。看看整個領導團隊。我們致力於推動更高的回報和更低的碳排放，人們會擔任不同的角色，但這是當今公司每個角色的一部分。所以這是業務的一部分。這是我們致力於的事情。

Our focus is, as we've said before, it's on things where we can leverage our unique capabilities, assets, value chains, customers to create sustainable competitive advantage in these new energy businesses. It's why we've not gone into wind and solar on a merchant basis because there's others that can do that, and we don't really bring anything unique there.

正如我們之前所說，我們的重點是我們可以利用我們獨特的能力、資產、價值鍊和客戶，在這些新能源業務中創造可持續的競爭優勢。這就是為什麼我們沒有以商業方式進入風能和太陽能領域，因為還有其他公司可以做到這一點，而我們並沒有真正帶來任何獨特的東西。

Our renewable fuels business today is profitable and generating cash. We expect to start up the Geismar expansion and be producing more renewable diesel next year. So that's a business today that is economic and attractive, and we continue to grow, particularly back into the feedstock side. We announced an acquisition this last quarter of a small company that's got some interesting feedstock technology.

如今，我們的可再生燃料業務已實現盈利並產生現金。我們預計明年將開始 Geismar 擴建並生產更多可再生柴油。因此，這是當今一項經濟且有吸引力的業務，我們將繼續增長，特別是回到原料方面。我們在上個季度宣布收購一家擁有一些有趣的原料技術的小公司。

Carbon capture and storage obviously is being built. We do it today in some assets. But as a business, we're building out Bayou Bend I talked about. We're working on projects in other parts of the world as well. And we do believe that with the right technology, the right business model and policy environment that there's an opportunity there.

碳捕獲和儲存顯然正在建設中。我們今天在一些資產中這樣做。但作為一家企業，我們正在建設我談到的河灣灣。我們也在世界其他地區開展項目。我們確實相信，只要有正確的技術、正確的商業模式和政策環境，就會有機會。

Other things that we're working on hydrogen is one that both electrolytic hydrogen and then traditional hydrogen paired with carbon capture and storage. In the U.S., the IRA incentives can certainly support the development of business models there.

我們正在研究氫的其他事情是電解氫和傳統氫與碳捕獲和儲存相結合。在美國，IRA 激勵措施無疑可以支持當地商業模式的發展。

So I think we'll stay consistent with this. We're looking at it -- always looking at new technologies, but the area we're focused on is the primary area you should expect to see us investing.

所以我想我們會堅持這一點。我們一直在關注新技術，但我們關注的領域是您應該期望看到我們投資的主要領域。

We'll go next to Jason Gabelman with TD Cowen.

接下來我們將與 TD Cowen 一起討論 Jason Gabelman。

Pierre, congrats on your retirement. I'd like to go back to the Permian detail for a minute, if I could, and kind of 2 questions on this. First, has CapEx in the Permian deviated at all from that $4 billion budget that you highlighted at the Analyst Day? And then the second part, on the Permian inventory over the 5-year plan and long term, how much -- what percentage of those locations would you categorize as (inaudible) ?

皮埃爾，恭喜你退休。如果可以的話，我想花點時間回顧一下二疊紀的細節，並就此提出兩個問題。首先，二疊紀盆地的資本支出是否完全偏離了您在分析師日強調的 40 億美元預算？然後是第二部分，關於五年計劃和長期的二疊紀庫存，您將這些位置的多少百分比歸為（聽不清）？

Yes, Jason. Permian CapEx is up a little bit this year, primarily 3 things. Number one, we've actually seen drilling performance continue to improve and completions performance continue to improve. So out of the same fleet of rigs and completion spreads, we're getting more work done, which means you consume more tubulars, more sand, more water, et cetera. So that's kind of a good thing.

是的，傑森。今年二疊紀資本支出略有上升，主要有以下三點。第一，我們實際上看到鑽井性能持續提高，完井性能持續提高。因此，在相同的鑽機和完井作業中，我們完成了更多的工作，這意味著您消耗更多的管材、更多的沙子、更多的水等等。所以這是一件好事。

We're seeing some longer lead times on some of the critical elements in facilities. And so we've actually had to make some long lead purchases for next year's program that we didn't anticipate as we were lining up this year's program. And then we've increased facility scope for water handling in some areas of the Permian, particularly as we're trying to manage some of these induced seismicity issues. We're being more careful, moving more water. And so that has all led to some increase in CapEx.

