雪佛龍 (CVX) 2024 Q2 法說會逐字稿

Good morning, my name is Justin, and I will be your conference facilitator today.

早安，我叫賈斯汀，今天我將擔任你們的會議主持人。

Welcome to Chevron's second-quarter 2024 earnings conference call.

歡迎參加雪佛龍 2024 年第二季財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded.

（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 the General Manager of Investor Relations of Chevron Corporation, Mr. Jake Spiering.

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。

Please go ahead.

請繼續。

Thank you, Justin, and welcome to Chevron's second-quarter 2024 earnings conference call and webcast.

謝謝賈斯汀，歡迎參加雪佛龍 2024 年第二季財報電話會議和網路廣播。

I'm Jake Spiering, Head of Investor Relations.

我是投資人關係主管傑克‧斯皮林。

Our Chairman and CEO, Mike Wirth; and CFO, Eimear Bonner are on the call with me today.

我們的董事長兼執行長 Mike Wirth；財務長 Eimear Bonner 今天與我通話。

We will refer to the slides and prepared remarks that are available on Chevron's website.

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.

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。

A reconciliation of non-GAAP measures can be found in the appendix of this presentation.

非公認會計原則措施的調節可以在本簡報的附錄中找到。

Please review the cautionary statement on Slide 2.

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.

謝謝，傑克。

This quarter, Chevron delivered strong production and extended our track record of consistent shareholder returns.

本季度，雪佛龍實現了強勁的產量，並延續了我們持續股東回報的記錄。

Production increased by more than 11% from the prior year and included a new quarterly record in the Permian.

產量較上年增長超過 11%，二疊紀產量創下新的季度紀錄。

Over the past two years we've returned over $50 billion to shareholders, approximately 18% of our market cap.

過去兩年，我們向股東返還了超過 500 億美元，約占我們市值的 18%。

We continued to advance growth opportunities in our traditional and new energies businesses through adding new exploration plays in West Africa and South America, achieving key milestones on the ACES green hydrogen project and commissioning of the Geismar renewable diesel plant expansion, which is expected to come online by the end of the year.

我們透過在西非和南美增加新的勘探項目、在 ACES 綠色氫項目上實現關鍵里程碑以及調試 Geismar 可再生柴油工廠擴建（預計將上線），繼續推動傳統和新能源業務的增長機會到今年年底。

The merger with Hess achieved a successful shareholder vote, and we now expect the FTC review process to conclude in the third quarter.

與 Hess 的合併獲得了成功的股東投票，我們現在預計 FTC 審查程序將在第三季結束。

The arbitration panel addressing the Stabroek JOA has set a hearing for next year.

針對 Stabroek JOA 的仲裁小組已定於明年舉行聽證會。

Hess had requested an earlier hearing, but the panel ultimately sets the schedule.

赫斯曾要求提前舉行聽證會，但專家小組最終確定了時間表。

We remain confident this is a straightforward matter and the outcome will affirm a preemption right does not apply.

我們仍然相信這是一個簡單的問題，結果將確認優先購買權不適用。

We're committed to the merger and look forward to combining the two companies.

我們致力於合併並期待兩家公司的合併。

In the Gulf of Mexico, we're leveraging our deepwater expertise with plans to deliver high cash-margin, low carbon intensity production growth.

在墨西哥灣，我們正在利用我們的深水專業知識，計劃實現高現金利潤、低碳強度的產量成長。

First oil at Anchor is imminent, delivering the industry's first deepwater 20,000 pound development.

Anchor 的第一批石油即將投產，實現業界首個 20,000 磅深水開發案。

The project is on-track to come in under budget while deploying multiple breakthrough technologies.

該專案在部署多項突破性技術的同時，預計將在預算範圍內實現目標。

After Anchor, three more projects are scheduled to come online, and we expect production to grow to 300,000 barrels a day by 2026.

繼Anchor之後，計畫再投產三個項目，我們預計到2026年產量將增加至每天30萬桶。

Our developments have become more capital-efficient, unit drilling costs have come down and facility designs are optimized for high returns.

我們的開發項目的資本效率更高，單位鑽井成本下降，設施設計也得到了優化，以實現高回報。

As one of the largest leaseholders in the basin, we're well-positioned for the future with leading technology capability and attractive exploration opportunities near existing infrastructure and in frontier areas.

作為該盆地最大的租賃商之一，我們憑藉領先的技術能力以及現有基礎設施附近和前沿地區有吸引力的勘探機會，為未來做好了準備。

In the Permian, base business performance continues to improve, with higher reliability and lower decline rates.

在二疊紀，基礎業務績效持續改善，可靠性更高，遞減率更低。

Development activity continues to get more efficient.

開發活動持續變得更有效率。

We're one of the first operators to deploy triple-frac, delivering cost reductions of more than 10% and shortening completion times by 25% where applied.

我們是首批部署三重壓裂的營運商之一，應用後成本降低了 10% 以上，完工時間縮短了 25%。

In the Delaware Basin, company-operated well performance continues to improve as we optimize development strategies.

在特拉華盆地，隨著我們優化開發策略，公司營運的油井績效持續改善。

In the Midland Basin, early well results are lower versus last year, our program in the second half of the year is more heavily weighted to development targets that we expect to perform better.

在米德蘭盆地，早期油井結果低於去年，我們下半年的計畫更注重我們期望表現更好的開發目標。

With strong momentum in our operated portfolio and predictable results from our non-operated and royalty acreage, we now expect full-year production growth of about 15% and fourth quarter production to average around 940,000 barrels per day.

憑藉我們經營的投資組合的強勁勢頭以及我們的非經營和特許權使用面積的可預測結果，我們現在預計全年產量增長約 15%，第四季度產量平均約為每天 940,000 桶。

At TCO, cost and schedule guidance is unchanged, with FGP expected to start up in the first half of 2025.

在 TCO 方面，成本和進度指南保持不變，FGP 預計將於 2025 年上半年啟動。

We continue to bring major equipment online and complete key project milestones.

我們繼續讓主要設備上線並完成關鍵專案里程碑。

Eight out of 21 metering stations have been converted to low pressure.

21 個計量站中有 8 個已轉換為低壓計量站。

Three Pressure Boost Facility compressors are in operation.

三台增壓設施壓縮機正在運轉。

A third gas turbine generator is in service.

第三台燃氣渦輪發電機投入使用。

The first 3GP process system is ready for operation, and we completed the SGI turnaround on time and under budget.

第一個 3GP 製程系統已準備好運行，我們在預算範圍內按時完成了 SGI 週轉。

The wells converted to low pressure are meeting expectations and the Pressure Boost Facilities are operating with high reliability.

轉為低壓的井符合預期，增壓設施運作可靠性高。

Over the next two quarters, we'll continue converting the field to low pressure while further commissioning key equipment for FGP.

在接下來的兩個季度中，我們將繼續將油田轉為低壓，同時進一步調試 FGP 的關鍵設備。

The project team remains focused on completing the project safely and starting up reliably to deliver value to Kazakhstan, TCO and shareholders.

專案團隊仍然專注於安全完成專案並可靠啟動，為哈薩克、TCO 和股東創造價值。

This quarter was a little light due to some operational and other discrete items that impacted results, but I remain confident we're well-positioned to deliver on long-term earnings and cash flow growth.

由於一些營運和其他離散項目影響了業績，本季業績有點清淡，但我仍然相信，我們有能力實現長期收益和現金流成長。

Now, I'll turn it over to Eimear to cover the details.

現在，我將把它交給 Eimear 來介紹細節。

Thanks, Mike.

謝謝，麥克。

We reported second quarter earnings of $4.4 billion, or $2.43 per share.

我們公佈的第二季收益為 44 億美元，即每股收益 2.43 美元。

Adjusted earnings were $4.7 billion, or $2.55 per share.

調整後收益為 47 億美元，即每股 2.55 美元。

Results in the quarter were impacted by downtime in Upstream that weighed on realizations, higher exploration expense and Downstream turnaround timing.

本季的業績受到上游停工、勘探費用上漲和下游週轉時間影響的影響。

Organic CapEx was $3.9 billion, in-line with budget.

有機資本支出為 39 億美元，符合預算。

Our balance sheet remains one of the strongest in the industry, ending the quarter with a net debt ratio of 10.7%.

我們的資產負債表仍然是業內最強勁的之一，本季末淨負債比率為 10.7%。

Chevron generated solid cash flow of nearly $9 billion excluding working capital.

不包括營運資金，雪佛龍產生了近 90 億美元的穩定現金流。

Working capital lowered cash flow due to tax true-up payments outside the U.S. and a build in inventories.

