雪佛龍 (CVX) 2023 Q4 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the conference call over to the General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

早安.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 年第四季財報電話會議。 （操作員說明）謹此提醒，本次電話會議正在錄音。我現在將電話會議轉交給雪佛龍公司投資人關係總經理傑克‧斯皮林先生。請繼續。

Welcome to Chevron's Fourth Quarter 2023 Earnings Conference Call and Webcast. I'm Jake Spiering, General Manager of Investor Relations. Our Chairman and CEO, Mike Wirth; and CFO, Pierre Breber, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website.

歡迎參加雪佛龍 2023 年第四季財報電話會議和網路廣播。我是投資人關係總經理傑克‧斯皮林。我們的董事長兼執行長 Mike Wirth；財務長 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。

Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. A reconciliation of non-GAAP measures can be found in the appendix of this presentation. Please review the cautionary statement on Slide 2.

在開始之前，請注意，本簡報包含估計、預測和其他前瞻性陳述。非公認會計原則措施的調節可以在本簡報的附錄中找到。請查看投影片 2 上的警告聲明。

Now I will turn it over to Mike.

現在我將把它交給麥克。

Thanks, Jake, and thank you, everyone, for joining us today. Chevron delivered another year of solid results in 2023. During a time of geopolitical turmoil and economic uncertainty, our objective remained unchanged: safely deliver higher returns and lower carbon.

謝謝傑克，也謝謝大家今天加入我們。雪佛龍在 2023 年又取得了穩健的表現。在地緣政治動盪和經濟不確定的時期，我們的目標保持不變：安全地提供更高的回報和更低的碳排放。

Our clear and consistent approach resulted in an adjusted ROCE of 14% and enabled a record $26 billion in cash returned to shareholders while growing production to a company record. We also successfully integrated PDC Energy and announced the Hess acquisition. We're now focused on the FTC second request and expect to file the draft S-4 later this quarter with closing anticipated around the middle of the year.

我們清晰一致的方法使調整後的 ROCE 達到 14%，並為股東創造了創紀錄的 260 億美元現金返還，同時將產量增長至公司紀錄。我們也成功整合了 PDC Energy 並宣布收購 Hess。我們現在專注於 FTC 的第二項請求，預計將在本季稍後提交 S-4 草案，預計在今年年中左右完成。

And we continue to take action in lowering the carbon intensity of our operations and growing lower-carbon businesses, advancing foundational projects in both hydrogen and carbon capture. Over the past 5-year commodity cycle, with prices high, low and everywhere in between, Chevron led the peer group in what we believe are the most important measures that create value.

我們繼續採取行動降低營運中的碳強度並發展低碳業務，推進氫和碳捕獲方面的基礎項目。在過去五年的大宗商品週期中，價格時高時低，時而介於兩者之間，雪佛龍在我們認為創造價值的最重要措施方面領先於同行。

We were the most capital efficient while managing unit costs well below inflation and many peers. Capital and cost discipline always matter in a commodity business. Combining this discipline with our focused portfolio of advantaged assets, Chevron is able to lead the peer group in returning cash to shareholders.

我們的資本效率最高，同時管理的單位成本遠低於通膨率和許多同業。資本和成本紀律在商品業務中始終很重要。將這項原則與我們重點關注的優勢資產組合相結合，雪佛龍能夠在向股東返還現金方面領先於同行。

Our 5-year dividend growth rate was greater than the S&P 500 and more than double our nearest peer. Surplus cash was returned to our shareholders in each of the past 5 years through share buybacks. Our track record is proven, and we intend to continue growing value for our shareholders in any environment.

我們的 5 年股息成長率高於標準普爾 500 指數，是最接近同業的兩倍多。過去5年每年都透過股票回購將剩餘現金回饋給股東。我們的業績記錄是經過驗證的，我們打算在任何環境下繼續為股東創造價值。

In the Permian, we delivered on our full year production guidance and set a quarterly record of 867,000 barrels of oil equivalent per day while building our DUC inventory in the fourth quarter. Looking to the year ahead, our program is back-end loaded as we plan to continue to build our DUC inventory before adding an additional completion crew in the second half of the year. As a result, we expect production in the first half of the year to be down from the fourth quarter by about 2% to 4% before climbing toward a 2024 exit rate around 900,000 barrels per day.

在二疊紀，我們實現了全年產量指導，並在第四季度建立了 DUC 庫存的同時創下了每日 867,000 桶油當量的季度記錄。展望未來一年，我們的計劃是後端加載的，因為我們計劃在下半年增加額外的完井人員之前繼續建立 DUC 庫存。因此，我們預計今年上半年的產量將比第四季下降約 2% 至 4%，然後將攀升至 2024 年約 90 萬桶/日的退出率。

Chevron is a clear leader in Permian financial returns with our unique royalty advantage and strong execution across a diverse portfolio. We have strong momentum and expect to achieve 1 million barrels of oil equivalent per day in 2025.

雪佛龍憑藉我們獨特的特許權使用費優勢和多元化投資組合的強大執行力，在二疊紀財務回報方面處於明顯的領先地位。我們勢頭強勁，預計2025年產量將達到100萬桶油當量/日。

At TCO, we're making progress towards the first phase of WPMP FGP startup. This slide shows how the project fits within the overall field and facilities. The field, currently flowing at high pressure, continues to keep the existing plants full. In fact, 2023 net production was the highest since 2020.

在 TCO，我們正在朝著 WPMP FGP 啟動的第一階段取得進展。這張投影片展示了該項目如何適應整個領域和設施。該油田目前處於高壓狀態，並持續使現有工廠保持滿載。事實上，2023 年的淨產量是自 2020 年以來的最高水準。

We've completed a lot of project scope that is already operational. TCO is producing from the new wells. The upgraded and new utilities, gathering system, control center and power distribution system are all currently in operation.

我們已經完成了許多已經投入營運的專案範圍。 TCO 正在從新井生產。升級後的新公用設施、採集系統、控制中心和配電系統目前均已投入運作。

For WPMP, we're focused on starting up major equipment including gas turbine generators, pumps and compressors. We expect to hand over to operations the first pressure boost compressor in March for final dynamic commissioning. Once we have PBF compression online, WPMP startup is expected to begin in the second quarter when the first metering station is converted to low pressure, which will enable increased flow rates.

對於 WPMP，我們專注於啟動主要設備，包括燃氣渦輪發電機、泵浦和壓縮機。我們預計將在三月將第一台增壓壓縮機移交給營運部門進行最終的動態調試。一旦我們在線上進行 PBF 壓縮，WPMP 預計將在第二季啟動，屆時第一個計量站將轉換為低壓，這將提高流量。

Low-pressure production streams going back to existing process units will be driven by the pressure boost compression. At the same time, production from metering stations not yet converted will continue to flow in the high-pressure system. We expect metering station conversions through the remainder of the year as additional pressure boost compressors start-up, keeping the existing plants full around planned KTL and SGI turnarounds.

返回現有製程裝置的低壓生產流將由升壓壓縮驅動。同時，尚未轉換的計量站的生產將繼續流入高壓系統。我們預計，隨著額外的增壓壓縮機啟動，計量站將在今年剩餘時間內進行改造，從而在計劃的 KTL 和 SGI 檢修期間保持現有工廠的滿載運作。

For FGP, we're focused on starting up additional gas turbine generators and compressors along with multiple processing units. The sour gas injection facilities have already been handed over to operations for a final commissioning. FGP startup is expected in the first half of next year when incremental production enabled by fields conversion to low pressure will be processed in the new 3GP facility.

對於 FGP，我們專注於啟動額外的燃氣渦輪發電機和壓縮機以及多個處理單元。酸性氣體注入設施已交付營運進行最終調試。 FGP 預計將於明年上半年啟動，屆時油田轉換為低壓而實現的增量生產將在新的 3GP 設施中進行處理。

Since last quarter, 2 boilers came online and 2 gas turbine generators have delivered power. We've seen improvement in work scope delivery and have been working through additional discovery items. We'll continue to update you on progress and remain focused on key milestones to deliver a safe and reliable startup.

自上季以來，已有2台鍋爐上線，2台燃氣渦輪發電機已發電。我們已經看到工作範圍交付的改進，並且一直在研究其他發現項目。我們將繼續向您通報進度情況，並繼續關注關鍵里程碑，以提供安全可靠的啟動。

With that, I'll turn it over to Pierre to discuss the financials.

這樣，我將把它交給皮埃爾討論財務問題。

Thanks, Mike. We reported fourth quarter earnings of $2.3 billion or $1.22 per share. Adjusted earnings were $6.5 billion or $3.45 per share. Included in the quarter were $3.7 billion in charges preannounced in January. Foreign currency charges were almost $480 million.

謝謝，麥克。我們報告第四季度收益為 23 億美元，即每股收益 1.22 美元。調整後收益為 65 億美元，即每股 3.45 美元。該季度包括 1 月預先宣布的 37 億美元費用。外幣費用接近 4.8 億美元。

Our 2023 CapEx included $650 million of inorganic acquisitions and around $450 million invested in legacy PDC assets post closing. Excluding these items, CapEx was about 5% above budget after 3 consecutive years below.

我們 2023 年的資本支出包括 6.5 億美元的無機收購，以及交割後約 4.5 億美元投資於遺留 PDC 資產。排除這些項目，資本支出連續 3 年低於預算後，仍比預算高出約 5%。

Share repurchases matched the third quarter. Our balance sheet remained strong, ending the year with a net debt ratio comfortably in the single digits.