我們發現設施中某些關鍵部件的交貨時間較長。因此，我們實際上不得不為明年的計劃進行一些長期採購，這是我們在準備今年的計劃時沒有預料到的。然後，我們擴大了二疊紀某些地區的水處理設施範圍，特別是當我們試圖解決其中一些誘發地震活動問題時。我們更加小心，轉移更多的水。因此，這一切都導致了資本支出的一些增加。

Not a lot of inflation there. The inflation has been largely in line with what we had expected, and the rig fleet is being activated in line with what we expected.

那裡的通貨膨脹並不嚴重。通脹基本符合我們的預期，鑽井船隊的啟動也符合我們的預期。

Your second question on inventory, we don't really -- we haven't broken our portfolio into tiers. There's not a very clear definition of that in a way to kind of do that on a standard basis. So when we've outlined the drilling locations and the long-term guidance there, it's really based on economics. And we've got locations that are economic at our price view for the future, which has historically not been a super aggressive price view. It's based on today's technology. And as indicated, we've got more than 6,000 locations in that outer time window that are economic based on those assumptions. By the time we get to that window, we may or may not see a different price environment. I fully expect we'll see a different technology environment, which can allow that number to grow even further. So -- we look at it more in terms of the economics of the development than tiers.

關於庫存的第二個問題，我們實際上並沒有將我們的投資組合分成不同的層次。目前還沒有一個非常明確的定義，無法以某種方式在標準基礎上做到這一點。因此，當我們概述鑽探地點和長期指導時，它實際上是基於經濟學。根據我們對未來價格的看法，我們已經找到了經濟實惠的地點，而從歷史上看，這並不是一個非常激進的價格觀點。它基於當今的技術。如前所述，根據這些假設，我們在外部時間窗口內找到了 6,000 多個經濟地點。當我們到達那個窗口時，我們可能會也可能不會看到不同的價格環境。我完全希望我們會看到一個不同的技術環境，這可以讓這個數字進一步增長。因此，我們更多地從開發的經濟角度而不是層級角度來看待它。

Great. And my follow-up, just going back to TCO. You made some comments on kind of maintenance effects over the next 4 quarters. And I know you showed it graphically. But are you able to quantify the actual impact to production over the next 4 quarters from all these turnarounds and start-up activities?

偉大的。我的後續行動是回到 TCO。您對未來 4 個季度的維護效果發表了一些評論。我知道你用圖形方式展示了它。但您能否量化所有這些周轉和啟動活動對未來 4 個季度生產的實際影響？

Well, Jason, we do it quarterly, like it's included in the third quarter guidance that we provided, and we'll continue to do that quarterly, and you're seeing it sort of annually, we're giving annual guidance on TCO. So it's all embedded in there. I think we showed it relative to '22, but there's just a lot of moving parts, but we'll continue to give that guidance each quarter and you have annual guidance that incorporates all of that.

好吧，傑森，我們每季度都會這樣做，就像我們提供的第三季度指導中包含的那樣，我們將繼續每季度這樣做，你每年都會看到它，我們正在提供有關 TCO 的年度指導。所以一切都嵌入在那裡。我認為我們展示的是相對於 22 年的情況，但有很多變化的部分，但我們將繼續每個季度提供該指導，並且您將獲得包含所有這些內容的年度指導。

We'll take our next question from Irene Himona with Societe Generale.

我們將接受法國興業銀行艾琳·希莫納 (Irene Himona) 提出的下一個問題。

My first question is on the downstream, please. If you can talk around the performance of your chemicals, particularly in Q2, and then what you're seeing so far in the third quarter? And then also what you would expect in terms of refining margin evolution in the second half of the year, given the weakness in Q2?

