雪佛龍 (CVX) 2024 Q4 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's fourth quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded.

早安.我叫凱蒂，今天我將擔任你們的會議主持人。歡迎參加雪佛龍公司2024年第四季財報電話會議。（操作員說明）提醒各位，本次電話會議正在錄音。

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

現在我將把電話會議交給雪佛龍公司投資者關係主管傑克‧斯皮林先生，請他發言。

Thank you, Katie, and welcome to Chevron's fourth 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.

謝謝凱蒂，歡迎參加雪佛龍2024年第四季財報電話會議和網路直播。我是投資人關係主管傑克‧斯皮林。我們的董事長兼執行長麥克沃斯和財務長艾米爾邦納今天和我一起參加了電話會議。我們將參考雪佛龍公司網站上提供的幻燈片和準備好的演講稿。

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

在開始之前，請注意，本次簡報包含估計、預測和其他前瞻性陳述。本簡報的附錄中提供了非GAAP指標的調節表。請查看投影片 2 上的警告聲明和補充資訊。

Now I will turn it over to Mike.

現在我把麥克風交給麥克。

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

謝謝傑克，也謝謝各位今天能來參加我們的節目。

Chevron delivered another year of strong results in 2024. We achieved record production, both globally and in the United States, and reached key milestones that are expected to underpin years of future cash flow. This includes outstanding performance in the Permian, exceeding expectations with production growth of nearly 18% from last year.

雪佛龍在2024年再次取得了強勁的業績。我們在全球和美國都實現了創紀錄的產量，並達到了關鍵里程碑，預計這將為未來多年的現金流奠定基礎。這其中包括二疊紀盆地的出色表現，產量較去年增長近 18%，超出預期。

Delivering key project start-ups in the Gulf of America, fully integrating PDC Energy, expanding our position in the DJ Basin, optimizing our portfolio through asset sales and swaps that maximize long-term value, completing WPMP and achieving first oil at the future growth project at TCO last week. We also returned a record $27 billion in cash to shareholders through dividends and buybacks. Over the past 2 years, we've repurchased $30 billion and reduced our outstanding share count by 10%.

在美洲灣交付關鍵項目啟動，全面整合 PDC Energy，擴大我們在 DJ 盆地的地位，透過資產出售和互換優化我們的投資組合，最大限度地提高長期價值，完成 WPMP，並在上週在 TCO 的未來成長項目中實現首次產油。我們也透過分紅和股票回購向股東返還了創紀錄的 270 億美元現金。過去兩年，我們回購了價值 300 億美元的股票，並將流通股數量減少了 10%。

We continue to build our new energies business and complete projects to lower the carbon intensity of our operations. In 2024, we sold over 20 million barrels of bio-based diesel and advanced foundational projects in CCUS and hydrogen. We also completed projects designed to abate over 700,000 tons of CO2 emissions annually.

我們將繼續發展新能源業務，並完成降低營運碳排放強度的專案。2024 年，我們售出了超過 2,000 萬桶生物柴油，並在碳捕獲、利用與封存 (CCUS) 和氫能領域推進了基礎項目。我們也完成了旨在每年減少超過 70 萬噸二氧化碳排放的專案。

Now I'll turn it over to Eimear to go over the financials.

現在我把麥克風交給艾米爾，讓她來審核財務資料。

Thanks, Mike. Chevron reported fourth quarter earnings of $3.2 billion, or $1.84 per share. Adjusted earnings were $3.6 billion, or $2.06 per share. Included in the quarter were special items totaling $1.1 billion related to restructuring and impairment charges. Foreign currency gains were $720 million.

謝謝你，麥克。雪佛龍公司公佈第四季獲利32億美元，即每股1.84美元。調整後收益為 36 億美元，即每股 2.06 美元。本季包含與重組和減損費用相關的特殊項目，總額為 11 億美元。外匯收益為7.2億美元。

Full year organic CapEx was aligned with our announced $16 billion budget. In organic CapEx of $530 million related mostly to lease acquisitions and new energies investments. We maintained double-digit returns with adjusted ROCE of 10.5% for the year.

全年有機資本支出與我們公佈的160億美元預算相符。有機資本支出為 5.3 億美元，主要用於租賃收購和新能源投資。我們保持了兩位數的收益率，年度調整後資本回報率為 10.5%。

Compared with the last quarter, adjusted earnings were $900 million lowe. Adjusted upstream earnings were impacted by revisions to asset retirement obligations and timing effects including year-end inventory valuation. Adjusted downstream earnings were lower due to softer refining and chemicals margins and timing effects.

與上一季相比，調整後收益減少了9億美元。調整後的上游收益受到資產報廢義務修訂和時間因素（包括年末存貨估價）的影響。調整後的下游業務收益下降，原因是煉油和化工利潤率走低以及時間因素的影響。

Chevron's cash generation continued to position the company for long-term success while rewarding shareholders. In 2024, we invested capital efficiently, growing production by 7%, generated nearly $8 billion in proceeds from asset sales, to stand our long track record of dividend increases and re-purchased 5% of shares outstanding, and maintained a strong balance sheet, ending the year with a net-debt ratio of 10%.

雪佛龍持續的現金流為公司的長期成功奠定了基礎，同時也為股東帶來了回報。2024 年，我們有效利用資本，產量增長 7%，透過資產出售獲得近 80 億美元的收益，延續了我們長期以來提高股息的良好記錄，並回購了 5% 的流通股，保持了強勁的資產負債表，年底淨負債率為 10%。

Chevron's long-standing financial priorities have created value for shareholders. They have guided our actions through multiple commodity and investment cycles, and we'll continue to govern how we allocate capital. Over the past 5 years, we've grown our dividend faster than the S&P 500, and nearly double the rate of our closest peer. Today, we announced a 5% increase in the dividend, marking the 30th consecutive year with an annual increase to dividend payment per share.

雪佛龍長期以來的財務優先事項為股東創造了價值。它們指導了我們經歷多個商品和投資週期的行動，我們將繼續管理我們的資本配置方式。過去 5 年，我們的股息成長速度超過了標普 500 指數，幾乎是同類公司成長率的兩倍。今天，我們宣布將股息提高 5%，這標誌著我們連續第 30 年提高每股股息支付。

We're committed to capital discipline. Only the most competitive projects in our portfolio will get funded, where assets don't compete for capital, we have a history of generating value commercially. The balance sheet is in excellent health with net debt below our historical levels. We've repurchased shares, 17 of the last 21 years, and intend to maintain a buyback range of $10 billion to $20 billion per year depending on market conditions. Compared to our peers, we're delivering growth with less capital and returning more cash to shareholders. In the past 3 years, we've returned $75 billion in cash to shareholders via dividends and share buybacks.

我們致力於資本紀律。只有我們投資組合中最具競爭力的項目才能獲得資金，在這些項目中，資產之間不會爭奪資金，我們有在商業上創造價值的良好記錄。公司資產負債表狀況良好，淨債務低於歷史水準。在過去的 21 年中，我們有 17 年進行了股票回購，並計劃根據市場情況，將每年的回購規模維持在 100 億美元至 200 億美元之間。與同行相比，我們以更少的資本實現了成長，並向股東返還了更多現金。過去 3 年，我們透過股利和股票回購向股東返還了 750 億美元的現金。

Now I'll hand it over to Mike to cover our near-term outlook.

現在我將把發言權交給麥克，讓他來談談我們近期的展望。

Thanks, Eimear. Chevron is in a strong position today with near-term catalysts that are expected to drive the company to even better performance in 2025 and 2026. Our objective is unchanged to safely deliver higher returns and lower carbon. In the next 2 years, we plan to achieve industry-leading free cash flow growth. further strengthen our portfolio, including the expected completion of the Hess transaction in the third quarter, advanced opportunities in renewable fuels, hydrogen, CCUS and power, while maintaining cost and capital discipline.

謝謝你，艾米爾。雪佛龍目前處於強勢地位，近期的利多因素預計將推動公司在 2025 年和 2026 年取得更好的業績。我們的目標始終不變，即在確保安全的前提下實現更高的回報和更低的碳排放。未來兩年，我們計劃實現業界領先的自由現金流成長，進一步加強我們的投資組合，包括預計在第三季完成的赫斯交易，以及在再生燃料、氫能、碳捕獲、利用與封存（CCUS）和電力領域的先進機遇，同時保持成本和資本紀律。

It's important to note that the guidance provided today excludes Hess. We continue to be very confident in Hess's position in the arbitration. We plan to host our next Investor Day with a longer-term outlook after we close the transaction later this year.

值得注意的是，今天提供的指導意見不包括 Hess 公司。我們仍然對赫斯在仲裁中的立場充滿信心。我們計劃在今年稍後完成交易後，舉辦下一屆投資者日活動，屆時將展望更長遠的未來。

Chevron is poised for industry-leading free cash flow growth. We expect to add $10 billion of annual free cash flow growth in -- annual free cash flow in 2026, led by growth in advantaged upstream assets. With additional production from FGP and a further reduction in affiliate CapEx, we expect a sustained increase in distributions from TCO going forward.

雪佛龍有望實現業界領先的自由現金流成長。我們預計到 2026 年，每年將增加 100 億美元的自由現金流成長，這主要得益於上游優勢資產的成長。隨著 FGP 產量增加和附屬公司資本支出進一步減少，我們預計 TCO 的股利將持續成長。

In the Gulf of America, where we produced some of the highest margin barrels in our portfolio, will have additional growth as anchor and whale continue to ramp up, and we bring (inaudible) more online. And in the Permian, we're focused on operational efficiency and free cash flow, positioning the asset as a core cash generator for the company. We're also executing plans to deliver stronger results across the entire portfolio, including cash savings from our targeted $2 billion to $3 billion reduction in structural costs and improved returns in our downstream and Chemicals businesses.

在美洲灣，我們生產了一些我們投資組合中利潤最高的原油，隨著錨和鯨魚的持續增產，以及我們（聽不清楚）更多原油投入生產，我們將迎來進一步的成長。在二疊紀盆地，我們專注於營運效率和自由現金流，將該資產定位為公司的核心現金流來源。我們也正在執行各項計劃，以期在整個業務組合中取得更強勁的業績，包括透過削減 20 億至 30 億美元的結構性成本來節省現金，以及提高下游和化學業務的回報。

At TCO, we achieved first oil at FGP last week. This important milestone is the result of consistent disciplined execution by the project and operations teams. Our focus remains on a safe and reliable ramp-up of the plant. FGP adds 260,000 barrels of oil production capacity to the existing plants. We expect to achieve full production rates, 1 million barrels of oil equivalent per day within the next 3 months.

TCO上週在FGP實現了首次產油。這項重要里程碑的取得，是專案和營運團隊持續嚴謹執行的結果。我們仍專注於安全可靠地提高工廠產能。FGP計畫為現有工廠增加了26萬桶石油產能。我們預計在未來 3 個月內達到滿載生產，日產量達到 100 萬桶油當量。

At [$70 brands], expected free cash flow to Chevron is $5 billion in 2025 and $6 billion in 2026. This includes fixed loan repayments and quarterly dividends. We are proud to bring this large complex project online for the benefit of our shareholders and the Republic of Kazakhstan, and look forward to future collaboration to maximize the long-term value of the Tengiz reservoir.

假設品牌價值為 70 美元，預計雪佛龍公司 2025 年的自由現金流為 50 億美元，2026 年為 60 億美元。這包括固定貸款還款和季度分紅。我們很自豪能夠將這個大型複雜項目投入運營，造福我們的股東和哈薩克共和國，並期待未來開展合作，最大限度地發揮騰格茲油藏的長期價值。

In 2024, execution efficiencies led to strong well and base business performance, helping us achieve another record for Permian production. Over the last 5 years, we've delivered compound annual growth of 16%, while continuing to capture efficiencies. Through optimized pad and drilling designs and completion improvements like triple-frac, we're able to achieve these production levels with 40% fewer company-operated rigs than our plans included just a few years ago. We expect production to reach 1 million barrels of oil equivalent per day in 2025 and plan to moderate growth in CapEx to drive predictable and durable free cash flow generation.

