雪佛龍 (CVX) 2025 Q2 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome to Chevron's second-quarter 2025 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 2025 年第二季財報電話會議。（操作員指示）提醒一下，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, Katie. Welcome to Chevron's second-quarter 2025 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. On the call with me today is our Chairman and CEO, Mike Wirth; our Vice Chairman, Mark Nelson; and our Vice President and CFO, Eimear Bonner. We will refer to the slide and prepared remarks that are available on Chevron's website.

謝謝你，凱蒂。歡迎參加雪佛龍 2025 年第二季財報電話會議和網路廣播。我是投資者關係主管傑克‧斯皮林 (Jake Spiering)。今天與我一起參加電話會議的有我們的董事長兼執行長 Mike Wirth、我們的副董事長 Mark Nelson 以及我們的副總裁兼財務長 Eimear Bonner。我們將參考雪佛龍網站上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.

在我們開始之前，請注意，本簡報包含估計、預測和其他前瞻性陳述。非公認會計準則 (non-GAAP) 指標的對帳表可在本簡報的附錄中找到。請查看投影片 2 上的警告聲明和其他資訊。

Now I will turn it over to Mike.

現在我將把時間交給麥克。

All right. Thanks, Jake. In the second quarter, Chevron achieved several important milestones, continuing the momentum we've been building over the last year. This success underpins strong financial results, industry-leading free cash flow growth, and superior distributions to shareholders. Production was a quarterly record for the company, both in the US and worldwide.

好的。謝謝，傑克。在第二季度，雪佛龍取得了幾個重要的里程碑，延續了我們在過去一年中建立的勢頭。這項成功鞏固了強勁的財務表現、業界領先的自由現金流成長以及優厚的股東分配。產量創下了該公司在美國和全球的季度紀錄。

In the Permian, production averaged more than 1 million barrels of oil equivalent per day, a target we introduced over five years ago and achieved right on schedule. In June, we acquired lithium-rich acreage in Texas and Arkansas, our first step toward establishing a scalable domestic lithium business. And we returned over $5 billion to shareholders for the 13th consecutive quarter.

在二疊紀盆地，日均產量超過 100 萬桶油當量，這是我們五年前設定的目標，並且按時實現了。6 月，我們收購了德州和阿肯色州鋰資源豐富的土地，這是我們建立可擴展的國內鋰業務的第一步。我們連續第 13 季向股東返還超過 50 億美元。

Two weeks ago, we achieved a favorable arbitration outcome and closed our merger with Hess, bringing together world-class assets, people, and capabilities to create a premier international energy company. Hess adds long-term low-cost growth in Guyana. The Bakken expands our shale portfolio to 1.6 million barrels of oil equivalent per day.

兩週前，我們取得了有利的仲裁結果，完成了與赫斯的合併，將世界一流的資產、人才和能力整合在一起，打造了一家一流的國際能源公司。赫斯在圭亞那增加了長期低成本成長。巴肯將我們的頁岩油組合擴大到每天 160 萬桶油當量。

We're now the largest leaseholder in the Gulf of America, and our overall US production is nearly 60% higher than it was just two years ago. Our combined upstream portfolio has interest in some of the most attractive basins in the world and is forecast to lead the industry in total cash generation over the remainder of the decade. We've been actively preparing for integration for nearly two years.

我們目前是美國灣最大的租賃者，我們在美國的整體產量比兩年前高出近 60%。我們的合併上游投資組合在全球一些最具吸引力的盆地中擁有權益，預計在未來十年剩餘時間內將在總現金創造方面引領產業。我們已經為整合積極準備了近兩年的時間。

Since the announcement, we repurchased more than half of the shares issued for the transaction. We now expect to realize the full $1 billion in annual run-rate synergies by the end of this year, six months faster than our original guidance. We anticipate the transaction to be cash flow accretive per share in the fourth quarter. Last week, we completed the sale of our interest in the Thailand and Malaysia joint development area. And this week, John Hess was elected to and actively participated in Chevron's Board of Directors meeting. The deal was good when we announced it and has only gotten better.

自公告發布以來，我們已回購了交易中發行的一半以上的股份。我們現在預計到今年年底將實現 10 億美元的年度運行率協同效應，比我們最初的預期提前六個月。我們預計該交易將在第四季度增加每股現金流。上週，我們完成了泰國和馬來西亞聯合開發區權益的出售。本週，約翰·赫斯當選雪佛龍董事會成員並積極參加會議。當我們宣布這筆交易時，它表現得很好，而且現在情況越來越好。

Now I'll turn it over to Mark to cover our operational achievements.

現在我將把時間交給馬克來介紹我們的營運成就。

Thanks, Mike. Chevron has been producing in the Permian Basin for 100 years. Our unique position traces its roots back to the Texas Pacific Land Trust and now contains more than 2 million net acres and an advantaged mineral interest. We produce nearly as many royalty barrels as the next three largest royalty producers combined, with mineral holdings that benefit around 75% of our total Permian acreage.

