雪佛龍 (CVX) 2024 Q3 法說會逐字稿

Good morning. My name is Justin, and I will be your conference facilitator today. Welcome to Chevron's third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the conference call over to the Head of Investor Relations of Chevron Corporation, Mr. Jake Spiering. Please go ahead.

早安.我叫賈斯汀，今天我將擔任你們的會議主持人。歡迎參加雪佛龍 2024 年第三季財報電話會議。 （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者關係主管傑克‧斯皮林先生。請繼續。

Thank you, Justin. Welcome to Chevron's third-quarter 2024 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; and CFO, Eimear Bonner, are on the call with me today. We will refer to the slides and prepared remarks that are available on Chevron's website. Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements.

謝謝你，賈斯汀。歡迎參加雪佛龍 2024 年第三季財報電話會議和網路廣播。我是投資人關係主管傑克‧斯皮林。我們的董事長兼執行長 Mike Wirth；財務長 Eimear Bonner 今天與我通話。我們將參考雪佛龍網站上提供的幻燈片和準備好的評論。在開始之前，請注意，本簡報包含估計、預測和其他前瞻性陳述。

A reconciliation of non-GAAP measures can be found in the appendix to this presentation. Please review the cautionary statement on slide 2. Now I will turn it over to Mike.

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。

All right. Thanks, Jake. This quarter, Chevron delivered strong financial and operational results, returned record cash to shareholders and achieved project milestones that are expected to deliver production and cash flow growth over the coming years. We continue to see strong performance in the Permian and executed major turnarounds at TCO and Gorgon ahead of schedule. Worldwide production increased by 7% from the prior year and set a third quarter record. We started up the high-pressure Anchor project and began water injection to boost production at the Jack/St. Malo and Tahiti fields.

好的。謝謝，傑克。本季度，雪佛龍交付了強勁的財務和營運業績，向股東返還了創紀錄的現金，並實現了專案里程碑，預計將在未來幾年實現產量和現金流的成長。我們繼續看到二疊紀盆地的強勁表現，並提前實現了 TCO 和 Gorgon 的重大轉變。全球產量較上年增長 7%，創下第三季紀錄。我們啟動了高壓 Anchor 項目，並開始注水以提高 Jack/St. 的產量。馬洛和塔希提島油田。

These projects, combined with additional project start-ups through 2025 are expected to grow Gulf of Mexico production to 300,000 barrels per day by 2026. We've expanded our CO2 storage portfolio, adding over 2 million acres offshore Western Australia. In September, the FTC completed its review of the company's merger with Hess. And we also recently announced several asset sales as part of our ongoing portfolio optimization efforts.

這些項目，再加上到2025 年啟動的其他項目，預計到2026 年，墨西哥灣的產量將增至每天30 萬桶。封存面積。 9月，FTC完成了對該公司與Hess合併的審查。作為我們正在進行的投資組合優化工作的一部分，我們最近也宣布了幾項資產出售。

This quarter marked the one-year anniversary of the PDC Energy acquisition. We've successfully combined the two companies, taking best practices from both and applying them across our shale and tight portfolio. We've exceeded our guidance of $500 million in combined capital and cost synergies by more than 30% and have delivered more than $1 billion in incremental free cash flow since acquiring PDC. Chevron’s well performance is 40% better than the DJ Basin average, and we continue to optimize development plans.

本季是 PDC Energy 收購一週年。我們成功地合併了兩家公司，借鑒了兩家公司的最佳實踐，並將其應用到我們的頁岩油和緊密投資組合中。自收購 PDC 以來，我們的綜合資本和成本協同效應超出了 5 億美元的指導方針 30% 以上，並且增加了超過 10 億美元的自由現金流。雪佛龍的油井表現比 DJ 盆地平均高出 40%，我們將繼續優化開發計畫。

We have advantaged inventory with around 75% locations at a breakeven below $50 per barrel. We expect to hold production at a plateau around 400,000 barrels of oil equivalent per day through the end of the decade. And our operations in Colorado are among the lowest carbon intensity assets in the industry, benefiting from tankless production facilities that lower greenhouse gas emissions by 90% compared to older designs. Where possible, we utilize grid-powered rigs that reduce more than 60% of our on-site greenhouse gas emissions from drilling.

我們擁有優勢庫存，約 75% 的庫存損益平衡點低於每桶 50 美元。我們預計到本十年末，日產量將維持在 40 萬桶油當量左右的穩定水準。我們在科羅拉多州的業務是業界碳強度最低的資產之一，受益於無水箱生產設施，與舊設計相比，溫室氣體排放量減少了 90%。在可能的情況下，我們使用電網供電的鑽孔機，可減少 60% 以上的鑽探現場溫室氣體排放。

At TCO, the team continues to deliver consistent progress on project milestones. All four pressure boost facilities are now online and operating with high reliability. All production is flowing through these facilities, which allows optimization of existing plants and enabled the highest daily production in the field's 31 years of service. Remaining metering stations are all under conversion, and we're confident in the incremental well capacity that will feed FGP.

在 TCO，團隊繼續在專案里程碑上取得持續進展。所有四個增壓設施現已在線並以高可靠性運行。所有生產均流經這些設施，從而可以優化現有工廠，並實現該領域 31 年服務中的最高日產量。其餘的計量站都在改造中，我們對增加 FGP 的井容量充滿信心。

We've initiated final leak testing for the wet sour gas compressors and are preparing the crude processing systems for operation. Complex commissioning activities will continue over the coming months, leading into initial start-up activities in the first quarter of 2025. We continue to divest noncore positions at significant value. We've announced asset sales in Canada, Alaska and Congo that will contribute before tax proceeds of approximately $8 billion.

我們已經開始對濕酸性氣體壓縮機進行最終洩漏測試，並正在準備原油加工系統的運作。複雜的調試活動將在未來幾個月繼續進行，並在 2025 年第一季開始啟動活動。我們已宣佈在加拿大、阿拉斯加和剛果進行資產出售，這將貢獻約 80 億美元的稅前收益。

Pending regulatory approvals, we expect to close these transactions in the fourth quarter. In Canada, we received a compelling offer for our Kaybob Duvernay shale position and non-operated interest in the Athabasca Oil Sands Project. Both are good assets, and we have a long history there, but they are a better fit for a reputable counterparty at an attractive deal value for Chevron. Now I'll turn it over to Eimear to discuss the financials.

在等待監管部門批准之前，我們預計將在第四季度完成這些交易。在加拿大，我們收到了一份令人信服的收購要約，收購我們的 Kaybob Duvernay 頁岩部位和阿薩巴斯卡油砂計畫的非營運權益。兩者都是優質資產，而且我們在這方面擁有悠久的歷史，但它們更適合信譽良好的交易對手，且交易價值對雪佛龍而言頗具吸收引力。現在我將把它交給 Eimear 來討論財務問題。

Thanks, Mike. We reported third quarter earnings of $4.5 billion or $2.48 per share. Adjusted earnings were $4.5 billion or $2.51 per share. Organic CapEx was $4 billion for the quarter, in line with our budget. Our balance sheet remains one of the strongest in the industry, ending the quarter with a net debt ratio under 12%. Cash flow in the third quarter was the highest for the year despite lower oil prices.

謝謝，麥克。我們公佈的第三季收益為 45 億美元，即每股收益 2.48 美元。調整後收益為 45 億美元，即每股 2.51 美元。本季有機資本支出為 40 億美元，符合我們的預算。我們的資產負債表仍然是業內最強勁的之一，本季末淨負債比率低於 12%。儘管油價下跌，但第三季的現金流仍創下年最高。

Working capital decreased by $1.4 billion on lower inventory levels. Share repurchases were a record $4.7 billion, at the top end of our quarterly guidance range. Our financial priorities are unchanged, and we plan to use our strong balance sheet to reward shareholders consistently through commodity cycles. Compared with last quarter, adjusted earnings were down about $150 million.

由於庫存水準較低，營運資金減少了 14 億美元。股票回購金額達到創紀錄的 47 億美元，處於我們季度指引範圍的上限。我們的財務優先事項沒有改變，我們計劃利用我們強大的資產負債表在整個商品週期中持續回報股東。與上季相比，調整後收益減少約1.5億美元。

Adjusted upstream earnings were down mainly due to lower liquids realizations and high DD&A at TCO, and partly offset by higher liftings. Adjusted downstream earnings increased primarily due to favorable timing effects and higher US volumes. This was partially offset by lower US refining margins. Adjusted third quarter earnings were down $1.2 billion versus the same quarter last year.

調整後的上游收益下降，主要是由於流動性變現減少和 TCO 的 DD&A 高，但部分被提升量增加所抵消。調整後的下游收益增加主要是由於有利的時機效應和美國銷售增加。這被美國煉油利潤率下降部分抵銷。調整後的第三季收益比去年同期下降了 12 億美元。

Adjusted upstream earnings were flat. Lower liquids realizations and higher DD&A were mostly offset by higher liftings and timing effects. Adjusted downstream earnings decreased mainly due to lower refining margins. All Other was down primarily due to interest expense. Third quarter oil equivalent production was up around 70,000 barrels per day from last quarter.

調整後的上游收益持平。較低的液體實現量和較高的 DD&A 大部分被較高的提升和時間效應所抵消。調整後的下游獲利下降主要是因為煉油利潤率下降。所有其他下降主要是由於利息支出。第三季石油當量產量較上季增加約 7 萬桶/日。

Strong production in the Permian, primarily in our company-operated New Mexico assets, was the main driver. We expect full year average production growth to finish at the top end of our guidance range of 4% to 7%. Costs always matter in a commodity business. We have a track record of managing unit costs well below inflation while successfully integrating several acquisitions.