2024 年，執行效率的提高帶來了強勁的油井和基礎業務表現，幫助我們再次創造了二疊紀盆地產量的新紀錄。過去 5 年，我們實現了 16% 的複合年增長率，同時不斷提高效率。透過優化井場和鑽井設計以及三重壓裂等完井改善措施，我們能夠以比幾年前計畫中減少 40% 的公司自營鑽機數量，達到這些生產水準。我們預計到 2025 年，日產量將達到 100 萬桶油當量，並計劃放緩資本支出增長，以推動可預測和持久的自由現金流產生。

Our Permian portfolio delivered superior returns due to royalty advantaged acreage across all of the sub-basins which adds to both the top and bottom line. We're continuing to develop and deploy technologies to enhance efficiencies and recoveries. We are leveraging our strengths in advanced chemicals and stimulation and scaling them across our shale and tight portfolio.

由於我們在二疊紀盆地所有子盆地都擁有享有特許權使用費優勢的土地，我們的投資組合獲得了優異的回報，這提高了收入和利潤。我們將持續開發和部署各種技術，以提高效率和回收率。我們正在利用我們在先進化學品和增產措施方面的優勢，並將其推廣到我們的頁岩氣和緻密氣田業務組合中。

Our world-class upstream assets provide further growth opportunities that are poised to deliver value for decades. In the Gulf of America, where we expect to grow production to 300,000 barrels a day, we achieved first oil at the anchor and oil projects and Ballymore is expected to come online around the middle of the year. In Western Australia, our discovered resource has the ability to keep our LNG plants full for decades. Last month, we announced an asset swap that will increase our equity in Wheatstone, which enables long-term asset development and monetization.

我們世界一流的上游資產提供了進一步的成長機會，預計在未來幾十年內創造價值。在美洲灣，我們預計日產量將增加至 30 萬桶，我們在錨地和石油項目上實現了首次產油，而 Ballymore 項目預計將於年中左右投產。在西澳大利亞，我們發現的資源能夠使我們的液化天然氣工廠在未來幾十年內保持滿載運轉。上個月，我們宣布了一項資產互換計劃，這將增加我們在 Wheatstone 的股權，從而實現長期資產開發和貨幣化。

In West Africa, we have a queue of low-cost developments that are expected to sustain production for many years. We recently extended leases in Nigeria and had a shelf discovery that will tie back to existing infrastructure. In Angola, we achieved first gas at the Sanha Lean Gas Connection project, and we plan to bring online our South N’dola development later this year.

在西非，我們有一系列低成本開發項目，預計這些項目將維持多年的生產。我們最近延長了在奈及利亞的租賃期限，並且發現了一處可與現有基礎設施連接的油氣藏。在安哥拉，我們在 Sanha Lean Gas Connection 專案中實現了首次天然氣輸送，我們計劃在今年稍後啟動 South Nâ dola 開發專案。

In the Eastern Mediterranean, we have a significant resource position we're continuing to unlock. Expansion projects at Leviathan and Tamar are expected to come online through the end of the decade.

我們在東地中海地區擁有重要的資源，我們正在不斷開發利用這些資源。利維坦和塔瑪爾的擴建項目預計將在本世紀末之前陸續投入營運。

Turning to our Downstream and Chemicals businesses. We're focused on operating reliably and efficiently while executing competitive projects that extend our value chains and capture market synergies. The recently completed expansion at our Pasadena refinery enhances our integrated value chain, by running more Permian crude, supplying more products to our regional marketing business and expanding synergies with the Pascagoula refinery. Our petrochemical growth projects in the US and Qatar are more than 50% complete and are expected to contribute to further cash flow growth beyond 2026. Both projects are feedstock advantaged, have competitive cost structures and are well positioned to serve growing demand.

接下來談談我們的下游和化工業務。我們專注於可靠、有效率地運營，同時執行具有競爭力的項目，以擴展我們的價值鏈並獲得市場協同效應。我們位於帕薩迪納的煉油廠最近完成的擴建工程，透過處理更多二疊紀原油，向我們的區域行銷業務供應更多產品，並擴大與帕斯卡古拉煉油廠的協同效應，增強了我們的一體化價值鏈。我們在美國和卡達的石化成長項目已完成 50% 以上，預計將在 2026 年以後為現金流的進一步成長做出貢獻。這兩個項目都擁有原料優勢，成本結構具有競爭力，並且能夠很好地滿足不斷增長的需求。

We have several projects in our new Energies business that are expected to achieve key milestones in the next 2 years. In renewable fuels, we're in final commissioning of the Geismar renewable diesel expansion. And at our Bunge joint venture, construction continues at the new oilseed processing plant in Louisiana, increasing our exposure across the renewable fuels value chain. We're working towards start-up of the ACES Green hydrogen product in Utah later this year, which will produce hydrogen from water and excess renewable power and stored underground for dispatchable lower carbon power generation. The project is one of the world's largest hydrogen storage projects and will have over 200 megawatts of electrolyzer capacity.

我們在新的能源業務中有幾個項目預計將在未來兩年內達到關鍵里程碑。在再生燃料方面，我們即將完成蓋斯馬可再生柴油擴建工程的最後調試工作。在我們的邦吉合資企業中，位於路易斯安那州的新油籽加工廠的建設仍在繼續，這將增加我們在再生燃料價值鏈中的份額。我們正努力在今年稍後在猶他州啟動 ACES Green 氫能產品項目，該項目將利用水和過剩的可再生能源生產氫氣，並將其儲存在地下，用於可調度的低碳發電。該項目是世界上最大的氫氣儲存項目之一，電解槽容量將超過 200 兆瓦。

In carbon capture and storage, Bayou Bend is working towards a fee decision for the offshore project and we're also developing plans to capture and store CO2 from our Pascagoula refinery. Earlier this week, we announced plans to jointly develop scalable, reliable power solutions to support growing energy demand from US data centers.

在碳捕獲和封存方面，Bayou Bend 正在努力就海上項目的費用做出決定，我們還在製定計劃，從我們的 Pascagoula 煉油廠捕獲和封存二氧化碳。本週早些時候，我們宣布了聯合開發可擴展、可靠的電力解決方案的計劃，以支持美國資料中心日益增長的能源需求。

Chevron is positioned to participate in this growth and generate competitive returns through integration with our US natural gas business, experience in building and operating nearly 5 gigawatts of reliable behind-the-meter power, and expertise in technologies that can help provide a pathway to reduce greenhouse gas emissions over time.

雪佛龍已做好參與這一增長的準備，並透過與我們美國天然氣業務的整合、建設和運營近 5 吉瓦可靠表後電力方面的經驗以及有助於隨著時間的推移減少溫室氣體排放的技術專長，獲得具有競爭力的回報。

We have secured slot reservations to purchase 7 natural gas-fired turbines from GE Vernova with deliveries beginning late 2026 and we're advancing site selection and engineering work while engaging customers. We look forward to sharing more as our plans develop.

我們已獲得從 GE Vernova 購買 7 台天然氣渦輪機的預留名額，將於 2026 年底開始交付，我們正在推進選址和工程工作，同時與客戶接洽。隨著計劃的推進，我們期待與大家分享更多資訊。

I'll hand it back to Eimear to close out our guidance for 2025 and 2026.

我將把這項工作交還給 Eimear，讓她完成我們對 2025 年和 2026 年的預測。

Thanks, Mike. In the cyclical commodity business, capital and cost discipline always matter. Chevron's CapEx and affiliate CapEx budgets reflect our commitment to capital efficiency while funding a balanced portfolio of short- and long-cycle investments.

謝謝你，麥克。在週期性大宗商品產業，資本和成本控制始終至關重要。雪佛龍及其附屬公司的資本支出預算反映了我們對資本效率的承諾，同時為短期和長期投資組合提供資金。

Organic CapEx is expected to remain within our $14 billion to $16 billion guidance range. A spend in the Permian and Gulf of America comes down, capital will flow out where within the portfolio to support continued growth. Affiliate CapEx is expected to trend down further as investments at TCO and CPChem come online.

預計有機資本支出將維持在我們先前預測的 140 億美元至 160 億美元範圍內。在二疊紀盆地和美洲灣的支出減少，資金將從投資組合中的其他領域流出，以支持持續成長。隨著 TCO 和 CPChem 的投資項目上線，附屬公司資本支出預計將進一步下降。

We're targeting $2 billion to $3 billion in structural cost reductions by the end of 2026. Work is underway to deliver these savings through asset sales, scaling technology solutions, such as expanding the use of robotics, and changing how we work to improve efficiencies. We're executing our plans to lower absolute costs while delivering growth.

我們的目標是到 2026 年底實現 20 億至 30 億美元的結構性成本削減。我們正在透過出售資產、擴大技術解決方案（例如擴大機器人的使用）以及改變我們的工作方式來提高效率，從而實現這些節省。我們正在執行降低絕對成本並實現成長的計劃。

Last year, worldwide oil equivalent production was the highest in our history. Benefiting from a larger position in the DJ Basin following our acquisition of PDC Energy and nearly 18% growth in the Permian. Excluding asset sales, we expect production to grow around 6% annually through 2026. In 2025, we expect growth to be weighted towards the second half of the year as key projects in Tengiz and the Gulf of America come online and ramp throughout the year.

去年，全球石油當量產量創歷史新高。收購 PDC Energy 後，我們在 DJ 盆地佔據了更大的份額，並在二疊紀盆地實現了近 18% 的成長。不計資產出售，我們預計到 2026 年，產量將以每年約 6% 的速度成長。預計 2025 年的成長將主要集中在下半年，因為騰吉斯和美洲灣的關鍵項目將在全年陸續投產並逐步擴大規模。

We're excited about the year ahead. We're focused on delivering growth across advantaged assets and value teams while reducing absolute costs, starting our profitable new energy projects and advancing new behind the meter power solutions, and continuing to reward our shareholders with higher returns and a differentiated value proposition.

我們對即將到來的一年充滿期待。我們致力於在優勢資產和價值團隊中實現成長，同時降低絕對成本，啟動盈利的新能源項目，推進新的表後電力解決方案，並繼續以更高的回報和差異化的價值主張回報股東。

I'll now hand it off to Jake.

現在我把它交給傑克。

That concludes our prepared remarks. Additional guidance can be found in the appendix to this presentation and the slides and other information posted on chevron.com.

我們的發言稿到此結束。更多指導資訊可參閱本簡報的附錄以及 chevron.com 上發布的幻燈片和其他資訊。

We're now ready to take your questions. We ask that you limit yourself to one question. We will do our best to get all of your questions answered.

現在我們可以回答你們的問題了。請您只提一個問題。我們會盡力解答您的所有問題。

Katie. Please open the line.

凱蒂。請接通電話。

Thank you (Operator Instructions)

謝謝（操作說明）

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Hi, thanks for taking my question. And firstly, congrats on getting FGP online. I know its a big project. So I wanted to ask about sort of underlying cash flow, excluding working capital. This quarter, at least versus our model the $5.3 billion was quite a bit with what we expected.

您好，感謝您回答我的問題。首先，恭喜你成功上線FGP。我知道這是一個大項目。所以我想問一下關於基本現金流的問題，不包括營運資金。至少與我們的模型相比，本季的 53 億美元比我們預期的要高得多。

So could you just walk me through how I should think about any one-offs in there? And help me understand what the sort of underlying basis should be as we think about 2025?