我的第一個問題是關於下游的。如果您能談談您的化學品的表現，特別是在第二季度，那麼您在第三季度到目前為止看到了什麼？鑑於第二季度的疲軟，您對下半年煉油利潤率的變化有何預期？

Yes. So the chemicals business is cyclical, as everybody knows. We're certainly in a period now where we're seeing some length in supply due to new build facilities, some -- so there's some length there is weighed on margins in the olefins chain. And in the short term, we think we're going to continue to see that would be a pretty tough sector.

是的。眾所周知，化學品行業是周期性的。我們現在肯定處於這樣一個時期，由於新建設施，我們看到供應有所延長，因此烯烴鏈的利潤率受到一定程度的影響。從短期來看，我們認為這將是一個相當艱難的行業。

Longer term, as you get out to mid-decade and beyond, demand will continue to grow, and we expect demand and supply will come into better balance, and we'll see those margins recover out towards the middle and second part of this decade.

從長遠來看，當你進入十年中期及以後，需求將繼續增長，我們預計需求和供應將達到更好的平衡，我們將看到這些利潤率在本十年的中後期恢復。

Your second question -- I'm sorry, I was thinking about chemicals there and...

你的第二個問題——抱歉，我正在考慮那裡的化學品，然後……

Or the refining that refining outlook...

還是煉化那煉化的面貌……

Refining margins, yes. Certainly, we've seen refining margins come off the very strong levels that they were at last year. There's been some new capacity come into the system around the world, some big new refineries that have begun to start up or major projects that have come online. And so margins have softened year-on-year. .

提高利潤率，是的。當然，我們已經看到煉油利潤率已經脫離了去年的強勁水平。世界各地都有一些新產能進入系統，一些大型新煉油廠已經開始啟動，或者重大項目已經上線。因此，利潤率逐年下降。 。

Certainly, the West Coast in our portfolio is important, West Coast margins, both in the refining and the marketing part of the value chain have held up a little bit better because it's a market that is a little bit more cut off from the rest of the world than the Gulf Coast or Asia. And so demand continues to be pretty strong out there.

當然，西海岸在我們的投資組合中很重要，西海岸的利潤率，在價值鏈的煉油和營銷部分都保持得更好一些，因為這是一個與其他市場隔絕的市場。世界比墨西哥灣沿岸或亞洲更重要。因此，市場需求仍然非常強勁。

Gasoline demand is strong. Jet demand continues to come back. Diesel demand has maybe flattened out a little bit, but certainly holding. And so -- we're in an environment where I would expect the inventories are towards the lower end of the products in a number of parts of the world. I think refining margins for the second half of this year will be -- are likely to be as good as they were in the first half of the year at least.

汽油需求強勁。噴氣式飛機需求繼續回升。柴油需求可能已經趨於平緩，但肯定會保持穩定。因此，我們所處的環境是，我預計世界許多地區的庫存都接近產品的低端。我認為今年下半年的煉油利潤率將至少與上半年一樣好。

Am I allowed a follow-up? Sorry.

我可以跟進嗎？對不起。

Yes, just go ahead.

是的，就繼續吧。

Based on that, following your FID for the pipeline in Israel, I was wondering, is that it for the time being for Leviathan? Or do the partners continue to examine other options like FLNG, for example?

基於此，在以色列管道的最終投資決定之後，我想知道，這是暫時的利維坦嗎？或者合作夥伴是否會繼續研究其他選擇，例如 FLNG？

Yes. No, we continue to evaluate other options. In fact, we're working towards a concept select for the next expansion of Leviathan ideally at the end of this year. And floating LNG is one of the concepts that we continue to look at.

是的。不，我們會繼續評估其他選擇。事實上，我們正​​在努力為利維坦的下一個擴展包選擇一個概念，最好是在今年年底。浮動液化天然氣是我們持續關注的概念之一。

We'll go next to Ryan Todd with Piper Sandler.

接下來我們將與派珀·桑德勒 (Piper Sandler) 一起前往瑞安·托德 (Ryan Todd)。

Great. Maybe if I could follow-up on some earlier Permian conversations. You talked a little bit about some of the New Mexico well performance. But on well performance overall that you disclosed, it appears that first half results are showing improved performance across much of the basin as you expected.