由於美國境外的稅款調整和庫存增加，營運資金減少了現金流。

We expect about half of the working capital to unwind in the second half of this year, primarily in the fourth quarter.

我們預計大約一半的營運資金將在今年下半年（主要是第四季）釋放。

We again demonstrated our consistent approach to returning cash to shareholders with $6 billion of dividends and share repurchases.

我們再次展示了透過 60 億美元股利和股票回購向股東返還現金的一致做法。

Adjusted earnings were lower by $700 million versus last quarter.

調整後收益較上季減少 7 億美元。

Adjusted Upstream earnings were down mainly due to lower liftings, higher exploration expense and absence of favorable tax impacts from the prior quarter.

調整後上游收益下降的主要原因是提升量減少、勘探費用增加以及上一季沒有有利的稅收影響。

Partly offsetting were higher realizations.

更高的認識部分抵消了這一影響。

Adjusted Downstream earnings were down due to lower margins and reduced capture rates, this was partially offset by timing effects.

由於利潤率下降和捕獲率下降，調整後的下游收益下降，但時間效應部分抵消了這一影響。

All Other decreased mainly due to a tax true-up.

所有其他減少主要是由於稅收調整。

Versus last year, adjusted second quarter earnings were down $1.1 billion.

與去年同期相比，調整後的第二季收益下降了 11 億美元。

Adjusted Upstream earnings were flat, higher realizations and liftings were mostly offset with higher DD&A due to the PDC acquisition and the absence of prior year favorable tax items.

調整後的上游收益持平，由於 PDC 收購和缺乏上一年優惠稅收項目，較高的變現和提升大部分被較高的 DD&A 所抵消。

Adjusted Downstream earnings decreased mainly due to lower refining margins and higher turnaround and transportation OpEx.

調整後的下游收益下降主要是由於煉油利潤率下降以及週轉和運輸營運支出上升。

The Other segment was down primarily due to state tax adjustments.

其他部門的下降主要是由於州稅收調整。

Worldwide oil equivalent production was up over 11% from last year due to the acquisition of PDC Energy and significant growth in the Permian Basin.

由於收購了 PDC Energy 以及二疊紀盆地的顯著成長，全球石油當量產量比去年增加了 11% 以上。

Now, looking ahead.

現在，展望未來。

The third quarter will have heavier than usual maintenance with several turnarounds at Upstream assets, including TCO and Gorgon.

第三季的維護工作將比平常更頻繁，包括 TCO 和 Gorgon 在內的上游資產將出現多次週轉。

Impacts from refinery turnarounds are mostly driven by El Segundo.

煉油廠扭虧為盈的影響主要是由埃爾塞貢多推動的。

There will be a one-time payment related to discontinued operations of around $600 million.

與已終止營運相關的一次性付款將達到約 6 億美元。

We anticipate affiliate dividends to be around $1 billion this quarter.

我們預計本季的附屬股息約為 10 億美元。

With the project in Kazakhstan nearing completion, we expect quarterly dividends from TCO moving forward.

隨著哈薩克計畫接近完工，我們預計 TCO 的季度股息將繼續發放。

As a reminder, Chevron pays a 15% withholding tax on dividends from TCO which lowers both earnings and cash flow.

提醒一下，雪佛龍對 TCO 的股息繳納 15% 的預扣稅，這會降低收益和現金流。

Share repurchases are targeting the $17.5 billion annual guidance rate.

股票回購的目標是 175 億美元的年度指引。

Asset sales in the second half of the year are expected to be aligned with full-year guidance.

下半年的資產銷售預計將與全年指引保持一致。

Back to you, Mike.

回到你身邊，麥克。

Okay.

好的。

Thanks, Eimear.

謝謝，艾米爾。

Today we announced we're moving Chevron's headquarters from San Ramon to Houston to enable better collaboration and engagement, both internally and externally.

今天，我們宣布將雪佛龍總部從聖拉蒙遷至休士頓，以實現更好的內部和外部協作和參與。

We also announced the retirements of Nigel Hearne, Executive Vice President, Oil, Products & Gas; Colin Parfitt, Vice President, Midstream; and Rhonda Morris, Vice President and Chief Human Resources Officer after long and distinguished careers.

我們也宣布石油、產品和天然氣執行副總裁 Nigel Hearne 退休； Colin Parfitt，中游副總裁；朗達·莫里斯（Rhonda Morris），副總裁兼首席人力資源官，有著長期而傑出的職業生涯。

I want to extend my sincere thanks to Nigel, Colin and Rhonda, for their service and their many contributions to our company.

我要向 Nigel、Colin 和 Rhonda 致以誠摯的謝意，感謝他們的服務以及對我們公司的眾多貢獻。

And finally, I'd like to offer our deepest condolences to the family of our former Chairman and CEO, Ken Derr, who passed away three weeks ago.

最後，我謹向三週前去世的前董事長兼首席執行官肯·德爾 (Ken Derr) 的家人致以最深切的哀悼。

Ken's vision and leadership helped guide Chevron through momentous times to create a high-performing company with outstanding people and a portfolio that distinguishes our business to this day.

肯的​​遠見和領導力幫助雪佛龍度過了重要時期，創建了一家擁有優秀人才和至今使我們的業務脫穎而出的產品組合的高績效公司。

Ken left an indelible legacy for our company and all those whose lives have been made better by his leadership.

肯為我們公司以及所有因他的領導而生活得更好的人留下了不可磨滅的遺產。

He will never be forgotten.

他永遠不會被忘記。

Back to you, Jake.

回到你身邊，傑克。

That concludes our prepared remarks.

我們準備好的演講到此結束。

We're now ready to take your questions.

我們現在準備好回答您的問題。

Please ask you to limit yourself to one question.

請要求您只回答一個問題。

We will do our best to get all of your questions answered.

我們將盡力回答您的所有問題。

Justin, please open the line.

賈斯汀，請接通電話。

(Operator Instructions)

（操作員說明）

Neil Mehta, Goldman.

尼爾梅塔，高盛。

Yes.

是的。

Thank you so much and congratulations to Nigel, Colin and Rhonda on their retirement.

非常感謝並祝賀奈傑爾、科林和朗達退休。

My question, Mike, was really focused around TCO.

麥克，我的問題其實主要圍繞在 TCO。

And, it sounds like we are making progress on that project, but this is a critical period of time during the summer productivity period.

而且，聽起來我們正在該專案上取得進展，但這是夏季生產力期間的關鍵時期。

So, just would love your thoughts on how FGP is progressing.

所以，我很想聽聽您對 FGP 進展的看法。

And then, as it relates to Kazakhstan, we're getting a lot of questions about the concession extension as we think about next decade and I recognize that's a long way away, but maybe you can help to address some of the investor debate around that topic as well?

然後，就哈薩克而言，當我們思考下一個十年時，我們收到了很多關於特許權延期的問題，我認識到這還有很長的路要走，但也許你可以幫助解決投資者圍繞這問題的一些爭論主題也是一樣？

Sure.

當然。

Thanks, Neil, and thanks for your kind remarks about our retiring executives.

謝謝尼爾，也感謝您對我們即將退休的高階主管的善意評價。

So, at TCO as I covered in my comments, we're really seeing steady and consistent progress.

因此，正如我在評論中所述，在 TCO，我們確實看到了穩定且持續的進展。

Work is being planned and liquidated in sequence, which is resulting in strong daily, weekly and monthly progress.

工作正在按順序進行計劃和清算，這導致了每日、每周和每月的強勁進展。

I get a weekly report straight from the project team with a tremendous amount of detail.

我直接從專案團隊那裡得到一份包含大量細節的每週報告。

I'm in regular contact with them, and I can tell you that they are really on top of their game.

我經常與他們聯繫，我可以告訴你，他們確實處於領先地位。

As I said, we've got three of the pressure boost facilities up and running, the fourth not far away and WPMP is operating very reliably.

正如我所說，我們已經啟動並運行了三個增壓設施，第四個設施就在不遠處，並且 WPMP 運行非常可靠。

So, we're pleased with the performance of the equipment.

因此，我們對設備的性能感到滿意。

We're very pleased with the performance of the wells flowing at low pressure and its early days, but it augurs very well for the maintenance of strong production out of the field for a long time to come.

我們對低壓井及其早期的表現感到非常滿意，但這對於在未來很長一段時間內維持油田的強勁生產來說是一個很好的兆頭。

On FGP, we're going to have additional FGP major equipment and systems ready for operations or started up later this quarter.

在 FGP 方面，我們將有更多的 FGP 主要設備和系統準備好運作或在本季稍後啟動。

And, we're just going to continue to work our way through that.