謝謝，麥克。雪佛龍已在二疊紀盆地生產石油100年。我們的獨特地位可以追溯到德州太平洋土地信託，現在擁有超過 200 萬淨英畝的土地和優越的礦產權益。我們生產的特許權桶數量幾乎與接下來的三家最大的特許權生產商的總和相當，礦產儲備量占我們二疊紀盆地總面積的 75% 左右。

Over the last five years, we've nearly doubled production organically while capturing significant efficiencies. Improved well and completion designs, reduced cycle times, and technology deployment have led to a 30% reduction in development and production unit costs. We expect costs to decline further as we shift our focus to free cash flow generation. With our advantaged royalty position, we believe our portfolio is unmatched. Our scale, technological capabilities, and focus on capital discipline position us to continue leading the basin in returns long into the future.

在過去的五年裡，我們的產量幾乎翻了一番，同時也獲得了顯著的效率。改進的井和完井設計、縮短的周期時間和技術部署使開發和生產單位成本降低了 30%。隨著我們將重點轉向自由現金流的產生，我們預計成本將進一步下降。憑藉我們的優勢特許權使用費地位，我們相信我們的投資組合是無與倫比的。我們的規模、技術能力以及對資本紀律的重視使我們在未來很長一段時間內繼續在盆地回報率方面處於領先地位。

Across our portfolio, we have a long history of taking good assets and making them better. Our large complex facilities in Kazakhstan and Australia are operating well above design capacities, and we continue to find opportunities to improve. In our deepwater assets, we have a track record of applying leading-edge technology to unlock economic projects and increase resource recovery.

在我們的投資組合中，我們長期以來一直致力於獲取優質資產並使其變得更好。我們在哈薩克和澳洲的大型綜合設施的運作能力遠遠超過設計能力，我們將繼續尋找改進的機會。在我們的深水資產中，我們擁有應用尖端技術來解鎖經濟項目和提高資源回收率的良好記錄。

We also continue to deliver top-quartile turnaround performance. We used real-time data analytics to complete our recent turnaround at Pascagoula on budget and ahead of schedule. And in the second quarter, we had our highest US refinery crude throughput in over 20 years despite fewer refineries today, highlighting the success of recent optimization efforts. We have strong base assets, and we're leveraging our capabilities to capture more value across our global portfolio.

我們也持續實現最高四分位的轉虧為盈業績。我們利用即時數據分析按預算提前完成了最近在帕斯卡古拉的改造。儘管目前煉油廠數量減少，但第二季度美國煉油廠的原油吞吐量仍達到 20 多年來的最高水平，凸顯了近期優化工作的成功。我們擁有強大的基礎資產，我們正在利用我們的能力在我們的全球投資組合中獲得更多價值。

Just as we have enhanced our portfolio, we've also restructured our work. In upstream, we've reduced the number of reporting units by approximately 70%, bringing together similar assets such as our shale and tight businesses in the Permian, the DJ, the Bakken, and Argentina, enabling us to scale best practices faster, standardize solutions, and streamline support.

正如我們增強了產品組合一樣，我們也重組了我們的工作。在上游，我們將報告單位數量減少了約 70%，將類似的資產（例如我們在二疊紀、東南亞歐亞、巴肯和阿根廷的頁岩和緻密油業務）整合在一起，使我們能夠更快地擴展最佳實踐、標準化解決方案並簡化支援。

Our engineering hubs are designed to drive standardization, efficiency, and value. We're already seeing benefits today through centralized well design and turnaround planning. And we expect faster innovation and scaling of solutions like artificial intelligence to optimize fracs in real time and accelerate exploration data analysis, among other use cases.

我們的工程中心旨在推動標準化、效率和價值。如今，我們已經透過集中井設計和周轉規劃看到了好處。我們期望人工智慧等解決方案能夠更快地創新和擴展，以即時優化壓裂、加速勘探資料分析等用例。

This improved operational efficiency and execution supports our targets of $2 billion to $3 billion in structural cost reductions by the end of 2026. Through deep technical acumen, operational best practices, and great people, we expect to drive continued performance improvement across all asset classes.

營運效率和執行力的提升支持了我們在 2026 年底實現 20 億至 30 億美元結構性成本削減的目標。憑藉著深厚的技術敏銳度、最佳營運實務和優秀人才，我們期望推動所有資產類別的績效持續提升。

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

現在我將把時間交給 Eimear 來討論財務問題。

Thanks, Mark. For the second quarter, Chevron reported earnings of $2.5 billion or $1.45 per share. Adjusted earnings were $3.1 billion or $1.77 per share. Included in the quarter were special items related to the fair value measurement of Hess shares, company pension curtailment costs, and the gain on sale of assets, resulting in a net charge of $215 million. Foreign currency effects decreased earnings by $348 million.

謝謝，馬克。雪佛龍報告第二季收益為 25 億美元，即每股 1.45 美元。調整後收益為 31 億美元，即每股 1.77 美元。本季包括與赫斯股票公允價值計量、公司退休金削減成本以及資產出售收益相關的特殊項目，導致淨費用為 2.15 億美元。外匯影響導致收益減少 3.48 億美元。

Organic CapEx was $3.5 billion, our lowest quarterly total since 2023, while delivering significant volume growth. Inorganic CapEx was approximately $200 million, primarily related to the acquisition of lithium acreage. Chevron generated cash flow from operations, excluding working capital of $8.3 billion. Adjusted free cash flow, which includes equity affiliate loans and asset sales, was $4.9 billion, representing a 15% increase quarter on quarter despite 10% lower crude prices.