二疊紀盆地的強勁產量（主要是我們公司在新墨西哥州營運的資產）是主要推動力。我們預計全年平均產量成長將達到我們指導範圍的上限 4% 至 7%。在大宗商品業務中，成本始終很重要。我們擁有將單位成本管理得遠低於通貨膨脹率並成功整合多項收購的記錄。

Higher returns require competitive costs and safe and reliable operations. Executing turnarounds on budget and on schedule is a key performance driver, and we've delivered outstanding performance in 2024. Our teams have collaborated across upstream and downstream to standardize the approach to these complex maintenance events, increasing the days our facilities are online and lowering unit costs. While we anticipate significant volume growth in the years ahead, we also expect to deliver $2 billion to $3 billion in structural cost reductions by the end of 2026.

更高的回報需要有競爭力的成本和安全可靠的營運。按預算和按計劃執行週轉是關鍵的績效驅動因素，我們在2024 年實現了出色的績效。並降低了單位成本。雖然我們預計未來幾年銷售將大幅成長，但我們也預計到 2026 年底實現 20 億至 30 億美元的結構性成本削減。

These cost savings will largely come from optimizing the portfolio, leveraging technology to enhance productivity and changing how and where work is performed, including the expanded use of global capability centers. Now looking ahead, in the fourth quarter, upstream will have downtime, which is expected to be split between US and international operations. Impact to production from divestments are expected to be around 45,000 barrels of oil equivalent per day for the quarter. Downstream will have higher planned maintenance primarily at El Segundo and Pascagoula.

這些成本節約主要來自優化產品組合、利用技術提高生產力以及改變工作執行方式和地點，包括擴大全球能力中心的使用。現在展望第四季度，上游將出現停工，預計將由美國和國際業務分擔。預計本季撤資對產量的影響約為每天 45,000 桶石油當量。下游將主要在埃爾塞貢多和帕斯卡古拉進行更高的計劃維護。

We will also have a shutdown at the Pasadena refinery, enabling the Light Tight Oil expansion to come online. We anticipate affiliate dividends to be around $1 billion this quarter. Share repurchases are expected to be between $4 billion and $4.75 billion in the fourth quarter, unchanged from prior guidance. Proceeds from asset sales are expected to be about $8 billion before taxes in the quarter. Back to you, Jake.

我們也將關閉帕薩迪納煉油廠，以便輕質緻密油擴建工程能夠上線。我們預計本季的附屬股息約為 10 億美元。第四季股票回購預計將在 40 億至 47.5 億美元之間，與先前的指引持平。本季資產出售收益預計約為稅前 80 億美元。回到你身邊，傑克。

That concludes our prepared remarks. We're now ready to take your questions. We ask that you limit yourself to one question. We'll do our best to get all of your questions answered. Justin, please open the lines.

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。我們要求您只回答一個問題。我們將盡力回答您的所有問題。賈斯汀，請打開線路。

(Operator Instructions) Jean Ann Salisbury, Bank of America.

（操作員指令）Jean Ann Salisbury，美國銀行。

The main feedback I have heard from investors hesitant on Chevron is wanting resolution on TCO start-up and tests. At what point should investors consider TCO start-up largely derisked. Is there like a specific milestone in the commissioning and start-up process like where you've listed here where you could say, okay, it started probably really can't slip much from here? And are we there now?

我從對雪佛龍猶豫不決的投資者那裡聽到的主要反饋是希望在 TCO 啟動和測試方面得到解決。投資者什麼時候應該考慮 TCO 新創公司基本上已經消除了風險。在調試和啟動過程中是否有一個特定的里程碑，就像您在這裡列出的那樣，您可以說，好吧，它的開始可能真的不會從這裡滑落太多？我們現在到了嗎？

Yes. So thanks for the question. We are making really great progress. And I think you saw that again this quarter, as we've had several quarters now where we've laid out expected milestones and delivered on them. So the team is delivering predictable commissioning and start-up activity, and I ran through some of the current state relative to low-pressure production, strongest day of production ever, et cetera. That said, there is still significant complex commissioning work still ahead, particularly on the future growth project. That work is well underway here. And we expect, as we said, to begin startup procedures in the first quarter.

是的。謝謝你的提問。我們正在取得巨大的進步。我認為您在本季度再次看到了這一點，因為我們已經有幾個季度製定了預期的里程碑並實現了它們。因此，團隊正在提供可預測的調試和啟動活動，我經歷了一些與低壓生產、有史以來最強的生產日等相關的當前狀態。儘管如此，前方仍然有大量複雜的調試工作，特別是在未來的成長項目方面。這項工作正在這裡順利進行中。正如我們所說，我們預計將在第一季開始啟動程序。

So our cost and schedule guidance is unchanged. One of the key things for us, and this is a learning from other projects over the years is to ensure reliability. We want to make sure that we have everything ready to start up safely and then run reliably as we go forward. And so we're going to continue to be very methodical in the way we go about starting up the equipment there.

因此，我們的成本和進度指導保持不變。對我們來說最重要的事情之一是確保可靠性，這是多年來從其他專案中學到的東西。我們希望確保一切準備就緒，可以安全啟動，然後在前進過程中可靠地運行。因此，我們將繼續以非常有條理的方式啟動那裡的設備。

But every quarter that passes, it's being derisked. I don't know that there's a magic threshold where you can say it's entirely de-risked. But everything we say or everything we see is very positive. In fact, Eimear was there just recently, along with Mark Nelson. Maybe Eimear, you can share some of the things you saw at TCO.

但每過一個季度，它的風險就會被消除。我不知道是否有一個神奇的門檻可以說它完全消除了風險。但我們所說的一切或我們所看到的一切都是非常積極的。事實上，艾米爾 (Eimear) 最近才和馬克尼爾森 (Mark Nelson) 一起去過那裡。也許Eimear，你可以分享一些你在TCO 看到的東西。

Yes. Thanks, Mike. Yes, it was great to be back and to be with Mark and Jake and the team in Tengiz. When we were there, they actually achieved a key milestone the day we arrived in Tengiz, and that was when they fully transitioned to feeding all of the existing 6 production trains with low-pressure production fed through the pressure boost facility. So I think the fact that the production was at high levels producing through the pressure boost facility just shows the high reliability that's been achieved there.

是的。謝謝，麥克。是的，很高興能回來並與馬克和傑克以及田吉茲的團隊在一起。當我們到達那裡時，他們實際上在我們到達田吉茲的那天實現了一個重要的里程碑，那時他們完全過渡到透過增壓設施為所有現有的 6 條生產線提供低壓生產。因此，我認為透過增壓設施實現高水準生產的事實表明了那裡已實現的高可靠性。

We also visited three sites at Tengiz, Jean. The first one was the operations and control center. And there, we saw how they're leveraging the advanced process control technology, digital tools, to really optimize production, keep the plants full and plan work safely. So that was great to see that, that's been part of the project and is really enabling a whole new level of optimization.

我們也參觀了田吉茲 (Tengiz)、讓 (Jean) 的三個地點。第一個是操作和控制中心。在那裡，我們看到了他們如何利用先進的製程控制技術、數位工具來真正優化生產、保持工廠滿載運轉並安全地規劃工作。很高興看到這一點，這是該專案的一部分，並且真正實現了全新的優化水平。

We went to the sites that Mike talked about, where the complex commissioning is ongoing through the 3GP site, the third generation site. There's a large, high number of equipment that's being commissioned there. So we talked to the team about how diligent they're being to ensure that we do the performance testing on the equipment, we commission the equipment, and we do that in a very methodical way. So that was great to see.

我們去了麥克談到的站點，那裡的複雜調試正在通過第三代站點 3GP 站點進行。那裡有大量設備正在調試。因此，我們與團隊討論了他們如何努力確保我們對設備進行性能測試，我們調試設備，並且我們以非常有條理的方式做到這一點。很高興看到這一點。

We also went to the third-generation injection facility. And with the design that we have, we will be injecting all of the produced gas into the reservoir to help with pressure management, and they were doing injection testing when we were there. So that's a key bit of derisking to know that the wells will take the sour gas into the back end of the reservoir.

我們也參觀了第三代注射設施。根據我們的設計，我們將把所有產生的氣體注入儲層以幫助壓力管理，當我們在那裡時他們正在進行注入測試。因此，了解井會將酸性氣體帶入儲層後端是降低風險的關鍵。

So overall, it was a great visit. We came away really encouraged by the work of the team by the consistent progress that's being achieved, but also by just the rigorous planning and thought that's going in to ensuring a safe and reliable startup and ramp up over the first half 2025.

總的來說，這是一次很棒的訪問。團隊的工作所取得的持續進展，以及為確保安全可靠的啟動和在 2025 年上半年加速發展而進行的嚴格規劃和思想，讓我們深受鼓舞。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛。

I just want to spend some time on the Permian. You had indicated in the prepared remarks that you expect to finish towards the top end of the 4% to 7% range in guidance and you highlighted strength in the company operated in New Mexico. Can you spend a little bit more time unpacking that, the sustainability of that? And just how should we think about the path to ultimately getting to plateau at this asset?

我只是想在二疊紀待上一段時間。您在準備好的評論中表示，您預計將達到 4% 至 7% 指導範圍的上限，並且您強調了在新墨西哥州運營的公司的實力。您能花更多時間來解釋一下它的可持續性嗎？我們該如何思考該資產最終達到穩定狀態的路徑？

Yes, Neil, we did have a nice strong quarter again in the Permian. I realize a lot of our activity now being in New Mexico, the data is not quite as timely and transparent maybe as on the Texas side. And so you may not see that. But a couple of things. Number one, our new well performance has been very, very strong in the Delaware Basin. We've got a lot of that in the third quarter, particularly in the second Bone Spring and seeing top quartile performance out of those wells. Also on the Texas side in the Delaware and the Wolfcamp A, we're outperforming expectations.