而且，我們將繼續努力解決這個問題。

We're moving in a more complex process units as opposed to some of the big rotating equipment and field metering station conversions.

我們正在轉向更複雜的製程單元，而不是一些大型旋轉設備和現場計量站轉換。

So, the nature of some of the startup work on FGP will be a little bit different.

因此，FGP 的一些啟動工作的性質會有所不同。

The other thing to recall is, we do have a large turnaround this quarter.

另一件需要記住的事情是，我們本季確實有很大的轉變。

So, good progress.

所以，進展順利。

The one thing that we won't compromise is safety or reliability in pursuit of schedule, but I can tell you that the team is all over that.

我們不會妥協的一件事是追求進度的安全性或可靠性，但我可以告訴你，團隊非常重視這一點。

With respect to the concession, we're really focused right now on getting this project up and running.

關於讓步，我們現在真正專注於讓這個專案啟動並運行。

The concession exploration is nearly a decade away, and the most important thing we can do is make sure that this big complex project is started up safely and reliably.

距離特許權勘探還有近十年時間，我們能做的最重要的事情就是確保這個大型複雜專案安全可靠地啟動。

To remind people that may not know, this is one of the world's deepest producing supergiant oil fields and it's the largest single trap producing reservoir in existence.

提醒那些可能不知道的人，這是世界上最深的生產超級油田之一，也是現存最大的單一圈閉生產油藏。

So, TCO is very important to the Republic of Kazakhstan, it's very important to us and we'll certainly be in discussions with the government over time about potential extension.

因此，TCO 對哈薩克共和國非常重要，對我們來說也非常重要，隨著時間的推移，我們肯定會與政府討論潛在的延期問題。

The key thing is an extension needs to create value for the country and it needs to create value for Chevron shareholders.

關鍵是延期需要為國家創造價值，也需要為雪佛龍股東創造價值。

We always seek that kind of an outcome.

我們總是尋求這樣的結果。

We've extended concessions in other places where value was created for both parties.

我們在其他為雙方創造價值的地方做出了讓步。

And then, there's been some instances over the recent period of time where we couldn't achieve the outcome, and we did not extend.

然後，最近一段時間出現了一些我們無法實現結果的情況，我們沒有延長。

So, we'll be talking more about this subject over time, but right now we're really focused on project execution and continuing the strong performance on delivering FGP.

因此，隨著時間的推移，我們將更多地討論這個主題，但現在我們真正專注於專案執行並繼續在交付 FGP 方面保持強勁表現。

Thanks, Neil.

謝謝，尼爾。

Alastair Syme, Citi.

阿拉斯泰爾·賽姆，花旗銀行。

Thanks.

謝謝。

Mike, this period of limbo around Hess is obviously a period you don't want to be in.

麥克，赫斯周圍的這段不穩定時期顯然是你不想經歷的時期。

It's not clear to me when the FTC rules or if they push out, until arbitration as I sort of previously indicated.

我不清楚聯邦貿易委員會何時做出裁決，或者他們是否會推遲裁決，直到仲裁，正如我之前指出的那樣。

But my question to you is, do you feel limited to do any other significant portfolio development in this interim period?

但我問你的問題是，你是否覺得在這段過渡時期進行任何其他重要的投資組合開發受到限制？

I guess if the right opportunity came along that is?

我想如果合適的機會出現的話？

Yes.

是的。

You could do something else if you wanted to.

如果你願意的話，你可以做點別的事。

This is the transaction, that's the right transaction for us.

這就是交易，這對我們來說是正確的交易。

And so, we're very focused on it, Alastair, and we've made good progress with the shareholder vote, we're steadily marching along with the FTC, and I've already mentioned the timeline on the arbitration.

因此，我們非常關注它，阿拉斯泰爾，我們在股東投票方面取得了良好進展，我們正在與聯邦貿易委員會一起穩步前進，我已經提到了仲裁的時間表。

So, it's sometimes good things you have to work for and this will take a little bit more time than we had anticipated, but we remain confident in the outcome.

因此，有時你必須為此努力，這會花費比我們預期更多的時間，但我們對結果仍然充滿信心。

And, as I tried to cover in our prepared remarks, we've got a really strong queue of organic growth opportunities in flight right now.

而且，正如我試圖在準備好的發言中提到的那樣，我們現在擁有大量有機成長機會。

We didn't mention the Eastern Med, which is another one.

我們沒有提到東方醫學，那是另一個。

So, we've got projects in multiple regions of the world that are poised to deliver growth over the next three years, absent it we be at 10% growth in free cash flow, we've got projects coming on in numerous basins in the world and in our chemicals business as well.

因此，我們在世界多個地區都有項目，這些項目預計在未來三年內實現增長，除非我們的自由現金流增長 10%，我們在世界各地的許多盆地都有項目正在進行。品業務。

So, we're really focused on that and creating value there.

因此，我們真正專注於此並在那裡創造價值。

But, if another opportunity were to present itself that were compelling, we're certainly in a position to consider it.

但是，如果有另一個令人信服的機會出現，我們當然可以考慮它。

Thanks for the question.

謝謝你的提問。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

Thank you.

謝謝。

Mike, can you talk about the potential for further cost efficiency gain?

麥克，您能談談進一步提高成本效率的潛力嗎？

Where that you see over the next, say, two or three years the biggest opportunity?

您認為未來兩三年內最大的機會在哪裡？

And, could you quantify that?

而且，你能量化一下嗎？

I mean, how big is that opportunity set for you guys?

我的意思是，這個機會對你們來說有多大？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Paul.

謝謝，保羅。

I appreciate it.

我很感激。

You and I have known each other for a long time.

你和我已經認識很久了。

So, you know that capital discipline and cost discipline are near and dear to my heart and they always matter in a commodity business.

所以，你知道，資本紀律和成本紀律是我最關心的，而且它們在商品業務中始終很重要。

Year-to-date and Q2 unit OpEx for us was about $16 a barrel, which is down about 5% from 2022.

今年迄今和第二季我們的單位營運支出約為每桶 16 美元，比 2022 年下降約 5%。

And, improving unit OpEx continues to be a focus.

而且，提高單位營運支出仍是焦點。

Some of the actions we're taking today driving down energy usage, which is a way to both reduce cost and emissions.

我們今天採取的一些行動可以降低能源使用量，這是降低成本和排放的一種方式。

At the same time in the Upstream, we're electrifying rigs in the Permian, we're lowering steam use at our San Joaquin Valley operations, in the Downstream we're implementing energy efficiency projects at our refineries that reduce gas consumption and power use.

同時，在上游，我們正在對二疊紀的鑽井平台進行電氣化，我們正在降低聖華金河谷業務的蒸汽使用量，在下游，我們正在煉油廠實施能源效率項目，以減少天然氣消耗和電力使用。

We're also optimizing supplier contracts, implementing a minimum functional objective approach to operations and maintenance activities at key assets like TCO and our LNG plants in Australia.

我們也正在優化供應商合約，對 TCO 和澳洲液化天然氣工廠等關鍵資產的營運和維護活動實施最低功能目標方法。

And, we're confident that we'll continue to find new ways to increase efficiencies and reduce unit cost.

而且，我們相信我們將繼續尋找新的方法來提高效率和降低單位成本。

Our plans would call for further unit cost reductions.

我們的計劃將要求進一步降低單位成本。

And, I think you can look for us to use technology.

而且，我認為你可以找我們使用科技。

For instance, the breakthroughs we're seeing in data technology offer significant opportunities for both efficiency, asset productivity, improved safety and other performance.

例如，我們在資料技術方面看到的突破為效率、資產生產力、提高安全性和其他效能提供了重大機會。

And so, you can rest assured that I am focused on costs, we are focused on costs, and you'll continue to hear more about that from us over time.

因此，您可以放心，我專注於成本，我們也專注於成本，隨著時間的推移，您將繼續從我們那裡聽到更多有關這方面的信息。

Thanks, Paul.

謝謝，保羅。

Biraj Borkhataria, RBC.

比拉傑‧博哈塔里亞 (Biraj Borkhataria)，加拿大皇家銀行。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

I wanted to just go back to Kazakhstan and the FGP ramp up.

我想回到哈薩克斯坦並加強 FGP。

So, I wasn't asking an operational question, but I appreciate FGP is on-track.

所以，我不是問操作問題，但我很高興 FGP 已步入正軌。

But, it was related to the OPEC promises or curtailments.

但是，這與歐佩克的承諾或減產有關。

Kazakhstan this year has been a bit ahead of its quota, stated quota.

哈薩克今年的配額有所超前。

If you take the headline figures from OPEC into next year, it doesn't look like there's a huge amount of room in that quota to grow.