股票回購與第三季持平。我們的資產負債表依然強勁，年底淨負債率輕鬆維持在個位數。

Turning to the quarter. Adjusted earnings were higher than last quarter by roughly $730 million. Adjusted upstream earnings improved due to higher liftings, in line with record quarterly production and favorable timing effects.

轉向季度。調整後收益比上季高出約 7.3 億美元。由於提升量增加，調整後的上游收益有所改善，這與創紀錄的季度產量和有利的時機效應一致。

Adjusted downstream earnings decreased on lower refining margins, partially offset by a favorable swing in timing effects. All other benefited from lower corporate taxes and employee costs.

調整後的下游收益因煉油利潤率下降而下降，但被時機效應的有利波動部分抵消。所有其他方面都受益於較低的公司稅和員工成本。

For the full year, adjusted earnings decreased nearly $12 billion compared to the prior year. Adjusted upstream earnings decreased primarily due to lower prices. Adjusted downstream earnings were lower largely due to declining refining margins. Other segment earnings improved on lower employee costs and higher interest income.

全年調整後收益比上年減少近 120 億美元。調整後的上游收益下降主要是因為價格下降。調整後的下游收益下降主要是因為煉油利潤下降。其他部門的獲利因員工成本下降和利息收入增加而有所改善。

Solid financial performance enabled Chevron to deliver again on all 4 of its financial priorities. We announced an 8% increase in our dividend, reflecting our confidence in expected future free cash flow growth.

穩健的財務表現使雪佛龍能夠再次實現所有 4 項財務優先事項。我們宣布將股利增加 8%，反映出我們對預期未來自由現金流成長的信心。

We maintained capital discipline in both traditional and new energies. We reduced debt by over $4 billion, including all debt assumed in the PDC acquisition. And we repurchased about 5% of our shares outstanding.

傳統能源和新能源都保持資本紀律。我們減少了超過 40 億美元的債務，包括 PDC 收購中承擔的所有債務。我們回購了約 5% 的已發行股票。

Last year, we produced more oil and gas than in any other year in the company's history, including a record number of LNG cargoes out of Australia. We expect 2024 production to be higher again by 4% to 7%.

去年，我們生產的石油和天然氣比公司歷史上任何一年都多，其中來自澳洲的液化天然氣貨物數量創歷史新高。我們預計 2024 年產量將再次成長 4% 至 7%。

Our plans include production growth in the DJ Basin with a full year of legacy PDC operations and continued organic growth in the Permian. Our guidance this year includes an estimated impact from asset sales as we further high-grade our portfolio.

我們的計劃包括透過全年遺留 PDC 業務實現 DJ 盆地的產量成長以及二疊紀盆地的持續有機成長。隨著我們進一步提升投資組合的評級，我們今年的指導包括資產出售的估計影響。

Looking ahead, our first quarter downtime estimate includes around 20,000 barrels of oil equivalent per day associated with January's cold weather in North America. Earnings estimates from refinery turnarounds are mostly driven by Pascagoula.

展望未來，我們預計第一季的停機時間包括因北美 1 月寒冷天氣導致每天約 20,000 桶石油當量。煉油廠扭虧為盈的獲利預測主要是由​​帕斯卡古拉所推動的。

Share repurchases in the quarter will continue to be restricted under SEC regulations. Depending on commodity prices and margins, affiliate dividends are estimated around $4 billion, roughly flat with last year. We do not expect significant affiliate dividends in the first quarter. The difference between affiliate earnings and dividends is expected to decrease in the second half of the year after TCO startup of WPMP.

本季的股票回購將繼續受到 SEC 法規的限制。根據商品價格和利潤率，附屬公司股息預計約為 40 億美元，與去年大致持平。我們預計第一季不會有大量的附屬股息。 WPMP 啟動 TCO 後，預計下半年聯營公司獲利與股利之間的差異將縮小。

Our CapEx guidance range is unchanged from the December budget announcement. In prior years, our CapEx rate in the first half of the year was about 20% lower than the second half. Our price sensitivities have increased at higher production levels. About 20% of the Brent sensitivity relates to oil-linked LNG sales, and less than 10% relates to North America natural gas liquids.

我們的資本支出指導範圍與 12 月預算公告相比沒有變化。往年，我們上半年的資本支出率比下半年低約20%。隨著生產水準的提高，我們的價格敏感度也隨之提高。布蘭特原油敏感性中約 20% 與石油相關的液化天然氣銷售有關，不到 10% 與北美液化天然氣有關。

Back to you, Mike.

回到你身邊，麥克。

In closing, our priorities are clear: safely execute with excellence, maintain capital and cost discipline and return cash to shareholders. We're excited about the pending Hess acquisition, which will further strengthen Chevron.

最後，我們的優先事項很明確：安全、卓越地執行，維持資本和成本紀律，並向股東返還現金。我們對即將進行的赫斯收購感到興奮，這將進一步增強雪佛龍的實力。

I also want to personally thank Pierre for his invaluable contributions over his 35-year career with our company. He's been an exceptional strategic partner to me and an outstanding leader, helping guide Chevron to create significant value for shareholders. I wish him all the best in his retirement.

我還要親自感謝 Pierre 在我們公司 35 年的職業生涯中所做的寶貴貢獻。他是我的傑出策略夥伴和傑出領導者，幫助指導雪佛龍為股東創造巨大價值。我祝他退休後一切順利。

And I'll hand it off to Jake.

我會把它交給傑克。

That concludes our prepared remarks. We are now ready to take your questions. (Operator Instructions) Katie, please open the line.

我們準備好的演講到此結束。我們現在準備好回答您的問題。 （接線生指示）凱蒂，請接通電話。

(Operator Instructions) Our first question comes from Biraj Borkhataria with RBC.

（操作員說明）我們的第一個問題來自 RBC 的 Biraj Borkhataria。

And firstly, Pierre, congrats on the great career and all the best for retirement.

首先，皮埃爾，祝賀您取得了偉大的職業生涯，並祝您退休一切順利。

Thank you, Biraj.

謝謝你，比拉吉。

And thanks for all the help over recent years. I feel compelled to ask you a question on buybacks because this is your last time, but I'll try and resist.

感謝您近年來的所有幫助。我覺得有必要問你一個關於回購的問題，因為這是你最後一次，但我會盡力抵制。

So the question is on the Permian. You had a very strong production number in Q4, quite an inflection from what we've seen in the last few quarters. And I was interested in particular the comment on that volume growth alongside building the DUC inventory.

所以問題是關於二疊紀的。第四季度的產量非常強勁，與我們過去幾季看到的情況相比有很大變化。我對在建立 DUC 庫存的同時銷售成長的評論特別感興趣。

So presumably, the non-op side was a nice contribution in Q4. So could you just give some clarity on the bridge sort of 3Q to 4Q because the market has been concerned about you hitting the numbers, at least for this year, most recently.

所以想必，非操作方在第四季做出了不錯的貢獻。那麼，您能否澄清一下第三季到第四季的過渡情況，因為市場一直擔心您能否達到目標，至少在今年，最近是如此。

Sure. So in the third quarter, non-op was a little light. But in the fourth quarter, it came back. It didn't end the year, non-op and royalty are right where we guided to from the beginning of the year.

當然。所以在第三季度，非操作有點清淡。但到了第四節，情況又回來了。今年並沒有結束，非營運和版稅正是我們從年初開始指導的方向。

So through the -- through a year, the quarterly ups and downs on some of these things can create some questions, but it came in right as we guided to it in the mid-teens. The story on the fourth quarter was really strong execution.

因此，在過去的一年裡，其中一些事情的季度起伏可能會產生一些問題，但它正如我們在十幾歲左右的指導下出現的那樣。第四季的故事執行力確實很強。

We had more POPs. We -- because we had faster drilling and faster cycle time on completions, we had a shorter cycle time from frac to POP. So all of those increased. And as you noted, we did continue to build our DUC inventory because drilling performance was so strong.

我們有更多持久性的有機污染物。我們－因為我們有更快的鑽井速度和更快的完井週期時間，所以我們從壓裂到 POP 的週期時間更短。所以所有這些都增加了。正如您所指出的，我們確實繼續建立 DUC 庫存，因為鑽井性能非常強勁。

A couple of other things. POPs in the fourth quarter were weighted towards New Mexico. We had guided towards activity that would lead to more POPs in New Mexico in the second half of the year. Those wells are more productive than kind of on average than the rest of the portfolio. So that flows through.

還有其他一些事情。第四季的持久性有機污染物主要集中在新墨西哥州。我們指導的活動將導致下半年新墨西哥州出現更多持久性有機污染物。這些井的平均產量比投資組合的其他井高。這樣就可以流過。

And then the final thing that I would point to is we had higher reliability. You'll recall in the third quarter, we talked a little bit about some midstream constraints and other things that weren't related to completions or POPs or anything else, but there were constraints on flow.

我要指出的最後一件事是我們擁有更高的可靠性。您還記得在第三季度，我們討論了一些中游限制以及其他與完工、POP 或其他任何內容無關的事情，但流量上有限制。

We had fewer frac hits. We had fewer scheduled delays, weather downtime and midstream issues in the quarter. So all of that contributed to the strong performance there in the fourth quarter, and we ended the year right on our guidance.