是的，尼爾，我們確實在二疊紀再次經歷了一個強勁的季度。我意識到我們現在的許多活動都在新墨西哥州進行，數據可能不如德克薩斯州及時和透明。所以你可能看不到這一點。但有幾件事。第一，我們在特拉華盆地的新井表現非常非常強勁。我們在第三季得到了很多這樣的成果，特別是在第二個 Bone Spring 中，並看到這些油井的表現達到了前四分之一。同樣在德克薩斯州的特拉華州和沃爾夫坎普 A 賽上，我們的表現也超出了預期。

So new wells and the completion of pop time on those new wells has been very, very strong. In the base business, we're seeing stronger reliability performance. Proactive maintenance efforts are paying off. We're seeing artificial lift optimization now, sustaining strong production.

因此，新井以及這些新井的完井時間非常非常強勁。在基礎業務中，我們看到了更強的可靠性表現。積極主動的維護工作正在發揮成效。我們現在看到人工舉升優化，維持強勁的生產。

And we're seeing efficiency gains in everything from completions designs, coordination and logistics to reduce mobilization. We've talked about triple frac before. And so across the entire activity portfolio in the basin, we just continue to see improvement in the execution of that and then improvement in the performance of the wells.

我們看到從竣工設計、協調和物流到減少動員的各個方面的效率都有所提高。我們之前討論過三重壓裂。因此，在盆地的整個活動組合中，我們不斷看到活動執行情況的改善，以及油井性能的改善。

As we move towards the 1 million-barrel a day mark next year, we will begin to shape our profile there a little bit towards a plateau. And we'll really begin to focus on free cash flow. And so growth will become less the driver and free cash flow will become more of the driver, if you will.

當我們明年邁向日產量 100 萬桶的大關時，我們將開始將我們的產量逐漸趨於平穩。我們將真正開始關注自由現金流。因此，如果你願意的話，成長將不再是驅動因素，而自由現金流將成為更多的驅動因素。

So we'll bring capital spending down. And I think what you'll see is this year is probably going to be the peak in Permian CapEx. And as we move forward, we'll start to attenuate that. The growth, which has been at a 15% CAGR for the last three years, probably going to be higher than that this year. We'll begin to attenuate as well and we'll really open up the free cash flow there.

因此，我們將減少資本支出。我認為你會看到今年可能是二疊紀資本支出的頂峰。隨著我們的前進，我們將開始削弱這種影響。過去三年的複合年增長率為 15%，今年可能會更高。我們也將開始減弱，我們將真正開放那裡的自由現金流。

So more to follow in terms of exactly what that looks like. I'm sure people are curious about that. So we'll provide more guidance here over the next call or two. So you can start to think of what that looks like. But the headline here is continued efficiency and productivity gains, strong free cash flow today, and we're going to manage it for even stronger free cash flow in the future.

因此，關於它到底是什麼樣子，還有更多值得關注的地方。我相信人們對此很好奇。因此，我們將在下一兩次電話會議中提供更多指導。所以你可以開始思考它是什麼樣子的。但這裡的標題是持續的效率和生產力提高，今天強勁的自由現金流，我們將對其進行管理，以在未來實現更強勁的自由現金流。

Doug Leggate, Wolfe Research.

道格‧萊蓋特，沃爾夫研究中心。

If I could observe as a kind of precursor to my question, this is probably your best operating quarter in quite a while, so congrats that share price is responding accordingly. But if we look at your relative underperformance since you announced the Hess deal, there is clearly a huge weight of uncertainty on the stocks, basically wiped out the value of Hess. So here is a Hess question.

如果我可以將其視為我的問題的先兆，那麼這可能是您在相當長一段時間內最好的營運季度，所以恭喜股價做出了相應的反應。但如果我們看看自宣布赫斯交易以來你的相對錶現不佳，股票顯然存在巨大的不確定性，基本上消除了赫斯的價值。這是一個赫斯問題。

And it goes something like this. You've now got FTC since we last spoke on the last call. You've got the shareholder vote and you're moving ahead with, I guess, what many would think about the post Hess acquisitions disposals. The synergies presumably are not related to Guyana. Why not go ahead and close the deal if you're so confident in your legal position?

事情是這樣的。自從我們上次通話以來，您現在已收到 FTC。我想，你已經獲得了股東投票，你正在繼續推動許多人對赫斯收購後處置的看法。據推測，這種協同效應與圭亞那無關。如果您對自己的法律地位如此有信心，為什麼不繼續完成交易呢？

Well, look, the relative performance of the shares relates to a lot of things, number one. And so I wouldn't dispute the fact that the Hess uncertainty is a material contributor. But as you said, we've had some performance unevenness that I think we've ironed out and we need to prove that. But we announced the cost and schedule update to TCO during this period of time. So there's been a number of things that I think are all part of that, all of which are a high priority. And as you see today, are getting a lot of attention and I think improving.

嗯，看，股票的相對表現與許多因素有關，第一。因此，我不會質疑赫斯不確定性是重要因素這一事實。但正如你所說，我們存在一些性能不平衡的情況，我認為我們已經解決了這些問題，我們需要證明這一點。但我們在這段時間向 TCO 公佈了成本和進度更新。因此，我認為有很多事情都是其中的一部分，所有這些都是高度優先的。正如你今天所看到的，我們受到了很多關注，我認為正在不斷進步。

Look, we've got a deal structure with Hess that has a condition precedent that if there's an arbitration, the arbitration has to be concluded. We are confident that it will be successfully concluded. But that's the way we set the deal up and we're going to execute the transaction the way the transaction is written and the integration planning is going very well.

看，我們與赫斯達成了一項交易結構，其中有一個先決條件，即如果有仲裁，則必須結束仲裁。我們相信會議一定會圓滿結束。但這就是我們建立交易的方式，我們將按照交易的編寫方式執行交易，並且整合計劃進展順利。

We're working very closely on everything that we can at this point in the process to prepare for the future. And I realize that the timing on this is unfortunate, but we're continuing to move forward and look forward to integrating the two companies and being really the premier oil and gas company prepared for the energy transition.

目前，我們正在盡一切努力密切合作，為未來做好準備。我意識到這個時機很不幸，但我們正在繼續前進，並期待整合兩家公司，並成為真正為能源轉型做好準備的一流石油和天然氣公司。

Biraj Borkhataria, RBC.

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

I wanted to ask around the Canada sales. So if I go back to the Hess deal, the rationale was to buy long cycle, high-quality resource and obviously helps diversify your portfolio and Guyana is very different to Canada, obviously. But could you just talk about the decision to execute that divestment, one, now ahead of the arbitration decision, which was a surprise. But also more broadly, I would have thought you were a net buyer of long-cycle resource. So if you could just talk about how you're thinking about that and how you're thinking about the portfolio, that would be helpful.

我想問加拿大各地的銷售情況。因此，如果我回到赫斯交易，其理由是購買長週期、高品質的資源，顯然有助於使您的投資組合多樣化，而圭亞那顯然與加拿大有很大不同。但您能否談談執行撤資的決定，現在是在仲裁決定之前，這是令人驚訝的。但更廣泛地說，我以為你是長週期資源的淨買家。因此，如果你能談談你是如何看待這個問題以及你如何看待投資組合的，那將會很有幫助。

Sure. So Biraj, we've got a long history in Canada. It's been a good business. AOSP has been steady contributor of cash for many years. But we've also indicated that as a 20% non-op position, it wasn't really viewed as a core asset in the portfolio. So as we were marketing the unconventional position in the Kaybob Duvernay, we were not actually marketing AOSP but the buyer came to us and proposed buying both and made us a very attractive offer to buy both.

當然。 Biraj，我們在加拿大有著悠久的歷史。這是一筆好生意。 AOSP 多年來一直是穩定的現金貢獻者。但我們也指出，作為 20% 的非營運頭寸，它並沒有真正被視為投資組合中的核心資產。因此，當我們行銷 Kaybob Duvernay 的非常規位置時，我們實際上並不是在行銷 AOSP，而是買家找到我們並提議購買這兩個產品，並向我們提供了一個非常有吸引力的購買報價。

The Duvernay, while it's a good asset, we're struggling to compete against the strength in other parts of our shale and tight portfolio. And AOSP, as we've indicated for some time, is a noncore asset, we were willing to consider offers for it, but there was a long time when I think potential buyers were struggling to give us the value that we saw, to your point, for a long-duration asset. The Canadian producers are faring better today. I think their equity valuations have recovered. And so we were presented with an opportunity to transact at what we thought was good value. And we've been patient.

杜韋爾奈雖然是一項良好的資產，但我們正在努力與我們頁岩油和緊張投資組合的其他部分的實力進行競爭。正如我們一段時間以來所表明的那樣，AOSP 是一項非核心資產，我們願意考慮對其提出報價，但在很長一段時間內，我認為潛在買家一直在努力為我們提供我們所看到的價值，以實現您的目標。加拿大生產商如今表現較好。我認為他們的股票估值已經恢復。因此，我們有機會以我們認為物有所值的價格進行交易。我們一直很有耐心。

Others have left the oil sands over the years at what we felt were discounted values, and we weren't prepared to do that. But when we got a value that we thought was fair value, we were prepared to transact. And yes, we want to add good quality long-duration assets to the portfolio, but we have a lot of those in our portfolio today. And so I don't think you should read our desire for those kinds of assets to say that anything that would broadly fit under that heading is not eligible for potential divestment.