如果你看看明年歐佩克的主要數據，你會發現該配額似乎沒有龐大的成長空間。

And obviously, FGP is a fairly substantial project.

顯然，FGP 是一個相當大的專案。

So, just wanted to get your thoughts on any sort of issues or risks related to that?

那麼，只是想了解您對與此相關的任何問題或風險的想法？

Thank you.

謝謝。

Yeah.

是的。

Thanks, Biraj.

謝謝，比拉傑。

So, obviously we are not party to those discussions.

因此，顯然我們不參與這些討論。

We comply with the requirements in any country where we operate including if they have some sort of production targets or requirements that they impose upon producers in the country.

我們遵守我們開展業務的任何國家的要求，包括他們對該國生產商是否有某種生產目標或要求。

We have not received any indication from the Republic of Kazakhstan with regards to any curtailments relative to OPEC+.

我們尚未收到哈薩克共和國關於 OPEC+ 減產的任何指示。

What oftentimes happens there is with the production in several big assets, you have turnarounds, projects and other things that create some degree of variability across multiple different producers and I think the Republic looks to manage that and fit their plan together.

經常發生的情況是，在幾個大型資產的製作中，你會遇到週轉、項目和其他事情，這些事情會在多個不同的生產商之間產生一定程度的可變性，我認為共和國希望管理這一點並將他們的計劃結合在一起。

So, I don't have any unique knowledge about 2025, but we have a very close relationship.

所以，我對2025沒有什麼獨特的了解，但我們的關係非常密切。

I will tell you that the TCO barrels, I think from a contribution to the Republic standpoint are very attractive and our intent is to produce at the full capacity any point in time for our facility in order to maximize revenue for the Republic and for Chevron.

我會告訴你，我認為從對共和國的貢獻的角度來看，TCO 桶非常有吸引力，我們的目的是在我們的設施的任何時間點滿載生產，以便最大限度地提高共和國和雪佛龍的收入。

So, if there's further developments on that front, we'll certainly provide them, but we don't have anything from the government right now.

因此，如果這方面有進一步的進展，我們肯定會提供，但目前我們沒有從政府那裡得到任何資訊。

Thank you.

謝謝。

Doug Leggate, Wolfe.

道格·萊格特、沃爾夫。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

Hey, Mike.

嘿，麥克。

I'm delighted to see you guys come to Houston.

我很高興看到你們來到休士頓。

Welcome.

歡迎。

But, if you want to stop by for coffee, let me know.

但是，如果您想過來喝杯咖啡，請告訴我。

But, Mike, I missed out on the last earnings call, and I apologize for bringing it up.

但是，麥克，我錯過了上次的財報電話會議，對於提起這件事我深表歉意。

I know it's highly sensitive and highly, I guess, subjective, but the issue around the delayed arbitration, I wanted to pose a question to you and see if we can get you to probe a little bit on this.

我知道這是高度敏感的，而且我猜是高度主觀的，但是關於延遲仲裁的問題，我想向您提出一個問題，看看我們是否可以讓您對此進行一些探討。

ExxonMobil, regardless of their motivation, has stated that they have no interest in buying Hess.

埃克森美孚無論動機為何，均表示沒有興趣收購赫斯。

But, at the same time, our understanding is the bigger concern is global contractual rule for credibility, protecting that aspect of a contract.

但同時，我們的理解是，更大的擔憂是全球合約規則的可信度，保護合約的這方面。

So, when I go into two months of the legalities, I wonder, is there a compromise that could cut short the arbitration timeline so you don't have to go to arbitration?

因此，當我討論兩個月的合法性時，我想知道是否有一個折衷方案可以縮短仲裁時間，這樣您就不必去仲裁了？

For example, acknowledge you have a ROFR, but Exxon acknowledges they're not going to exercise a ROFR so everybody gets to protect your contracts for Exxon and secure your acquisition for Chevron.

例如，承認您擁有 ROFR，但埃克森美孚承認他們不會行使 ROFR，因此每個人都可以保護您與埃克森美孚的合約並確保您對雪佛龍的收購。

Is it a compromise that could cut the arbitration short is my question?

我的問題是，這是可以縮短仲裁時間的妥協方案嗎？

Yes.

是的。

Hey, it's great to hear a familiar voice back on the call, Doug, and I look forward to seeing you in Houston.

嘿，很高興在通話中聽到熟悉的聲音，道格，我期待在休斯頓見到您。

What you have outlined is very sensible.

你所概述的非常有道理。

It could be the foundation for something, but I really can't comment on specific conversations.

它可能是某些事情的基礎，但我真的無法評論具體的對話。

I think we have indicated previously that there was a period of time where Hess and Chevron worked with the other partners in the Stabroek block to try to find a resolution here that accommodated everybody's interests and that time has now passed and we're in the arbitration process.

我想我們之前已經說過，赫斯和雪佛龍曾與Stabroek 區塊的其他合作夥伴合作過一段時間，試圖找到一個能夠照顧到每個人利益的解決方案，但現在這個時間已經過去了，我們正在仲裁中過程。

So, that's the path that we're on.

所以，這就是我們正在走的路。

We sought something along the lines of an outcome as you described earlier, but it doesn't appear that, that is how this is going to end up.

正如您之前所描述的那樣，我們尋求類似的結果，但結果似乎並非如此。

Everything is confidential obviously the language in the contract and contracts around the world have specific language and in each instance.

一切都是保密的，顯然合約中的語言和世界各地的合約在每種情況下都有特定的語言。

I think the parties understand how that contract is written and how it would apply.

我認為雙方都了解該合約是如何編寫的以及它將如何適用。

So, I really can't say anything more about it than that.

所以，我真的不能再說什麼了。

Thanks, Doug.

謝謝，道格。

Josh Silverstein, UBS.

喬許·西爾弗斯坦，瑞銀集團。

Hey, thanks, good morning, guys.

嘿，謝謝，早上好，夥計們。

Nice update in the Permian.

二疊紀的好更新。

I was wondering if you could provide a little bit more details around increase in the fourth quarter outlook.

我想知道您是否可以提供有關第四季度前景增長的更多細節。

Was this due to the new Delaware completion technique from Chevron?

這是由於雪佛龍公司採用了新的德拉瓦完井技術嗎？

Any thoughts on non-op royalty volumes?

對非操作版稅數量有什麼想法嗎？

And then, just looking at the Midland side, was there anything kind of specific as far as the zone or completion that you guys are now shifting away from to get increased productivity there?

然後，看看米德蘭方面，就你們現在為了提高生產力而放棄的區域或完成情況而言，是否有任何具體的東西？

Thanks.

謝謝。

Yes.

是的。

So look, the Permian is performing strongly as you can see in the numbers.

所以看，二疊紀表現強勁，正如您在數字中看到的那樣。

And, just to remind everybody about 80% of our program is in the Delaware.

而且，只是想提醒大家，我們 80% 的專案都在德拉瓦州進行。

Delaware performance is up year-on-year and first half '24 production overall in the basin now averaged over 870,000 barrels a day, which is essentially flat or even a touch up from fourth quarter of last year.

特拉華州的表現同比有所上升，24 年上半年該盆地的總體產量目前平均每天超過 87 萬桶，與去年第四季相比基本持平甚至略有上升。

The drivers of that are improved performance across multiple dimensions of the business and in the base business we're seeing lower decline from proactive maintenance efforts, lower operated downtime, artificial lift optimization.

其驅動因素是業務多個維度的績效提高，在基礎業務中，我們看到主動維護工作、營運停機時間減少和人工舉升優化帶來的下降幅度較小。

I mentioned triple-frac earlier, which is reducing costs and increasing cycle time.

我之前提到過三重壓裂，它可以降低成本並增加週期時間。

So, the spud-to-pop cycle has shortened further.

因此，從發芽到流行的周期進一步縮短。

So, we're getting more pop days online than we might have a year ago and well performance as I said in the Delaware has been very strong.

因此，我們的線上流行日比一年前要多，而且正如我在特拉華州所說的那樣，表現非常強勁。

In the Midland, some of the first half pops have been a little bit below expectation.

在米德蘭，上半場的一些表現略低於預期。

There's only a finite number of pads I could count them on one hand that are involved in this.

參與此操作的打擊墊數量有限，我一隻手就能數得過來。

And we're always moving into new zones, new acreage.

我們總是在進入新的區域、新的土地。

And as part of that, we've got an active learning and continuous improvement efforts to be sure we're optimizing development across the basin because it is not completely homogeneous.

作為其中的一部分，我們積極學習並不斷改進，以確保我們優化整個流域的開發，因為它並不完全同質。

So, as we're testing new zones to better inform our future development plans, we learn.