偉大的。也許我可以跟進一些早期的二疊紀談話。您談到了新墨西哥州油井的一些表現。但就您披露的總體油井表現而言，上半年的結果似乎表明盆地大部分地區的表現有所改善，正如您所預期的那樣。

What have you seen to date in terms of addressing -- I know you don't have a lot of data -- but in terms of addressing some of the concerns from last year, particularly what have you learned regarding spacing, single versus multi-bench approach, et cetera, on the wells that you've done so far this year?

到目前為止，您在解決問題方面看到了什麼——我知道您沒有很多數據——但在解決去年的一些問題方面，特別是您在間距、單個與多個方面學到了什麼今年到目前為止，您在油井上進行了台架方法等？

Yes. I mean, the performance is really consistent with our expectations and what we outlined at our Investor Day later this year, Ryan. There are a couple of things just to remember, I mentioned earlier that in New Mexico, we saw some infrastructure and third-party constraints. And you can have that -- we've got that in some other parts of our portfolio as well.

是的。我的意思是，瑞安，業績確實符合我們的預期以及我們在今年晚些時候的投資者日上概述的內容。有幾件事需要記住，我之前提到在新墨西哥州，我們看到了一些基礎設施和第三方限制。你可以擁有它——我們在我們產品組合的其他一些部分也擁有它。

So there are things that will show up in these curves that are not necessarily just a reflection of the geology and the well performance. And as we continue to change our development strategy on well spacing, proppant loading, well length, et cetera, those will continue to be reflected in these curves.

因此，這些曲線中出現的一些東西不一定只是地質情況和油井性能的反映。隨著我們繼續改變井距、支撐劑負載、井長等方面的開發策略，這些將繼續反映在這些曲線中。

The thing that is really important is production -- we put production out there because everybody likes to see it. We're not optimizing the production. We're optimizing the returns. And so fluid mix, EUR, capital investments are all important parts of what we're optimizing too. It's harder for you to see all the things that we're looking to optimize to drive returns when you're just looking at production. So -- but the high-level answer is performance in line with the expectations as we've continued to evolve our program.

真正重要的是製作——我們把製作放在那裡是因為每個人都喜歡看到它。我們沒有優化生產。我們正在優化回報。因此，流動性組合、歐元、資本投資也是我們優化的重要組成部分。當您只關註生產時，您很難看到我們正在尋求優化以提高回報的所有內容。所以，但高層的答案是，隨著我們不斷發展我們的計劃，性能符合預期。

Okay. And maybe if we turn to the Gulf of Mexico, as we think about your Gulf of Mexico Deepwater portfolio, you've got an impressive string of project start-ups coming over the next few years. How exposed are you to escalating trends in Deepwater drilling and development costs as you look across those projects? Do you have costs locked in across some of those projects, rigs under multiyear contracts, et cetera? Or is this I guess, how much are you able to mitigate cost escalation as we think over kind of CapEx requirements over the next few years?

好的。也許如果我們轉向墨西哥灣，當我們考慮您的墨西哥灣深水投資組合時，您會在未來幾年內看到一系列令人印象深刻的項目初創企業。當您審視這些項目時，您對深水鑽探和開發成本不斷上升的趨勢有多大的認識？您是否已鎖定其中一些項目、多年合同下的鑽機等的成本？或者我猜，當我們考慮未來幾年的資本支出要求時，您能夠在多大程度上緩解成本上升？

Yes. Those projects were contracted at a different time. So they reflect mostly locked in rates as you'd expect, procurements well behind us as we're getting as those projects are pretty far along. So new exploration activity will get exposed to some of the higher rig rates on that. But for the existing major capital projects, that's largely locked in.

是的。這些項目是在不同時間簽訂的。因此，正如您所期望的那樣，它們反映的利率大多已鎖定，採購遠遠落後於我們，因為這些項目進展相當順利。因此，新的勘探活動將面臨一些更高的鑽機費率。但對於現有的重大資本項目來說，這基本上是鎖定的。

We came into the year with 3 rigs under contracts that were contracted back in a different environment. .