多年來，其他人一直以我們認為的折扣價出售油砂，而我們並不準備這樣做。但當我們得到我們認為公允價值的價值時，我們就準備好進行交易。是的，我們希望在投資組合中添加優質的長期資產，但今天我們的投資組合中有很多這樣的資產。因此，我認為您不應該在閱讀我們對此類資產的渴望後說，任何大致符合該標題的資產都不符合潛在的撤資條件。

We're going to continue to high grade our portfolio over time. And as we add quality assets and use technology to improve the value of assets in our portfolio, we'll always ask ourselves if the balance of the portfolio has more value to others than it does to us and be willing to entertain that kind of a question.

隨著時間的推移，我們將繼續對我們的投資組合進行高評級。當我們添加優質資產並使用技術來提高投資組合中的資產價值時，我們總是會問自己，投資組合的餘額對其他人的價值是否比對我們的價值更大，並願意接受這種情況問題。

Josh Silverstein, UBS.

喬許·西爾弗斯坦，瑞銀集團。

Just on the $2 billion to $3 billion cost savings, how much of this comes from the announced $8 billion of asset sales year-to-date versus what maybe comes from additional asset sales and structural cost savings? And then any split between upstream or downstream?

僅就 20 億至 30 億美元的成本節約而言，其中有多少來自今年迄今宣布的 80 億美元的資產出售，而可能來自額外的資產出售和結構性成本節約？那麼上游和下游之間有什麼差別嗎？

Yes. Thanks, Joe. So let me talk you through our plan here, given that some new material. So first of all, as you saw on the slide, we've been disciplined in managing our cost competitively over the years. So this program is essentially our next set of cost reduction steps to sustain our discipline given that in our business, costs are always mattered, they are always important. So what we're focused on here is reducing absolute costs while we deliver significant growth in the business.

是的。謝謝，喬。鑑於一些新材料，讓我在這裡向您介紹我們的計劃。首先，正如您在幻燈片中看到的那樣，多年來我們一直嚴格控製成本，保持競爭力。因此，該計劃本質上是我們的下一組成本削減步驟，以維持我們的紀律，因為在我們的業務中，成本始終很重要，它們始終很重要。因此，我們的重點是降低絕對成本，同時實現業務的顯著成長。

Think about this program is focused on the controllables, and we're expecting run rate reductions to be realized over the next few years by the end of 2026 from a 2024 baseline. So the full benefits will be seen in 2027. So in terms of where the reduction is coming from, the first category is really portfolio actions. So examples like what we've heard today in the call, the announced Canada, Alaska Congo sales. So there's a large portion of this is associated with that.

考慮一下該計劃的重點是可控因素，我們預計在未來幾年內，到 2026 年底，運行率將在 2024 年基線的基礎上實現降低。因此，全部收益將在 2027 年看到。例如我們今天在電話中聽到的、宣布的加拿大、阿拉斯加剛果銷售情況。所以這很大一部分與此相關。

We see the direct costs, we reduce the asset transfer from our portfolio. And then we would expect overhead costs associated with those assets to reduce over time. So that's one part of this program. The second part is just improvement initiatives, and these are initiatives that we see across the organization. They're coming from the business units, in all segments. They're coming from the functions.

我們看到了直接成本，我們減少了投資組合中的資產轉移。然後，我們預計與這些資產相關的間接成本會隨著時間的推移而減少。這就是該計劃的一部分。第二部分只是改善舉措，這些都是我們在整個組織中看到的舉措。他們來自各部門的業務部門。它們來自函數。

Some examples of what we're talking about here is initiatives that leverage technology solutions to reduce cost and drones, robotics, digital twins that have transformed, how we think about operating and maintaining our facilities. That would be an example. Another example would be improvement initiatives that really look to how we do our work, where we do our work. An example there would be the recent announcement of the engine global capability center in India.

我們在這裡討論的一些例子是利用技術解決方案來降低成本的舉措，以及已經轉變的無人機、機器人、數位孿生，以及我們如何看待營運和維護我們的設施。這就是一個例子。另一個例子是真正著眼於我們如何工作、在哪裡工作的改進舉措。最近宣佈在印度設立發動機全球能力中心就是一個例子。

So in these centers, we're looking to standardize and centralize more of our workflow. So that's really what the program is. When you think about the range, what I'd say is the first $2 billion, think about these as divestments and cost reduction and cost reduction initiatives that are in our plan, they're firm, they're either execution-ready or working towards becoming execution-ready. Think about the third billion as an additional target that we have with initiatives that are underway that we haven't fully quantified.

因此，在這些中心，我們希望標準化和集中更多的工作流程。這就是該計劃的真正含義。當你考慮這個範圍時，我想說的是前 20 億美元，將這些視為我們計劃中的撤資和成本削減以及成本削減舉措，它們是堅定的，它們要么已準備好執行，要么正在運行為執行做好準備。將第三個十億視為我們正在實施但尚未完全量化的措施的額外目標。

They're not execution ready. We have work to do to make them execution ready. So that's how I would describe the range, and we expect to provide updates on these initiatives. We'll do that through 2025 as we execute on them, and we deliver results.

他們還沒準備好執行。我們還有很多工作要做，讓它們做好執行準備。這就是我描述該範圍的方式，我們希望提供這些舉措的最新資訊。我們將在 2025 年執行這些計劃並交付成果時做到這一點。

Devin McDermott, Morgan Stanley.

德文·麥克德莫特，摩根士丹利。

I wanted to ask about the balance sheet and shareholder returns. Your net debt ticked up a bit quarter-over-quarter in 3Q versus 2Q upping our support strong buybacks. And you're still well below your long-term targets. You have cash coming in the door from asset sale proceeds, as you noted, between now and year end and the nice inflection in the Permian and TCO cash flow into next year.

我想問一下資產負債表和股東回報的情況。第三季的淨債務較第二季略有上升，增強了我們對強勁回購的支持。而且您仍然遠低於長期目標。正如您所指出的，從現在到年底，以及明年二疊紀和 TCO 現金流的良好拐點，您將透過資產出售收益獲得現金。

But I guess my question is given how volatile commodity markets and oil markets specifically have been in the recent, how do you think about continuing to use the balance sheet to support shareholder returns versus tapering it back and waiting for potentially lower commodity prices over the next few years. So balance sheet use and how you think about that is the core of the question.

但我想我的問題是考慮到最近大宗商品市場和石油市場的波動有多大，您如何看待繼續使用資產負債表來支持股東回報，而不是逐漸縮減資產負債表並等待未來大宗商品價格可能下跌幾年。因此，資產負債表的使用以及你如何看待它是問題的核心。

Yes. Devin, let me just address share repurchases, and then I'll let Eimear talk about the balance sheet. Recent volatility in commodity prices to somebody who's been in this industry for 42 years is not new news. That is the way this industry works. And we're in a volatile cyclical commodity business. So the backdrop is nothing we're not well prepared for.

是的。 Devin，讓我談談股票回購，然後我會讓 Eimear 談談資產負債表。對於在這個行業工作了 42 年的人來說，近期大宗商品價格的波動並不是什麼新鮮事。這就是這個行業的運作方式。我們所處的周期性大宗商品業務波動較大。因此，我們沒有沒有做好充分準備的背景。

First thing is I just want to reiterate our guidance. The share repurchase run rate of $17.5 billion is unchanged. The range we've given you brackets the way we execute the program and we were a little bit above the midpoint of that here this most recent quarter. We had a strong track record of buying back shares, which is our fourth financial priority, and that's after making sure we can sustain and increase the dividend where we've got a track record of doing that for 37 years in a row, reinvesting in organic projects to grow future cash flows to support that is the second priority.

首先，我想重申我們的指導。 175 億美元的股票回購利率維持不變。我們給您的範圍涵蓋了我們執行該計劃的方式，並且我們在最近一個季度略高於該範圍的中點。我們在回購股票方面有著良好的記錄，這是我們的第四個財務優先事項，這是在確保我們能夠維持和增加股息之後，我們有連續 37 年這樣做的記錄，再投資於第二要務是增加未來現金流的有機項目以支持這一點。

The third is to maintain a strong balance sheet. We've got a AA credit and below 12% net debt. And then the fourth is to return excess cash to shareholders through share repurchases, which we've done for 17 of the last 21 years. And so consistency in financial priorities, consistency in execution is very important. And I think we've got a track record that we can stand behind there through commodity price cycles.

三是保持穩健的資產負債表。我們擁有 AA 信用級和低於 12% 的淨債務。第四是透過股票回購將多餘的現金回饋給股東，過去 21 年我們有 17 年都是這麼做的。因此，財務優先事項的一致性、執行的一致性非常重要。我認為我們有一個記錄，我們可以在大宗商品價格週期中保持領先。

Over the last 21 years, where I said 17 of the 21 that we've repurchased. We've seen a financial crisis, we've seen a pandemic. We've seen OPEC open up the taps and commodity prices respond accordingly. And so we've been through down cycles.

在過去 21 年裡，我說的是我們回購的 21 年中的 17 年。我們經歷過金融危機，經歷過流行病。我們已經看到歐佩克打開了水龍頭，大宗商品價格也做出了相應的反應。所以我們經歷了下行週期。

We've been through unexpected circumstances and have maintained the strong track record of shareholder distributions through it, in part because we've maintained a conservative financial position and a very strong balance sheet. I'll let Eimear talk a little more about the balance sheet.

我們經歷了意想不到的情況，並透過它保持了股東分配的良好記錄，部分原因是我們保持了保守的財務狀況和非常強大的資產負債表。我會讓 Eimear 多談談資產負債表。

Yes. Thanks, Mike. Devin, when we look at the balance sheet, we're focused on maintaining its strength through the cycle, right? It's an asset that we use to create value, to navigate the volatility that Mike talked about and reward shareholders consistently. So when we look at our debt levels today, our net debt under 12%, that's at the low end of where we've been over the last 10-plus years.