因此，當我們測試新區域以更好地為我們未來的發展計劃提供資訊時，我們了解到。

In this particular case, the learnings will be applied as we go forward.

在這種特殊情況下，我們將在今後的工作中應用所學到的知識。

That said, it performed very well in the past.

也就是說，它在過去表現得非常好。

I think the thing you can pull up from that and look this is a big long-term asset that's got a lot of life ahead of us and we should be continually improving in it, so that over time we can deliver even stronger returns, stronger performance and we should be learning as we develop it as the basin matures and it's exceeding expectations for this year.

我認為你可以從中提取出來，看看這是一項巨大的長期資產，我們還有很長的路要走，我們應該不斷改進它，這樣隨著時間的推移，我們就可以提供更強勁的回報，更強的回報。

We've raised our full year guidance and we've got great confidence in what we'll deliver in 2025.

我們上調了全年指引，並對 2025 年的交付成果充滿信心。

Thanks, Josh.

謝謝，喬許。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Hey, good morning.

嗨，早安。

Good morning, Roger.

早安，羅傑。

Good morning, Mike.

早上好，麥克。

And, yeah, welcome to Texas.

是的，歡迎來到德克薩斯州。

If we could maybe dig into the Gulf of Mexico, as you said, the first kind of 20,000 PSI development.

如果我們可以像你所說的那樣深入墨西哥灣，進行第一種 20,000 PSI 的開發。

What are the -- given that it's new, what are some of the experiences you've had or the industry has had with this level of pressure.

考慮到它是新的，您或整個行業在這種壓力下有哪些經驗？

And what are some of the things we should be watching for, maybe in another way of asking the question, how have you gotten comfortable on the technology side in terms of bringing this forward and developments behind it?

我們應該關注哪些事情，也許以另一種方式提出這個問題，在技術方面，您如何在推動這項技術及其背後的發展方面感到滿意？

Yes.

是的。

I might make a couple of comments on that and then ask Eimear who before becoming our Chief Financial Officer was our Chief Technology Officer.

我可能會對此發表一些評論，然後問 Eimear，在成為我們的財務長之前，誰是我們的首席技術長。

The moving into that pressure regime, obviously you need bigger equipment because you got to contain higher pressures, you've got greater wall thickness on all your equipment, it's heavier, you need heavier hook loads to lift and deploy equipment.

進入這種壓力狀態，顯然你需要更大的設備，因為你必須承受更高的壓力，所有設備的壁厚都更大，它更重，你需要更重的吊鉤負載來提升和部署設備。

You've got a lot of technology qualification to satisfy our own standards and to satisfy the regulator that every element of your kit is proven at pressures well beyond what anything that it will see in service.

您擁有大量的技術資格來滿足我們自己的標準，並滿足監管機構的要求，即您的套件的每個元件都經過證明可以承受遠遠超出其在使用中遇到的壓力。

So, this goes from components large to small and you get into tighter tolerances and a whole host of things as you step up the pressure regime there.

因此，從大部件到小部件，當您加強那裡的壓力狀態時，您會遇到更嚴格的公差和一系列問題。

So, I would say that we've worked closely with some of our suppliers who have developed the specific equipment that is in place and we're very pleased with everything from the drilling rigs and the equipment that's used in drilling to trees and production kit both subsurface and surface.

因此，我想說，我們與一些供應商密切合作，他們開發了現有的特定設備，我們對從鑽機和用於鑽孔的設備到樹木和生產套件的一切都非常滿意地下和表面。

Eimear, you might have some thoughts from your technology days to share with folks.

Eimear，您可能有一些在技術生涯中的想法可以與人們分享。

Yes.

是的。

Mike, you hit on one key thing and that is that the partnership that was demonstrated here with ourselves with industry partners to be able to deliver the first 20ks subsea development.

麥克，您發現了一件關鍵的事情，那就是我們與產業夥伴在這裡展示的合作關係能夠實現第一個 20 公里海底開發。

And to your question in terms of how did we get comfortable, I think it was because we brought the best of our engineers, the best of our suppliers, and the best technology that we had, several examples of technology, proprietary technology that we brought.

至於你關於我們如何感到舒適的問題，我認為這是因為我們帶來了最好的工程師、最好的供應商以及我們擁有的最好的技術，我們帶來了一些技術、專有技術的例子。

And the extensive, testing, quality testing that took place before we went out to the field.

在我們前往現場之前進行了廣泛的測試和品質測試。

So, some things to mention, just to put that in perspective, we delivered the first 20k subsea well completion and subsea production trees and manifolds.

因此，有一些事情需要提及，只是為了正確看待這一點，我們交付了第一批 20,000 口海底完井以及海底生產樹和管匯。

So, this is the core equipment that protects us from loss of containment and ensures that we safely and reliably can operate the field.

所以，這是保護我們免於失控、確保我們安全可靠地進行現場作業的核心設備。

We drilled wells.

我們打井。

We developed a drilling rig.

我們開發了鑽孔機。

We built a drilling rig with our partners to enable drilling at these depths and the equipment to allow us to do that.

我們與合作夥伴一起建造了一台鑽孔機，以便能夠在這些深度進行鑽探，並配備了使我們能夠做到這一點的設備。

That had very special dynamic positioning and technology as well.

它也有非常特殊的動態定位和技術。

On the subsurface side, when we think about the prospect and how we were able to see the prospect and get some a really good accurate image of the prospect, we used our proprietary seismic technology here.

在地下方面，當我們考慮前景以及我們如何能夠看到前景並獲得一些非常準確的前景圖像時，我們在這裡使用了我們專有的地震技術。

This is more of our in-house Chevron proprietary technology to help us with that image and that enabled us to make the right decisions about the development and optimize the development.

這更多的是我們雪佛龍內部的專有技術來幫助我們建立形象，使我們能夠就開發做出正確的決策並優化開發。

So, those are just a couple of examples of where the surface and the subsurface technology really enabled us to achieve this outcome.

因此，這些只是地表和地下技術真正使我們能夠實現這一成果的幾個例子。

Devin McDermott, Morgan Stanley.

德文·麥克德莫特，摩根士丹利。

Hey.

嘿。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

Eimear, I wanted to stick with you, and I have a bit of a strategy question for you.

Eimear，我想繼續聽你的，我有一個策略問題想問你。

If we kind of put together several of things that's been talked about on this call so far, the TCO start up, strong Permian production growth, rising production in the Gulf of Mexico, it all kind of materializes in the form of this inflection in free cash flow as we go into 2025 and beyond.

如果我們把到目前為止在這次電話會議上討論的幾件事放在一起，TCO 的啟動、二疊紀產量的強勁增長、墨西哥灣產量的增加，這一切都會以自由貿易的這種變化的形式實現。

And Chevron has historically had four, I think, very consistent priorities for use of cash.

我認為，雪佛龍歷來在現金使用方面有四個非常一致的優先事項。

But now that you've had some time in the CFO's team, I was wondering if you could talk about your views for the optimal use of cash, especially in the context of your current low leverage levels and how you're thinking about the trade-off between further dividend growth or more buybacks as cash flow rises over the next few years?

但現在您已經在財務長團隊工作了一段時間，我想知道您是否可以談談您對現金最佳使用的看法，特別是在您當前槓桿水平較低的情況下以及您對交易的看法- 隨著未來幾年現金流的增加，是進一步增加股利還是更多回購？

Yes.

是的。

Thanks, Devin.

謝謝，德文。

Well, I'm thinking about it consistent with how we have for decades and consistent with our long-standing financial priorities.

嗯，我的想法與我們幾十年來的想法一致，也與我們長期的財務優先事項一致。

So, just to step through them, first, it's growing the dividend, that's our first priority.

因此，為了逐步解決這些問題，首先，增加股息，這是我們的首要任務。

So, cash that enables us to continue with our track record of growing the dividend for 37 years.

因此，現金使我們能夠繼續保持 37 年來增加股息的記錄。

So, that's the first priority.

所以，這是第一要務。

And when we look at the projects that we have and the growth that's underway that Mike talked about, our 10% free cash flow growth really supports future dividend increases.

當我們看看我們擁有的項目以及麥克談到的正在進行的成長時，我們 10% 的自由現金流成長確實支持了未來的股息增加。

So, when we think of cash, that's where it goes, first and foremost.

因此，當我們想到現金時，首先也是最重要的是現金。

Secondly, is to invest in the business to deliver profitable growth and do that capital efficiently.

其次，是投資業務以實現獲利成長並有效利用資本。

This is an area of leadership for Chevron when you look at the percentage of the CapEx as a percentage of CFFO.