那麼，您能否簡單介紹一下我應該如何考慮其中的任何特殊情況？請您幫我理解一下，我們在展望2025年時，其根本基礎應該是什麼樣的？

Thank you.

謝謝。

Hi, Biraj. Thanks for the question. You're right. Cash flow, excluding working capital, was impacted by some non-recurring and accounting items this past quarter. So let me step you through the big ones.

你好，比拉傑。謝謝你的提問。你說得對。上個季度，不包括營運資金在內的現金流受到一些非經常性項目和會計項目的影響。那麼，讓我一步步帶你了解其中的重要議題。

Maybe the first is we recognized some tax charges and earnings related to our recently completed Canadian asset sale, and that was around $1.5 billion. It's important to note that these tax charges are offset in working capital. But if you exclude the working capital when you're looking at cash flow, you're still going to see that tax charge. So that's a big one. That's the main one.

首先，我們確認了一些與近期完成的加拿大資產出售相關的稅務支出和收益，金額約為 15 億美元。值得注意的是，這些稅費會在營運資金中得到抵銷。但是，如果在查看現金流時排除營運資金，仍然會看到這筆稅款。那可是件大事。這是最主要的一點。

The second one is we also recorded some charges in the quarter that for earnings, we had identified those as special items. We disclosed them back in December and our capital release. However, we don't make the same adjustments for these items and cash flow. So you're seeing some of that flow through to the bottom line, and that's about a $500 million headwind.

第二點是，本季我們也記錄了一些費用，在收益方面，我們已將這些費用確定為特殊項目。我們在去年12月揭露了這些資訊以及我們的資本釋放計畫。但是，我們對這些項目和現金流並沒有做出同樣的調整。所以你會看到其中一些影響最終體現在利潤上，這大約會造成 5 億美元的損失。

Beyond those two items, we did have some other impacts, the combination of affiliate distributions, some unique commercial activity, and that's another $500 million. So when you add up the three elements, that's about $2.5 billion to take into consideration for the cash flow this quarter.

除了這兩項之外，我們還有一些其他影響，例如附屬機構的分紅、一些獨特的商業活動，這些加起來又帶來了 5 億美元的收入。因此，將這三個要素加起來，本季現金流需要考慮的金額約為 25 億美元。

So if you've got any additional questions on those pieces acknowledging they're a bit unusual this quarter. I mean, can follow up with you after the call and sure you how everything flows through. Thanks.

所以，如果您對這些文章還有其他疑問，請注意，它們在本季有點不尋常。我的意思是，通話結束後我可以跟進，確保你了解整個流程的進展。謝謝。

Paul Chang, Scotia Bank.

Paul Chang，加拿大豐業銀行。

Thank you. When we're looking at your next 2 years, I think we have a really good outlay and I think investors are comfortable. I think the question has always been talking about longer term, say, by the turn of the decade, I mean what you're going to do if we put half (inaudible) side.

謝謝。展望未來兩年，我認為我們的支出安排非常合理，投資人也感到放心。我認為這個問題一直在談論更長遠的未來，比如說，到十年末，我的意思是，如果我們把一半（聽不清楚）放在一邊，你會怎麼做。

And in here, can you talk about your opportunity set you already had (inaudible), for example, I believe there's a lot of discovery you guys have made in Nigeria and Angola. But where are we in terms of bringing those that to the solution and having the project coming on stream? What we need in order for that to become [a lot]? and how big are those opportunities that?

在這裡，你能談談你已經擁有的機會嗎（聽不清楚），例如，我相信你們在奈及利亞和安哥拉已經取得了許多發現。但是，在將這些因素納入解決方案並使專案順利啟動方面，我們進展如何？我們需要什麼才能實現這一點很多嗎？這些機會究竟有多大？

Thank you.

謝謝。

Okay. Paul, thank you. Yeah, you're right. What we laid out today is a more detailed look ahead for the next 2 years. And as you rightly note, there's a lot of significant growth. We wanted to provide you more confidence and visibility on that free cash flow growth. And frankly, it continues to be de-risked every day here during the month of January with the whale startup and the FGP start-up, are two significant events that really de-risk that. And so that was the primary objective is provide transparency and confidence in that.

好的。保羅，謝謝你。是的，你說得對。我們今天提出的方案是對未來兩年更詳細的展望。正如你所指出的，確實有很多顯著的增長。我們希望讓您對自由現金流成長更有信心，並更清楚地了解成長情況。坦白說，1 月鯨魚新創公司和 FGP 新創公司這兩件大事，每天都在降低風險，這確實降低了風險。因此，首要目標是提高透明度，增強大眾對此的信心。

And I will set Hess aside, but I'll just acknowledge that we look forward to closing Hess, which will make a strong hand even stronger.

我會把赫斯公司放在一邊，但我必須承認，我們期待收購赫斯公司，這將使我們原本就很強的實力更加強大。

If you look out beyond the end of 2026, there are a number of things that are going to contribute to continued free cash flow growth. We've got two big chemicals projects that are under construction that will come online late '26, early '27 time window. We've got projects in the Eastern Mediterranean in the near term for both Tamar and Leviathan, that will come on towards the end of this year and be ramping into '26 and beyond. And then we've got further work underway, particularly at Leviathan for yet another expansion in the Eastern Mediterranean.

展望 2026 年底以後，有許多因素將有助於自由現金流的持續成長。我們有兩大化工工程正在興建中，將於 2026 年底至 2027 年初投入營運。近期我們在東地中海地區有 Tamar 和 Leviathan 兩個項目，將於今年年底啟動，並持續到 2026 年及以後。然後我們還有其他工作正在進行中，尤其是在利維坦計畫上，我們將在東地中海地區進行另一次擴張。

I would expect Argentina over the back half of this decade to begin to grow at a rate that's stronger than what we've seen thus far. Contingent upon -- continued progress in policy and kind of government stability and macro environment stability there, but the signs there have been encouraging and positive.

我預計阿根廷在本十年後半段的成長速度將比我們目前看到的要快得多。這取決於——政策的持續進展、政府的穩定性以及宏觀環境的穩定性，但那裡的跡象令人鼓舞，而且是積極的。

You mentioned West Africa. There's a number of opportunities. I talked about a discovery on the Nigeria shelf, Sanha Lean Gas, South N’dola. We have a number of other very attractive prospects there. We haven't really gone below 10,000 feet to produce yet in that region. We picked up additional acreage offshore Angola, three new blocks that are undergoing seismic work right now. And we haven't talked a lot about West Africa in recent years given some of the other things within our portfolio, but that has a lot of running room left ahead of us.

你提到了西非。有很多機會。我談到了尼日利亞大陸架上的一個發現，位於南納多拉的桑哈稀土氣田。我們在那裡還有許多其他非常有吸引力的投資機會。在該地區，我們還沒有真正到海拔 10,000 英尺以下的地方進行生產。我們在安哥拉近海獲得了額外的油氣區塊，三個新區塊目前正在進行地震勘探工作。鑑於我們投資組合中的其他一些項目，近年來我們很少談到西非，但西非還有很大的發展空間。

Venezuelan Partition Zone, huge, huge resource positions. We've been moving thoughtfully for particular reasons in each of those locations, but those present long-term opportunities that are captured and can become very attractive. And we've got a really nice exploration portfolio. In West Africa, South America, the US Gulf, the Eastern Mediterranean that we expect to provide further resource opportunities.

委內瑞拉分裂區，蘊藏著極為豐富的資源。我們出於特定原因，經過深思熟慮才選擇在這些地方進行搬遷，但這些搬遷帶來了長期的機遇，這些機會一旦抓住，就會變得非常有吸引力。我們擁有非常好的勘探項目組合。我們預計西非、南美洲、美國墨西哥灣沿岸和東地中海地區將提供更多資源機會。

We've got technology that can unlock things. And of course, a large low decline base that we can sustain with a very competitive capital investment and good underlying growth rates. So we've seen outsized growth here in recent times, right. Last year's growth 7%. We're guiding to a 6% CAGR on for the next couple of years. That's probably not a growth rate that anyone would expect to continue. But there are plenty of opportunities out there in the 2027 and beyond [queue] we'll sort through and fund the best of those within a tight disciplined capital budget.

我們擁有可以解開謎團的技術。當然，我們還需要一個巨大的、下降幅度較小的基數，這可以透過極具競爭力的資本投資和良好的潛在成長率來維持。所以，近來我們看到了這裡出現了超常成長，對吧。去年增長7%。我們預計未來幾年複合年增長率將達到 6%。這種成長率恐怕不會是任何人預期會持續下去的。但2027年及以後有很多機會，我們將篩選並資助其中最好的項目，並嚴格控制資本預算。

Thanks Paul.

謝謝保羅。

Neli Mehta, Goldman Sachs.

Neli Mehta，高盛集團。

Yeah. Good morning, Mike in your team. Just wanted to better understand the power business and the announcement from earlier this week with GE Vernova. Mike, you've talked a lot about power being a tricky business, and Chevron seen that firsthand over the last 30 years at different points. But and wanting to ensure that you're staying true to your core competency. So how do you think about playing in this ecosystem and ensuring that you de-risk it so that you can preserve the upside?

是的。早安，麥克，你團隊裡的一位成員。我只是想更了解電力產業以及本週早些時候GE Vernova發布的公告。麥克，你曾多次談到電力產業是一個棘手的產業，而雪佛龍在過去 30 年的不同時期也親身經歷了這一點。但是，也要確保你始終忠於自己的核心競爭力。那麼，您如何看待參與這個生態系統並確保降低風險以保留收益？

Yeah. So Neil, I would tell you, you should think of this as being aligned with what we've said we were looking to do, which is leverage our strengths to advance lower carbon energy solutions to meet demand growth in the world. We operate nearly 5 gigawatts of reliable and at scale power today at Gorgon, at TCO and refineries. We know how to build and operate large-scale power generation and integrate it to a core customer. We know how to operate these assets very, very well. We've got technical capabilities that are required to do this.

是的。所以尼爾，我想告訴你，你應該把這看作是與我們一直以來所希望做的事情相一致的，那就是利用我們的優勢來推進低碳能源解決方案，以滿足世界不斷增長的需求。目前，我們在戈爾貢、TCO 和煉油廠經營近 5 吉瓦可靠且規模化的電力。我們知道如何建造和營運大型發電廠，並將其整合到核心客戶系統中。我們非常清楚如何經營這些資產。我們具備完成這項工作所需的技術能力。

In the US, we've got a very large natural gas position. And we've been diversifying some of our gas markets with some LNG off-take. And this allows us to backstop power investments for premium customers. We have said we didn't envision ourselves as a merchant power player, and we still don't. Building power to sell into the grid and just generate merchant power is probably not going to deliver returns competitive with our portfolio, but a high reliability at scale offering that's delivered rapidly is something that's in high demand from customers right now.

在美國，我們擁有非常龐大的天然氣儲備。我們一直在透過增加液化天然氣承購業務來實現部分天然氣市場的多元化。這使我們能夠為高端客戶的電力投資提供保障。我們曾說過我們不認為自己是商業巨頭，現在依然如此。發電併入電網出售電力，或僅生產商用電力，可能無法帶來與我們的投資組合相媲美的回報，但目前客戶對快速交付的高可靠性大規模產品有著很高的需求。

You can see PPAs that have been done for things like re-commissioning nuclear facilities that give you some sense of the value that these have for customers. And we've been engaged in discussions with the hyper scalers for a year or more to understand what they're looking for and understand whether or not that's something that we can deliver on it. And we think that it really does make good sense for us.

你可以看看一些為核設施重新啟用等項目簽訂的購電協議，從中可以了解這些協議對顧客的價值。一年多來，我們一直在與超大規模資料中心營運商進行討論，以了解他們的需求，並了解我們是否能夠滿足他們的需求。我們認為這對我們來說確實很有意義。

We're -- we've got seven of GE [Vernova] largest turbines with reservation slots for delivery beginning in late '26 and then into '27, and would expect to be on the front end of what will be a real surge in power demand in this country.