是的。謝謝，麥克。德文，當我們查看資產負債表時，我們的重點是在整個週期中保持其實力，對吧？這是我們用來創造價值、應對麥克所說的波動性並持續回報股東的資產。因此，當我們看看今天的債務水準時，我們的淨債務低於 12%，這是過去 10 多年來的最低水準。

So we're underlevered. And given this and all the growth that's coming and the additional asset sale proceeds that we're expecting in the short term, we're comfortable with where we are, and we anticipate the net debt will come down a little bit in the near term with the asset sale proceeds that are coming. But we're planning with a multiyear time horizon with a through-cycle approach, and we're very comfortable with where we are right now with the balance sheet.

所以我們的槓桿率不足。考慮到這一點以及即將到來的所有增長以及我們在短期內預期的額外資產出售收益，我們對目前的狀況感到滿意，並且我們預計淨債務在短期內將略有下降隨著即將到來的資產出售收益。但我們正在透過貫穿週期的方法進行多年時間範圍的規劃，並且我們對目前的資產負債表狀況感到非常滿意。

Lloyd Byrne, Jefferies.

勞埃德伯恩，傑弗里斯。

First, congrats to you and your M&A team, I think the divestiture progress has been great. I want to follow up quickly to Biraj's question, AOSP seemed very opportunistic. Does that change your long-term goals? And then really, I wanted to ask about the DJ and see I mean, it's just really impressive operating progress there, synergies, free cash flow. But I think the surprise has to be you guys holding it flat to the end of the decade. Maybe you can just comment on the opportunities there and whether there's more opportunities for scale.

首先，恭喜您和您的併購團隊，我認為剝離進展非常好。我想快速跟進 Biraj 的問題，AOSP 似乎非常機會主義。這會改變您的長期目標嗎？然後我真的想問一下 DJ 的情況，我的意思是，那裡的營運進度、協同效應、自由現金流都非常令人印象深刻。但我認為令人驚訝的是你們在本世紀末仍保持平穩。也許你可以評論那裡的機會以及是否有更多的擴大規模的機會。

Yes. So just to quickly touch on AOSP. There was one most logical buyer, right? And it was the operator, and we've had discussions over the years. And have not been able to really get to a common view on value. And so that's what's changed. And so if you want to say that's opportunistic, that's fine. But we really wanted to realize the value that we saw in that asset, and we've been able to do that.

是的。快速了解一下 AOSP。有一位最合乎邏輯的買家，對吧？這是運營商，多年來我們一直在討論。並且未能真正就價值達成共識。這就是改變的地方。因此，如果你想說這是機會主義，那也沒關係。但我們確實希望實現我們在該資產中看到的價值，並且我們已經能夠做到這一點。

The DJ, look, the first thing I'll say is the integration there and the synergy delivery continues the track record that we've had over a long time of exceeding our synergy commitments. And when we do a deal and we come out with a target, it's intended to give you a high confidence number that you can use. And we've done the diligence we have at that point. And our track record is we find more and we deliver more.

DJ，聽著，我要說的第一件事是那裡的整合，協同交付延續了我們長期以來超越協同承諾的記錄。當我們達成交易並提出目標時，我們的目的是為您提供一個可以使用的高置信度數字。我們已經盡了當時的努力。我們的記錄是我們發現更多、交付更多。

We're very happy with the quality of the assets and the ability to drive strong performance. We've learned from each of the companies that we've acquired. I talked a little bit about the lower carbon footprint there. We've seen some other things like gas lift and new laterals that have been used by some of these companies that we're starting to work with in some of our other parts of our portfolio. And the last thing I'll say is the team there does a wonderful job of balancing this multistep permitting process. And I know there's been some concern expressed by people about the regulatory environment.

我們對資產的品質和推動強勁業績的能力感到非常滿意。我們從我們收購的每一家公司中都學到了很多東西。我談到了那裡的較低碳足跡。我們已經看到了一些其他的東西，例如氣舉和新的支管，這些公司已經開始在我們投資組合的其他部分與這些公司合作。我要說的最後一件事是，那裡的團隊在平衡這個多步驟許可流程方面做得非常出色。我知道人們對監管環境表達了一些擔憂。

We're working very closely with the regulator in Colorado to ensure that we can achieve their objectives and that we can achieve our objectives. And I'd say that's a very constructive relationship. We've got comprehensive area plans in place that derisk the longer-term development and the quality of the asset, 400,000 barrels a day out through the end of the decade. Three years ago, we had 0 in the DJ Basin.

我們正在與科羅拉多州的監管機構密切合作，以確保我們能夠實現他們的目標，並且我們也能夠實現我們的目標。我想說這是一種非常有建設性的關係。我們已經制定了全面的區域計劃，以消除長期發展和資產品質的風險，到本十年末每天產量為 40 萬桶。三年前，我們 DJ 盆地的數量為 0。

And so very pleased with it. We're big there. We're the biggest operator there. If the question was are you going to acquire some additional positions there? I wouldn't say that's high on the priority list. The real key is to drive value out of this asset.

對此非常滿意。我們那裡很大。我們是那裡最大的營運商。如果問題是你會在那裡獲得一些額外的職位嗎？我不會說這是優先考慮的事情。真正的關鍵是從該資產中挖掘價值。

Betty Jiang, Barclays.

蔣貝蒂，巴克萊銀行。

So I want to ask about Gulf of Mexico. Feels like there is a bit of technology renaissance that's happening in GA and including anchor project that just came online. Can you talk about how the technology is opening up new resource opportunities for GA for the Chevron portfolio? And does that represent any upside to how you think about the longer-term production and resource opportunities in that area?

所以我想問墨西哥灣的情況。感覺 GA 中正在發生一些技術復興，包括剛剛上線的錨定專案。您能否談談該技術如何為雪佛龍產品組合的通用航空開闢新的資源機會？這是否代表您對該領域長期生產和資源機會的看法有任何好處？

Yes. Betty, it sure does. And it's an extension of the story of the Gulf of Mexico. Initially, on the shelf as people move from onshore to offshore, then out into the deepwater, and we began to develop techniques to explore and ultimately develop and produce in deepwater, now in the ultra-deepwater. And in the ultra-deepwater now at ultra-high pressures and temperatures.

是的。貝蒂，確實如此。這是墨西哥灣故事的延伸。最初，當人們從陸上移動到近海，然後進入深水時，我們開始開發在深水（現在是超深水）勘探並最終開發和生產的技術。現在的超深水處於超高壓和超高溫狀態。

And the breakthroughs on the Anchor project, and it's the first one to be producing with 20,000 psi technology. I mentioned last week and something I was doing just to help people understand that. That's essentially the pressure that would exist if a full grown male African elephant were standing on a quarter.

Anchor 專案取得了突破，它是第一個採用 20,000 psi 技術進行生產的專案。我上週提到我正在做的一些事情只是為了幫助人們理解這一點。這基本上就是一頭成年雄性非洲象站在四分之一角上時所存在的壓力。

And so it's incredibly high pressure. This is a high-temperature fields that the -- everything that goes along with that needs to be capable of dealing with those pressures. That includes trees blowout preventers, et cetera. We have a 3 million-ton hook load now on the drillships, which is the highest hook load we've ever seen. That opens up a lot, at least 20% of our exploration portfolio is going to require this kind of capability.

所以壓力非常大。這是一個高溫場，與之相關的一切都需要能夠應對這些壓力。其中包括樹木防噴器等。我們的鑽井船上現在有 300 萬噸的吊鉤負載，這是我們見過的最高的吊鉤負載。這就開放了很多，我們至少 20% 的勘探組合將需要這種能力。

We're using other things like ocean bottom node seismic now that helps us better characterize developments and exploration opportunities. Think of it as 4D essentially, technology out there. We're working on AI tools to help guide exploration focus areas and predict geologic risk factors more effectively.

我們現在正在使用海底節點地震等其他東西，幫助我們更好地描述開發和勘探機會。本質上將其視為 4D 技術。我們正在開發人工智慧工具，以幫助指導勘探重點區域並更有效地預測地質風險因素。

So yes, I think the history of the Gulf of Mexico has been technology advancements to continue to allow us to identify and then produce resource out there. It's a vast area. The Mississippi River is and was an incredible conveyor belt for organic material out into the Gulf of Mexico over geologic times. And the industry isn't done there by any means. I think there's a lot left to go. And maybe the last thing I'll say about it is this is about unlocking new opportunities.

所以，是的，我認為墨西哥灣的歷史是技術進步，使我們能夠繼續識別並生產那裡的資源。這是一個廣闊的區域。密西西比河過去和現在都是一條令人難以置信的輸送帶，在地質時期將有機物質輸送到墨西哥灣。無論如何，這個行業還沒有完成。我認為還有很多事情要做。也許我要說的最後一件事是，這是關於釋放新的機會。

We're also working hard to make better use of existing infrastructure with near field development. The ability to tie back at longer distances and develop smaller discoveries that wouldn't support a stand-alone greenfield developments, but can very easily tie back as a brownfield to an existing facility. Ballymore is a good example of this, and I think you're going to see more of those as well. So the heyday, the Gulf of Mexico is far, far from over.

我們也努力透過近場開發來更好地利用現有基礎設施。能夠在更遠的距離上進行連接並開發較小的發現，這些發現不會支持獨立的綠地開發，但可以輕鬆地作為棕地連接到現有設施。巴利摩就是一個很好的例子，我想您也會看到更多這樣的例子。因此，墨西哥灣的鼎盛時期還遠遠沒有結束。

Paul Cheng, Scotiabank.

Paul Cheng，豐業銀行。

You have an excellent production record in both the Tengiz and Gorgon that they have done well. And it is particularly impressive that given both of them, you have turned around not like the turnaround has done well and maybe they're coming in faster than the scheduled time. So is it a one-off or that you have changed the process so that this is a repeatable benefit that we could expand in the future.