當您查看資本支出佔 CFFO 的百分比時，這就是雪佛龍的領先領域。

So, I'm focused on ensuring that we maintain leadership in this area.

因此，我致力於確保我們在這一領域保持領先地位。

To your point about the balance sheet, our third priority is to maintain a strong balance sheet, and we are currently under levered and we expect and are comfortable to modestly relever over time, but to stay within historical ranges.

對於您對資產負債表的觀點，我們的第三個優先事項是保持強勁的資產負債表，目前我們的槓桿水平較低，我們預計並願意隨著時間的推移適度調整槓桿，但保持在歷史範圍內。

And we look at our balance sheet as an asset to create value, and manage volatility and ensure steady capital returns through the cycle.

我們將資產負債表視為創造價值、管理波動並確保整個週期穩定資本回報的資產。

And when we've satisfied all three of the financial priorities, the fourth is to return surplus cash to shareholders through buybacks and that's what we intend to do and we take a multi-year view of that considering a range of commodity prices.

當我們滿足所有三個財務優先事項時，第四個是透過回購將剩餘現金返還給股東，這就是我們打算做的事情，並且考慮到一系列大宗商品價格，我們會採取多年的觀點。

So, in my time with the company in the business side and on the corporate side, I've seen how these financial priorities have served us well and they'll continue to serve us well.

因此，在我在公司的業務方面和企業方面工作的時間裡，我已經看到這些財務優先事項如何為我們提供良好的服務，並將繼續為我們提供良好的服務。

And so in my time, they're not going to change.

所以在我這個時代，它們不會改變。

Thanks.

謝謝。

Nitin Kumar, Mizuho.

尼廷·庫馬爾，瑞穗。

Hi, good morning, Mike, and thanks for taking our questions.

嗨，早上好，麥克，感謝您提出我們的問題。

I want to maybe shift focus on the downstream side.

我想也許將重點轉移到下游。

Last quarter you had a heavy turnaround schedule and just the way cracks worked out, it probably wasn't the best timing.

上個季度，您的周轉計畫很繁重，而且就裂縫的產生而言，這可能不是最佳時機。

As you're coming out of that turnaround, what are you seeing in your markets?

當您走出轉型之際，您對市場有何看法？

And if you can maybe touch on renewable diesel specifically with Geismar coming on later this year, what's the outlook for economics of biofuels?

如果您可以談談再生柴油，特別是今年稍後推出的 Geismar，那麼生物燃料的經濟前景如何？

Yes.

是的。

So, you're right.

所以，你是對的。

We had some turnaround activity in the second quarter that occurred during the more attractive margin portion of the quarter and then we had more capacity back online as margins dropped precipitously in some cases.

我們在第二季度進行了一些扭虧為盈的活動，這些活動發生在該季度利潤率更具吸引力的部分，然後我們有更多的產能恢復在線，因為在某些情況下利潤率急劇下降。

So, we didn't capture as much as we could because of the timing of some of our activity.

因此，由於我們某些活動的時間安排，我們沒有捕獲盡可能多的數據。

Globally product demand is decent.

全球產品需求良好。

Overall demand for oil is going to be up 1% to 2%.

石油總體需求將增加 1% 至 2%。

Most products have recovered to pre-COVID levels plus or minus.

大多數產品已恢復到新冠疫情前的正負水準。

And we see, I think decent economic growth underway around the world.

我們看到，我認為世界各地正在出現良好的經濟成長。

We've had some new refining capacity come into the system in the Middle East, in Africa, in Mexico, and in Asia.

我們在中東、非洲、墨西哥和亞洲的系統中引進了一些新的煉油能力。

So, it's coming online, so it's in startup.

所以，它即將上線，所以它正在啟動。

So, you're seeing some capacity come online and inventories have all risen over the first half of the year and they're at or above five-year levels.

因此，您會看到一些產能上線，庫存在今年上半年全部增加，並且達到或超過五年水準。

For some period of time, we've been of the view that margins were going to revert towards mid cycle by this year or next year and that's certainly I think what we see going on in some cases.

在一段時間內，我們一直認為利潤率將在今年或明年恢復到週期中期，我認為這肯定是我們在某些​​情況下看到的情況。

Mid cycle has been pretty tough in some parts of the world and we're back to pretty tough margins.

在世界某些地區，週期中期相當艱難，我們又回到了相當艱難的利潤率。

And that's maybe a way to transition to renewable fuels, where these are markets that are heavily influenced not just by supply and demand, but also by policy, because a lot of the value is driven through the credits associated with those.

這可能是向再生燃料過渡的一種方式，這些市場不僅受到供需的嚴重影響，而且還受到政策的影響，因為許多價值是透過與這些燃料相關的信用來驅動的。

We've seen periods of time in the past where the targets didn't come out of EPA until after the compliance year had already ended, which was challenging.

我們在過去的一段時間內看到，EPA 直到合規年度結束後才提出目標，這是具有挑戰性的。

We've now seen APA get ahead of the game and set numbers well out into the future.

我們現在已經看到 APA 在競爭中處於領先地位，並為未來設定了良好的數字。

And it's hard for people to anticipate markets.

人們很難預測市場。

And so right now what we've got is a market where a lot of capacity has been incentivized and we don't have the RBOs that necessarily match up with it.

因此，現在我們所擁有的是一個大量產能被激勵的市場，但我們沒有與之相符的 RBO。

So, in an over supplied market credit values are down both at federal level and at state level.

因此，在供應過剩的市場中，聯邦層級和州層級的信用價值都會下降。

We welcome to our margin business.

我們歡迎您參與我們的保證金業務。

This is the way value chain businesses work at least through my career, much of which has been in the Downstream and you need to be prepared for it.

至少在我的職業生涯中，這就是價值鏈業務的運作方式，其中大部分都在下游，你需要為此做好準備。

And you need to have a capital efficient investment philosophy, which we do.

您需要擁有資本高效的投資理念，我們就是這麼做的。

Some of our refinery investments have been to create flexibility to move back and forth between fossil feed and renewable feed.

我們的一些煉油廠投資旨在創造在化石飼料和可再生飼料之間來回切換的靈活性。

We've done that.

我們已經做到了。

We've idled some plants, which you do when you're in a period like this and we're completing the Geismar project, which will give us scale and importantly feedstock flexibility.

我們已經閒置了一些工廠，在這樣的時期，我們正在完成 Geismar 項目，這將為我們帶來規模和重要的原料靈活性。

And in the margin business, you need to have access to affordable, competitive and reliable feedstock.

在保證金業務中，您需要獲得負擔得起的、有競爭力的和可靠的原料。

The flexibility that Geismar will have will allow it to compete very well.

Geismar 所擁有的靈活性將使它能夠很好地競爭。

We've got another project underway, a joint venture with Bunge to move back into the bean crush portion of the value chain, which further helps us assure competitive supply into Geismar.

我們還有另一個項目正在進行中，與邦吉（Bunge）成立合資企業，重返價值鏈的豆類壓榨部分，這進一步幫助我們確保 Geismar 的供應具有競爭力。

But this is a business where we're going to see periods of time where margins are tough and you probably see some competitive capacity under pressure and so that shutdown and over time then they'll tend to cycle the other way.

但在這個行業，我們會看到利潤率很低的時期，你可能會看到一些競爭能力面臨壓力，因此關閉，隨著時間的推移，他們往往會以另一種方式循環。

So, we're in this business for the long haul.

因此，我們將長期從事這項業務。

We think drop in renewable fuels are going to be part of creating a lower carbon energy system in the future.

我們認為再生燃料的減少將成為未來創建低碳能源系統的一部分。

And we're very committed to that business through good times and through the challenging times we'll be pragmatic, efficient and value chain oriented in optimizing that business.

無論順境或充滿挑戰，我們都非常致力於該業務，我們將務實、高效並以價值鏈為導向來優化該業務。

Jason Gabelman, TD Cowen.

賈森·加貝爾曼，TD·考恩。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

You guys have built out a pretty larger exploration portfolio the past few years and I think you're starting to delineate some of that acreage.

在過去的幾年裡，你們已經建立了相當大的勘探組合，我認為你們已經開始劃定其中的一些區域。

And I'm wondering, out of the positions you've amassed around the world, what you're most excited about?

我想知道，在您在世界各地累積的職位中，您最興奮的是什麼？

And then related to that specifically on Namibia, there's a lot of interest in the market about that region.

與納米比亞特別相關的是，該地區的市場對該地區非常感興趣。

Could you remind us what your drilling plans are for that region this year and any interest in consolidating the space given a number of small and large players over there?

您能否提醒我們今年該地區的鑽探計劃是什麼？

Thanks.

謝謝。

Yes.