今年我們簽訂了 3 台鑽機合同，這些鑽機是在不同的環境中承包回來的。 。

Okay. We've got a handful of people still in the queue.

好的。我們還有幾個人在排隊。

We'll go next to Paul Cheng with Scotiabank.

接下來我們將與豐業銀行聯繫 Paul Cheng。

First one is wish Pierre an exciting and very happy post retirement. Thank you for the help over the past 20-plus years. Maybe the 2 questions, if I could. One, you're talking about your development plan in sites discovery. Can you give us a little bit in terms of the timeline, what should we expect? And also that what is the preliminary design of the development is going to look like in the scale and what kind of time that is going to see the first oil?

第一個是祝愿皮埃爾退休後過得令人興奮和快樂。感謝您20多年來的幫助。如果可以的話，也許是兩個問題。第一，您正在談論您在網站發現方面的發展計劃。您能給我們介紹一下時間表嗎？我們應該期待什麼？另外，開發的初步設計規模會是什麼樣子，什麼時候會看到第一批石油？

The second question that you haven't talked much about Argentina and over there, the government seems to be pretty excited with the shale oil development and you have a position there. Can you give us an update what is your thinking over there?

第二個問題，您沒有過多談論阿根廷，那裡的政府似乎對頁岩油的開發非常興奮，而且您在那裡佔有一席之地。您能給我們介紹一下您的最新想法嗎？

Yes, Paul, in Cyprus, we've -- we're pleased with the outcome of the recent appraisal well. We've submitted our development plan to the government for their approval and it involves a capital efficient way to take the gas to market to be a subsea tiebacks to existing infrastructure. But this is all pending government approval. If we get that, we could be in the feed later this year, but it's a little early for us to really lay anything out on first gas. So as we get through the government approval process, we'll be back to talk to you about the timeline on that one.

是的，保羅，在塞浦路斯，我們對最近的評估結果感到滿意。我們已將開發計劃提交給政府批准，其中涉及一種資本有效的方式，將天然氣推向市場，作為現有基礎設施的海底回接。但這一切還有待政府批准。如果我們得到了這一點，我們可能會在今年晚些時候加入，但對我們來說，真正在第一批天然氣上做出任何安排還為時過早。因此，當我們完成政府審批流程後，我們會回來與您討論該審批流程的時間表。

On Argentina, we remain very positive on the resource there. There's an election coming up. The country has got some kind of macroeconomic challenges that it's facing right now. But we like the -- particularly our El Trapial area where we're doing some more development work now with some increased capital that flows with that. And we'll talk to you about that at Investor Day and beyond. But no real changes there. It's going to be part of the growth story.

在阿根廷，我們對那裡的資源仍然非常樂觀。選舉即將來臨。該國目前面臨著某種宏觀經濟挑戰。但我們喜歡——特別是我們的 El Trapial 地區，我們現在正在做更多的開發工作，並增加了一些隨之而來的資本。我們將在投資者日及以後與您討論這個問題。但那裡沒有真正的變化。這將成為成長故事的一部分。

We'll go next to Doug Leggate with Bank of America.

我們將與美國銀行一起前往 Doug Leggate 旁邊。

Pierre, it's been a pleasure. Congratulations and good luck to everybody. And Mike to you as well on your extended tenure. Guys, my first question is on the Permian ratability. It looks like you've got about a couple of hundred POPs this year, wells to sales. 2,000 over the next 5 years. Is that ratable? How should we think about step up in activity?

皮埃爾，很高興。祝賀大家，祝大家好運。邁克也向您介紹您的延長任期。伙計們，我的第一個問題是關於二疊紀的可預測性。看起來今年你們已經有大約幾百個 POP，銷量很好。未來5年增加2,000個。這可以評級嗎？我們應該如何考慮加強活動？

Just one thing, it's the co-op POPs is 200. But if you were to include net POPs, again, half of our portfolio is non-open royalty, it'd be more like 300. So it looks more consistent, right, the long-term plateau and the well inventory, the 2,200 over the next 5 years incorporates all of the activity and the POP data was just on company operate. So there is some increase, but not as not as large as it looks. You just got to get apples-to-apples.