我們的壓裂事故較少。本季我們的計劃延誤、天氣停機和中游問題較少。因此，所有這些都促成了第四季度的強勁表現，我們按照我們的指導結束了這一年。

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。

Yes. Thank you so much, Pierre. You're going out in style. And thanks for all the great insights and wisdom over the years.

是的。非常感謝你，皮埃爾。你要以時尚的方式出門。感謝多年來所有偉大的見解和智慧。

Thanks, Neil.

謝謝，尼爾。

The -- my question is on Slide 6, the TCO update. It sounds like the schedule and the cost guidance that was provided in November is still on track. But for us non-engineers maybe, Mike, you can kind of walk us through the schematic and help us understand what these boxes are the critical path issues that we should be focused on.

我的問題是在幻燈片 6 上，即 TCO 更新。聽起來 11 月提供的時間表和成本指導仍在按計劃進行。但對於我們非工程師來說，麥克，您可以引導我們瀏覽原理圖，幫助我們理解這些方塊是我們應該關注的關鍵路徑問題。

Yes. So you're right, Neil, the schedule and cost guidance is unchanged. I apologize for a more complex slide than we usually put out in front of you. But we want to be as transparent as we can and help people understand what's going on there at the field.

是的。所以你是對的，尼爾，時間表和成本指導沒有改變。對於比我們通常在您面前展示的更複雜的幻燈片，我深表歉意。但我們希望盡可能保持透明，幫助人們了解現場正在發生的事情。

Last quarter, we talked about our action plan, and we're seeing improved productivity. We shifted scope amongst contractors. We've added more engineering support in the field. And as we move through this, we're encountering discovery work as we expected. We found some around piping stress and alignment that we're working on right now.

上個季度，我們討論了我們的行動計劃，我們看到生產力有所提高。我們在承包商之間轉移了範圍。我們在該領域增加了更多的工程支援。當我們經歷這個過程時，我們正在遇到我們預期的發現工作。我們發現了一些關於管道應力和對齊的問題，我們現在正在研究這些問題。

The key thing to think about here is first of all, there's a lot of stuff that's up and running. All the new wells are producing right now. All this infrastructure in terms of utility and power distribution and control center is up and running.

這裡要考慮的關鍵問題是，首先，有很多東西正在啟動並運行。所有新井目前都在生產。所有這些公用設施、配電和控制中心基礎設施均已啟動並運作。

And as we -- so that's keeping the plants full, and we saw a really strong performance last year, I mentioned the strongest in 4 years and the fourth strongest in the history of the field. So we're seeing good deliverability out of the new wells, which is the key thing for production this year is keeping those plants full while we begin to convert the field from pushing into a high-pressure plant to lower back pressure on the field, which improves deliverability from the wells and allows us to extend the life of the field and get up to 1 million barrels a day.

因為我們——所以這讓工廠保持滿負荷，去年我們看到了非常強勁的表現，我提到了四年來最強的表現，也是該領域歷史上第四強的表現。因此，我們看到新井的產能良好，今年生產的關鍵是保持這些工廠滿負荷，同時我們開始將油田從推壓工廠轉變為降低油田背壓，這提高了油井的產能，使我們能夠延長油田的使用壽命，每天產量高達100 萬桶。

So when we begin converting these metering stations and there are 21 of them, we will then take production from a metering station now that is producing under low pressure. And we'll boost that back up to get into the existing plant.

因此，當我們開始改造這些計量站（總共有 21 個）時，我們將從現在正在低壓下生產的計量站進行生產。我們將加強這項支持以進入現有工廠。

As we get more and more of those, converted more of these pressure boost compressors online, we'll get the whole field now producing against the lower back pressure, which gives us a lot of excess well capacity. And it ensures that we are going to keep the plant full.

隨著我們獲得越來越多的此類壓縮機，並在線轉換更多的增壓壓縮機，我們現在將使整個油田在較低的背壓下生產，這給我們帶來了大量的過剩井產能。它確保我們能夠保持工廠滿載運轉。

And as we then bring on the new process equipment, we start to route that low-pressure production into a plant that will run at lower pressure. And so that's really the kind of the high-level description of what we're trying to convey there. And we've got a legend that shows you certain things we're going to begin startup in various quarters.

當我們引進新的製程設備時，我們開始將低壓生產轉移到一個在較低壓力下運作的工廠。這確實是我們想要傳達的高層描述。我們有一個傳說向您展示了我們將在各個季度開始啟動的某些事情。

For FGP, we're focused on commissioning the major equipment there that will allow us to bring up the plant that will take us to 1 million barrels a day. And we're transferring learnings from compressors, pumps and other things that we're working on now, walking down the critical substations. And we'll continue to provide updates on the key milestones here. We're talking about a couple of gas turbine generators online.

對於 FGP，我們的重點是調試那裡的主要設備，這將使我們能夠啟動工廠，使我們的產量達到每天 100 萬桶。我們正在傳授從壓縮機、泵浦和其他我們正在研究的東西中學到的知識，走遍關鍵的變電站。我們將繼續在此提供關鍵里程碑的更新。我們正在網路上談論一些燃氣渦輪發電機。

First quarter's inlet separator is ready for operation. We'll commission that on sweet fluids as we prepared for sour production. And then, as I said in the second quarter, we begin the PBF startup and metering station conversions. So it's all on track with our guidance, and we will continue to provide you detail as we move forward each quarter on specific milestones and progress.

第一季的入口分離器已準備好運作。當我們準備酸生產時，我們將在甜液體上進行委託。然後，正如我在第二季所說，我們開始 PBF 啟動和計量站轉換。因此，一切都在我們的指導下步入正軌，隨著每個季度具體里程碑和進展的進展，我們將繼續向您提供詳細資訊。

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, I have to offer my congrats as well. And with the quarter to date, thanks for making us in the sell-side look smart. A nice way to go out. The best wishes in retirement.

皮埃爾，我也必須表示祝賀。從本季至今，感謝您讓我們賣方看起來很聰明。一個很好的外出方式。退休後最美好的祝福。

Thank you, Doug.

謝謝你，道格。

My question, Mike, is, I guess, it's got a part A and B, so apologies to Jake on that. But it's kind of around disposals. Our understanding from the Hess side is that despite the fact that you haven't filed the S-4 yet, you haven't got the FTC yet, and I realize that those processes are ongoing, but the integration planning is still going ahead full steam.

麥克，我的問題是，我猜它有 A 部分和 B 部分，所以對此向 Jake 表示歉意。但這有點圍繞處置。 Hess 方面的理解是，儘管您尚未提交 S-4，也尚未獲得 FTC，而且我意識到這些流程仍在進行中，但整合計劃仍在全面推進中。蒸汽。

And I'm just curious if you can offer any color on how that process has evolved as it relates specifically to portfolio high grading. The absence of Malaysia in your go-forward plan, for example, it seems to me a $15 billion number might have a lot of upside. So any color you can offer on that topic, please.

我只是很好奇您是否可以提供有關該過程如何演變的任何信息，因為它與投資組合高評級特別相關。例如，在你的前進計劃中沒有馬來西亞，在我看來，150 億美元的數字可能有很大的上升空間。因此，請您就該主題提供任何顏色。

Yes. Doug, it's really premature for us to comment on that until the transaction closes. Hess has a pretty tight portfolio of assets that are performing well. And we really need to close the deal, have access to all the data and reoptimize all of our views of portfolio investments and update our new plan. And so I don't want to speculate on any assets.

是的。道格，在交易完成之前我們對此發表評論還為時過早。赫斯擁有相當緊張且表現良好的資產組合。我們確實需要完成交易，存取所有數據並重新優化我們對投資組合的所有看法並更新我們的新計劃。所以我不想對任何資產進行投機。

And look, we've got some of our own assets that we do have out in the public domain already. You may have seen reports on Kaybob Duvernay, on Congo. So there are some divestments that we have signaled out of the Chevron portfolio.

看，我們已經擁有一些自己的資產，並且已經在公共領域公開了。您可能看過有關剛果凱博布·杜韋爾內 (Kaybob Duvernay) 的報導。因此，我們已經表示要從雪佛龍投資組合中撤資。

And I think as you see the divestments unfold over the next few years because we will have more assets in the portfolio that come from legacy Chevron, that is likely to be a greater contributor, I would guess, to the overall $10 billion to $15 billion number than things that come in through this transaction. But I can't comment on Malaysia or any other particular asset until we get past the close.

我認為，正如你所看到的，未來幾年撤資將展開，因為我們的投資組合中將有更多來自傳統雪佛龍的資產，我猜這可能會對100 億至150 億美元的整體資產做出更大的貢獻。數量比透過這筆交易進來的東西要多。但在收盤後我無法對馬來西亞或任何其他特定資產發表評論。

We'll go next to Josh Silverstein with UBS.

接下來我們將討論瑞銀集團的喬許‧西爾弗斯坦 (Josh Silverstein)。

Coming back to the Permian, you're stepping up the CapEx this year to about $5 billion versus $4 billion last year to help you deliver the year-over-year growth. As you continue to ramp towards the 1 million BOE per day target, what's needed from a CapEx standpoint to deliver this growth? Can you stay closer to the $5 billion range? Or does that step up towards $6 billion in 2025 because you have an accelerating pace to hit that?