是的。

Thanks, Jason.

謝謝，傑森。

You're right.

你說得對。

We have added some new acreage to our portfolio and some acreage that's in areas that are kind of more frontier than some of the stuff we've historically held.

我們在我們的投資組合中增加了一些新的土地，其中一些土地比我們歷史上擁有的一些土地更前沿。

Look, we're excited about I'm excited about any number of regions in the world.

看，我們對世界上許多地區感到興奮。

I'll start with the Gulf of Mexico where we've got projects lined up as I mentioned earlier and a lot of expertise.

我將從墨西哥灣開始，正如我之前提到的，我們在那裡有很多專案和大量的專業知識。

We're one of the largest leaseholders in the Deepwater Gulf of Mexico.

我們是墨西哥深水灣最大的租賃商之一。

And as we move into these higher pressure regimes, we're well positioned to continue to have exploration success and development success there.

當我們進入這些高壓狀態時，我們處於有利地位，可以繼續在那裡取得勘探成功和開發成功。

The second one I'll point to is the Eastern Mediterranean, where we've got interesting acreage in the offshore western portion waters off of Egypt.

我要指出的第二個是東地中海，我們在埃及附近的西部近海水域有有趣的面積。

We've got some plans to drill there.

我們有一些在那裡鑽探的計劃。

We've got a discovery where we'll do a delineation well on the Nargis discovery.

我們已經有了一個發現，我們將在納爾吉斯發現上做好勾畫。

And then the third one I would point to is West Africa and that would include existing positions in places like Nigeria, Angola, Equatorial Guinea and Namibia, where there's certainly been a lot of interest lately in Namibia.

然後我要提到的第三個是西非，其中包括尼日利亞、安哥拉、赤道幾內亞和納米比亞等地的現有立場，最近納米比亞肯定對這些國家很感興趣。

We've seen others make some discoveries.

我們已經看到其他人做出了一些發現。

In the Orange Basin, we've got a lease PEL 90, which sits just outboard of where an interesting discovery has recently been made.

在奧蘭治盆地，我們租用了 PEL 90，它位於最近發現的一個有趣發現的外側。

And we've got a well there that will spud in the fourth quarter of this year.

我們那裡有一口井，將於今年第四季開工。

It will be completed in early 2025.

將於2025年初竣工。

We've already executed the Reagan well construction contract.

我們已經執行了雷根建井合約。

So, we're very excited to see what that delivers.

因此，我們非常高興看到它能帶來什麼。

In terms of additional acreage in Nigeria, we farmed into a block in the Walvis Basin, PEL 82 and are interested in continuing to add to our acreage position there if opportunities present themselves.

就尼日利亞的額外種植面積而言，我們在沃爾維斯盆地 (PEL 82) 種植了一個區塊，如果有機會，我們有興趣繼續增加我們在那裡的種植面積。

So, we've got three ways of bringing resource into the company.

因此，我們可以透過三種方式將資源引入公司。

You can explore for it and discover it.

你可以探索它並發現它。

You can acquire it or you can unlock it through technology and all three of those receive lot of attention.

你可以取得它，也可以透過科技解鎖它，這三者都受到了很多關注。

We've got talented people working in each area to bring resource in through all of them.

我們在每個領域都有人才，可以透過他們來引入資源。

But I'm excited about some of the new exploration acreage that we're adding.

但我對我們增加的一些新勘探面積感到興奮。

Thanks, Jason.

謝謝，傑森。

Bob Brackett, Bernstein.

鮑勃·布拉克特，伯恩斯坦。

Good morning.

早安.

I had a question given that you have a unique position in Venezuela and we're watching an election and a post-election unfold.

我有一個問題，因為你在委內瑞拉擁有獨特的地位，而且我們正在觀看選舉和選舉後的展開。

Any comments on what you're seeing from your folks on the ground?

對於您從當地人員那裡看到的情況有什麼評論嗎？

And maybe if there's any vision, what your role in Venezuela could look like in a range of presidential outcomes?

也許如果有任何願景的話，您在委內瑞拉的一系列總統成果中會扮演什麼角色？

Yes.

是的。

Bob, on the ground, what we're doing is really monitoring the situation.

鮑勃，在實地，我們正在做的是真正監控局勢。

You've seen the news coverage and our focus remains on the safety of our employees and their families and the integrity of the assets in our joint venture operations.

您已經看到了新聞報道，我們的重點仍然是我們員工及其家人的安全以及我們合資企業資產的完整性。

We've been a constructive presence in Venezuela for most of the last 100 years.

在過去 100 年的大部分時間裡，我們一直在委內瑞拉發揮建設性作用。

We conduct our business there in compliance with their laws as well as the laws of the U.S, which in this particular case are administered under a general license issued by the Treasury Department.

我們在那裡開展業務時遵守他們的法律以及美國法律，在這種特殊情況下，這些法律是根據財政部頒發的一般許可證進行管理的。

And we've seen some encouraging results here recently since the issuance of the most recent general license, our JVs are produced around 200,000 barrels a day.

自從最新的一般許可證頒發以來，我們最近在這裡看到了一些令人鼓舞的結果，我們的合資企業每天生產約 20 萬桶。

We're being repaid debt that we have been owed and are steadily achieving that objective.

我們所欠的債務正在償還，並且正在穩步實現這一目標。

We've also seen the extension of some of the concessions on some of these non-operated joint ventures that we are involved in.

我們也看到我們參與的一些非經營性合資企業的一些優惠得到了延長。

So, we remain apolitical in Venezuela and in other countries.

因此，我們在委內瑞拉和其他國家仍然不關心政治。

We're there to help develop the economy, support the people, create jobs and not get involved in politics which can swing in any country from party to party.

我們的目的是幫助發展經濟、支持人民、創造就業機會，而不是捲入政治，因為政治可能在任何國家的黨派之間搖擺不定。

And we have found that it's best to work with the government that's in power, respect the fact that that is the government that we have, but not take positions that would make it difficult for us to continue to work with a subsequent government.

我們發現，最好與當權政府合作，尊重我們現有政府的事實，但不要採取讓我們難以繼續與下一屆政府合作的立場。

So, we don't have a role in selecting governments, we're a commercial player, not a political player.

因此，我們在選擇政府方面沒有作用，我們是商業參與者，而不是政治參與者。

And again, our focus is really on keeping our people safe and the assets protected.

再說一遍，我們的重點其實是確保員工的安全和資產的保護。

Thank you, Bob.

謝謝你，鮑伯。

Neal Dingmann, Truist.

尼爾‧丁曼，真理主義者。

Good morning.

早安.

Thanks for getting in.

感謝您的參與。

Mike, my question for you and the team is just on OFS costs.

麥克，我向您和團隊提出的問題只是關於 OFS 成本。

I'm just wondering if you've seen any change in prices given the very recent fall in oil prices.

我只是想知道，鑑於最近油價下跌，您是否看到價格有任何變化。

And if so, or just going forward, would you expect to see maybe domestic cost hold while international stays firmer or vice versa?

如果是這樣，或者只是展望未來，您是否希望看到國內成本保持不變，而國際成本保持堅挺，反之亦然？

Yes, certainly in the economy broadly speaking, we have seen inflation pressures easing and I think that's good for consumers, it's good for economic growth.

是的，當然，從廣義上講，我們已經看到通膨壓力有所緩解，我認為這對消費者有利，對經濟成長有利。

These things vary across geographies and as you say, you can see different dynamics in the onshore and the offshore.

這些事情因地區而異，正如您所說，您可以在陸上和海上看到不同的動態。

We are seeing some softening of pressure in the onshore, some declining in prices for oil country or oil class tubulars, rigs, prop and trucking.

我們看到陸上壓力減弱，石油國家或石油級管材、鑽井平台、支柱和卡車運輸的價格下降。

Some of the frac services are more stable.

一些壓裂服務更加穩定。

We have a contracting approach that generally sets up index-based pricing over longer periods of time which tends to buffer increases.

我們採用承包方法，通常在較長時間內建立基於指數的定價，這往往會緩衝成長。

It can also buffer the decreases.

它還可以緩衝下降。

So, we're not a big spot player.

所以，我們不是一個大牌球員。

We tend to have longer term contracts and look for things that allow our suppliers to plan their work and allocate their people and resources accordingly.

我們傾向於簽訂長期合同，並尋找能讓我們的供應商規劃工作並相應分配人員和資源的東西。

And some of these things lag on the way up, they lag a little bit on the way down.

其中一些事情在上升過程中滯後，在下降過程中有些滯後。

But I think in the onshore, you're right, you're seeing some easing of pressures.

但我認為在陸上，你是對的，你看到壓力有所緩解。

I think in the offshore, you're seeing a little bit of a reverse.