我們已經預訂了 7 台 GE [Vernova] 最大的渦輪機，從 2026 年底開始交付，一直持續到 2027 年，預計我們將處於美國電力需求真正激增的前沿。

And importantly, the last thing I'll say is I think most of the people on the call are familiar with the challenges that the grid in this country faces right now and ensuring we keep supply of electricity reliable into the economy as it stands today. Doing this off the grid and behind the meter doesn't further tax and already tax distribution infrastructure, and it doesn't put this investment cost into the rate base and drive up costs for consumers as well.

最後，我想強調的是，我認為參加電話會議的大多數人都熟悉我國電網目前面臨的挑戰，以及如何確保我們能夠為當前的經濟提供可靠的電力供應。這樣做既不佔用電網，也不增加配電基礎設施的負擔，也不會將這筆投資成本計入費率基礎，進而推高消費者的成本。

So we think this is something that's good for America. American Energy abundance can help ensure AI leadership. It's good for the public. It will create jobs and it will help to keep rates from rising and it's good for the big customers. They're looking for reliable and fast solution to deliver this power and eventually lower carbon options to reduce carbon intensity.

所以我們認為這對美國來說是件好事。美國豐富的能源資源有助於確保其在人工智慧領域的領先地位。這對公眾有好處。它將創造就業機會，有助於控制利率上漲，對大客戶也有好處。他們正在尋找可靠、快速的電力傳輸解決方案，並最終尋求降低碳排放的方案來減少碳排放強度。

Thanks, Neil.

謝謝你，尼爾。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Thanks. Good morning guys. Thanks for the opportunity to ask Mike. I did warn Jake I may have a Part A and a Part B, so it's technically one question, but hopefully, you can -- I'll assume he blessed it.

謝謝。各位早安。謝謝你給我這個機會向麥克提問。我確實警告過傑克，我可能會有 A 部分和 B 部分，所以嚴格來說這是一個問題，但希望你能——我假設他同意了。

So the incremental disclosure on the bridge to 2027 is really, really helpful. But I wonder -- it's never enough, obviously, but I wonder if you could just benchmark against what you gave us in February 2023, I guess, under similar conditions. So what is the incremental 10, including the debt payback? What does that look like in 2027 versus, I guess, what you gave us before?

因此，在 2027 年之前逐步披露資訊真的非常有幫助。但我很好奇——顯然這永遠不夠，但我很好奇，您能否以 2023 年 2 月您在類似條件下給我們提供的數據為基準進行衡量。那麼，包括償還債務在內，新增的 10 是多少？2027 年的情況會是什麼樣子？與之前你們帶給我們的相比又會是什麼樣子？

And the Part B is obviously, Tengiz is the big story here. But a couple of days ago, I think the Kazakh government on the wire is actually talking about contract extensions, which is great news for you potentially, but on better terms. So I was just wondering if there was any color you could offer on that?

而第二部分顯然是，騰格茲才是這裡的主要故事。但幾天前，我聽說哈薩克政府正在談論延長合同，這對你們來說可能是個好消息，而且條件會更好。所以我想問一下，你們能不能提供一些顏色選擇？

Yes. So Eimear, why don't you talk about free cash flow for 2027 and then I'll take the concession.

是的。艾米爾，你先談談 2027 年的自由現金流，然後我再接受你的讓步。

Yeah. Thanks, Doug. The short answer is it's aligned with the previous guidance. So we're really re-affirming that guidance. Obviously, since then, there's been some puts and takes. On the portfolio side, we've -- out of PDC since our last guidance. We've divested some assets as well, primarily Canada. There's been some price assumptions changed. But we do have growth [later] today out to 2026, and we see growth beyond that. We've got the CPChem projects that will be online around that time. We'll have some Eastern Med [brine feed] projects in Tamar and Leviathan that will come after 2026.

是的。謝謝你，道格。簡而言之，它與先前的指導方針一致。所以，我們其實是在重申這項指導原則。顯然，從那以後，價格出現了一些波動。在投資組合方面，自上次發布指導意見以來，我們已經退出了 PDC。我們也剝離了一些資產，主要是在加拿大的資產。一些價格預期發生了變化。但我們預計到 2026 年將實現成長，而且我們預計此後還會繼續成長。屆時我們將推出一些 CPChem 項目。2026 年後，我們將在 Tamar 和 Leviathan 開展一些東地中海（鹽水補給）計畫。

Mike talked earlier about the Argentina potential there and the power potential. And then in addition to that, we've got the $2 billion to $3 billion of structural cost reductions that are underway. So the short answer is it's aligned. But maybe many of the projects that we talked about a few years ago have also been de-risked since then. So we'd expect to provide the 2027 outlook later on the year.

麥克之前談到了阿根廷的潛力以及那裡的電力潛力。除此之外，我們還有正在進行的 20 億至 30 億美元的結構性成本削減計畫。簡而言之，它是對齊的。但也許我們幾年前討論的許多項目從那時起風險也降低了。因此，我們預計將在今年稍後提供 2027 年的展望。

Okay. Yeah on the concession, Doug, we're still focused on ramping up safely and reliable. This is a really important milestone, and it signals moving to the next phase in the life of that field. And so we're absolutely laser-focused on getting that right. Early performance has been very stable and very encouraging.

好的。是的，關於讓步問題，道格，我們仍然專注於安全可靠地擴大產能。這是一個非常重要的里程碑，標誌著該領域進入了下一個發展階段。因此，我們絕對全力以赴，確保把這件事做好。早期表現非常穩定，令人鼓舞。

As we get through the ramp up to see the plant and reservoir performance, we'll then be able to really turn our focus to the future. This is a world-class asset. We've got a long proud history in Kazakhstan and with the TCO partnership and we certainly would like to extend the concession, but it has to work for everyone. It has to work for the Republic. It has to work for our company and our shareholders has to be competitive. These things take time. These are complex contracts, complex negotiations. And we'll keep you posted as that evolves over time.

當我們逐步完成工廠和水庫的運作測試後，我們就能真正將注意力轉向未來。這是一項世界級的資產。我們在哈薩克有著悠久而引以為傲的歷史，與 TCO 建立了合作夥伴關係，我們當然希望延長特許經營權，但這必須對每個人都有利。它必須對共和國有效。它必須對我們公司有利，我們的股東也必須具有競爭力。這些事情都需要時間。這些合約很複雜，談判也很複雜。我們會隨時向您報告事態發展。

Okay. And that was a clever way to get two completely unrelated questions in, Doug. So if Jake's blessed that, I better have to talk to Jake, about the ground rules in the future. Let's go to the next question.

好的。道格，你這招真高明，竟然能把兩個完全不相關的問題都問出來。如果傑克真的有幸獲得這個機會，那我最好和傑克談談，關於未來的規則。我們來看下一個問題。

Devin McDermott, Morgan Stanley.

德文·麥克德莫特，摩根士丹利。

Hey, good morning. Thanks for taking my question and for a detailed update today.

嘿，早安。感謝您回答我的問題，也感謝您今天提供的詳細更新。

Mike, I wanted to ask you about policy. There's been in the US now a series of energy-related executive orders over the past week. I was wondering if you could talk through how this might impact some of your oil and gas operations, especially given the large presence you have in the Gulf and then new energy opportunities and we think through the flurry of news flow over the last year? There's also been some headlines in your Venezuela license, if you could address that as part of the response. I'd appreciate it. I know a lot to unpack there, but I would love your thoughts.

麥克，我想問你一些關於政策的問題。過去一周，美國發布了一系列與能源相關的行政命令。我想請您談談這可能會對您的一些石油和天然氣業務產生哪些影響，特別是考慮到您在墨西哥灣的龐大業務以及新的能源機遇，並讓我們回顧一下過去一年來鋪天蓋地的新聞？你的委內瑞拉駕照也出現了一些新聞標題，如果你能在回覆中提及這一點就太好了。我會很感激的。我知道這裡面有很多東西要探討，但我很想聽聽你的想法。

Thanks.

謝謝。

Yeah, that is a lot Devin.

是的，這確實很多，德文。

Following up with --

後續報道--

Yeah. But they're all related for you. So let me start kind of at the at the highest level.

是的。但對你來說，它們都是相關的。那麼，就讓我從最高層次開始談起吧。

For years now, I've been calling for a more balanced discussion about energy. We're finally beginning to see it. We're seeing economic prosperity, energy security and environmental protection, all being brought together. And in the past, really the dialogue skewed toward environmental protection and much less toward the others. And I think it's a welcome change to see this reflected. It's a conversation that now recognizes oil and gas are a vital part of the energy mix in this country and in the world, which is a reality that we all need to acknowledge.

多年來，我一直呼籲就能源問題展開更加平衡的討論。我們終於開始看到了。我們看到經濟繁榮、能源安全和環境保護三者正在融合在一起。過去，對話的重點往往放在環境保護上，而較少關注其他方面。我認為看到這一點得到體現，是一個令人欣喜的變化。現在的討論認識到，石油和天然氣是我國乃至世界能源結構的重要組成部分，這是我們所有人都需要承認的現實。

And it's good to see an administration that is intent on leveraging and encouraging American energy abundance for the benefit of our economy, for the benefit of our security, for the benefit of our allies and intends to do that in a way that also provides environmental protection.

很高興看到本屆政府致力於利用和鼓勵美國的豐富能源，造福我們的經濟、我們的安全、我們的盟友，並且打算以保護環境的方式來實現這一目標。

So I think it's a more balanced approach. I think it's a welcome approach. And the specifics still remain to play out. Many of these executive orders direct agencies to review things, to look at actions that can be taken. And so actual actions, I think, for the most part, still remain ahead of us, but I would expect them to encourage more access, for instance, more regular lease sales.

所以我認為這是一種更平衡的方法。我認為這是一個值得歡迎的做法。具體細節仍有待揭曉。這些行政命令中有很多指示各機構審查相關事宜，並研究可以採取的行動。因此，我認為，在大多數情況下，實際行動仍待我們採取，但我希望這些行動能鼓勵更多人獲得住房，例如，更頻繁的租賃銷售。

There is building bipartisan support for permit reform, which is very necessary, not just for our industry but for many other industries where it's become so difficult to build things here in the United States. And so I think it's a welcome reset and one that our country will benefit from.

目前，兩黨對許可證改革的支持正在不斷增強，這非常必要，不僅對我們這個行業而言如此，對其他許多行業來說也是如此，因為在美國，這些行業的建設變得越來越困難。所以我認為這是一個值得歡迎的調整，我們的國家將從中受益。

I can't say much more about anything. Venezuela is an issue that has been around for quite some time during the first Trump administration, during the Biden administration. And now again, in the second Trump term, sanctions exist on Venezuela. We're the only US company on the ground there. We're focused on keeping our people safe, ensuring that assets operate in a way that protects the environment and complying with all the laws. We don't set policy. We comply with laws, and we engage with the government to help inform them of the potential impacts of policy choices, and we'll continue to do so.

關於任何事情，我都不能透露更多資訊了。委內瑞拉問題從川普第一任期到拜登執政時期都一直存在。現在，在川普的第二個任期內，委內瑞拉再次受到製裁。我們是唯一一家在當地開展業務的美國公司。我們致力於保障員工安全，確保資產運作方式能保護環境，並遵守所有法規。我們不制定政策。我們遵守法律，並與政府溝通，幫助他們了解政策選擇的潛在影響，我們將繼續這樣做。

Thanks for the question, Devin.

謝謝你的提問，德文。

Stephen Richardson, Evercore ISI.