有機資本支出為 35 億美元，這是自 2023 年以來最低的季度總額，同時實現了顯著的銷售成長。無機資本支出約 2 億美元，主要用於收購鋰礦。雪佛龍產生的營運現金流（不包括營運資本）為 83 億美元。調整後的自由現金流（包括股權關聯公司貸款和資產出售）為 49 億美元，儘管原油價格下跌 10%，但仍比上一季成長 15%。

These results were driven by our organic high-margin production growth, strong reliability, and continued commitment to capital discipline. Adjusted second-quarter earnings were down $760 million versus last quarter. Adjusted upstream earnings decreased due to lower realizations, higher DD&A from increased production, and unfavorable tax impacts. Adjusted downstream earnings were higher due to improved refining margins and higher volumes.

這些結果得益於我們有機高利潤生產成長、強大的可靠性以及對資本紀律的持續承諾。調整後的第二季財報較上一季下降 7.6 億美元。調整後的上游收益因實現率較低、產量增加導致 DD&A 較高以及稅收影響不利而下降。由於煉油利潤率提高和產量增加，調整後的下游收益增加。

Second-quarter oil equivalent production was up over 40,000 barrels per day from last quarter. Due to strong performance in our base business and solid execution in our growth assets in the first half of the year, we now expect production growth to be closer to the top end of our 6% to 8% guidance range, excluding Hess.

第二季石油當量產量比上一季增加了4萬桶/日以上。由於我們基礎業務的強勁表現和上半年成長資產的穩健執行，我們現在預計產量成長將更接近我們 6% 至 8% 的指導範圍的上限（不包括 Hess）。

Over the last year, we consistently delivered key project milestones that we expect to drive industry-leading free cash flow growth. At TCO, FGP is producing at full rates. In the Gulf of America, we're ramping up production from recent major project startups. In the Permian, we achieved a significant production milestone and are beginning to moderate growth, reduce CapEx, and increase free cash flow.

在過去的一年裡，我們不斷實現關鍵項目的里程碑，預計這將推動領先業界的自由現金流成長。在 TCO，FGP 正在全速生產。在美國灣，我們正在透過最近啟動的重大項目來提高產量。在二疊紀盆地，我們實現了重要的生產里程碑，並開始減緩成長、減少資本支出並增加自由現金流。

And we're already realizing structural cost benefits and expect to lock in $1.5 billion to $2 billion of annual run rate savings by year end. The integration of legacy Hess assets is expected to contribute additional free cash flow, more than covering the incremental dividend from the merger share issuance. All of this leads us to increase our 2026 additional free cash flow guidance to $12.5 billion. We're building on our strong momentum to deliver sustained, long-term value.

我們已經實現了結構性成本效益，預計到今年年底將實現 15 億至 20 億美元的年度運行率節約。預計 Hess 遺留資產的整合將帶來額外的自由現金流，超過合併股票發行所產生的增量股利。所有這些都促使我們將 2026 年額外自由現金流預期提高至 125 億美元。我們正在利用強勁的勢頭來實現持續的長期價值。

I'll now hand it off to Jake.

我現在將其交給傑克。

That concludes our prepared remarks. Additional guidance can be found in the appendix of this presentation as well as the slides and other information posted on chevron.com. And we look forward to sharing more with you at Chevron's Investor Day on November 12 in New York City. We are now ready to take your questions. We ask that you limit yourself to one question, and we will do our best to get all of your questions answered. Katie, please open the lines.

我們的準備好的演講到此結束。更多指南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。我們期待在 11 月 12 日於紐約舉行的雪佛龍投資者日上與您分享更多資訊。我們現在準備好回答你們的問題。我們要求您將問題限制在一個範圍內，我們將盡力回答您的所有問題。凱蒂，請打開線路。

(Operator Instructions) Biraj Borkhataria, RBC.

（操作員說明）Biraj Borkhataria，RBC。

Hi, thanks for taking my question. So firstly, congratulations again on the arbitration win. Nice to get that uncertainty behind you. I wanted to ask and pick up on the comments you made in the Permian. You obviously hit a milestone in the second quarter with production at 1 million barrels of oil equivalent and now talking about moderating spend. Are you able to give us a sense of what we should expect in terms of '26, '27 budget and capital spend versus what you're spending in 2025? Thank you.

你好，謝謝你回答我的問題。首先，再次祝賀您仲裁勝利。很高興你擺脫了這種不確定性。我想詢問並繼續您在二疊紀中所作的評論。顯然，您在第二季度達到了一個里程碑，產量達到了 100 萬桶油當量，現在正在談論減少支出。您能否讓我們了解 2026 年、2027 年的預算和資本支出與 2025 年的支出有何不同？謝謝。

Biraj, thank you for your recognition of the arbitration outcome as well as the performance of our Permian team. I think I would start just by reminding everybody of the foundation of that performance. And it's that large acreage position that we have that has very low breakevens and a royalty advantage that, quite frankly, is very tough, if not impossible, to replicate at a reasonable price today. And that allows us to structurally have better returns and allows us to sustain performance and cash flow generation.