回到二疊紀，今年您將把資本支出從去年的 40 億美元增加到約 50 億美元，以幫助您實現同比增長。隨著您繼續朝著每天 100 萬桶油當量的目標邁進，從資本支出的角度來看，需要什麼才能實現這一增長？您能維持在 50 億美元的範圍內嗎？或者說，到 2025 年，這一數字是否會達到 60 億美元，因為您正在加快實現這一目標的步伐？

Yes. No, appreciate the question, Josh. We're starting this year with 12 rigs and 3 frac crews. I mentioned we'll add a fourth frac crew around the middle of the year.

是的。不，謝謝你的問題，喬許。從今年開始，我們將擁有 12 台鑽孔機和 3 名壓裂人員。我提到我們將在今年年中增加第四名壓裂人員。

But at the same time, we're becoming more efficient. We need fewer rigs to drill the planned lateral feet that we've got out in front of us. And so as we close in on 1 million barrels a day, we're at the capital level that I think is going to be required to get us there.

但同時，我們正在變得更有效率。我們需要更少的鑽孔機來鑽我們前面計劃的側腳。因此，當我們接近每天 100 萬桶時，我認為我們的資本水準是實現這一目標所需的。

And then the really nice thing about this is, when you're trying to hold the plateau as opposed to grow from 700,000 to 800,000 to 900,000 to 1 billion -- 1 million a day, you actually can pull capital spending down because you're offsetting decline. You're not trying to offset decline and grow by significant chunks each year.

真正好的一點是，當你試圖保持穩定狀態而不是從 700,000 增長到 800,000 到 900,000 到 10 億——每天 100 萬時，你實際上可以減少資本支出，因為你抵消下降。你並不是試圖抵消每年的衰退和大幅成長。

And so inflation has moderated, and that has been a challenge. We've talked about some of the things, we're moving water around a little bit more, but that's embedded in our plan now going forward. So I would not anticipate that we're going to have to go towards $6 billion in order to get there.

因此通貨膨脹已經放緩，這是一個挑戰。我們已經討論了一些事情，我們正在更多地移動水，但這已融入我們現在的計劃中。因此，我預計我們不會需要花費 60 億美元才能實現這一目標。

And as we get to each year, we'll give you an updated guide on it. But when we plateau production, capital spending and capital discipline really matters. I just want to emphasize this. We intend to live within our capital means and be really tight on capital. And that applies to the Permian along with every other asset.

每年，我們都會為您提供更新的指南。但當我們的生產趨於穩定時，資本支出和資本紀律確實很重要。我只是想強調這一點。我們打算量入為出，資金非常緊張。這適用於二疊紀以及其他所有資產。

We'll go next to Paul Cheng with Scotiabank.

接下來我們將與豐業銀行聯絡 Paul Cheng。

And first, I want to congratulate, Pierre, and thank you for all the years, actually over the past couple of decades that all the help, we may appreciate.

首先，我要祝賀皮埃爾，並感謝您多年來，實際上是過去幾十年來的所有幫助，我們可能會感激不盡。

Thanks, Paul.

謝謝，保羅。

Mike and Pierre, I think, Mike, when you first become the CEO, I think one focus is that cost matter for you. And that over the last several years, there's a lot of acquisition and change in portfolio. So it's very difficult for us from the outside to see where is your cost structure comparing to, let's say, before the pandemic in 2019.

麥克和皮埃爾，我想，麥克，當你第一次成為執行長時，我認為一個焦點是你的成本問題。在過去的幾年裡，投資組合發生了許多收購和變化。因此，我們很難從外部了解你們的成本結構與 2019 年大流行之前相比如何。

Is there any way that you can help us in terms of what is the structural cost base there for you to date comparing to, say, a number of years ago, especially during the early part of the pandemic, you guys did have a restructuring effort.

你們有什麼方法可以幫助我們了解迄今為止你們的結構性成本基礎是多少，與幾年前相比，特別是在大流行的早期，你們確實進行了重組工作。

Yes, Paul, I don't have all that stuff right on the top of my head to go back to 2019. It's a fair request. But look, I think we showed a chart in here over the last several years that our unit costs are relatively flat. In fact, I think we're #2 on that chart. We don't break out each of the competitors.

是的，保羅，我腦子裡沒有那麼多想回到 2019 年的事情。這是一個公平的請求。但是看，我認為我們在這裡展示了過去幾年的圖表，表明我們的單位成本相對持平。事實上，我認為我們在該圖表上排名第二。我們不會逐一列出每個競爭對手。

Our unit OpEx last year was about 15 80 a barrel, which is about 5% lower than the year before. And we still have outstanding unit OpEx reduction targets going out to 2026 at mid-cycle.

去年我們單位的營運支出約為每桶 15 80 美元，比前年下降了約 5%。我們仍然有 2026 年中期的單位營運支出削減目標。

We've had some inflation along the way. But you're right, we took a lot of costs out of the business in 2020 and 2021.

一路走來，我們經歷了一些通貨膨脹。但你是對的，我們在 2020 年和 2021 年從業務中削減了大量成本。

So as we bring together Hess, and this gets a little bit to the question that Doug was asking as well, we will come out with an update to investors that talks about the portfolio, updates guidance on all the metrics that matter. And I assure you that I have not changed my view that cost control always matters, and capital discipline always matters. So we'll update you on those numbers specifically, Paul.

因此，當我們將赫斯召集在一起時，這也有點回答了道格提出的問題，我們將向投資者提供有關投資組合的最新信息，並更新所有重要指標的指導。我向你們保證，我的觀點沒有改變，即成本控制始終很重要，資本紀律始終很重要。保羅，我們將具體向您通報這些數字的最新情況。

We'll go next to Sam Margolin with Wolfe Research.

接下來我們將與沃爾夫研究中心的薩姆·馬戈林進行對話。

And thanks for everything, Pierre. Maybe this one will be a easy or a hard one for you depending on what you're planning for. But it's about -- it's a follow-up on TCO in Kazakhstan and the affiliate dividend guidance.

感謝你所做的一切，皮埃爾。也許這對你來說是一件容易的事，也可能是一件困難的事，這取決於你的計畫。但這是哈薩克 TCO 和附屬股息指導的後續行動。

And what's interesting about it is that it's flat year-over-year with a commodity assumption that may be a little bit lower than the prior year. And within affiliates, there's also some LNG exposure, which isn't as strong as it was last year ex TCO.

有趣的是，它與去年同期持平，大宗商品假設可能略低於前一年。在附屬公司內部，也存在一些液化天然氣風險，但不包括去年的 TCO 強勁。

And so I guess the question is like you've given this really robust technical update on Tengiz and where we stand. But are we already at a point where TCO is sustaining a level of dividends that's a little bit more stable than it was kind of at the peak of the construction process or the installation process, and we're sort of in a progression to this pro forma very stable cash flow profile from TCO? Or is that number -- am I reading too much into that affiliate guidance number?

所以我想問題是你已經對 Tengiz 和我們的立場進行了真正強大的技術更新。但是，我們是否已經處於 TCO 維持股息水準的階段，該水準比施工過程或安裝過程的高峰期更加穩定，我們正在向這一專業方向發展？TCO 是否會形成非常穩定的現金流狀況？或者這個數字——我是否對聯盟指導數字解讀太多了？

Thanks, Sam. Absolutely, TCO dividends are on a higher trajectory just because capital is -- has wound down. And as we've said, when we get the incremental production from FGP, it goes even higher.

謝謝，山姆。當然，TCO 股息正處於更高的軌道，只是因為資本已經減少。正如我們所說，當我們從 FGP 獲得增量產量時，產量會更高。

There are some puts and takes. So we talked in last year, the TCO had held some surplus cash and released that last year. This year, they're going to have to build some cash as they head into debt payments, which, as you recall, we co-lend. We will be receiving that.

有一些放和取。所以我們去年談到，TCO 持有一些剩餘現金並在去年釋放。今年，他們在償還債務時將不得不累積一些現金，正如你所記得的，我們共同貸款。我們將會收到。

So there are some -- there will be some timing variation. But your point around the trajectory is absolutely right because CapEx is winding down. So this has been largely self-funded. As an affiliate company, as CapEx goes down, there's more cash available. It does depend on commodity price assumptions.

所以會有一些——會有一些時間上的變化。但你關於軌跡的觀點是絕對正確的，因為資本支出正在逐漸減少。所以這很大程度是自籌資金。作為一家附屬公司，隨著資本支出下降，可用現金就會增加。它確實取決於商品價格假設。

You're right, LNG is in there and also petchem. And so those are the major drivers, a little bit of refining are the major drivers of our affiliate dividends. So it's a roughly flat with the prior year. We'll update that as we go along during the year.

你是對的，液化天然氣和石化產品都在那裡。因此，這些是主要驅動力，一點點改進是我們聯盟股利的主要驅動力。因此，與前一年大致持平。我們將在這一年中更新這一點。

But absolutely, TCO, we've been investing in that project for 8 years. It's going to generate a lot of cash when it comes on next year.

但絕對的是，TCO，我們已經在該專案上投資了 8 年。明年上市時將產生大量現金。

And maybe, Sam, just one more point. What you're going to see, too, is because it's tricky as an affiliate, that line, that's affiliated earnings less dividend, that's going to flip. And until you see it, it will be hard for everyone to model it. But what has been historically aligned where affiliate earnings are higher than dividends, you will see that flip in time as we pull out more cash out of TCO, in particular, than the earnings than the book earnings are.