Stephen Richardson，Evercore ISI。

Hi, good morning. Mike, I was wondering if you could talk about the position of the Permian in the portfolio. You've got this 1 million-barrel a day target out there that looks like you're going to hit if you haven't already hit it pretty soon. And I know there was a previous target in the last Analyst Day that was a little higher than that.

您好，早安。麥克，我想請你談談二疊紀盆地在投資組合中的地位。你們現在面臨著每天生產100萬桶的目標，如果還沒達到，那也很快就要達到了。我知道在上一次分析師日上，曾經有一個比這更略高的目標價。

Can you maybe just talk about the right amount of unconventionals in the portfolio? And do we think about the Permian and the DJ? Do we think about it relative to the total -- is it production? Is it decline curve? How do you think about the right amount of un-conventionals for the size of the corporation over the next couple of years?

您能否談談投資組合中非常規投資的合適比例？我們有沒有想過二疊紀和DJ？我們是否應該從整體的角度來考慮這個問題——它是否與產量有關？這是下降曲線嗎？您認為在未來幾年內，對於公司目前的規模而言，採用多少非常規技術才是合適的？

Yeah. So let me start. I'm really pleased with our team in the Permian and the performance again in the fourth quarter. We delivered 992,000 barrels a day in the fourth quarter. We were over 1 million barrels a day in December. For the full year, we saw a growth of 18% and really, really strong performance across all aspects of the Permian. And we expect to continue to grow even as we've now passed our peak investments, and we've started to bring capital investment down.

是的。那麼，就讓我開始吧。我對我們在二疊紀盆地的球隊以及第四季的表現非常滿意。第四季度，我們每天交付99.2萬桶原油。12月份我們的日產量超過100萬桶。全年來看，我們實現了 18% 的成長，二疊紀盆地的各個面向都表現出色。即使我們已經過了投資高峰期，並開始減少資本投資，我們仍然期望繼續成長。

We still expect to see a 9% or 10% production growth in 2025. Something a little bit less than that, probably in 2026. And we're headed towards a lower rate of growth. And at some point, you can't grow a position like this infinitely. That was the criticism of the industry last decade is companies only focused on growing, and they never focused on generating free cash flow and returning to shareholders. And that's always been our plan to do just that.

我們仍預期 2025 年產量將成長 9% 或 10%。可能比這略少一些，大概在 2026 年。我們將走向一個成長率放緩的局面。而且，這種職位不可能無限期地發展下去。過去十年，業界一直受到這樣的批評：企業只專注於成長，而從未專注於產生自由現金流並回報股東。而這正是我們一直以來的計畫。

So we'll have an asset that will produce something over 1 million barrels a day for many, many years into the future. And as we can maintain that with a lower rate of capital investment than we've required to get to where we are, that really opens up the free cash flow off of that asset. So we are very pleased with that.

因此，我們將擁有一項資產，在未來很多很多年裡，每天可以生產超過 100 萬桶的石油。而且，由於我們能夠以比達到目前水平所需的更低的資本投資率來維持這一水平，這確實能夠釋放該資產的自由現金流。我們對此非常滿意。

We've got 400,000 barrels a day, give or take now in the DJ Basin, which is kind of in that plateau phase where we can draw free cash flow off of that. We closed Hess. There's another couple of hundred thousand barrels a day in the Bakken. You bring Argentina in, and now you're talking 1.7 million barrels a day or so. And this year, we produced 3.3 in change. And so it's kind of 50% of the portfolio. And the nice thing about that is that very modest CapEx you can hold that production flat for quite some time and use that as a big cash generator. And so that is the intent.

目前我們在丹佛盆地每天的產量大約是 40 萬桶，這正處於一個平台期，我們可以從中獲得自由現金流。我們關閉了赫斯公司。巴肯油田每天還有幾十萬桶原油產量。如果把阿根廷也算進去，現在每天的產量就達到 170 萬桶左右了。今年，我們實現了 3.3 的變革。所以它佔了投資組合的50%左右。這樣做的好處是，只需非常適度的資本支出，就可以在相當長的一段時間內保持產量不變，並將其作為重要的現金來源。這就是我們的意圖。

There's always the prospects that we see technology breakthroughs. We're working on improved recoveries that if economic could open a new phase of growth. And I don't want to predict that, but I certainly wouldn't want to rule that out. And so as we continue to get better and better at this and develop technologies to improve recoveries, we can extend the plateau, we could raise plateaus, but this is a highly economic asset that is a core position that will generate production and cash long into the future.

我們始終期待著技術突破。我們正在努力改善經濟復甦狀況，如果經濟復甦能夠開啟新的成長階段。我不想妄下斷言，但我也絕對不會排除這種可能性。因此，隨著我們在這方面不斷進步，並開發出提高回收率的技術，我們可以延長平台期，我們可以提高平台期，但這是一項極具經濟價值的資產，是一個核心地位，將在未來很長一段時間內產生生產和現金流。

And of course, in the Permian, the royalty advantage that we have is kind of icing on top of that cake. And so that's how we think about it. I can't give you a magic formula, a percentage. But it's -- like I said, it's approaching 50% of our overall production, which is a significant piece.

當然，在二疊紀盆地，我們所擁有的特許權使用費優勢就像是錦上添花。所以，我們就是這麼想的。我無法給你一個神奇的公式或百分比。但正如我所說，它已經接近我們總產量的 50%，這是一個相當大的比例。

Thanks, Steve.

謝謝你，史蒂夫。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Hey, thanks for taking my questions. I wanted to ask about the TCO distribution, and I appreciate the detail between first half and second half of this year. The $5 billion and $6 billion for '25 and '26, is that similar to the $4 billion and $5 billion, respectively, that you guided to previously just at a higher price deck?

嘿，謝謝你回答我的問題。我想詢問一下 TCO 的分佈情況，我很感謝您提供的今年上半年和下半年的詳細資訊。2025 年和 2026 年的 50 億美元和 60 億美元，是否與您先前預測的 40 億美元和 50 億美元類似，只是價格更高一些？

And further to the distribution -- it looks like based on TCO's own filings at their operating expenses from 2022 to 2023 have gone up about $5 a barrel. I'm not sure if that's related to the Russian war or something else, but I wonder if that increase in OpEx is contemplated in your free cash flow guidance for TCO, or if that's something you expect to come back down?

此外，關於分銷——根據 TCO 自己的申報文件來看，其 2022 年至 2023 年的營運費用似乎每桶上漲了約 5 美元。我不確定這是否與俄羅斯戰爭或其他原因有關，但我想知道，您在對總擁有成本的自由現金流預測中是否考慮到了營運支出的增加，或者您是否預計營運支出會回落？

Thanks.

謝謝。

Jason. Yes, thanks. I can talk to that. The free cash flow inflection that's coming with -- which is actually upon us now that the asset has started up. So we shared in the slide, $5 billion for 2025 and $6 billion for 2026.

傑森。好的，謝謝。我可以和它談談。隨著資產的啟動，自由現金流拐點也隨之而來——實際上，這一拐點現在已經到來。因此，我們在投影片中提到，2025 年的目標金額為 50 億美元，2026 年的目標金額為 60 億美元。

What's contributing there is obviously the production but also the affiliate CapEx is coming down. So with the project completing and the affiliate CapEx is reducing significantly. And so that's resulted in the free cash flow.

顯然，產量增加是造成這種情況的原因之一，但附屬公司的資本支出也在下降。隨著專案完成，附屬公司的資本支出也大幅減少。因此，這就產生了自由現金流。

We also anticipate that as the plant gets (inaudible) and the safe and reliable start-up completes that they'll be focused as well on operational OpEx and optimizing that, given the new base business of 1 million barrels a day that they will have. So that can move around a little bit during the year. But generally, we have OpEx coming down there, too. So those are two things that are contributing to the free cash flow in addition to the production.

我們也預計，隨著工廠（聽不清楚）和安全可靠的啟動完成，鑑於其每天 100 萬桶的新基礎業務，他們也將專注於營運支出並對其進行優化。所以這個時間可能會稍微變動。但通常情況下，我們的營運支出也會到那裡。所以，除了生產之外，還有兩件事也對自由現金流做出了貢獻。

Alastair Syme, Citi.

花旗集團的阿拉斯泰爾·西姆。

Thanks. I just wanted to ask about [Bolivia]. If you've got a good sense of why first exploration well failed and whether you've seen enough to make you want to go again in a different location? Thank you.

謝謝。我只是想問一下…[玻利維亞]。如果你已經清楚地了解了第一次勘探井失敗的原因，並且你所看到的是否足以讓你想要在其他地方再次進行勘探？謝謝。

Yeah, Alastair. The first well was the first well. And in exploration, you learn that oftentimes, particularly in a new -- relatively new basin you need a lot of information. And so each well is actually -- while you're targeting hydrocarbons, the real objective is to learn. And failure to learn would be a failure of the well. Failure defined oil and gas happens more often than not. And so we have a very large position on two different blocks in the Orange and the [Walvis] basins.

是的，阿拉斯泰爾。第一口井就是第一口井。在勘探過程中，你會發現，很多時候，尤其是在一個相對較新的盆地，你需要大量的資訊。因此，每一口井實際上——雖然你的目標是油氣資源，但真正的目的是為了學習。而未能吸取教訓，就等於失敗。石油和天然氣產業的故障屢見不鮮。因此，我們在奧蘭治盆地和沃爾維斯盆地的兩個不同區塊擁有非常大的份額。

As people are well aware, others have found some encouraging things on their blocks. And so there's a working petroleum system that exists there. And we're very pleased with the information that we learned. And it does inform future activity, and it helps us understand the geologic history of that part of the basin which is fundamental to understanding how the depositional structures and geology evolved. And we'll use that to inform future activity.

正如人們所熟知的那樣，其他人也在自己的街區裡發現了一些令人鼓舞的東西。所以那裡存在著一個運作良好的石油系統。我們對所了解到的資訊非常滿意。而且它確實能為未來的活動提供信息，並幫助我們了解盆地那部分的地質歷史，這對於了解沉積構造和地質是如何演變的至關重要。我們將以此為依據，指導未來的活動。

We are -- it's not enough, if I heard your question correctly, it's not enough to say we're not interested. It's enough to say we continue to be interested.

我們是──如果我沒聽錯你的問題，光說我們不感興趣是不夠的。我們始終對此很感興趣，僅此而已。

The other thing I'll just tell you is that the well went down very fast. The cost was much lower than some of the other wells we've seen in that area. And so I think the other encouraging thing that we learned is that the drilling environment there is one that we can execute very well in and keep future exploration wells in a very cost-effective manner. So we'll talk to you more as we evaluate the next steps in both of those basins and continue to evolve our program.

我還要告訴你一件事，就是井水下降得非常快。成本比我們在該地區看到的其他一些油井要低得多。因此，我認為我們學到的另一個令人鼓舞的發現是，那裡的鑽井環境非常適合我們開展工作，並且能夠以非常經濟高效的方式進行未來的勘探井作業。因此，在評估這兩個流域的下一步措施並繼續改進我們的計劃時，我們會與您進行更多討論。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

Good morning. Thanks for taking my question. I want to go back to the Power venture. I want to ask about how do you think about the capital commitment for Chevron related to that venture? It is really impressive that you were able to secure these high-demand turbine spots. So have all the deposits for them being made and just how much equity capital would you be willing to put into it?

早安.謝謝您回答我的問題。我想重返電力業。我想請問您如何看待雪佛龍公司在該合資企業的資本投入？你們能夠拿下這些需求量極大的風力渦輪機安裝位置，真是令人印象深刻。那麼，所有專案的訂金都已經到位了嗎？你願意投入多少自有資金？

Thanks.

謝謝。

Yeah. Thank you, Betty. It's still early days, and we're not providing public details on some of the specifics of the joint developments as we move into the next phase of site selection and engineering and the like.