只有一件事，合作社 POP 是 200。但是，如果你要包括淨 POP，那麼我們的投資組合中有一半是非開放版稅，它會更像 300。所以它看起來更一致，對吧，長期穩定期和油井庫存，未來 5 年的 2,200 個包含所有活動，POP 數據僅涉及公司運營。所以有一些增加，但沒有看起來那麼大。你只需要得到同等的結果。

It'd fairly ratable, Pierre, I mean, like 500 a year type of deal or 400 a year type of deal?

皮埃爾，我的意思是，這是相當值得評價的，比如每年 500 美元的交易還是每年 400 美元的交易？

Yes. As we get up to activity and as Mike said, we're becoming more efficient, as our other operators that we work with, yes, it's going to be pretty ratable once we get full up to our full rate activity.

是的。當我們開始活動時，正如邁克所說，我們正在變得更加高效，就像我們合作的其他運營商一樣，是的，一旦我們完全完成我們的全費率活動，它就會變得相當可觀。

Yes. Of course, Doug, quarter-to-quarter, there's some variability as we saw first quarter to second quarter of this year. Third quarter is going to be a little -- so there can be some surges in plateaus quarter-to-quarter, but on an annual basis, yes, it's going to be pretty ratable.

是的。當然，道格，季度與季度之間存在一些變化，正如我們今年第一季度到第二季度所看到的那樣。第三季度將會有一點——所以季度與季度之間可能會出現一些停滯期的激增，但從年度來看，是的，這將是相當可觀的。

That's helpful. My follow-up guys is on Tengiz, but it's a slightly different question. I guess Pioneer is similar vintage. You signed Tengiz in 1993. It expires 6 years after the end of your Analyst Day trajectory through 2027, it's 1/4 of your free cash flow. So my question is, what are your options there, whether we extend or replace and perhaps maybe some color on what the production profile looks like post 2027, Wood Mac is going into fairly severe decline after 2030. So I just want to know what you're thinking about the long-term sustainability of those free cash flows?

這很有幫助。我的後續人員在 Tengiz 上，但這是一個略有不同的問題。我猜先鋒也是類似的年份。您於 1993 年簽署了 Tengiz。它在您的分析師日軌跡結束 6 年後到期，直至 2027 年，它是您自由現金流的 1/4。所以我的問題是，你們有什麼選擇，我們是延長還是更換，也許對 2027 年之後的生產概況進行一些修改，Wood Mac 在 2030 年之後將陷入相當嚴重的衰退。所以我只想知道你們會做什麼正在考慮這些自由現金流的長期可持續性嗎？

Yes. So the concession is a decade away, we're focused on delivering the project right now. This is a big complex asset, a big complex project. We'll certainly be in discussions with the government over time about a potential extension of this. It will reflect what we see in terms of reservoir performance and in production opportunities out into the future. These concession discussions have to create value for the country and for Chevron. So we got to find something that works for both parties. We've walked away from concessions as you've covered extensively, Doug, where it didn't work for us in places like Indonesia and Thailand, we've extended in places like Angola, where it did. So we'll be talking more about that over time. But right now, we're really focused on project execution and delivering FGP.

是的。因此，距離獲得特許權還有十年時間，我們現在專注於交付該項目。這是一項龐大的複雜資產，一項龐大的複雜項目。隨著時間的推移，我們肯定會與政府討論是否可能延長這一期限。它將反映我們對油藏表現和未來生產機會的看法。這些讓步討論必須為國家和雪佛龍創造價值。所以我們必須找到對雙方都有效的東西。道格，正如您所廣泛報導的那樣，我們已經放棄了讓步，在印度尼西亞和泰國等地，這種讓步對我們不起作用，但我們在安哥拉等地進行了擴展，但它確實有效。因此，隨著時間的推移，我們將更多地討論這一點。但現在，我們真正專注於項目執行和交付 FGP。

Our last question comes from Roger Read with Wells Fargo.

我們的最後一個問題來自富國銀行的羅傑·里德。

I guess Mike first question for you. With the extension of your tenure, you're willing to share with us what some of the things you're hoping to get done in the extra time will be -- or maybe what some of the real opportunities are here that you'd like to shepherd through?