Biraj，感謝您對仲裁結果以及我們二疊紀團隊表現的認可。我想我首先要提醒大家那場演出的基礎。我們擁有大面積的油田，損益平衡點很低，而且具有特許權使用費優勢，坦白說，現在要以合理的價格複製這種優勢非常困難，甚至不可能。這使得我們從結構上獲得更好的回報，並使我們能夠維持業績和現金流產生。

With this intentional shift, you'll remember that we put peak CapEx well behind us here not too long ago. And we talked about in 2025 having capital spend between $4.5 billion to $5 billion. You should expect us to be in the lower end of that range as we finish 2025 given the efficiencies we brought to bear. And as we deliver that free cash flow growth of $2 billion next year in the Permian, I think you should see that drop further as we continue to manage a sustained performance in the Permian. So more to come there at our Investor Day, but we're definitely drawing down our CapEx and generating a lot more free cash flow.

透過這種有意的轉變，您會記得不久前我們就已經將高峰資本支出拋在腦後了。我們談到了 2025 年的資本支出將在 45 億美元至 50 億美元之間。考慮到我們所發揮的效率，到 2025 年，我們應該會處於該範圍的低端。隨著我們明年在二疊紀盆地實現 20 億美元的自由現金流成長，我認為，隨著我們繼續在二疊紀盆地保持持續的業績，你應該會看到這一數字進一步下降。我們的投資者日還會有更多內容，但我們肯定會減少資本支出並產生更多的自由現金流。

Neil Mehta, Goldman Sachs.

高盛的尼爾·梅塔。

Hey, good morning, Mike and team. Again, congrats on Hess. We really appreciate the updated waterfall here. And so Mike, maybe you could just spend some time talking about how much of the $10 billion in the standalone you feel like you've derisked and your confidence interval on each of those four buckets? And then maybe some of the key assumptions that went into the $2.5 billion for Hess and recognizing you're going to unpack more of this for us on November 12?

嘿，早上好，麥克和團隊。再次恭喜赫斯。我們非常欣賞這裡更新的瀑布。那麼麥克，也許你可以花點時間談談，在獨立的 100 億美元中，你覺得自己已經降低了多少風險，以及你對這四個方面的置信區間？然後也許您對赫斯 25 億美元的投資做出了一些關鍵假設，並且您承認您將在 11 月 12 日為我們揭示更多細節？

Yes, Neil, thanks. In a word, our confidence level is high. I'm going to let Eimear walk you through each of the buckets.

是的，尼爾，謝謝。總之，我們的信心水準很高。我將讓 Eimear 帶您了解每一個桶子。

Morning, Neil. Yes, so starting with the $10 billion, if you look at the waterfall and the upstream catalyst starting with TCO, I mean, TCO is ramped up. It's producing at full rates. And so we've derisked that production profile. Next, we've got Permian. Mark talked about this significant milestone over the second quarter. So we've ramped up and are producing at those rates. That's derisked as well.

早安，尼爾。是的，從 100 億美元開始，如果你看瀑布和從 TCO 開始的上游催化劑，我的意思是，TCO 正在上升。它正在全速生產。因此，我們降低了該生產概況的風險。接下來，我們來看看二疊紀。馬克談到了第二季的這一重要里程碑。因此，我們已加大產量並按照這些速度生產。這也降低了風險。

Gulf of America, our three projects, our major capital project startups are behind us. Those assets are ramping up, so some additional ramp to go between this year and next year. And then the balance is really the cost reduction program. We're on track to deliver our capital program consistent with our budget.

美國灣，我們的三個項目，我們主要的資本項目啟動都已經過去了。這些資產正在增加，因此今年和明年之間還會有一些額外的成長。那麼平衡實際上是成本削減計劃。我們正在按計劃實施符合預算的資本計劃。

And our $2 billion to $3 billion of cost reduction, that's on its way. We have made a lot of progress. We're anticipating that to show up more in the bottom line at the back end of the year and into the year. So all in all, the $10 billion is derisked and on track. The incremental $2.5 billion that we guided to this morning associated with Hess is coming from two places.

我們目前正在削減 20 億至 30 億美元的成本。我們已經取得了很大進展。我們預計這將在今年年底和年初的盈利中得到更多體現。總而言之，這 100 億美元已消除風險並步入正軌。我們今天早上指導的與赫斯相關的 25 億美元增量資金來自兩個地方。

First, the synergies, Mike talked about that. The synergies, we are committed to delivering $1 billion of run rate synergies by the end of the year. And then the balance is coming from production growth over the next couple of years, with the fourth FPSO coming online this year and a fifth next year. So that's the rack-up of the $12.5 billion. And in summary, a lot of these big milestones are behind us, and we're on track.

首先，麥克談到了協同效應。就綜效而言，我們致力於在今年年底前實現 10 億美元的運行率綜效。然後，平衡將來自未來幾年的產量成長，第四艘 FPSO 將於今年上線，第五艘 FPSO 將於明年上線。這就是 125 億美元的總額。總而言之，許多重要的里程碑都已過去，我們正走在正確的道路上。

Thanks, Neil.

謝謝，尼爾。

Devin McDermott, Morgan Stanley.

摩根士丹利的戴文麥克德莫特。

Hey, good morning. Thanks for taking my question. So Mark, I wanted to dive in in a bit more detail the sum of the business reorganization. I appreciate the comments you gave in the prepared remarks and the slide on the new structure. I was wondering if you could contrast this new organizational structure versus what Chevron currently has.