是的。謝謝你，貝蒂。現在還處於早期階段，在我們進入選址、工程設計等下一階段之際，我們不會公開一些共同開發的具體細節。

We have secured the slot reservations with payments. And those are, again, terms that are confidential. We won't have 100% of this. It will be funded through partners and other investors. And we'll provide more detail at the time that's appropriate on that.

我們已透過付款確保了預訂名額。而且，這些條款都是保密的。我們不可能百分之百實現這一點。該項目將透過合作夥伴和其他投資者提供資金。我們會在適當的時候提供更多細節。

The one thing that I do just want to call out is we haven't changed our CapEx guidance. And so this will be done within the CapEx guidance that we've issued. We intend to develop opportunities that are competitive with other things in our portfolio. And here, you've got the benefit of scale. We've got an early position in the queue. Gas turbine generators are seeing upward price pressure. And so it's better to be early in the queue than later in the queue. And so we'll be focused on capital efficiency here and developing a project that delivers value for customers and delivers value for shareholders.

我只想特別指出一點，我們的資本支出預期沒有改變。因此，這項工作將在我們發布的資本支出指導方針範圍內完成。我們計劃開發能夠與我們投資組合中的其他項目競爭的項目。而且，這裡還存在著規模優勢。我們排在隊伍的前面。燃氣渦輪發電機正面臨價格上漲壓力。所以，早點排隊總比晚點排隊好。因此，我們將專注於提高資本效率，開發一個能為客戶創造價值、為股東創造價值的項目。

So stay tuned for more details as things evolve later this year.

敬請關註今年稍後事態發展的更多細節。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Good, thanks. Maybe if I could ask one on the Gulf of Mexico, or Gulf of America, or whatever we're calling it now. You've now got two of the three projects online for the 2025 and 2026 time period with Ballymore coming soon.

好的，謝謝。也許我可以問問墨西哥灣、美洲灣或是我們現在叫它什麼名字的人。現在，2025 年和 2026 年期間的三個專案中已有兩個上線，Ballymore 專案也即將推出。

I mean what -- what have you seen in terms of reservoir performance so far? What have you learned in terms from these developments, both on the I guess, on the subsurface and on the facility side? And how does it inform kind of future potential for you in the basin?

我的意思是——到目前為止，你們在油藏性能方面看到了什麼？從這些發展中，您學到了什麼？包括地下部分和設施部分。這又如何反映您在該盆地未來的發展潛力呢？

Yeah, Thanks, Ryan. The short story is the wells are performing very well. We've got two wells on [Line] at [Anchor]. We've got a third well that we expect to come online in the second quarter. The fourth and fifth wells, we've got top holes drilled and the top hole section drilled, and we had remaining drilling and completion work ahead of us, a fifth well in early 2026. So we are able to drill and complete in this pressure and temperature regime, which is a new one for the industry. Reservoir performance, frankly, is at or above expectations. And so we're quite encouraged.

謝謝你，瑞恩。簡而言之，這些油井的產量非常高。我們在[線路]上有兩口井[錨]。我們還有第三口油井，預計第二季投入使用。第四口井和第五口井，我們已經鑽完了頂部井眼和頂部井段，我們還有剩餘的鑽井和完井工作要做，第五口井計劃在 2026 年初進行。因此，我們能夠在這種壓力和溫度條件下進行鑽井和完井作業，這對該行業來說是一種全新的情況。坦白說，水庫性能達到或超過預期。因此，我們深受鼓舞。

On [ Whale ], I would refer you to the operator for specifics and let them update you on that. And Ballymore, as I mentioned, online here mid-year, and so we'll update you as we see performance out of that. But it's very encouraging. The Gulf of -- we're calling it Gulf of America. It's the -- that's the position of the US government now. And there's a lot of running room out there. We're a large lease holder. There's a lot of acreage that is prospective for tiebacks. There's also acreage that is prospective for greenfield developments. We've brought costs down significantly. We've advanced technology to operate in different pressure regimes. And I think this going to be an important producing basin for our country for many, many years to come.

關於[鯨魚]，我會建議您聯繫運營商以了解具體情況，並讓他們為您提供最新資訊。正如我之前提到的，Ballymore 將於年中在這裡上線，所以我們會根據其表現及時更新資訊。但這非常令人鼓舞。我們稱之為美洲灣。這就是──這就是美國政府目前的立場。還有很大的發展空間。我們是大型租賃持有者。有很多土地適合進行回接作業。此外，還有一些土地適合進行綠地開發。我們大幅降低了成本。我們已採用先進技術，使其能夠在不同的壓力條件下運作。我認為在未來很多年裡，這將是我們國家一個重要的產油盆地。

Thanks Ryan.

謝謝你，瑞恩。

John Royall, JP Morgan.

John Royall，摩根大通。

Hi, good morning. Thanks for taking my question. So I was wondering if you can just talk about your operations in the Eastern [Med] today and just an update there. Obviously seen a significant improvement in the political situation in that part of the world, and there are no guarantees that's forever.

您好，早安。謝謝您回答我的問題。所以我想問您今天能否談談您在東地中海地區的業務運作情況以及最新進展。顯然，該地區的政治局勢有了顯著改善，但這並不能保證這種狀況會永遠持續下去。

But as Mike mentioned, you do have some project growth that you're working through there. So maybe just an operational update on how you're feeling about your position there and the risk as you see it today?

但正如麥克提到的，你確實有一些項目正在推進中。所以，能否請您就您目前在該職位上的情況以及您認為目前存在的風險，做個營運方面的更新說明？

Yeah. So first of all, we're really pleased to see tensions diminishing in the region and hopefully a lasting piece for the people there. The headline is there's no real change to our plans, John. We expect projects that are in execution at both Tamar and Leviathan to come online by the end of the year or into early 2026. There was a pipelay vessel that was demobilized during kind of the height of the conflict. That vessel will be remobilized here during the first half of this year to complete the work that it had underway.

是的。首先，我們非常高興地看到該地區的緊張局勢有所緩和，希望這能為當地人民帶來持久的福祉。約翰，最主要的是，我們的計劃沒有實質改變。我們預計在塔瑪爾和利維坦同時執行的專案將於今年底或 2026 年初投入使用。在衝突最激烈的時候，有一艘舖管船被解散了。今年上半年，該船將重新部署到這裡，完成它之前正在進行的工作。

So the next leg of growth after those two projects would be a Leviathan expansion. We're currently in feed for that. It would be a significant growth in production for Leviathan. Still work to be done but that's a project that would come online towards the end of this decade and continue to step up the production on that asset significantly. So despite all the activity we've seen in that region, we'll see production up by 25% over the next 2 years and something closer to 50% by 2030.

因此，在這兩個項目之後，下一個成長階段將是利維坦的擴張。我們目前正在關注此事。這將使利維坦的產量大幅成長。雖然還有很多工作要做，但這個項目將在本十年末期上線，並將繼續大幅提高該資產的產量。因此，儘管我們在該地區看到了各種活動，但未來兩年內，我們將看到產量增加 25%，到 2030 年將接近 50%。

Thank you. Jean Ann Salisbury, Bank of America.

謝謝。Jean Ann Salisbury，美國銀行。

The ramp is basically tracking to your expectations or even exceeding them and when you might have any more to share about potential de-bottlenecking potential?

坡道建設基本上符合您的預期，甚至超出預期。您還有什麼關於消除瓶頸的潛在方法可以分享嗎？

Jean, you came off mute partly into your question, and you're -- I caught the part about ramp and de-bottlenecking. Were you asking about FGP

Jean，你提問的時候有一部分話沒說出口，我聽到了關於斜坡和消除瓶頸的那部分。您是在問FGP嗎？

Yes. Yes.

是的。是的。

Okay. Good. Yeah. So look, we're a little bit more than a week into this at this point. And so it's very early days. But I will tell you, the operations have been very stable. This is a big complex process operation with crude stabilization, some fractionation, obviously, the high-pressure sour gas injection and temperatures and pressures that are significant. And so seeing stable operations is very encouraging. We have seen production step up. The well deliverability has been very strong, and we've completed all that work last year, but the field performance has met or exceeded expectations. And we feel good about what we see to this point in terms of stable and reliable operations.

好的。好的。是的。所以你看，到現在為止，這件事已經過了一週多。所以現在還處於非常早期的階段。但我可以告訴你，營運一直都非常穩定。這是一個大型複雜的製程操作，涉及原油穩定化、一些分餾，顯然還有高壓酸性氣體注入以及顯著的溫度和壓力。因此，看到營運穩定令人非常鼓舞。我們看到產量有所提高。油井產能一直非常強勁，我們去年已經完成了所有相關工作，但油田表現已經達到或超越了預期。就目前來看，營運穩定可靠，我們對此感到滿意。

We'll step things up gradually to be sure that we maintain that stability and reliability. We still have very significant exclusion zones in place, for instance, to minimize the number of people that are in a plant that is just beginning to operate with the H2S concentrations that we see there. And so it will be methodical and very deliberate in raising the production levels up to full capacity.

我們將逐步加大力度，以確保保持穩定性和可靠性。例如，我們仍然設立了非常重要的禁入區，以盡量減少在剛開始運作、H2S 濃度較高的工廠內的人員數量。因此，提高生產水準至滿載運轉將採取有條不紊、深思熟慮的方式。

But early indications, I would say, are all positive. And any things we've encountered are well within the range of what would be normal start-up things that you see in a plant like this. So more to follow.

但就目前來看，所有跡像都顯示情況良好。我們遇到的所有問題都屬於像這樣的工廠在啟動初期會遇到的正常情況。後續報道敬請期待。

De-bottlenecking is probably a question for the future. We're really focused on getting the most we can out of this plant right now. And so we'll update you on that. I'm certainly on the next quarter call, we'll have a lot to say about performance at FGP.

消除瓶頸或許是未來的問題。我們現在正全力以赴，盡可能地提高這家工廠的產能。我們會及時向您報告最新情況。我肯定會參加下一季的電話會議，我們會就FGP的業績發表很多看法。

Lucas Herrmann, BNP Paribas.

Lucas Herrmann，法國巴黎銀行。

Yeah, thanks Mike, Eimear. Thanks for the opportunity. Really just a point of clarification, Mike. You talked about the transaction with Wheatstone, or around Wheatstone with Woodside. You mentioned that -- you talked about better positioned to monetize. When you talk monetize, do you mean monetize the resource that you have? Or do you also imply monetize the facility I look to take capital out of it in some way with a potential insurance pension fund?

是啊，謝謝你，麥克和艾米爾。謝謝您給我這個機會。麥克，我只是想澄清一點。你談到了與 Wheatstone 的交易，或者繞過 Wheatstone 與 Woodside 進行的交易。你提到了這一點——你談到了更有利於獲利。你說的「變現」是指將你擁有的資源變現嗎？或者，您是否也暗示要將該設施貨幣化，以便我能以某種方式從中獲取資金，例如透過潛在的保險退休基金？

And if I might just ask one other question. In essence, when you talk about returns on the power business, do you think about returns volatility adjusted or naked, (inaudible) of a better phrase?

我可以再問一個問題嗎？從本質上講，當你談論電力行業的收益時，你指的是經波動性調整後的收益，還是未經波動性調整的收益，或者用更恰當的說法？

Thanks very much.

非常感謝。

Yeah. Thanks, Lucas. Look, on Wheatstone, we're really talking about monetizing resource over time. And we're going to acquire not only Woodside's interest in the Wheatstone project, but also in Julimar Brunello, and we'll hand over to them our interest in Northwest shelf and some other smaller related things.