你們在田吉茲和戈爾貢都有著出色的生產記錄，他們做得很好。尤其令人印象深刻的是，考慮到他們兩個，你的轉變並不像轉變做得很好，也許他們來得比預定時間更快。這是一次性的還是您已經改變了流程，以便這是我們可以在未來擴展的可重複的好處。

Paul, it's the latter. And we've been working this both upstream and downstream because these facilities are starting to look a lot more similar than they are different. And to deliver higher returns, one of the keys is to execute turnaround as well, ensure the work that's done enables reliable operations in between turnarounds and to continually improve on this. I mentioned earlier that Eimear was just out in Kazakhstan and has been at Gorgon, not too much earlier. Eimear, maybe you can talk a little bit more specifically about what you're seeing on turnaround execution.

保羅，是後者。我們一直在上游和下游進行這方面的工作，因為這些設施開始看起來更相似，而不是不同。為了提供更高的回報，關鍵之一是執行週轉，確保所做的工作能夠在周轉之間實現可靠的操作，並不斷改進。我之前提到過，艾米爾剛去了哈薩克，不久前就已經去過戈爾貢了。 Eimear，也許您可以更具體地談談您在周轉執行方面所看到的情況。

Yes, no problem. And thanks, Paul, for the question. Yes, to Mike's point, I mean, our complex facilities, whether they're in refining or upstream assets like TCO and Gorgon, they're more similar than different. And so this has been an area of focus for us to try and standardize how we approach these complex turnarounds to really drive performance.

是的，沒問題。謝謝保羅提出這個問題。是的，就麥克的觀點而言，我的意思是，我們的複雜設施，無論是煉油設施還是 TCO 和 Gorgon 等上游資產，它們的相似之處多於不同之處。因此，這一直是我們的一個重點領域，旨在嘗試標準化我們如何處理這些複雜的周轉，以真正提高績效。

So we've been working on it diligently for a few years. And I think the improvement actions that I would point to would include maybe the first one is just how we think about the scope of the turnaround. And think about this as looking at all the units and equipment and discerning, can I do the maintenance work on the run or do I need to do the maintenance work only when the plant is shut down. And so there's a lot of improvement being delivered because we've been very diligent about discerning what's in and what's out. We call out rigorous scope management.

所以我們多年來一直在努力工作。我認為我要指出的改進行動可能包括第一個，這就是我們如何看待扭虧為盈的範圍。考慮一下，查看所有單元和設備並辨別，我可以在運行時進行維護工作，還是只需要在工廠關閉時進行維護工作。因此，我們取得了許多改進，因為我們一直非常努力地辨別哪些是新的，哪些是舊的。我們呼籲嚴格的範圍管理。

The second improvement talks to the digital tools that we've used to really help with not only planning but execution and prioritization. I'll give you a couple of examples of the digital tools. Digital tools that help us with permits, digital tools that help us with isolation, digital tools that help us with leak testing and flange management in addition to digital tools that help us with managing the span and control given that these turnarounds bring in huge numbers of personnel at once. That's another area.

第二個改進涉及我們用來真正幫助規劃、執行和確定優先順序的數位工具。我將為您提供幾個數位工具的範例。幫助我們獲得許可的數位工具、幫助我們隔離的數位工具、幫助我們進行洩漏測試和法蘭管理的數位工具，以及幫助我們管理跨度和控制的數位工具，因為這些週轉帶來了大量的人員立即。那是另一個領域。

The third one, which I believe we've taken a whole different level as benchmarking and we benchmark turnarounds. We benchmark the units. But the benchmarking that we're doing today, the benchmarking goes down to the equipment level. And so just the rigor in the benchmarking to look for improvements and to learn where we can be more efficient is yielding positive results.

第三個，我相信我們已經採取了一個完全不同的水平作為基準，並且我們對週轉情況進行了基準測試。我們對單位進行基準測試。但我們今天正在進行的基準測試，基準測試已深入到設備層級。因此，透過嚴格的基準測試來尋求改進並了解我們可以在哪些方面提高效率，就會產生正面的結果。

Then finally, I would say, we have experts in this area from an org capability perspective. We have employees that have spent most of their careers in turnarounds, they're masters in turnarounds. And so we have looked for opportunities to share resources and to cross-pollinate with these experts so that the lessons that we learned in TCO, we can learn them in Gorgon and vice versa. The lessons that we're learning in refining we can implement those lessons learned in the upstream.

最後，我想說，從組織能力的角度來看，我們在這領域擁有專家。我們的員工大部分職涯都在扭虧為盈中度過，他們是扭虧為盈的大師。因此，我們一直在尋找機會共享資源並與這些專家進行交叉授粉，以便我們在 TCO 中學到的經驗教訓可以在 Gorgon 中學習，反之亦然。我們在精煉過程中學到的經驗教訓我們可以在上游實施這些經驗教訓。

So all of those things coming together has really driven a step change in our performance with nearly 9 turnarounds executed this year, almost all of them have been delivered at industry level performance. So we're very pleased with this work given the criticality of it to be as business excellence. And we're -- these results are industry-leading.

因此，所有這些因素結合在一起確實推動了我們的業績發生了重大變化，今年執行了近 9 次週轉，幾乎所有這些都達到了行業水平的業績。因此，鑑於這項工作對於卓越業務的重要性，我們對這項工作感到非常滿意。我們的這些結果是業界領先的。

Yes. Paul, eight out of the nine turnarounds were executed in line with first quartile duration targets. The Gorgon Train two turnaround was our best Gorgon turnaround ever with a 14% improvement in duration. The TCO-KTL1 turnaround was a 23% improvement in duration compared to the last one. And several of our refinery turnarounds saw cost decreases of up to 50% compared to the prior turnaround of that unit. So I think there's some real quantifiable progress that you can see across the system that's being achieved.

是的。保羅說，九次週轉中有八次是按照第一四分位數持續時間目標執行的。 Gorgon Train 兩次週轉是我們有史以來最好的 Gorgon 週轉，持續時間縮短了 14%。與上一次相比，TCO-KTL1 週轉時間縮短了 23%。與先前的改造相比，我們的幾家煉油廠改造成本降低了 50%。因此，我認為您可以看到整個系統正在取得一些真正可量化的進展。

Bob Brackett, Bernstein Research.

鮑勃‧布拉克特，伯恩斯坦研究公司。

If I return to the structural cost reductions, and I want to put it in the context of the relocation from California to Texas. Is that relocation an opportunity to the cost reductions, ability to redesign processes and organizations? Or is it a threat to the cost reductions, right? There's chaos and lack of continuity. How do you think about that?

如果我回到結構性成本削減，我想把它放在從加州搬遷到德克薩斯州的背景下。這次搬遷是否是降低成本、重新設計流程和組織的機會？或者說這對降低成本構成威脅，對吧？存在混亂且缺乏連續性。您對此有何看法？

I don't think it's a threat, Bob. We've talked about the relocation occurring over a period of time. We're going to be very thoughtful about moving work from one location to another, moving people from one location to another. Not all of the work that's being done in San Ramon necessarily will go to Houston. So it may go to these global capability centers that Eimear has talked about earlier. Some of it, we may find technology tools that help us to do the work more efficiently and automate things.

我不認為這是威脅，鮑伯。我們已經討論過一段時間內發生的搬遷。我們將非常仔細地考慮將工作從一個地點轉移到另一個地點，將人員從一個地點轉移到另一個地點。並非所有在聖拉蒙完成的工作都一定會去休士頓。所以它可能會去Eimear之前談到的這些全球能力中心。其中一些，我們可能會找到幫助我們更有效地完成工作並使事情自動化的技術工具。

And so I think it's a little bit of a simplistic reduction to think about just lifting and shifting everything from San Ramon to Houston. It's a migration of work to different technology platforms, different locations. And we'll do that thoughtfully and methodically over a period of time. We'll make sure it's been planned out and derisked.

因此，我認為僅僅將所有東西從聖拉蒙提升並轉移到休斯頓有點過於簡單化了。這是將工作遷移到不同的技術平台、不同的地點。我們將在一段時間內深思熟慮、有條不紊地做到這一點。我們將確保它已被計劃好並消除風險。

And so I think it's part of an ongoing work evolution in a global company that has a workforce around the world that can do work in many different places that historically did a lot of work in business units because that's the way it had to be done. But now there's other ways to approach this work, and we're looking for ways to do it best to deliver the best work product and do that at a cost structure that's ever improving.

因此，我認為這是跨國公司持續工作演變的一部分，該公司在世界各地擁有員工，可以在許多不同的地方工作，而這些地方過去在業務部門做了大量工作，因為這是必須完成的方式。但現在有其他方法來完成這項工作，我們正在尋找最好的方法來交付最好的工作產品，並以不斷改進的成本結構來做到這一點。

Lucas Herrmann, BNP Paribas.

盧卡斯·赫爾曼，法國巴黎銀行。

Fairly obvious question, I guess. I just wanted to talk to you, I wondered if both of you could talk a little bit more about CapEx going forward. And maybe it's an inappropriate time and December will be better. But if I look at what's happening with the business, obviously, Tengiz starts up.

我想這是一個相當明顯的問題。我只是想和你們談談，我想知道你們是否可以多談談未來的資本支出。也許現在時機不合適，12 月會更好。但如果我看看業務的發展情況，很明顯，Tengiz 開始了。

You've got your assets in the Gorgon coming on. You're talking about driving free cash flow driving for NPV value in the Permian CapEx coming down there. If I think about the current rate of CapEx spend, including associates, it feels as though it's around $18 billion, $18.5 billion if you guided at the beginning of the year.