嘿，早安。感謝您回答我的問題。所以馬克，我想更詳細地介紹一下業務重組的整體情況。我很欣賞您在準備好的發言和有關新結構的幻燈片中提出的意見。我想知道您是否可以將這個新的組織結構與雪佛龍目前的組織結構進行比較。

How did you arrive at the conclusion that these were the right adjustments to make? And I think the cost reduction improvements that come along with are pretty clear. But what are some of the other tangible benefits you're expecting, areas like operational execution, major project delivery, or turnaround efficiency?

您是如何得出這些調整是正確的結論的？我認為隨之而來的成本降低改進是相當明顯的。但是，您期望獲得哪些其他切實的利益，例如營運執行、重大專案交付或週轉效率等領域？

Yes, Devin, thanks for the question. To put the changes we're making in context, you'll recall that our portfolio certainly has more scale over time and more scale in specific asset groups or asset classes. And of course, technology continues to evolve. So with that backdrop and the fact that we come from a decentralized kind of operating model where we really get things done locally and have very strong relationships locally, we wanted to build on that to unlock incremental value.

是的，德文，謝謝你的提問。為了將我們正在進行的變革放在具體背景下考慮，您會記得，我們的投資組合隨著時間的推移肯定會變得更大規模，並且在特定資產組或資產類別中的規模也會變得更大。當然，技術還在不斷發展。因此，在這樣的背景下，加上我們採用分散的營運模式，即我們確實在本地完成工作並在本地擁有非常牢固的關係，我們希望在此基礎上釋放增量價值。

And maybe the safest way to think about it would be in three ways. First, we're gathering like businesses together. So the traditional phrase would be asset classes. But think of our deepwater well design. We've reduced cost in the Gulf of America by 30%, and now we're applying that same approach very quickly into the Angola, Nigeria, and other deepwater locations around the operation. So it's an opportunity to accelerate the application of best practices.

也許最安全的思考方式有三種。首先，我們將同類企業聚集在一起。因此傳統的說法是資產類別。但想想我們的深水井設計。我們已將美國灣的成本降低了 30%，現在我們正迅速將同樣的方法應用到安哥拉、尼日利亞以及作業週邊的其他深水區。因此，這是一個加速應用最佳實踐的機會。

And then standardizing and grouping work to fully leverage scale and technology, I think of our digital twins and the ability to do turnaround planning in anywhere in the world for a facility that could be on the other side of the world and demonstrating world-class performance. We have multiple examples of that. And then finally, although we are reducing our total number of headcount, the ability to enable our people to get things done in a simpler way is all part of this. And I expect to see more than just cost reductions; I expect to see performance improvement across the system.

然後透過標準化和分組工作來充分利用規模和技術，我想到我們的數位孿生以及在世界任何地方為位於世界另一端的設施進行週轉規劃的能力，並展示世界一流的性能。我們有多個這樣的例子。最後，儘管我們正在減少員工總數，但讓我們的員工能夠以更簡單的方式完成工作也是其中的一部分。我希望看到的不僅僅是成本的降低；我還希望看到整個系統的性能的提高。

Thank you, Devin.

謝謝你，德文。

Steve Richardson, Evercore ISI.

史蒂夫理查森，Evercore ISI。

Hi, good morning. Thanks. I was wondering if we could zoom out a little bit. I appreciate the previous comments from Mark about the Permian, but I was wondering if we could talk about the broader tight oil portfolio now that you're in process on integrating Hess. And so how should we think about the Permian, DJ, Bakken as a whole, balancing growth and free cash generation and sort of the role of tight oil in the broader portfolio on a go-forward basis?

嗨，早安。謝謝。我想知道我們是否可以稍微縮小一點。我很感謝馬克之前對二疊紀的評論，但我想知道，既然你們正在整合赫斯，我們是否可以談談更廣泛的緻密油投資組合。那麼，我們應該如何看待二疊紀、東南亞和巴肯地區，如何平衡成長和自由現金產生，以及如何在未來的更廣泛投資組合中平衡緻密油的作用？

Yes, Steve, we really have a position that a few years ago. I'm not sure we could have imagined this. We were ramping up in the Permian at a few hundred thousand barrels a day. If you take the Permian at 1 million a day, the DJ at nearly 400,000 a day, the Bakken 200,000 a day, that's 1.6 million barrels a day. That's larger than a lot of companies. And now as we consolidate Hess's production, we're going to be pushing up close to 4 million barrels a day. So that's 40% of our production in shale and type. So a substantial portion of our overall upstream.

是的，史蒂夫，幾年前我們確實有這樣的立場。我不確定我們是否能想像這一點。我們在二疊紀盆地的產量以每天幾十萬桶的速度增加。如果二疊紀盆地每天的產量為 100 萬桶，東南亞亞盆地每天的產量為近 40 萬桶，巴肯盆地每天的產量為 20 萬桶，那麼每天的產量就是 160 萬桶。這比很多公司都要大。現在，隨著我們整合赫斯的產量，我們的日產量將增加到近 400 萬桶。因此，我們的頁岩油產量占到 40%。因此，這佔了我們整個上游的很大一部分。

Certainly, one of the criticisms of operators in the shale over the years has been all the cash goes right back into growth and investors didn't see a lot of it. At 1.6 million barrels a day, if we can apply the capital efficiencies that Mark has described, operating efficiencies, and drilling and completion efficiencies as well to hold production at a plateau for years and years and years, the amount of cash that that can throw off for investment across the rest of the portfolio is very meaningful.