是的。謝謝你，盧卡斯。你看，在 Wheatstone 平台上，我們真正討論的是如何隨著時間的推移將資源貨幣化。我們不僅要收購伍德賽德在惠斯通項目中的權益，還要收購朱利瑪·布魯內羅項目，並將我們在西北大陸架及其他一些較小相關項目的權益移交給他們。

We've got high expectations for the Carnarvon Basin for many decades to come. We've had a strong exploration track record out there. We've got a tremendous amount of resource and optimizing that resource through both Wheatstone and Gorgon in a way that's economic, that keeps the plants full, that's good for Australia, good for customers, is important, and this gives us more control over that and a bigger stake in that. And so that's really the primary driver. We're not contemplating bringing in a pension fund or anything like that to sell down our position there.

我們對卡那封盆地未來幾十年的發展寄予厚望。我們在那區域的勘探業績一直非常出色。我們擁有大量的資源，透過 Wheatstone 和 Gorgon 以經濟的方式優化這些資源，保持工廠滿載運轉，這對澳洲和客戶都有好處，這非常重要，這讓我們能夠更好地控制資源，並擁有更大的利益。所以這才是真正的主要驅動因素。我們沒有考慮引入退休基金或其他類似手段來減持我們在那裡的股份。

The second question or the second part of your question was about returns in power, yeah. Yeah, look, we have a volatility in a our oil and gas business. We have a volatile refining and marketing business. We would look to have put in place PPAs that work for customers and work for us. And as a large natural gas producer we obviously have natural gas supply.

是的，你的第二個問題或問題的第二部分是關於電力回報的。是的，你看，我們的石油和天然氣業務存在波動性。我們的煉油和行銷業務波動很大。我們希望能夠制定對客戶和我們都有利的購電協議。作為天然氣生產大國，我們自然擁有充足的天然氣供應。

We've got natural gas commercial capability across the value chain. And so we can use that to help manage exposure and volatility for our investment potentially for customers if that's what they're looking for. But it's very similar to how we encounter volatility in other aspects of our business, and we'll look at it in a way that is consistent with how we look at other things that have associated volatility.

我們擁有貫穿整個價值鏈的天然氣商業化能力。因此，我們可以利用這一點來幫助管理我們投資的風險敞口和波動性，如果客戶需要的話。但這與我們在業務其他方面遇到的波動非常相似，我們將以與看待其他具有波動性的事物一致的方式來看待它。

Thanks, Lucas.

謝謝你，盧卡斯。

Josh Silverstein, UBS.

瑞銀集團的 Josh Silverstein。

Hey, good morning guys. Maybe switching to the refining and chems business. We're clearly in a weak price environment and margin environment right now. Other than maybe improving the product slate and doing some cost reductions, are there things that you guys do (inaudible) to improve your leverage to the recovery? Maybe bring forward some projects or turnaround, (inaudible) some other assets that might be initially challenged? Anything like that?

嘿，各位早安。或許可以轉行到煉油和化工產業。目前我們顯然處於價格和利潤率疲軟的環境。除了改進產品線和降低成本之外，你們還採取了哪些措施（聽不清楚）來提高復甦的槓桿作用？或許可以推進一些專案或扭轉局面，（聽不清楚）其他一些可能最初會面臨挑戰的資產？類似這樣的嗎？

Yeah. Having spent a good part of my career in that business, margin pressure is a familiar friend, I guess, I would say. And it does spark innovation and there's nothing like feeling kind of the sharp end of the stick to make people continue to find ways to find a little more flexibility in your feedstocks, improve your operating reliability, your cost structure. Make sure you've got all the right handles for product optimization into the market via different products via different channels to go to market and customer relationships and the like.

是的。由於我職業生涯的大部分時間都從事這個行業，利潤率壓力對我來說可謂是老朋友了。而且它確實能激發創新，沒有什麼比體驗被宰的感覺更能促使人們不斷尋找方法，在原料方面找到更大的靈活性，提高營運可靠性，優化成本結構。確保您擁有所有正確的產品優化策略，透過不同的產品和管道進入市場，並維護客戶關係等等。

And so I think we'll be looking to do all of those things, but we should be looking to do all those things when margins are good. And we certainly are looking to do those when margins are difficult.

所以我認為我們會努力做所有這些事情，但我們應該在利潤率良好的時候去做所有這些事情。當然，在利潤空間有限的情況下，我們肯定會考慮這樣做。

I would point to the fact that we're now increased capacity to run light oil at our Pasadena refinery. This is a good example of that. So we can integrate some of our upstream production that we may get a better netback on it versus exports, for instance. Will produce products that can move out into our marketing channels where we might otherwise be reliant on others to supply some of our market needs. And we can integrate intermediates with the Pascagoula refinery. We can optimize during turnarounds and storms and other market conditions by thinking of those two as a system.

我想指出的是，我們帕薩迪納煉油廠現在增加了輕質油的生產能力。這是個很好的例子。因此，我們可以整合一些上游生產，例如，與出口相比，我們可能會獲得更好的淨收益。我們將生產能夠進入我們行銷管道的產品，否則我們可能需要依賴他人來滿足我們的一些市場需求。我們可以把中間產品整合到帕斯卡古拉煉油廠。我們可以將這兩者視為一個系統，從而在市場波動、風暴和其他市場狀況下進行最佳化。

And so we'll continue to look for opportunities like that, which are capital efficient ways to increase your flexibility and ability to control your own margin outcomes in the downstream.

因此，我們將繼續尋找這樣的機會，以資本效率高的方式提高您在下游環節的靈活性和控制自身利潤結果的能力。

Thank you. Paul Sankey, Sankey Research.

謝謝。Paul Sankey，Sankey Research。

Hi Mike. Thanks a lot.

嗨，麥克。多謝。

Nice to hear you back on the call. Paul.

很高興聽到你再次接聽電話。保羅。

It's a pleasure to be back, Mike. I had a very quick one just about potential corporate actions. But the big idea was I was looking at your CapEx and that 14% to 16% range. I was just wondering what the chances are if you getting towards the lower end of that range because it strikes me that you could differentiate yourselves with lowering CapEx and falling CapEx over the coming years. And further to that, I was wondering, do you think there is potential, for example, for you to cut upstream CapEx once test is completed, how would that work out?

很高興回來，麥克。我簡要地問了一個關於潛在公司行為的問題。但重點是，我當時在看你的資本支出，以及14%到16%的範圍。我只是想知道，如果你們的支出接近該範圍的下限，那麼成功的幾率有多大，因為我覺得你們可以透過降低資本支出，並在未來幾年內逐步減少資本支出，來讓自己脫穎而出。此外，我還想知道，例如，您認為測試完成後是否有可能削減上游資本支出？如果可以，效果會如何？

Secondly, the volatility of your results. I was wondering, you underinvested in refining. Do you think that's been an issue? And then the wildcard was the potential for mega deals, the exact opposite under Trump and whether or not it might be a an idea to go really big as opposed to continuing to sort of try and shrink.

其次，是結果的波動性。我一直在想，你們在精煉方面投入不足。你認為這曾是個問題嗎？然後，最大的變數是達成巨額交易的可能性，這與川普時期截然相反，人們不禁要問，與其繼續試圖縮小規模，不如真正去做大事。

And then the final element of the CapEx question was if you're doing this AI gas-fired power, does it -- did you cut back -- what are the areas that you're cutting back CapEx that presumably are now less attractive under the Trump guidance such as it is?

最後，關於資本支出問題的最後一個要素是，如果你正在做人工智慧燃氣發電，你是否削減了——你是否削減了——你在哪些領域削減了資本支出，而這些領域在川普的指導下可能變得不那麼有吸引力了？

All right. Well, you have clearly pipped Doug Leggett in terms of getting the most questions into one. So making up for some lost time, Paul.

好的。顯然，你比道格·萊格特多出了最多的問題。保羅，你這是在彌補失去的時間。

Okay. So let me tick through those quickly. 14 to 16 as the range. Last year, we were at the top end of the range. This year, we're at the middle end of the range. Could we be at the low end of the range? We could. And we'll make that call based on the opportunity set, the competitiveness of those, our view on the market outlook.

好的。讓我快速列舉一下。範圍是14到16。去年，我們的業績處於最高水準。今年，我們處於該範圍的中端。我們是否處於該範圍的低端？我們可以。我們將根據機會狀況、這些機會的競爭力以及我們對市場前景的看法來做出決定。

The real message here is, I think you can depend on us to remain very disciplined, and we're getting more for every dollar we're spending. I mentioned earlier, the Permian is growing with 40% fewer rigs and our plans contain just a few years ago. We're growing at a 7% rate last year, 6% CAGR over the next couple of years. The infamous porcupine charts show that at the time we were spending a lot more capital, we weren't delivering that kind of growth. So we become more capital efficient. And we have to continue to look for ways to deliver energy at lower and lower capital investments.

我想傳達的真正訊息是，我認為你們可以相信我們會保持高度自律，而且我們花的每一分錢都能獲得更多回報。我之前提到過，二疊紀盆地的鑽井平台數量比幾年前減少了 40%，而我們的計畫也只涵蓋了幾年前的情況。我們去年的成長率為 7%，未來幾年的複合年增長率為 6%。臭名昭著的豪豬圖表顯示，當時我們投入了更多的資金，卻沒有實現那種成長。這樣一來，我們的資本效率就更高了。我們必須繼續尋找以越來越低的資本投入來提供能源的方法。

Are we underweight in refining? We've always been more skewed to the upstream. If there are -- if the right opportunity were to come along in downstream or in chemicals, you'd always look at it. In those segments, one of the ways you de-risk your position is by not overpaying. And so we're always attuned to opportunities out there. It would have to fit our criteria, which really are assets that have scale, flexibility can operate very efficiently would integrate into good market positions. So there's a set of criteria that we would apply to that.

我們是否在煉油領域配置不足？我們一直以來都更偏向上游。如果下游產業或化學產業有合適的機會出現，你一定會考慮的。在這些領域，降低風險的方法之一就是不要支付過高的價格。因此，我們始終密切關注著各種機會。它必須符合我們的標準，即真正具有規模、靈活性、高效營運能力，並能融入良好市場地位的資產。所以我們會應用一套標準來評斷這件事。

I'm not going to speculate on mega deals, whatever that means. And then look, the AI investment is -- the power for AI is going to fit into the portfolio like other things. The CapEx on that is manageable for sure. And it's spread out over time. It's not 100% equity on our part. And it'll have to deliver competitive returns. And so will it displace something?

我不會對任何巨額交易進行猜測，不管那意味著什麼。然後你看，人工智慧投資——人工智慧的力量將像其他投資一樣融入投資組合。這項資本支出肯定在可控範圍內。而且它是隨著時間的推移而逐漸發生的。這並非我們100%的權益。而且它還必須帶來有競爭力的回報。那麼它會取代其他東西嗎？

Will it cause something else to maybe be pushed out in time? How we prioritize those things as a part of running our business each and every day. And so we've got a queue of investments that we're constantly working on. We should not fund all of them. We should only fund the best of them. And this will go into that same process and be optimized within the overall set of investments that we're advancing.

這是否會導致其他事情及時被推遲？我們如何將這些事項的優先納入我們日常業務運營中。因此，我們有一系列投資項目正在不斷推進中。我們不應該資助所有這些項目。我們應該只資助其中最優秀的人。而這也會納入同樣的流程，並在我們正在推進的整體投資計畫中進行最佳化。

Thank you. Nitin Kumar, Mizuho.

謝謝。Nitin Kumar，瑞穗銀行。

Good morning, everyone. And thanks Mike for taking my questions. Congrats on starting [TCO]. I just want to touch on the cost -- structural cost reductions you've talked about. Could you break that $2 billion to $3 billion between your upstream and downstream a little bit? You were talking earlier about the margin pressure in downstream.