山姆，也許還有一點。你也會看到的是，因為作為附屬公司，這很棘手，那條線，即附屬收益減去股息，就會翻轉。在你看到它之前，每個人都很難對其進行建模。但從歷史上看，聯營公司盈利高於股息，隨著我們從 TCO 中提取更多現金（特別是盈利高於賬面盈利），您會及時看到這種情況的轉變。

We'll go next to Nitin Kumar with Mizuho.

我們將和 Mizuho 一起去 Nitin Kumar 旁邊。

So part A and part B type of question, but really on the Permian. Mike, in your slides, you highlight that optimized well spacing and maybe coring up where you were drilling in 2023 helped the well productivity. At the Analyst Day, you had talked about some technologies. And I'm just curious, were any of the improvements you saw in '23 related to those?

A 部分和 B 部分是類型問題，但實際上是關於二疊紀的。麥克，在您的幻燈片中，您強調了優化的井距以及可能在 2023 年鑽井的位置取芯有助於提高油井生產力。在分析師日，您談到了一些技術。我只是很好奇，您在 23 年看到的任何改進是否與這些相關？

And then part B very quickly is you're growing almost 200,000 barrels from here until -- in the next 2 years. Last quarter, you had some infrastructure issues. What are you doing to get ahead of those infrastructure issues that don't resurface over that time period?

然後，B 部分很快就從這裡開始，直到未來 2 年內，您將種植近 200,000 桶石油。上個季度，您遇到了一些基礎設施問題。您正在採取哪些措施來解決那些在此期間不會重新出現的基礎設施問題？

Yes. Nitin, what I would say on technology, I referenced the fact that we're drilling more feet out of the same rig fleet. We're improving on completions. And so there are a lot of small things that are contributing to the performance that we're seeing right now.

是的。尼廷，我要說的是技術，我提到了這樣一個事實：我們正在從同一台鑽機中鑽出更多英尺的石油。我們正在改善完工情況。因此，有很多小事情對我們現在看到的性能做出了貢獻。

The improved recovery technologies are in various stages of being piloted out in the field. And so to the extent some of those pilots are in the production, they contribute. But I would say it's at the margin because we're gathering field data to look at changes in completion and fracture techniques using gas injection and gas lift in different ways using some different chemicals to improve flow.

改進後的回收技術正處於現場試點的各個階段。因此，就其中一些試點計畫參與製作而言，他們做出了貢獻。但我想說這是在邊緣，因為我們正在收集現場數據來研究完井和壓裂技術的變化，使用氣體注入和氣舉以不同的方式使用一些不同的化學物質來改善流動。

So as we get those into large-scale deployment, we'll start to talk about that, and we'll help you understand how they're contributing. But I would say right now, it's more on the drilling and completions cycle time side that we're seeing some of these improvements. And so there's more to come.

因此，當我們將它們大規模部署時，我們將開始討論這一點，我們將幫助您了解它們如何做出貢獻。但我現在想說的是，更多的是在鑽井和完井週期方面，我們看到了一些改進。所以還有更多的事情要做。

On midstream infrastructure, the -- some of the issues that we've talked about before can be -- they can be weather-related. They can be related to some regulatory items. They can be related to a particular gas processing plant or gathering or offtake pipeline system. We're working all of those because your point is well made. As a large producing asset at that scale, we need really, really reliable performance downstream of the wells.

在中游基礎設施方面，我們之前討論過的一些問題可能與天氣有關。它們可能與一些監管項目有關。它們可能與特定的天然氣處理廠或集輸管道系統有關。我們正在努力解決所有這些問題，因為您的觀點提出得很好。作為如此規模的大型生產資產，我們需要油井下游真正非常可靠的性能。

And we have no constraints on takeaway capacity out of the basin. So we're well positioned not just for '24, but into '25 and '26 with ultimate takeaway capacity to access the market. But we do have a lot of pipes, pumps, tanks and other things between the field and the market, and those things need to perform. And that is a high priority for our operations team in the field.

而且我們對流域外的外送能力沒有任何限制。因此，我們不僅在 24 年，而且在 25 和 26 年都處於有利位置，具有進入市場的最終外送能力。但我們在現場和市場之間確實有很多管道、泵、儲罐和其他東西，這些東西需要發揮作用。這是我們現場營運團隊的首要任務。

As I mentioned, fourth quarter performance was very strong. And they're on this, and it's a very high priority. We saw a little bit of weather in January, which Pierre guided to, that will have a modest impact. But we're confident that we've got a line of sight on all the operational priorities in order to ensure that, that market access isn't constrained.

正如我所提到的，第四季的表現非常強勁。他們正在處理這個問題，而且這是一個非常重要的優先事項。我們在一月份看到了皮埃爾指導的一些天氣，這將產生一定的影響。但我們相信，我們已經了解所有營運優先事項，以確保市場准入不受限制。

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, I want to echo the congrats. Thanks for all the help over the years.

皮埃爾，我想表達祝賀。感謝多年來所有的幫助。

Thanks, Devin.

謝謝，德文。

I wanted to circle back to TCO. And Mike, I think last quarter, when you provided the updated guidance on timeline, one of the things that you noted was workforce productivity. And I was wondering if you could comment on some of the changes that you've implemented to improve labor productivity over the past several months, how it's progressing versus plan.

我想回到 TCO。麥克，我認為上個季度，當您在時間表上提供更新的指導時，您提到的其中一件事是員工生產力。我想知道您是否可以評論一下您在過去幾個月中為提高勞動生產力而實施的一些變革，以及與計劃相比進展如何。

And in your comments, you mentioned improved scope of work in the context of FGP. I'm not sure that's related to labor or something else. But if you could elaborate on that comment as well, that would be great.

在您的評論中，您提到了 FGP 背景下工作範圍的擴大。我不確定這與勞動或其他什麼有關。但如果您也能詳細說明該評論，那就太好了。

Yes. So we have multiple contractors working on commissioning and startup. And so this is everything from walking systems down to ensure that they've been properly inspected that we refer to as punchlist items have been identified, which is work that still needs to be completed by contractors.

是的。因此，我們有多個承包商正在進行調試和啟動。因此，這就是從走下系統到確保它們經過適當檢查（我們稱之為已確定問題清單項目）的一切，這仍然需要承包商完成的工作。

And then you get into the loop checks and equipment runs and all the work to bring pieces of equipment up into service. So we've got a number of contractors working on this. We've moved scope from contractors that have had lower productivity to those that have exhibited higher productivity.

然後您進入循環檢查和設備運行以及使設備投入使用的所有工作。所以我們有很多承包商正在從事這方面的工作。我們已將範圍從生產力較低的承包商轉移到生產力較高的承包商。

We've brought in additional resources to beef up the overall capacity. And on the resources or the contractors that have lower productivity, we've worked with them to understand where are the constraints in the bottlenecks.

我們引入了額外的資源來增強整體能力。對於生產力較低的資源或承包商，我們與他們合作以了解瓶頸的限制在哪裡。

And we've seen one who had a productivity factor as we measure it that was down in the kind of 0.4 range previously is up above 0.7 now, and we're targeting to get that up again by a similar quantum. So there's a lot of work on the ground to be sure we got the right people working on the right things so we have enough contract resources there that we're also bringing in technical resources as we discover items that need more technical solutions. And that can include company people or vendor people, and we're out much further ahead.

我們發現，我們測量的生產率係數之前下降了 0.4，現在已經上升到 0.7 以上，我們的目標是再次提高類似的幅度。因此，我們需要做大量的工作來確保我們讓合適的人做正確的事情，這樣我們就有足夠的合約資源，當我們發現需要更多技術解決方案的專案時，我們也會引入技術資源。這可能包括公司人員或供應商人員，我們已經領先了很多。

Last quarter or the quarter before, the walk downs and other identification of issues was a few short weeks ahead of the crews that were actually doing this work. We're several weeks now, 7, 8 or more weeks out ahead of the teams that are doing the work.

上個季度或前一個季度，巡視和其他問題的識別比實際從事這項工作的工作人員提前了幾週。我們現在比正在進行這項工作的團隊提前了幾週、七、八週或更長時間。

So you've got a much better ability to plan and execute the work in a much more efficient manner because you've got some time to put the work 33:30 back together, get the permitting done, be sure that you've got all the right tools, equipment, et cetera.

因此，您有更好的能力以更有效率的方式規劃和執行工作，因為您有一些時間 33:30 將工作重新組合起來，完成許可，確保您已經所有合適的工具、設備等等。

So it's a great, big project, Devin. It's the largest brownfield project and most complex brownfield project I've seen in my life. And we're seeing good improvements in terms of the on-the-ground performance out of our team and out of all the contractor teams that are working on this.

所以這是一個偉大的大項目，德文。這是我一生中見過的最大的棕地項目，也是最複雜的棕地項目。我們看到我們的團隊和所有從事此工作的承包商團隊的實地表現都取得了良好的進步。

We'll take our next question from Jason Gabelman with TD Cowen.

我們將回答 Jason Gabelman 和 TD Cowen 提出的下一個問題。

Yes. I just want to echo everyone's comments. Pierre, it's been great working with you, and good luck in retirement.

是的。我只是想回應大家的評論。皮埃爾，與你一起工作非常愉快，祝你退休後好運。

Thank you, Jason.

謝謝你，傑森。

I wanted to ask -- go back to the Permian Basin, and I appreciate the type curve data that you provided in the back of the slide deck. It's a bit difficult to reconcile with the data -- with the type curves you provided, particularly for the Delaware at the 2023 Capital Markets Day when you forecasted a large improvement in productivity. Can you just talk about if your type curves, particularly in the Delaware Basin, ended up in line with where you anticipated them being as shown in that Capital Markets Day type curve?