當然，多年來對頁岩氣營運商的批評之一就是所有現金都直接用於成長，而投資者並沒有看到太多收益。在每天 160 萬桶的產量下，如果我們能夠運用馬克所描述的資本效率、營運效率以及鑽井和完井效率，將產量維持在穩定的水平多年，那麼由此產生的用於投資投資組合其餘部分的現金數額將非常可觀。

And that cash also, of course, supports balance sheet strength, the dividend, and the share repurchase. And so we want to see a balanced portfolio with both short- and long-cycle investments. For those of you that have been around for a while, remember a decade ago when we were overweight on long cycle, it was a long wait to see some of that production arrive.

當然，這些現金也支持資產負債表實力、股利和股票回購。因此，我們希望看到一個包含短期和長期週期投資的平衡投資組合。對於那些已經存在一段時間的人來說，記得十年前，當我們在長週期上超重時，要等待很長時間才能看到一些產品的到來。

And so we intend to have a nice balanced mix within our portfolio across geographies, across asset classes, across segments of the business with a real focus on using that to deliver steady, predictable, reliable cash that a large portion of it will be returned to shareholders. So we're very pleased to have such a large shale portfolio. And at some point, growth is less the objective than free cash flow, and we're approaching that point.

因此，我們打算在我們的投資組合中實現跨地域、跨資產類別、跨業務部門的良好平衡組合，真正專注於利用這些組合來提供穩定、可預測、可靠的現金，並將其中很大一部分返還給股東。因此，我們很高興擁有如此龐大的頁岩投資組合。在某種程度上，成長不再是目標，自由現金流才是目標，而我們正在接近這一點。

Thanks, Steve.

謝謝，史蒂夫。

Doug Leggate, Wolfe Research.

道格‧萊格特（Doug Leggate），沃爾夫研究公司。

Good morning, everyone. Mike, I still haven't got the whiskey, but I'm holding out hope. So congratulations again.

大家早安。麥克，我還沒拿到威士忌，但我仍抱持著希望。再次恭喜你。

I'll hold out with you.

我會和你一起堅持下去。

I will take it offline. I've got a very specific question, actually, as a follow up to Steve's question on the Bakken. Hess was kind enough to report their US business separate from international. And even with the synergies, the US business under their reporting would still be free cash flow negative. And the reason for it, of course, is they pay out significant dividends or tariffs rather to HESM. My question is that, is this a core business for Chevron? Because a few years ago, they talked about a 10-year inventory. Today, it's probably a five-year inventory, but it is free cash flow negative. So in the context of what you're prioritizing, what is the role of the Bakken specifically in your portfolio?

我將把它下線。實際上，我有一個非常具體的問題，作為史蒂夫關於巴肯問題的後續答案。赫斯非常友善地表示，他們的美國業務與國際業務是分開的。即使存在協同效應，其報告下的美國業務的自由現金流仍為負。當然，原因是他們向 HESM 支付了大量股息或關稅。我的問題是，這是雪佛龍的核心事業嗎？因為幾年前他們就講過10年的庫存。今天，它可能是一個五年的庫存，但它的自由現金流為負。那麼，在您優先考慮的背景下，巴肯在您的投資組合中具體扮演什麼角色？

Yes. I'll let Mark talk about that.

是的。我會讓馬克談論這個。

Thanks for the question, Doug. Listen, stepping back, I would say we're excited to add the position in North Dakota to our shale and tight portfolio, as Mike mentioned. Our view is today, it generates solid cash flow when you look at the entity in total. And we've learned from our experience integrating Noble and PDC that you need to step back and look at both the talent and the assets that we're acquiring here.

謝謝你的提問，道格。聽著，退一步來說，我想說，正如麥克提到的，我們很高興將北達科他州的職位添加到我們的頁岩和緊密投資組合中。我們今天的觀點是，從整體來看，它會產生穩定的現金流。我們從整合 Noble 和 PDC 的經驗中了解到，你需要退一步來看看我們在這裡獲得的人才和資產。

And we've come to know the Hess team very well. They do some things very well in the Bakken. And we've obviously got our own capabilities in unconventional. So we look forward to bringing those together. We haven't made any long-term development plans just yet, but we'll talk about that more in our Investor Day.

我們對赫斯團隊非常了解。他們在巴肯地區做了一些非常好的事情。我們顯然在非常規領域擁有自己的能力。因此，我們期待將它們整合在一起。我們目前還沒有製定任何長期發展計劃，但我們會在投資者日上詳細討論。

I think your comment is linked to Hess Midstream. And obviously, that is a bit of a unique financing structure. And my personal belief is that, that can be more efficient. It's different than some other midstream elements that we have divested of. It's different in its size and its structure and, obviously, its logistic linkage to the Bakken. We'll be value-driven in regard to how we handle that over time, and we can talk about that more in our Investor Day in November.