各位早安。謝謝麥克回答我的問題。恭喜你開始[TCO]。我只想簡單談談成本問題——您提到的結構性成本削減。您能否稍微細分一下上游和下游的這 20 億到 30 億美元？你之前提到過下游的利潤壓力。

And then as I look at Slide 10, and the trajectory of those savings, it seems like you're a little bit weighted towards 2025. So are they more related to asset sales? Or are there other things kind of in the remaining businesses that are helping?

然後，當我查看第 10 張幻燈片以及這些節省的軌跡時，似乎你們有點傾向於 2025 年。那麼它們是否與資產出售關係更密切？或者說，剩下的企業還有其他因素在提供協助嗎？

Hi, Nitin, I'll take this one. Yes, the $2 billion to $3 billion structural cost reductions, you'll see them across all segments. So let me kind of break down and the focus areas for you a little bit.

嗨，Nitin，我來做這個。是的，這20億至30億美元的結構性成本削減，將會惠及所有部門。那麼，讓我來為你稍微分解重點領域。

The first focus areas around asset sales. So you're right, we'd expect to see some reductions this year given the asset sales last year in Canada, for example. So we will see some of those portfolio impacts in 2025.

首要關注領域是資產出售。所以你說得對，考慮到去年加拿大的一些資產出售，我們預計今年會出現一些減產。因此，我們將在 2025 年看到這些投資組合受到的一些影響。

And the second focus area that we have looks at kind of changing how we work. So we're looking at standardizing work that we do and then thinking differently about where we do that work. And that will impact the downstream segment that will impact the upstream segment. So we're looking across all the businesses.

我們的第二個重點領域是改變我們的工作方式。所以我們正在考慮如何規範我們的工作，以及如何以不同的方式思考我們在哪裡進行這些工作。這將影響下游環節，進而影響上游環節。所以我們正在對所有業務進行考察。

I mean an example there would be how we design [whales] for certain asset classes. Is there a way to do that more in a more standardized fashion and a more centralized fashion. So that's the second focus area and work is underway on that. So I think you should expect to see savings come through '25 and '26.

我的意思是，舉個例子，我們可以為某些資產類別設計[鯨魚]。有沒有辦法以更標準化、更集中化的方式做到這一點？所以這是第二個重點領域，相關工作正在進行中。所以我認為你應該會在 2025 年和 2026 年看到節省開支的情況。

And then the last one, maybe the one that I'm very excited about is the technology focus area. So this is where we're looking at using technology to do work completely differently. So we mentioned in the presentation, the robotics example, but there's a lot -- a long list of examples that we're deploying today, whether that's drones to inspect our facilities, digital twins to plan our turnarounds. AI to look at reducing cycle times for exploration subsurface work. The technology focus area will also deliver savings.

最後，也是我最感興趣的領域，是技術重點領域。所以，我們現在要探討的是如何利用科技以完全不同的方式完成工作。我們在演示中提到了機器人技術的例子，但還有很多——我們今天正在部署的例子有很多，無論是用無人機檢查我們的設施，還是用數位孿生技術來規劃我們的檢修。人工智慧將用於縮短地下勘探工作的周期時間。技術重點領域也將帶來成本節約。

So in terms of the profile, 2025, between $1.5 billion to $2 billion. And then '26, you should see the $2 billion to $3 billion come off then. So in total, $2 billion to $3 billion structural costs of the 2024 base.

因此，就發展前景而言，到 2025 年，規模將在 15 億美元至 20 億美元之間。然後到了 2026 年，你應該會看到 20 億到 30 億美元的降幅。因此，2024 年的基礎結構成本總計為 20 億至 30 億美元。

Thanks.

謝謝。

Bob Brackett, Bernstein research.

Bob Brackett，伯恩斯坦研究公司。

Good morning. Question about the Permian. Clearly, you've laid out a disciplined model there to release cash flow, but you're uniquely positioned in that you have JV partners plus the royalty interest. You probably have the best view of the landscape. What are you seeing there in terms of discipline from the other operators? And is it a trend that's going to continue?

早安.關於二疊紀的問題。顯然，你們已經制定了一個嚴謹的模式來釋放現金流，但你們的獨特之處在於，你們有合資夥伴以及特許權使用費權益。你大概擁有欣賞風景的最佳視角。你覺得其他業者的紀律性如何？這種趨勢會持續下去嗎？

Yeah, Bob. It's interesting. Because of our large mineral rights position, we not only get the financial advantage that accrues through that, but we also get the information advantage. We have a position in one out of every five wells in the Permian. And so we see a lot -- we see a lot from our [NOJV] partners, and most of that activity is really through five good companies, companies that you all know and cover. And so you've got visibility into what they're doing via what they say we do from seeing AFEs for funding and the like.

是的，鮑伯。很有意思。由於我們擁有大量的礦產資源權益，我們不僅獲得了由此產生的經濟優勢，而且還獲得了資訊優勢。我們在二疊紀盆地五分之一的油井中擁有股份。因此，我們看到了很多——我們從[NOJV]合作夥伴那裡看到了很多，而這些活動大部分都是透過五家優秀的公司進行的，這些公司你們都知道並報道過。因此，透過他們所說的，透過查看 AFE 等資金申請，你就能了解他們在做什麼。

And I would say people are sticking with their plans. And I think everybody has seen the kinds of things we are, which is productivity and efficiency gains and continuing to look for innovation and lateral length and completion techniques and proppant loading and proppant to water ratios and all the rest of it.

我認為人們都在堅持自己的計畫。我認為大家都看到了我們正在做的事情，那就是提高生產力和效率，繼續尋求創新，提高水平延伸長度和完井技術，提高支撐劑裝載量和支撐劑與水的比例等等。

And I don't see anybody that is kind of heading back to what the industry was doing a decade ago, which is kind of throwing all the cash right back into growth and stepping away from what they've now established, which is a more balanced return-oriented strategy. And so I can't speak for others. You'll have to ask that question specifically to other companies. But at least what I see would be a continuation of what we have been seeing is the way I would describe it.

而且我沒看到任何人回到十年前那種把所有資金都投入成長，而放棄他們現在已經建立的、更平衡的回報導向策略的做法。所以我無法代表其他人發言。你需要專門向其他公司詢問這個問題。但至少在我看來，這應該是我們一直以來所見情況的延續，我會這樣描述它。

Neal Dingmann, Truist.

Neal Dingmann，Truist。

Good morning. Thanks for getting me in guys. My question really, Mike, is just on the downstream segment. It's a little bit weak last quarter sequentially and year-over-year. And I'm just wondering, was that more driven by -- I know you had more turnarounds that you talked about having about 25% less of those this year? Or is it just continue to see more, I'd call it, macro pressures there?

早安.謝謝你們讓我加入。麥克，我的問題其實是關於下游的部分。與上個季度相比，環比和​​年比均略顯疲軟。我只是想知道，這主要是因為——我知道你們之前的周轉次數比你們之前說的要多，而今年的周轉次數減少了大約 25%？或者說，我們將繼續看到更多，我稱之為，宏觀壓力？

It was a weak fourth quarter. There's no doubt about it. Margins were off. There was some turnaround effects. We also had some significant inventory accounting effects that rolled through the downstream segment and some of the impairments that we took charges for hit downstream on a proportional basis, you see the much more than you would see anything in the upstream. And so I'm not going to call it the perfect storm, but it was a quarter where there were a lot of things that all went in one direction, and it was a negative direction.

第四節表現疲軟。這點毋庸置疑。利潤率有問題。出現了一些轉機。我們也有一些重大的庫存會計影響波及下游業務，我們提列的一些減損費用按比例影響了下游業務，你會看到下游業務受到的影響比上游業務要大得多。所以我不會稱之為完美風暴，但那是一個季度裡很多事情都朝著一個方向發展，而且是朝著負面方向發展。

And so can't affect margins. We can certainly affect turnarounds you've already seen that next year is a lighter turnaround schedule. The impairments or one-off charges and the inventory accounting is a function of LIFO layers and prices and inventory levels is a complex equation. So I wouldn't assume there's anything structurally in that business that says it's deteriorating. But you have these quarters every now and again in that business.

因此無法影響利潤率。我們當然可以對週轉時間產生影響，你們已經看到明年的周轉時間安排會比較輕鬆。減損或一次性費用以及存貨會計是後進先出法層級和價格的函數，存貨水準是一個複雜的等式。所以我不會認為這個行業的結構性問題表明它正在衰落。但在這個行業裡，你時不時會遇到這樣的情況。

Thanks, Neil.

謝謝你，尼爾。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

Hi. Hey Mike. I was just kind of curious about Argentina. I mean, clearly, with Malayan office, it seems like a much friendlier place to do business. You mentioned it earlier. How do you see the politics and the opportunity set changing down there?

你好。嘿，麥克。我只是對阿根廷有點好奇。我的意思是，很明顯，在馬來西亞設立辦事處，做生意似乎要友善得多。你之前提到過。您認為那裡的政治局勢和機會環境將如何改變？

Yeah. Thanks for asking. It's an area that I am encouraged by. We've got a very strong position in the (inaudible) both in (inaudible) in the South and (inaudible) the North. The geology works very well. We're very pleased with what we've seen, and we've had a, I would say, a moderate pace of activity. More history down in the South at (inaudible), but encouraging over the last couple of years at [Trapial] in the north.

是的。謝謝你的提問。我對此領域感到鼓舞。我們在（聽不清楚）南部和（聽不清楚）北部都擁有非常強大的地位。地質條件非常好。我們對目前的情況非常滿意，而且我認為我們的活動節奏相當適中。南方還有更多歷史（聽不清楚），但過去幾年北方的 [Trapial] 的發展令人鼓舞。

I'm also really pleased to see the situation of the country improving. We've seen inflation come down significantly. The banking system has stabilized. There's progress towards reducing and removing capital controls, (inaudible) is a reformer. And he's got a serious agenda that would make the country more investable for foreign investors. And we're very encouraged by what he says, and we're encouraged by what he's done thus far.

我也很高興看到國家情況好轉。我們看到通貨膨脹率已大幅下降。銀行體系已經穩定下來。在減少和取消資本管制方面取得了進展，（聽不清楚）是一位改革者。他有一個嚴肅的計劃，旨在使該國對外國投資者更具吸引力。我們對他所說的話以及他迄今為止所做的一切都感到非常鼓舞。

I think there's more to come. And certainly, he's made great progress thus far. So we are hopeful that he'll continue to do so and that we will see an environment that increases our confidence in putting more capital to work there. So we're engaged on the ground. And right now, we're taking a look at a mid-stream opportunity on pipeline that could help us with exports to a good deepwater export terminal.

我覺得後面還有更多精彩內容。當然，到目前為止，他已經取得了巨大的進步。因此，我們希望他能繼續這樣做，並希望看到一個能增強我們信心的環境，從而增加對那裡的投資。所以我們已經在實地開展工作了。目前，我們正在研究一條管道的中游機會，這可以幫助我們向一個良好的深水出口碼頭出口貨物。

So we'll continue to update you on developments there. But you're right. And we've seen encouraging signs, I guess, in Argentina in years gone by, and then things kind of move the other direction. So we'll be watching to see if this seems to be a more durable set of reforms and that would certainly be an important signpost for us.

我們會持續向您通報那邊的最新進展。但你說得對。我想，過去幾年我們在阿根廷看到了一些令人鼓舞的跡象，但之後情況又朝著相反的方向發展了。所以我們會密切關注，看看這套改革措施是否能持續下去，這對我們來說無疑是一個重要的訊號。

Thanks for the question, Jeff.

謝謝你的提問，傑夫。

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

感謝大家今天抽出時間。感謝您對雪佛龍的關注以及您今天參加電話會議。凱蒂，請注意安全，保持健康。輪到你了。

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

謝謝。雪佛龍公司2024年第四季財報電話會議到此結束。您現在可以斷開連線了。