我想問——回到二疊紀盆地，我很欣賞您在幻燈片後面提供的類型曲線數據。使用您提供的類型曲線來協調數據有點困難，特別是對於特拉華州在 2023 年資本市場日的預測，當時您預測生產力將大幅提高。您能否談談您的類型曲線（尤其是特拉華盆地的類型曲線）最終是否與您預期的資本市場日類型曲線所示的位置一致？

Yes. So I'll quickly just touch on the Midland Basin, where we continue to be a first quartile performer, steady consistent performance. We understand the geology. There's less fluid complexity. And so we're a top quartile, first quartile performer there in the Midland.

是的。因此，我很快就會談談米德蘭盆地，在那裡我們仍然是第一個四分位的表現者，表現穩定一致。我們了解地質學。流體複雜性較低。因此，我們是米德蘭地區排名前四分之一、第一四分位的表演者。

In the Delaware, we last year showed actual data on a Delaware-wide basis. And then we showed some forward guidance, particularly focused on New Mexico because we were shifting so much of our program into New Mexico, which, as I mentioned earlier, is a more productive portion of the basin.

在特拉華州，我們去年展示了特拉華州範圍內的實際數據。然後我們展示了一些前瞻性指導，特別關注新墨西哥州，因為我們將大部分計劃轉移到新墨西哥州，正如我之前提到的，新墨西哥州是流域生產力更高的部分。

And in the Delaware, New Mexico we saw a significant improvement with our second half POPs last year. More than 80% of our POPs were in the second half in these more productive areas, and the subsurface performance there has been very strong. In the appendix, we've got a slide that shows you 49 out of the 59 POPs were in the second half. And you can see that they lay right on the type curve.

去年下半年，特拉華州和新墨西哥州的持久性有機污染物有了顯著改善。下半年我們 80% 以上的 POP 都集中在這些生產力更高的地區，而且那裡的地下表現非常強勁。在附錄中，我們有一張幻燈片，顯示 59 個 POP 中有 49 個發生在下半場。您可以看到它們正好位於字體曲線上。

And then you can see the improvement in the Delaware Basin, Texas, which we didn't guide to last year because it was in that combined chart there. But we've seen strong improvement. We've updated our well spacing and completion designs there.

然後你可以看到德克薩斯州特拉華盆地的改善，我們去年沒有指導它，因為它在那裡的合併圖表中。但我們已經看到了強勁的進步。我們在那裡更新了井距和完井設計。

And within the basin, there are subbasins, and some of those are performing exceptionally strong as well. So we're seeing performance that is very consistent with what we outlined in the Markets Day last year. I think the shift in basis was just to provide you a little bit more detail into these sub basis, and we'll continue to report on that basis going forward.

盆地內部也存在子盆地，其中一些子盆地的表現也異常強勁。因此，我們看到的表現與我們去年市場日概述的非常一致。我認為基礎的轉變只是為了向您提供這些子基礎的更多細節，我們將繼續在此基礎上進行報告。

And just as a reminder, too, Jason, so last year's performance in New Mexico, it wasn't impacted by long-sitting DUC. So the year-on-year is bang on. It's consistent with the said guidance, and you see the improvement in Texas because there was the impact from long-sitting DUCs in the prior year.

傑森，也提醒一下，去年在新墨西哥州的表現並沒有受到長期任職的 DUC 的影響。所以逐年成長是很順利的。這與上述指導一致，並且您將看到德克薩斯州的改善，因為受到了上一年長期任職的 DUC 的影響。

We'll take our next question from Jeoffrey Lambujon with TPH & Co.

我們將回答 TPH & Co 的 Jeoffrey Lambujon 所提出的下一個問題。

I wanted to follow up actually on the Permian and specifically ask on the program this year. What kind of opportunity do you see from here for further improvements to spacing and completion design, cycle times if any, in the Texas, Delaware region?

我想實際跟進二疊紀，並特別詢問今年的計劃。您認為在德克薩斯州、特拉華州地區進一步改進間距和完井設計以及週期時間（如果有的話）有什麼樣的機會？

And could -- what's working well there translate to New Mexico to make those wells even stronger, quicker to jump and complete or even to the Midland side? And then secondly, how are you all thinking about the mix of capital allocation across these regions within the Permian throughout this year?

那裡的良好運作是否可以轉化為新墨西哥州，使這些油井變得更堅固、更快地跳躍和完井，甚至轉化為米德蘭一側？其次，你們如何看待今年二疊紀這些地區的資本配置組合？

Yes. So we're constantly looking to learn and improve. And as I mentioned earlier, we've seen significant improvement in drilling time, completion time, time for completion to POP this year. And these are a lot of little things, right. This is -- as you continue doing things, you find more and more efficiencies. We can bring more technology to bear, et cetera.

是的。因此，我們不斷尋求學習和改進。正如我之前提到的，今年我們在鑽井時間、完井時間、POP 完井時間方面看到了顯著改善。這些都是很多小事，對吧。這就是──當你繼續做事時，你會發現效率越來越高。我們可以帶來更多技術，等等。

So -- and we look to extend those learnings across the basin, and frankly, between basins. So into the DJ Basin and from the DJ Basin down to the Permian. There are differences in the sub basins that you have to understand and respect.

因此，我們希望將這些經驗擴展到整個流域，坦白說，是在流域之間。進入 DJ 盆地，再從 DJ 盆地向下到達二疊紀。您必須理解和尊重子流域之間的差異。

But I mean, the short answer is yes. We are looking for ways to transfer learnings across there. And every time I think we're probably at the plateau in terms of productivity improvement, smart people find ways to continue to get even better at this. And so I don't think we've seen the end of the performance improvement cycle.

但我的意思是，簡短的答案是肯定的。我們正在尋找將學到的知識轉移到那裡的方法。每當我認為我們在生產力提高方面可能處於平台期時，聰明的人就會找到繼續在這方面做得更好的方法。因此，我認為我們還沒有看到效能改進週期的結束。

Our overall capital allocation into the basin is largely a function of where our portfolio lies. About 25% is in the Midland Basin, 25% is in the Delaware New Mexico portion of the basin and then the balance, about 50%, is in Delaware Texas. It's been that way here. This past year and going forward, that's a pretty good way to approximate it.

我們在該盆地的整體資本配置很大程度上取決於我們的投資組合所在。大約 25% 位於米德蘭盆地，25% 位於該盆地的特拉華州新墨西哥州部分，其餘約 50% 位於德克薩斯州特拉華州。這裡一直是這樣。從過去的一年到未來，這是一個很好的近似方法。

We'll go next to John Royall with JPMorgan.

接下來我們將討論摩根大通的約翰‧羅亞爾 (John Royall)。

And congratulations to Pierre. I'm going to give you guys a break on TCO and the Permian. I'm going to ask a question on the DJ. So just looking at this growth of 125 kbd for '24, how should we think about that growth off of a pro forma '23 basis? Just trying to understand what's kind of the underlying real growth rate in the DJ. And then if you could just update us with a couple of quarters behind you now post PDC on your broader plans for development in the DJ.

祝賀皮埃爾。我要跟大家介紹一下 TCO 和二疊紀。我要問一個關於 DJ 的問題。因此，只要看看 24 年 125 kbd 的成長，我們該如何考慮在 23 年預計基礎上的成長？只是想了解 DJ 的潛在實際成長率是多少。然後，如果您能在幾個季度後向我們報告您的最新情況，請在 PDC 上發布您在 DJ 領域的更廣泛發展計劃。

Yes. So we've now got a -- fourth quarter is the first full quarter with PDC. The third quarter, we had 2 months out of the 3 with PDC in there. And you can see we came in, in the fourth quarter a little bit over 400,000 barrels a day, which is, our plans are to hold the DJ around 400,000 barrels a day going forward in a highly efficient factory.

是的。所以我們現在看到了——第四季是 PDC 的第一個完整季度。第三季度，我們有 3 個月中有 2 個月是 PDC 參與的。你可以看到我們第四季度的產量略高於每天 40 萬桶，也就是說，我們的計劃是在一個高效的工廠中將 DJ 產量保持在每天 40 萬桶左右。

And the fourth quarter was maybe even a little stronger than we might have expected. There wasn't as much weather-related downtime in November and December. And then there were some accounting adjustments that were booked into the fourth quarter that were not really related in operations.

第四季的表現甚至可能比我們預期的還要強一些。 11 月和 12 月與天氣相關的停機時間較少。然後還有一些會計調整被記入第四季度，但與營運無關。

So the above 400 is there's a few things contributing to that, that probably are not repeating or going to pull back a little bit. But we're confident we can hold around 400,000 barrels a day.

因此，上述 400 是有些因素造成的，這些因素可能不會重複或不會有所回落。但我們有信心每天可以持有約 40 萬桶。

We're still executing the well design and well spacing that was in the PDC basis of design, which is a little bit different than ours, a little -- a few more wells and tighter spacing and driven more to drive volume. Our basis of design is more focused on return on invested capital. And so it's wider spacing, it's bigger fracs, but it's less capital overall and higher return.