我認為您的評論與 Hess Midstream 有關。顯然，這是一種獨特的融資結構。我個人認為，這樣做效率更高。它與我們剝離的一些其他中游元素不同。它的規模和結構都不同，而且顯然它與巴肯的後勤連結也不同。我們將以價值為導向來決定如何處理這個問題，我們可以在 11 月的投資者日上進一步討論這個問題。

Thanks, Doug.

謝謝，道格。

Jean Ann Salisbury, Bank of America.

美國銀行的 Jean Ann Salisbury。

Hi, good morning. Can you just recap how things stand in Venezuela for you today? Are the production levels and contract structures basically as they were prior to all the movement there year to date?

嗨，早安。您能否簡單概括一下委內瑞拉目前的情況？生產水準和合約結構是否基本上與今年迄今為止的所有變動之前一樣？

Yes, Jean, and thanks. I'll just remind everybody, we've been operating in Venezuela for over 100 years and believe our presence has played an important role in regional energy security as well as maintaining American economic interest. Since our license changed in May, we've been engaged with the US government, working closely with the administration to ensure our compliance with our country's policies towards Venezuela.

是的，Jean，謝謝。我只想提醒大家，我們在委內瑞拉已經經營了 100 多年，我們相信我們的存在對區域能源安全以及維護美國經濟利益發揮了重要作用。自從五月我們的執照變更以來，我們一直與美國政府保持聯繫，與政府密切合作，以確保我們遵守我國對委內瑞拉的政策。

This month, it looks like there will be a limited amount of oil that will begin flowing to the US from the Venezuela operations that we have an interest in, consistent with US sanctions policy. And crude from Venezuela is sought after and very valuable to US Gulf refiners that are specifically built to process heavy grades like that. And so it serves as a reliable source of supply for the American economy.

本月，看起來將會有少量石油從我們感興趣的委內瑞拉業務流向美國，這符合美國的製裁政策。委內瑞拉的原油很受追捧，對於專門處理重質原油的美國墨西哥灣煉油廠來說非常有價值。因此，它成為美國經濟可靠的供應來源。

We don't expect the flows from Venezuela will have a material impact on our results here in the third quarter, although it will at the margin help satisfy some of the debt we're owed. And over time, we hope to continue recovering that. And I'll just end by saying as in all countries where we have a presence, we'll continue to operate in accordance with all applicable laws and regulations in any US sanctions, regime, or policies, and that includes Venezuela.

我們預計來自委內瑞拉的資金流入不會對我們第三季的業績產生重大影響，儘管它在一定程度上有助於償還我們所欠的部分債務。隨著時間的推移，我們希望繼續恢復這一點。最後，我想說，就像在我們有業務的所有國家一樣，我們將繼續按照美國制裁、制度或政策的所有適用法律和法規開展業務，包括委內瑞拉。

Thanks, Jean Ann.

謝謝，Jean Ann。

Ryan Todd, Piper Sandler.

瑞恩·托德、派珀·桑德勒。

Great, thanks. Congratulations on a strong quarter. And in particular, strong operational performance right now. I think if you look at across the portfolio with the timing and the ramps, successful ramps on multiple projects from the Gulf of Mexico, Permian hitting the 1 million barrel a day target, an impressive ramp at Tengiz and even Australian LNG, which hasn't always been the greatest operations operating at 7% above nameplate right now. So what has worked well of late as you look across the operational portfolio? And how do you continue to build on that momentum going forward?

太好了，謝謝。恭喜本季業績強勁。尤其是目前的營運表現強勁。我認為，如果你從時間和產量爬坡的角度來審視整個投資組合，墨西哥灣的多個項目都成功爬坡，二疊紀盆地達到了每天 100 萬桶的目標，田吉茲甚至澳大利亞液化天然氣項目也取得了令人印象深刻的增長，而澳大利亞液化天然氣項目的產量並不總是最好的，目前的產量比額定產量高出 7%。那麼，縱觀整個營運組合，最近哪些措施效果良好？您如何繼續保持這股勢頭？

Ryan, thanks for the acknowledgment. That's all that improvement you described on the backs of a lot of people across our portfolio. So thank you for that. I would step back on two things. I would say operational efficiency when it comes to production and turnaround management are two areas that have driven a lot of our improvement over time.

Ryan，謝謝你的認可。這就是您所描述的在我們投資組合中許多人的支持下所取得的所有改進。謝謝你。我會放棄兩件事。我想說，生產和周轉管理的營運效率是推動我們長期進步的兩個領域。

So you'll note that in our downstream portfolio, our refinery throughput hit a new record, which was mentioned in the formal remarks. That was driven by the startup of a light tight oil project in Pasadena that quickly ramped up to nameplate capacity. It was also linked to some very, very successful turnarounds.

因此，您會注意到，在我們的下游產品組合中，我們的煉油廠吞吐量創下了新紀錄，這在正式發言中有所提及。這是由帕薩迪納輕質緻密油項目的啟動推動的，該項目迅速提升至額定產能。這也與一些非常非常成功的轉變有關。

In fact, 14 of our last 16 turnarounds on our major assets, both in the refining sector and in our LNG facilities, 14 out of 16 have been top-quartile performance in regard to duration. So the team is doing a really good job of driving our turnaround performance to kind of competitive leading benchmark activity.