你的戈爾工資源已經開始發揮作用了。你說的是推動自由現金流，從而推動二疊紀資本支出中的淨現值（NPV）。如果我考慮一下目前的資本支出率（包括員工支出），感覺好像是 180 億美元左右，如果按照年初的指導，則為 185 億美元。

If I look at the opportunities for that CapEx to start to fall these projects or production plateaus or projects come on, it feels as though maybe $3 billion, $4 billion of CapEx opportunities, so it's the opportunities for CapEx decline. Yes, it's there. What's really hard, Mike, Eimear, is to see where that goes, particularly given, obviously, everything going on in the East Med at the moment.

如果我看看資本支出開始下降的機會，這些項目或生產平台或項目的出現，感覺好像可能有 30 億美元、40 億美元的資本支出機會，所以這就是資本支出下降的機會。是的，它就在那裡。麥克，艾米爾，真正困難的是看看事情會走向何方，特別是考慮到目前東地中海正在發生的一切。

So is it right now to start thinking about CapEx coming down very materially as we move forward over the next two, three years and you're really starting to benefit emphatically from a portfolio that, in essence, is deep in resource, but pretty long duration.

因此，現在是否應該開始考慮資本支出大幅下降，因為我們在未來兩三年內不斷前進，您確實開始從本質上資源豐富但時間相當長的投資組合中受益匪淺期間。

Yes. So you've covered a lot of waterfront there, Lucas. Let me try to address some of it and then I'll let Eimear share some of her thoughts. Number one, I think an important point is if you look at the ratability of our CapEx, we used to have a program that had a lot of big, long-duration capital projects.

是的。所以你已經覆蓋了那裡的很多海濱地區，盧卡斯。讓我嘗試解決其中的一些問題，然後讓 Eimear 分享她的一些想法。第一，我認為重要的一點是，如果你看看我們的資本支出的可評級性，我們曾經有一個包含許多大型、長期資本項目的計劃。

There was a pattern over the back half of the year, fourth quarter, in particular, tended to be a little bit heavier. First, quarter a little bit lighter. We're very ratable now. We've been about $4 billion on our organic CapEx all three quarters this year. So it's become much more ratable and predictable. That's a reflection of the nature of the projects that we're doing.

今年下半年有一個模式，尤其是第四季度，情況往往會更加嚴重。首先，四分之一輕一點。我們現在評價很高。今年三個季度我們的有機資本支出約為 40 億美元。因此它變得更加可評價和可預測。這反映了我們正在做的項目的性質。

Point two, you talked about CapEx coming down. A decade ago, our CapEx was $40 billion. Today, it's -- you bring in affiliates, as you say, it's $18-something billion, $18.5 billion or whatever that number is. So it's less than half of where we were. So it's come down substantially even as production has grown as the company generates more cash. We're doing it in a much more capital efficient manner than we ever have before.

第二點，您談到資本支出下降。十年前，我們的資本支出為 400 億美元。今天，你引入附屬公司，正如你所說，它是 18 億美元、185 億美元或任何數字。所以這還不到我們原來的一半。因此，儘管產量隨著公司產生更多現金而成長，但它卻大幅下降。我們正在以比以往任何時候都更加資本有效的方式來做這件事。

And then point three is, yes, we will continue to seek further ways to optimize and improve the capital efficiency of our company. A larger portfolio does, over time, require capital to maintain it. And so therein lies the trade-offs that you evaluate as you look at your capital investment opportunities, the readiness of those to move into execution. And I think in the near term, what's very clear is our affiliate CapEx will come down next year as the project in Kazakhstan concludes.

第三點是，是的，我們將繼續尋求進一步的方法來優化和提高我們公司的資本效率。隨著時間的推移，更大的投資組合確實需要資本來維持。因此，這就是您在審視資本投資機會時評估的權衡，以及這些投資機會是否準備好付諸執行。我認為在短期內，隨著哈薩克計畫的結束，我們的附屬公司資本支出將在明年下降，這一點非常明確。

So you'll see affiliate CapEx come off. We're in the process right now of finalizing our business plan for 2025. And so it is a bit premature for me to guide you to that number. But we're looking at all the trade-offs and then we'll talk more about that after we complete our planning process. But our intent is to stay very disciplined, which I think is something we've demonstrated here over many, many years now.

所以你會看到附屬資本支出下降。我們目前正在敲定 2025 年的業務計劃。但我們正在考慮所有的權衡，然後在完成規劃過程後我們將更多地討論這一點。但我們的目的是保持嚴格的紀律，我認為這是我們多年來在這裡所展示的。

Our guidance range of $14 billion to $16 billion is unchanged. And I think you should expect us to respect that. And if that does change by some quantum, and you throw out some larger numbers there, we'll cover that with everybody and talk about how it's changed, why it's changed and how you should think about what that means going forward. Eimear, do you want to add anything to that?

我們 140 億至 160 億美元的指導範圍保持不變。我認為你應該期望我們尊重這一點。如果這種情況確實發生了一定程度的變化，並且您在那裡拋出了一些更大的數字，我們將與每個人討論這一點，並討論它是如何變化的，為什麼會變化以及您應該如何思考這意味著什麼。 Eimear，您想補充什麼嗎？

I think you've covered most of it, Mike, given that we're putting our plan together right now. Lucas, all I'd say is the projects that you referenced and how we see the CapEx profile is coming off and the free cash flow growing as those projects complete, it's a key focus for us. So we'll give you more information on a fourth quarter call as we complete the process. We don't want to get ahead of the process right now.

麥克，我想你已經涵蓋了大部分內容，因為我們現在正在製定計劃。盧卡斯，我想說的是您提到的項目，以及我們如何看待資本支出狀況的改善以及隨著這些項目的完成而自由現金流的增長，這是我們的重點關注點。因此，當我們完成流程時，我們將向您提供有關第四季度電話會議的更多資訊。我們現在不想提前推進這項進程。

John Royall, JPMorgan.

約翰‧羅亞爾，摩根大通。

So could you talk about your position in California in the downstream, still having 2 refineries there, and we've had another closure announced over the past couple of weeks, is shutting capacity something you've considered in California? And how do you think the market will be impacted by this latest closure? Do you think we'll see structurally higher profitability there as a result or maybe things will adapt back to where they were?

那麼，您能否談談您在下游加利福尼亞州的情況，那裡仍然有兩家煉油廠，並且我們在過去幾週內宣布了另一家關閉，您在加利福尼亞州是否考慮過關閉產能？您認為最近的關閉會對市場產生什麼影響？您認為我們會因此看到結構性更高的獲利能力，還是情況會恢復到原來的水準？

Yes, John, first of all, I think what I would say is we've seen another ill-conceived move by a state that has implemented policies to deliver its residents, the highest gasoline prices in the country. This most recent action to insert state bureaucracy into turnaround planning and inventory management is likely to make prices go higher, not go lower. Putting bureaucrats in charge of centrally planning key segments of the economy hasn't worked in other social states, and I doubt it will be any different in California.

是的，約翰，首先，我想我想說的是，我們看到了一個國家的另一個考慮不周的舉動，該州實施了向居民提供全國最高汽油價格的政策。最近將國家官僚機構納入周轉計畫和庫存管理的行動可能會導致價格上漲，而不是下跌。讓官僚負責中央規劃經濟的關鍵部分在其他社會州都行不通，我懷疑加州也會有什麼不同。

Policies that constrained supply faster than demand is adjusting create more volatility, and they tend to create a greater likelihood of higher prices. And so unfortunately, these measures are advertised as doing the opposite. But the reality is for anybody that looks at them and thinks them through discouraging investment and constraining supply when you still have strong demand is going to lead to just one conclusion.

限制供應的政策調整速度快於需求調整速度，會造成更大的波動性，而且往往會導致價格上漲的可能性更大。不幸的是，這些措施在宣傳中卻扮演了相反的角色。但現實是，對於任何在需求仍然強勁的情況下審視並透過抑制投資和限制供應來思考這些問題的人來說，只會得出一個結論。

And so look, we've operated in California for over a century both of our refineries are over 100 years old. They're very competitive refineries, and we've got strong integrated value chains with very strong brands, strong customer relationships. And so these are competitive businesses that we will continue to evaluate within our portfolio like every other asset, as we've discussed earlier.

瞧，我們在加州經營了一個多世紀，我們的兩家煉油廠都有 100 多年的歷史。他們是非常有競爭力的煉油廠，我們擁有強大的綜合價值鏈、非常強大的品牌和強大的客戶關係。因此，正如我們之前討論的那樣，這些都是具有競爭力的業務，我們將像其他資產一樣繼續在我們的投資組合中對其進行評估。

And so we will continue to meet our customer needs and compete. We'll evaluate alternatives if and when it becomes evident, that's the appropriate thing to do. But I'll tell you, it's very tough to justify any new investments in that system, and it's only getting tougher.

因此，我們將繼續滿足客戶需求並參與競爭。如果替代方案變得明顯，我們將評估替代方案，這是適當的做法。但我要告訴你，要證明對該系統的任何新投資都是非常困難的，而且只會變得更加困難。

Roger Read, Wells Fargo.

羅傑·里德，富國銀行。

Yes, I'd like to ask you, Mike, the LNG markets globally, we've seen some new units get delayed. We've seen a couple of other companies this earnings season talk about the outlook in terms of supply/demand balance favoring tightness in '25. Just curious how you look at it and maybe if you could remind us your contract versus spot exposure so we could think about how that might play to the margin potential for Chevron in '25.

是的，我想問你，麥克，在全球液化天然氣市場上，我們看到一些新裝置被推遲。我們在本財報季看到其他幾家公司談論了 25 年供需平衡偏緊的前景。只是好奇你如何看待它，也許你可以提醒我們你的合約與現貨敞口，這樣我們就可以考慮這可能如何發揮雪佛龍在 25 年的利潤潛力。

Yes. So LNG demand continues to grow, but it comes against a backdrop of very healthy inventories. You asked about 2025; inventories in Europe are strong for this time of year. Inventories in the US are very healthy for this time of the year. You see that reflected in Henry Hub prices.