我們仍在執行 PDC 設計基礎中的井設計和井間距，這與我們的設計有點不同，一點點——更多的井和更緊密的間距，並驅動更多的量來驅動產量。我們的設計基礎更注重投資資本回報。因此，間距較寬，壓裂較大，但整體資本較少，回報較高。

And so as we transition to a standardized -- more standardized basis design across the basin, you'll see that roll into the numbers. We've got 4 rigs that are going. We've got permits out for multiple years, nearly to the end of the decade. And so we're very, very pleased, and we're learning things, I got to tell you.

因此，當我們過渡到整個流域的標準化——更標準化的基礎設計時，您會看到這一數字不斷增加。我們有 4 台鑽孔機正在運作。我們已經獲得了多年的許可證，幾乎到了本世紀末。所以我們非常非常高興，我必須告訴你，我們正在學習一些東西。

There's some stuff that we've learned from PDC that will apply not only in the rest of the DJ, but it's going to apply in the Permian as well that's going to help us. So going forward, these are high cash margin, low breakeven barrels.

我們從 PDC 學到的一些東西不僅適用於 DJ 的其餘部分，而且也適用於二疊紀，這將對我們有所幫助。因此，展望未來，現金利潤率較高，損益平衡點較低。

We plan to hold it at a plateau around 400. And we've -- synergies are on track there. We've got virtually all the CapEx synergies are essentially in the bag. We're already down to $1 billion there.

我們計劃將其保持在 400 左右的穩定水平。而且我們已經——協同效應正在步入正軌。我們幾乎已經囊括了所有資本支出綜效。我們的資金已經減少到 10 億美元。

OpEx is very close to the $100 million we guided to. We're now seeing some procurement synergies, which we hadn't originally envisioned. So everything about it is at or better than what we had guided to.

營運支出非常接近我們指引的 1 億美元。我們現在看到了一些採購協同效應，這是我們最初沒有預見到的。因此，它的一切都達到或優於我們所指導的水平。

We'll go next to Lucas Herrmann with BNP Paribas.

接下來我們將與法國巴黎銀行的盧卡斯·赫爾曼 (Lucas Herrmann) 會面。

Yes. And Pierre, I'll add my kind of comments to the host already. But thank you for all the insights. It's always been worth listening to.

是的。皮埃爾，我已經向主持人添加了我的評論。但感謝您提供的所有見解。一直都值得一聽。

When I look at the growth that you're likely to see in oil in particular over the next 2 to 3 years, I mean, it feels as though you're going to be adding towards 0.5 million, maybe slightly more barrels of pretty high-margin black oil. And I guess the question is about whiplash and this increased sensitivity that the business is going to have to movements in volatile commodity.

當我看到石油的成長，特別是在未來 2 到 3 年裡，我的意思是，感覺好像你會增加 50 萬桶，可能會稍微多一點，相當高。 -邊際黑油。我想問題在於鞭打以及企業對波動性大宗商品走勢的敏感度增加。

And what you feel, Pierre, might that implies the balance sheet and the way you think about balance sheet and managing things. And just if I could add on, could you just give me an idea of what the loan repayment schedule looks like at TCO. And I presume that loan repayments will go through the net in, the net out line in -- on the CapEx side or the investment side of the equation or do they play elsewhere?

皮埃爾，你的感受可能意味著資產負債表以及你對資產負債表和管理事務的思考方式。如果我可以補充一下，您能否告訴我 TCO 的貸款償還時間表是怎樣的。我認為貸款償還將透過淨入、淨出線進行——在等式的資本支出方面或投資方面，還是在其他地方發揮作用？

Right. No, thanks, Lucas. I'll take it. We've been overweighed upstream and overweighed oil liquids for a long time. And you're right, recent acquisitions and Hess certainly adds to that, and we like that exposure.

正確的。不，謝謝，盧卡斯。我要買它。我們上游超重、油液超重已經有很長一段時間了。你是對的，最近的收購和赫斯肯定會增加這一點，我們喜歡這種曝光。

In terms of how we manage the balance sheet, I mean, the first thing is we start with our breakeven. So what it takes -- the oil price it takes to cover our CapEx and dividends, that was in the low 50s last year. And so we see mostly upside. And that's why we had record share buybacks last year, almost $15 billion, 5% of our shares outstanding because we're built for a price well below where we currently are.

就我們如何管理資產負債表而言，我的意思是，首先我們要從損益平衡開始。那麼需要什麼——覆蓋我們的資本支出和股息所需的油價，去年在 50 多美元左右。因此我們看到的主要是上行空間。這就是為什麼我們去年進行了創紀錄的股票回購，回購金額接近 150 億美元，佔流通股的 5%，因為我們的股價遠低於目前的水平。

We've also done it while maintaining a strong balance sheet. Our net debt ratio is 7%. We've said as we keep our share repurchases steady across the cycle that we're okay relevering back up towards the low end of our guidance range, which is 20% to 25%.

我們在維持強勁的資產負債表的同時也做到了這一點。我們的淨負債比率為7%。我們已經說過，隨著我們在整個週期中保持股票回購的穩定，我們可以將回購幅度回升至指導範圍的低端，即 20% 至 25%。

So that guidance, that's a kind of through the cycle net debt ratio guidance, that still holds. And if we had a significant change in the portfolio, of course, we would look at that or even we would look at that going forward.

因此，這種指導，即一種貫穿整個週期的淨債務比率指導，仍然有效。當然，如果我們的投資組合發生重大變化，我們會考慮這一點，甚至會考慮未來的情況。

But I think the actions that we're taking are consistent with that guidance. And again, adding that exposure when you're built at the breakeven -- when we think about our balance sheet, you take into account lots of things, your portfolio, the commodity price outlook, but your breakeven is really key.

但我認為我們正在採取的行動符合該指導方針。再說一次，當你在盈虧平衡時增加風險敞口——當我們考慮我們的資產負債表時，你會考慮很多事情，你的投資組合，大宗商品價格前景，但你的盈虧平衡確實很關鍵。

And Mike was talking about capital and cost discipline, our ability to fund our reinvestment program in both traditional and new energies and grow the company and pay a growing dividend, right, twice -- more than twice our nearest peer, greater than S&P 500. We just increased at 8%. So all those numbers are before the latest increase.

麥克談論的是資本和成本紀律，我們為傳統能源和新能源再投資計劃提供資金、發展公司並支付不斷增長的股息的能力，對吧，兩倍——是我們最接近的同行的兩倍多，高於標準普爾500 指數。我們剛剛增加了 8%。所以所有這些數字都是在最新的成長之前。

We can do all that at a low price, return surplus cash, that's how we're going to think about it. So again, you should expect our net debt to increase over time depending on commodity prices and how we've returned cash to shareholders. I would not -- having more exposure to high-margin barrels, as you say, that's a good thing. We're built for it. And as long as we keep our breakeven low and below where prices are trading, we're in a really good spot.

我們可以以低廉的價格完成這一切，並回饋多餘的現金，這就是我們的想法。同樣，您應該預期我們的淨債務會隨著時間的推移而增加，具體取決於大宗商品價格以及我們向股東返還現金的方式。我不會——正如你所說，更多地接觸高利潤桶，這是一件好事。我們就是為此而生。只要我們將損益平衡點保持在較低水準並低於交易價格，我們就處於一個非常好的位置。

And how TCO order payments flow through.

以及 TCO 訂單付款流程如何。

Oh, yes. So TCO loan payments -- sorry about that. Yes, because I alluded to that, that will not be in cash from ops. That shows up in our investing cash. So Jake and the team will take you all through that.

哦是的。所以 TCO 貸款支付——對此感到抱歉。是的，因為我提到過，這不會是來自營運部門的現金。這體現在我們的投資現金中。因此，傑克和他的團隊將帶領您完成這一切。

But yes, what I was saying about that affiliate line flipping, that's separate from this. In a different line, we will see cash being returned. And it's $1 billion our share next year. Again, $22 billion in '26 and then in '28 or '30. So all that's disclosed in our 10-K. Jake, can take you through that. But yes, that's only additional. And again, we shouldn't be surprised. We've been investing for 8 years in this project. That cash is going to come back once the project starts out.

但是，是的，我所說的附屬線翻轉，與此不同。在另一條線上，我們會看到現金被退回。明年我們的市佔率是 10 億美元。同樣，26 年為 220 億美元，然後是 28 年或 30 年。所有這些都在我們的 10-K 中披露。傑克，可以帶你解決這個問題。但是，是的，這只是額外的。再說一遍，我們不應該感到驚訝。我們已經在這個項目上投資了 8 年。一旦專案開始，這筆現金就會回來。

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。

And Pierre, all the best for the next chapter. My question is on Henry Hub. In the new sensitivities you published today, you saw a very material 30% increase in your Henry Hub sensitivity. Is this purely because of PDC? And related to that, on a macro level, if you can perhaps share your views on the 2024 outlook for Henry Hub, please?

皮埃爾，祝下一章一切順利。我的問題是關於亨利中心的。在您今天發布的新靈敏度中，您發現 Henry Hub 靈敏度顯著提高了 30%。這純粹是因為PDC嗎？與此相關的是，在宏觀層面上，您能否分享一下您對 Henry Hub 2024 年前景的看法？

So I'll start, Irene, and then Mike can take the macro. Yes, it's a function of PDC certainly and then just continued -- the associated gas that comes along with the Permian. So as we're growing that, it obviously comes along with natural gas.