我想邁克要問你的第一個問題。隨著您任期的延長，您願意與我們分享您希望在額外的時間內完成的一些事情，或者您想要的一些真正的機會是什麼牧養通過？

Well, Roger, it's been a pretty turbulent first part of my tenure with a major restructuring, of pandemic and oil prices that collapsed, a war and oil prices that spiked, the political and geopolitical noise that comes with those things, the ongoing climate and ESG issues, 3 acquisitions, one of which we still haven't closed. And so I'm actually looking forward to a little smoother water, I hope, one day.

好吧，羅傑，這是我任期的第一階段，經歷了重大重組、大流行病和油價暴跌、戰爭和油價飆升、隨之而來的政治和地緣政治噪音、持續的氣候和ESG 問題、3 項收購，其中一項我們尚未完成。所以我實際上期待著有一天能喝到更光滑的水。

And look, we still have work to do to continue to drive higher returns and lower carbon. And so it's to continue that work. We've got good momentum in our business. We've delivered strong results through all of that turbulence and have maintained strong shareholder distributions throughout and strategic consistency throughout where we've seen others in the industry buffeted it around a little bit by these forces. And so I'd like to continue that and to drive more value to our shareholders and higher returns and lower carbon.

看，我們仍然有工作要做，以繼續推動更高的回報和更低的碳排放。所以我們要繼續這項工作。我們的業務勢頭良好。我們在所有這些動盪中取得了強勁的業績，並在整個過程中保持了強大的股東分配和戰略一致性，我們看到行業中的其他人受到這些力量的一點點衝擊。因此，我想繼續這樣做，為我們的股東帶來更多價值、更高的回報和更低的碳排放。

Right. I commend you for not trying to duck out when things finally look good for at least a short time. My follow-up question is really much more on the modeling front. If we look at your realizations on oil, they were much stronger here in the second quarter. I think that contributed to some of the performance, but what we really saw was a dip Q1 and improvement in Q2 kind of back in line with traditional. So I was just wondering as we think about -- was that a timing issue, a regional issue first quarter anything you should -- we should be thinking about as we look at your realization or capture on oil prices going forward?

正確的。我讚揚你在事情最終看起來至少在短時間內很順利時沒有試圖逃避。我的後續問題實際上更多地涉及建模方面。如果我們看看您對石油的認識，就會發現第二季度的表現要強勁得多。我認為這對業績有所貢獻，但我們真正看到的是第一季度的下滑和第二季度的改善，與傳統情況保持一致。因此，我只是想知道，當我們考慮時，這是一個時間問題，還是第一季度的區域問題，當我們考慮您對未來油價的認識或把握時，我們應該考慮什麼？

Roger, our view that -- not quite picked that up. So why don't you follow up with Jake after the call and make sure we understand your questions and give you our best take on it. But our oil realizations have looked good and our natural gas realizations have looked strong. We had a little more -- we had better timing in the first quarter. So if you look quarter-on-quarter in some of our international gas, it might seem a little weaker. But I'm not sure on liquids. So please follow up with Jake.

羅傑，我們的觀點是——沒有完全接受這一點。那麼，您為什麼不在通話後跟進傑克，確保我們理解您的問題並為您提供最好的解決方案。但我們的石油變現看起來不錯，而我們的天然氣變現看起來很強勁。我們還有更多——我們在第一季度有更好的時機。因此，如果你看一下我們一些國際天然氣的季度環比情況，你會發現它可能看起來有點疲軟。但我不確定液體。所以請跟進傑克。

I would like to thank everyone for your time today. We appreciate your interest in Chevron and your participation in today's call. Please stay safe and healthy. Katie, back to you.

我要感謝大家今天抽出寶貴的時間。我們感謝您對雪佛龍的關注並參與今天的電話會議。請保持安全和健康。凱蒂，回到你身邊。

Thank you. This concludes Chevron's Second Quarter 2023 Earnings Conference Call. You may now disconnect.

謝謝。雪佛龍 2023 年第二季度收益電話會議至此結束。您現在可以斷開連接。