我認為在海上，你會看到一些相反的情況。

There is more activity going on in the Deepwater.

深水區有更多活動。

You're seeing rig rates firm in some cases.

在某些情況下，您會看到鑽孔機價格堅挺。

So, this is a place where we also take a longer term contracting approach.

因此，我們也採取長期承包方式。

We've got multiple rigs contracted out over multiple years.

多年來我們已經承包了多台鑽孔機。

They are typically laddered, so that they don't expire simultaneously and we've lagged into the market across the cycle, so that we're not exposed to any one particular point in time.

它們通常是階梯式的，這樣它們就不會同時到期，而且我們在整個週期中都落後於市場，這樣我們就不會暴露在任何一個特定的時間點。

So, certainly not the inflationary pressure we've seen a couple of years ago.

因此，這肯定不是我們幾年前看到的通膨壓力。

Thank you, Neal.

謝謝你，尼爾。

Geoff Jay, Daniel Energy Partners.

傑夫傑伊，丹尼爾能源合夥人。

Hey, guys.

大家好。

This is, maybe a follow-up to Jason's question about exploration earlier, but I noticed you got involved in Uruguay back in March.

這可能是傑森之前關於探索問題的後續，但我注意到你早在三月就參與了烏拉圭的活動。

Is that an analog to the Orange or Walvis basins?

這是奧蘭治盆地或沃爾維斯盆地的類比嗎？

And just wonder if you can maybe update us on what you think the potential could be there and what the timeline of exploration might be there?

只是想知道您是否可以向我們介紹您認為那裡可能存在的潛力以及探索的時間表？

Yes.

是的。

So, we did pick up a block off Uruguay and there are beliefs that there are certain conjugate margin analogs that we see on the South American side of the Atlantic.

因此，我們確實在烏拉圭附近發現了一個區塊，有人相信我們在大西洋的南美一側看到了某些共軛邊緣類似物。

Obviously, there's a lot of work that needs to be done to explore those theories and in some instances we have seen evidence that supports it in other instances less so.

顯然，需要做很多工作來探索這些理論，在某些情況下，我們看到了支持它的證據，但在其他情況下則不然。

So, we've also picked up some acreage in Brazil, in Suriname.

因此，我們也在巴西和蘇利南獲得了一些土地。

So, across that whole Eastern Coast of South America, we have got some pretty good exposure and intend to do the geotechnical work and seismic work to understand the prospectivity of it.

因此，在整個南美洲東海岸，我們已經獲得了一些相當好的曝光，並打算進行岩土工程和地震工作，以了解其前景。

So, very early days on that particular prospect, but we're intrigued by it and it's an example of what I mentioned earlier that we're moving into some areas that are a little more frontier than where we've been over the last number of years.

所以，這個特定的前景還處於早期階段，但我們對此很感興趣，這是我之前提到的一個例子，我們正在進入一些比我們上一個數字更前沿的領域年。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

Good morning and thanks for taking my question.

早安，感謝您提出我的問題。

I wanted to go back to the Permian.

我想回到二疊紀。

It's great to see the momentum, the operational momentum you're seeing on the operator side, just given the turbo frac and certainly acceleration of the cycle time, curious how you think about there's some pull forward of activity.

很高興看到您在操作員方面看到的動力和操作動力，只是考慮到渦輪壓裂和週期時間的加速，並好奇您如何看待活動的一些推動。

Would you likely to do more with the same equipment or would things slow down or ended up using less equipment?

您是否願意使用相同的設備做更多的事情，或者事情會變慢或最終使用更少的設備？

And also curious about what you're seeing on your royalty and then operator production front as well?

您還對您在版稅和運營商生產方面看到的情況感到好奇嗎？

Okay.

好的。

Let me start with the royalty and non op first.

讓我先從版稅和非操作開始。

We're continuing to see strong contributions from that.

我們繼續看到這方面的巨大貢獻。

We've got line of sight to essentially all the AFEs this year across that acreage and it's been if you want to call it the upside performance we've seen this year has been spread across all three of those portions of our business, company operated royalty and NOJV.

今年我們基本上看到了該地區所有的 AFE，如果你想稱之為上行業績，我們今年看到的上行業績已經分佈在我們業務的所有三個部分，公司運營特許權使用費和 NOJV。

So, strong contributions from those two.

所以，這兩個人做出了巨大的貢獻。

When you get to the Permian, yes, these efficiencies have accelerated activity.

當你到達二疊紀時，是的，這些效率加速了活動。

We get through more lateral feet of wells, we complete more feet, we use more consumables and sand and everything as we do that.

我們穿過更多的側井，我們完成更多的英尺，我們使用更多的消耗品和沙子以及我們這樣做的一切。

Some of the easing of pressure on cost of goods and inputs helps us offset that and so we are trying to manage, we are going to manage to our CapEx numbers.

商品成本和投入成本壓力的緩解有助於我們抵消這一點，因此我們正在努力管理，我們將管理我們的資本支出數字。

And you can expect us to balance out activity and capital.

您可以期望我們平衡活動和資本。

We're not going to get off to the races on capital.

我們不會因為資本而陷入競爭。

We're going to see very disciplined out of the budget is a budget.

我們將看到預算中非常有紀律的預算。

But the nice thing is we're getting -- because of the improved cycle times, improved efficiencies, we're getting more productivity out of the equipments, we're getting more production per unit of capital input and that really is the story here.

但令人高興的是，由於週期時間縮短、效率提高，我們從設備中獲得了更高的生產力，每單位資本投入的產量也提高了，這就是真正的故事。

So, you can expect us to land our capital as we've guided it at close to $5 billion and the production as we have guided in our prepared remarks.

因此，您可以預期我們將按照我們在準備好的演講中所指導的那樣獲得接近 50 億美元的資本和生產。

Sean Royall, JPMorgan.

肖恩‧羅亞爾，摩根大通。

Hi, good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

So, my question is just if you could give some color on the downtime you saw both Gorgon and Wheatstone in 2Q.

所以，我的問題是，您是否可以對第二季度看到的 Gorgon 和 Wheatstone 的停機時間提供一些說明。

What was the source of those outages?

這些停電的根源是什麼？

And how are the facilities running now?

目前設施運作情況如何？

And maybe include some color on the planned work you called out for Gorgon in 3Q?

也許可以在第三季為 Gorgon 計劃的工作中添加一些顏色？

Yeah, John.

是的，約翰。

So, the down time in upstream in May and June was associated with some unplanned events in Gorgon and Wheatstone.

因此，5 月和 6 月上游的停機時間與戈爾貢和惠斯通的一些意外事件有關。

So, on Gorgon, there was a blade failure.

所以，戈爾工上出現了刀片故障。

So, they had to take some time to repair that.

因此，他們必須花一些時間來修復它。

They used the time when they were down to try and do as much maintenance as possible.

他們利用閒暇時間嘗試盡可能地進行維護。

On Wheatstone, they actually had a gas leak that was discovered by an operator.

在惠斯通，他們實際上發生了煤氣洩漏，並被操作員發現。

And we're always going to shut the plant down and repair any leaks in the spirit of operational excellence.

我們始終會本著卓越運營的精神關閉工廠並修復任何洩漏。

So, they repaired that, it was on the fuel gas system and got things back up and running.

因此，他們修復了燃氣系統上的問題，並使其恢復正常運作。

So, the repairs were executed safely and efficiently and we still expect both of those assets to run with good reliability this year with top quartile performance.

因此，維修工作是安全且有效率地進行的，我們仍然期望這兩項資產今年能夠以良好的可靠性運行，並具有頂級的性能。

The Gorgon, asset turnaround is currently underway and that's going really well.

Gorgon 資產週轉目前正在進行中，進展非常順利。

So, we expect that to come in under the planned duration this quarter.

因此，我們預計這將在本季的計劃期限內完成。

And even with or despite the downtime, we expect to close the full year and deliver on the plant production for the combined Australia assets.

即使有停機時間，我們仍預計全年結束並實現澳洲合併資產的工廠生產。

Thanks, John.

謝謝，約翰。

I would like to thank everyone for your time today.

我要感謝大家今天抽出寶貴的時間。

We appreciate your interest in Chevron and your participation on today's call.

我們感謝您對雪佛龍的關注並參與今天的電話會議。

Please stay safe and healthy.

請保持安全和健康。

Justin, back to you.

賈斯汀，回到你身邊。

Thank you.

謝謝。

This concludes Chevron's second-quarter 2024 earnings conference call.

雪佛龍 2024 年第二季財報電話會議至此結束。

You may now disconnect.

您現在可以斷開連線。