那我開始，艾琳，然後麥克可以開始巨集。是的，這當然是 PDC 的一個功能，然後繼續下去——伴隨二疊紀而來的伴生氣。因此，隨著我們的發展，它顯然與天然氣一起出現。

Yes. And Irene, the macro I was pulling up the slide on the Henry Hub sensitivity. So broadly speaking, oil markets are pretty balanced right now. I think the geopolitics are the thing that are harder to call and could drive movements one way or the other. It could be OPEC+ decisions, can be this conflict in the Middle East. Economic growth in the world continues to be decent, and our outlook on demand growth for all this year is maybe not quite as strong as last year, but still growing.

是的。艾琳，我正在拉起有關亨利中心靈敏度的幻燈片的巨集。總的來說，石油市場目前相當平衡。我認為地緣政治是一種更難以界定的因素，並且可能以某種方式推動運動。這可能是歐佩克+的決定，也可能是中東的這場衝突。世界經濟成長持續保持良好勢頭，我們對今年全年需求成長的展望可能不如去年那麼強勁，但仍在成長。

Gas is a little bit different. The inventories are high in the U.S. Inventories are high in Europe. We're kind of mostly through the winter time, certainly through the riskiest period of the winter time. And now there's questions that are not going to really weigh on the market in the near term, but maybe longer term about exports out of the U.S.

氣體有點不同。美國的庫存很高，歐洲的庫存也很高。我們大部分時間都在冬天，當然也是冬天最危險的時期。現在存在的問題在短期內不會真正影響市場，但長期來看可能會影響美國的出口。

And so all of that has got gas markets under a little more pressure than oil markets or refined products. And it's not unusual. Pierre was just talking about how we build the company to compete through the cycles and different parts of the portfolio basket.

因此，所有這些都讓天然氣市場比石油市場或成品油市場承受更大的壓力。這並不罕見。皮埃爾剛剛談論了我們如何建立公司，以便在整個週期和投資組合的不同部分中競爭。

Petrochemicals are under some pressure right now as well. And so at any point in time, we're going to find some of the fundamentals probably under pressure. Others are looking pretty good. And here in the short term, I think Henry Hub is in the under pressure category.

石化產品目前也面臨一些壓力。因此，在任何時候，我們都會發現一些基本面可能會面臨壓力。其他人看起來都還不錯。從短期來看，我認為亨利中心處於壓力之下。

We'll go next to Bob Brackett with Bernstein Research.

接下來我們將訪問伯恩斯坦研究公司的鮑伯‧布拉克特。

If I look at the production guide of 4% to 7% growth on, say, 3.1 million, and I try to book end that between a fourth quarter closer to 3 4 and 2025, where we're going to see TCO FGP startup plus hitting that 1 million-barrel a day milestone in the Permian sort of implies there's an inflection point in production growth coming at some point or perhaps there's a conservative guide for this year. Is that the right way to think about it?

如果我看一下 4% 到 7% 成長的生產指南，比如說 310 萬個，我嘗試將其預定在接近 3 4 的第四季到 2025 年之間，我們將看到 TCO FGP 啟動加上二疊紀盆地達到每天100 萬桶的里程碑意味著產量成長的轉折點將在某個時刻到來，或者今年可能會有一個保守的指導。這是正確的思考方式嗎？

Well, coming into this year, we now have a full year of PDC that will be part of the portfolio. So that's pretty safe in terms of counting on that. I've already mentioned that fourth quarter was a little bit higher than maybe we even might have expected because we had high reliability.

嗯，進入今年，我們現在有一整年的 PDC，它將成為投資組合的一部分。因此，就這一點而言，這是相當安全的。我已經提到過，第四季的業績比我們預期的要高一些，因為我們的可靠性很高。

Some of these midstream issues we had faced in the Permian had -- didn't repeat. We have this accounting catch-up thing in the Permian as well. And we had a pretty light turnaround schedule in the fourth quarter. So it was a strong quarter all the way around.

我們在二疊紀遇到的一些中游問題沒有重複。我們在二疊紀也有這種會計追趕的事情。第四季我們的周轉計畫非常輕鬆。因此，整個季度都是一個強勁的季度。

As we head into next year, we've got some asset sales in the guidance. And Bob, we've been at the low end -- we've kind of ended up last couple of years hitting our guidance range but at the low end. And so I think you could probably think of us as being a little more comfortable in the middle of the range this year, given a number of other things that you mentioned. So we try to give you guidance each year that we expect to hit, and we certainly expect to hit it this year.

當我們進入明年時，我們在指導中提到了一些資產銷售。鮑勃，我們一直處於低端——過去幾年我們最終達到了我們的指導範圍，但處於低端。因此，考慮到您提到的其他一些事情，我認為您可能會認為我們今年處於中間範圍會更舒服一些。因此，我們每年都會盡力為您提供我們期望達到的目標，我們當然希望今年能夠達到目標。

We will take our last question from Neal Dingmann with Truist Securities.

我們將回答 Truist Securities 的 Neal Dingmann 提出的最後一個問題。

And my question, Mike, is maybe just on the shareholder return specifically. Trying to get a sense of -- it sounds like you will, but just want to get a sense if you'll continue paying out majority of free cash flow for the remainder of this year. And if the buybacks will continue to constitute a bit over 50% of that payout.

麥克，我的問題可能只是關於股東回報。試著了解一下——聽起來你會的，但只是想了解一下你是否會在今年剩餘時間內繼續支付大部分自由現金流。如果回購繼續佔支出的 50% 以上。

Yes. Neal, we have not used some percentage or range of percentage of cash from operations as kind of a go-buy for distributions. What we've done is have leaned on our track record on the dividend, first of all. And we've already clarified what you can expect this year with the 8% increase that we've announced.

是的。尼爾，我們沒有使用來自營運的一定百分比或一定範圍的現金來購買分配。首先，我們所做的是依賴我們在股利方面的記錄。我們已經透過宣布的 8% 增幅明確了您今年的預期。

And then I would point you back towards our upside and downside guidance that we've had out there now for a number of years. $10 billion to $20 billion on the range for buybacks. And that's in an upside price case, we'd be up towards the higher end of that, in a lower price case, down at the lower end, both of which we can comfortably handle.

然後我會向您指出我們多年來一直存在的上行和下行指導。回購範圍為 100 億至 200 億美元。在價格上漲的情況下，我們會往高端走高，在價格較低的情況下，在低端走低，這兩種情況我們都可以輕鬆應付。

We have indicated that post the Hess close, all other things equal, we'll see when it happens and how the world looks when we get there. But we would expect to move from a rate of 17.5 to the top end of 20 because we're so confident in the long-term cash productive capacity of our portfolio and the strength of our balance sheet.

我們已經表示，在赫斯收盤後，在所有其他條件相同的情況下，我們將看看它何時發生，以及當我們到達那裡時世界會是什麼樣子。但我們預計利率將從 17.5 升至 20 的上限，因為我們對投資組合的長期現金生產能力和資產負債表的實力充滿信心。

So rather than focusing in on those percentages, I'd really point you towards the specific guidance that we've issued in the kind of the track record. Now -- and of course, I think Pierre mentioned this in his comments, we do remain under SEC restrictions right now relative to the rate at which we can buy back and then look out of the market when the Hess proxy is open. And so all of these things are -- under normal times, we don't have one of those constraints on us.

因此，我不想把重點放在這些百分比上，而是向您指出我們在追蹤記錄中發布的具體指導。現在——當然，我認為皮埃爾在他的評論中提到了這一點，相對於我們可以回購然後在赫斯代理開放時退出市場的利率，我們目前確實仍然受到 SEC 的限制。所以所有這些事情 - 在正常情況下，我們沒有這些限制之一。

And I would just add -- let me just add a little bit. It's fitting maybe my last words will be on share buybacks. 6 straight years of buyback, right. 17 out of the past 21 years, but we actually bought back more shares last year than the year before, even though earnings and cash flow were higher, right. There were records in '22, still strong in '23.

我想補充一點——讓我補充一點。也許我的最後一句話是關於股票回購，這是很合適的。連續六年回購，對吧。過去 21 年中有 17 年，但我們去年實際上比前一年回購了更多股票，儘管收益和現金流更高，對吧。 22 年有記錄，23 年仍然強勁。

That's the whole point. We're trying to be steady across the commodity cycle. We've heard from investors that buybacks should not be procyclical. And it's hard to be countercyclical in the commodity business that has some price volatility.

這就是重點。我們正努力在整個大宗商品週期中保持穩定。我們從投資者那裡得知，回購不應該是順週期的。而價格有一定波動的大宗商品業務很難逆週期。

So being steady across the cycle is how we guide to it. And these formulas, in fact, reinforce the opposite. They reinforce procyclicality. So we're giving a return that, in some ways, is almost independent in prices within a range because we're -- could have paid more out in '22, but we held it back. And we used some of that to pay in '23. We'll see where it goes, but the intent is to try to be steady across the cycle, either procyclical or countercyclical.

因此，在整個週期中保持穩定是我們的指導方針。事實上，這些公式強化了相反的情況。它們強化了順週期性。因此，在某種程度上，我們給出的回報在一定範圍內幾乎與價格無關，因為我們本可以在 22 年支付更多，但我們保留了它。我們在 23 年用其中的一些來支付費用。我們將看看它會走向何方，但目的是嘗試在整個週期（順週期或反週期）中保持穩定。

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

謝謝。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 Fourth Quarter 2023 Earnings Conference Call. You may now disconnect.

謝謝。雪佛龍 2023 年第四季財報電話會議至此結束。您現在可以斷開連線。