是的。因此，液化天然氣需求持續成長，但其背景是庫存非常健康。你問的是2025年；每年這個時候歐洲的庫存都很高。每年這個時候，美國的庫存都非常健康。您會看到這反映在亨利中心的價格中。

And so overall, we've got a market that currently has healthy inventories, and reasonably good supply becomes somewhat weather dependent. And so that can change with a very cold winter. But right now, I would say it doesn't look like 2025 is setting up to be a particularly tight market. And then longer term, of course, we have supply coming on in Qatar. We've got supply coming on in the US. And so there's more supply coming to that market.

因此，總的來說，我們的市場目前庫存狀況良好，而且相當好的供應在某種程度上取決於天氣。因此，隨著一個非常寒冷的冬天，這種情況可能會改變。但現在，我想說 2025 年的市場似乎不會特別緊張。當然，從長遠來看，我們在卡達有供應。我們在美國有供應。因此，有更多的供應進入該市場。

And so I think in the short to medium term, it's a market that is not really prone to becoming nearly as tight as what we saw a couple of years ago when the situation in Ukraine began. Our particular portfolio is 80-plus percent contracted primarily on oil indexed pricing on long-term contracts. Most of our sales are into North Asia and 20% or less spot exposure and a lot of that is out of our West Africa position and we'll have some spot cargoes from other parts of the system occasionally. But primarily long-term contracts primarily tied to crude price.

因此，我認為，從短期到中期來看，這個市場並不容易變得像幾年前烏克蘭局勢開始時那樣緊張。我們特定的投資組合 80% 以上主要是根據長期合約的石油指數定價簽訂的。我們的大部分銷售都銷往北亞，20% 或更少的現貨敞口，其中許多不在我們西非的位置，我們偶爾會有一些來自系統其他地區的現貨貨物。但主要是長期合約主要與原油價格掛鉤。

Nitin Kumar, Mizuho.

尼廷·庫馬爾，瑞穗。

Mike, I wanted to just maybe touch a little bit on the chemicals business. It seemed like it was a bit of a tailwind to earnings this quarter. What are you seeing from your supply chain, particularly in Asia? You've heard about some stimulus to be offered there, but just looking at what the earnings look like for the chems business?

麥克，我想稍微談談化學品業務。這似乎對本季的獲利起到了一定的推動作用。您對供應鏈（尤其是亞洲的供應鏈）有何看法？您聽說過那裡將提供一些刺激措施，但只是看看化學業務的盈利情況如何？

Yes. Actually polyethylene chain margins have strengthened over the course of this year. So it's been an improving market backdrop. Some of that, I think, has been some short-term supply disruptions in certain areas. These are long-cycle commodity markets that demand grows steadily but slowly supply comes on in big chunks. And so we've had a market that's been a little bit oversupplied, and that's put pressure on the olefin chains, particularly in Asia.

是的。事實上，今年聚乙烯鏈的利潤率有所增強。因此，這是一個不斷改善的市場背景。我認為，其中一些原因是某些地區的短期供應中斷。這些是長週期商品市場，需求穩定成長，但大量供應緩慢。因此，我們的市場供應有點過剩，這給烯烴鏈帶來了壓力，特別是在亞洲。

And so I think over time, we expect to see margins improve. We've got a couple of projects that will come online in the second half of this decade. And you can't time these things perfectly. But I think they're likely to come on after the trough and into what's an improving olefin chain market, one of those projects in the US, one in the Middle East. Asia is the big market, obviously. Naphtha and naphtha cracking being the alternative.

因此，我認為隨著時間的推移，我們預計利潤率將會提高。我們有幾個項目將在本世紀下半葉上線。而你無法完美地掌握這些事情的時間。但我認為他們很可能會在低谷過後進入正在改善的烯烴鏈市場，其中一個項目在美國，一個在中東。亞洲顯然是一個大市場。石腦油和石腦油裂解是替代方案。

You do have some interrelation on margins with crude oil prices and if at the margin, Asia naphtha crackers or what an ethane cracker in the Middle East or the US is competing with, you've got some interplay between those two. And so we'll watch it over time. CPChem is a well-run business, GS Caltex in Korea is a well-run business, and we've seen these kinds of cycles before. We remain very constructive on this sector over time as we think the fundamentals will be very good and CPChem in particular, has a lot of ethane-based feedstock, which makes it very competitive.

利潤率與原油價格確實存在一些相互關係，如果在利潤率方面，亞洲石腦油裂解裝置或中東或美國的乙烷裂解裝置正在與之競爭，那麼這兩者之間就會產生一些相互作用。所以我們會隨著時間的推移觀察它。 CPChem 是一家經營良好的企業，韓國的 GS Caltex 也是一家經營良好的企業，我們以前見過這種週期。隨著時間的推移，我們對該行業仍然非常有建設性，因為我們認為基本面將非常好，特別是 CPChem，擁有大量乙烷原料，這使其非常具有競爭力。

Ryan Todd, Piper Sandler.

瑞恩·托德，派珀·桑德勒。

Maybe just maybe one on the Eastern Mediterranean. Can you maybe just provide a status update in terms of the current operations, the Tamar expansion efforts, the next leg of potential expansion of commercial development there and what impact I guess, what is and is not happening or moving forward given the current uncertainties in the region right now?

也許只是東地中海的一個。您能否提供有關當前運營、添馬艦擴建工作、那裡商業開發的下一步潛在擴張以及我猜測的影響的最新狀態，考慮到當前的不確定性，正在發生和未發生的事情或未來的進展現在該地區？

Sure. So obviously, the first priority is the safety and well-being of our employees and the integrity of the assets. We have seen the demobilization of the pipelay vessel that was working on the current expansion projects at both Tamar and Leviathan as the contractor concluded that the current risk environment was one that they were not comfortable with.

當然。顯然，首要任務是我們員工的安全和福祉以及資產的完整性。我們看到，正在添馬艦和利維坦目前擴建工程中工作的舖管船被解散，因為承包商認為當前的風險環境令他們感到不舒服。

We see both of those projects still being completed late next year. We'll keep you advised, Obviously, this will depend on when that is remobilized. But we've got projects underway in the short term at both Leviathan to increase production by about 200 million cubic feet a day to 1.4 Bcf.

我們預計這兩個項目仍將在明年年底完成。我們會隨時通知您，顯然，這將取決於何時重新啟動。但我們在 Leviathan 的短期內正在進行一些項目，將產量每天增加約 2 億立方英尺，達到 1.4 Bcf。

And tomorrow is about 0.5 billion cubic feet per day from 1.1 to 1.6. So those are on track for late next year. We've entered FEED for a larger expansion at Leviathan that would take us up significantly more. There's some room on the platform to add more processing capacity. That's a project that would be completed towards the end of this decade, and we're in FEED on that now. So more to follow.

明天從1.1到1.6每天大約有5億立方英尺。因此，這些計劃將於明年年底完成。我們已進入 FEED 進行 Leviathan 的更大規模擴建，這將佔用我們更多的空間。平台上還有一些空間可以增加更多的處理能力。這個項目將在本十年末完成，我們現在正致力於此。所以還有更多要遵守。

I think in the short term, obviously, we're going to make sure people are safe. We've had to actually take production at Leviathan down a couple of times because some of the risks in the region. But we're meeting all of our supply commitments, both in the country and to regional customers and have been able to do that despite the conflict that's been underway.

我認為在短期內，顯然我們將確保人們的安全。由於該地區存在一些風險，我們實際上不得不多次降低利維坦的產量。但我們正在履行我們在國內和區域客戶的所有供應承諾，儘管存在衝突，但我們仍然能夠做到這一點。

Alastair Syme, Citi.

阿拉斯泰爾·賽姆，花旗銀行。

Mike, you talked earlier to the operated Permian position. I just wanted to get a sense of what you're seeing in the non-ARP royalty piece. Are we seeing a two-speed operating system in the basin with respect to what various operators are doing?

麥克，您之前談到了二疊紀作業位置。我只是想了解您在非 ARP 版稅作品中看到的內容。相對於各個運營商正在做的事情，我們是否在盆地中看到了兩種速度的作業系統？

Yes. We've seen strength across all three of the components of our business. Our club growth this year, as I said, is probably going to be a little bit higher than the 15% we've seen in the last three years. Royalty may be a little lower than that, NOJV a little bit higher. I don't know -- I think you said do we see a two-speed development approach. I wouldn't say that. I'd say we're all in the same fairway.

是的。我們看到了我們業務所有三個組成部分的實力。正如我所說，我們今年的俱樂部成長可能會比過去三年 15% 的成長率略高一些。版稅可能會比這個低一點，NOJV 會高一點。我不知道——我想你說過我們是否看到了兩種速度的發展方法。我不會這麼說。我想說我們都在同一條球道上。

Certainly, some of our NOJV and royalty is in highly attractive sweet spots. And I think the economics on that are very good for our partners or our operators where we hold the royalty interest. And I wouldn't say there's significant enough variation between our program and what we see with others to describe it as a 2-speed program if that was the question.

當然，我們的一些 NOJV 和皇室成員正處於極具吸引力的最佳位置。我認為這對我們持有特許權使用費的合作夥伴或營運商來說非常有利。如果這是問題所在，我不會說我們的程式與我們在其他程式中看到的程式之間存在足夠大的差異，可以將其描述為 2 速程式。

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. Justin, back to you.

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

Thank you. This concludes Chevron's third-quarter 2024 earnings conference call. You may now disconnect.

謝謝。雪佛龍 2024 年第三季財報電話會議至此結束。您現在可以斷開連線。