事實上，在我們最近 16 次主要資產週轉中，包括煉油部門和液化天然氣設施，有 14 次在持續時間方面都達到了最高四分位。因此，團隊在推動我們的扭虧為盈表現達到具有競爭力的領先基準活動方面做得非常出色。

And then the final thing would just be efficiency on all of our base assets. So in the Gulf of America, our base assets continue to perform well as we leverage previous investments. In fact, our production efficiency for the whole portfolio is up 1% to 2% year to date. So we'll continue pressing forward, and you should expect more of the same.

最後一件事就是提高我們所有基礎資產的效率。因此，在美國灣，由於我們利用了先前的投資，我們的基礎資產繼續表現良好。事實上，今年迄今為止，我們整個產品組合的生產效率已經提高了 1% 至 2%。因此，我們將繼續努力，並且您應該期待更多類似的成果。

Thank you, Ryan.

謝謝你，瑞安。

Paul Cheng, Scotiabank.

加拿大豐業銀行的 Paul Cheng。

Hey, good morning. Mark and Mike, if we look at today, as you say, I mean, that post has about 40% of your production from the US shale, and they have a different risk profile and everything. So I'm trying to understand that how important going forward the exploration fit into your overall portfolio? I think that many years ago that we would say, exploration, you want to be targeting that organically, replace 100% of your resource than your production.

嘿，早安。馬克和麥克，如果我們看看今天的情況，正如你們所說，我的意思是，那篇文章中大約 40% 的產量來自美國頁岩油，它們具有不同的風險狀況等等。所以我想了解，未來的探索對於你的整體投資組合有多重要？我認為，許多年前我們就會說，探索，你想要有機地瞄準這一點，用你的資源而不是你的生產來取代 100%。

But with 40% of your production base is on there, what is the right target going forward for you guys? And do you think that you have the right program? Because, frankly, that the last several years that exploration program from you may not have yield the result that you may want. So I want to see that do you -- happy with the result? And if not, what changes that you think you need to make over there? Thank you.

但是，由於你們 40% 的生產基地都在那裡，你們未來的正確目標是什麼？您認為您的計劃正確嗎？因為，坦白說，過去幾年的探索計劃可能沒有產生您想要的結果。所以我想看看你對結果滿意嗎？如果不是，您認為那裡需要做出哪些改變？謝謝。

Yes, Paul, thanks for that. I'm not happy with the results out of exploration over the last few years. But I want to acknowledge our exploration team has been operating in a pretty narrow range. We've reduced our investment for the reasons you point out. We're seeing big resource and reserve adds from our shale business for many years. And we were really serious about capital discipline.

是的，保羅，謝謝你。我對過去幾年的探索結果並不滿意。但我要承認，我們的勘探團隊一直在一個相當狹窄的範圍內開展工作。由於您指出的原因，我們已經減少了投資。多年來，我們的頁岩業務不斷增加資源和儲量。我們非常重視資本紀律。

And so as we're ramping up the spending on that, we pulled back and focused into a pretty narrow range of activities. As we move towards a plateau and as earlier, I talked about the need for a balanced and diversified portfolio, exploration needs to play an important role, and we are making some changes to our program and our approach. And I'll let Mark give you some highlights on that.

因此，當我們增加這方面的支出時，我們會退後一步，並將重點放在相當狹窄的活動範圍內。隨著我們走向平台期，正如之前我談到的，需要一個平衡和多樣化的投資組合，探索需要發揮重要作用，我們正在對我們的計劃和方法做出一些改變。我會讓馬克向你們介紹一些這方面的重點。

Yes. Thanks, Mike. And Paul, thanks for the question. Exploration will continue to play an important part in building our future portfolio. I think in the past, Paul, we've talked about ensuring that we have a balanced portfolio for exploration. That means mature areas near existing infrastructure and early high entry -- or early entry high-impact frontier areas. So one is about replenishing resources for investments we've already made and the other would be resources for the future. That philosophy hasn't changed. We've just opened the aperture a bit to lean in a bit more.

是的。謝謝，麥克。保羅，謝謝你的提問。探索將繼續在建立我們未來的投資組合中發揮重要作用。保羅，我想過去我們曾討論過確保我們擁有一個平衡的探索組合。這意味著現有基礎設施附近的成熟區域和早期進入的高影響區域 - 或早期進入的高影響前沿區域。因此，一個是為我們已經進行的投資補充資源，另一個是為未來補充資源。這種哲學思想並沒有改變。我們只是稍微打開了光圈，以便再傾斜一點。

And I think you have seen us have success in our infrastructure-enabled exploration here over the last few years, thinking about the Gulf of America, Nigeria, the Partitioned Zone, and Angola. And then we've been restocking the cupboard, if you will, when it comes to frontier acreage. We've added over 20% -- we've increased our portfolio by over 20% as you look over the last couple of years.

我想大家已經看到，過去幾年我們在基礎建設方面的勘探工作取得了成功，例如美洲灣、奈及利亞、分區和安哥拉。然後，如果你願意的話，當談到邊境土地時，我們一直在補充櫥櫃庫存。我們的投資組合在過去幾年中增加了 20% 以上——我們已經將投資組合增加了 20% 以上。

And as you look towards the end of this year, you'll see us put down wells in the Suriname, Namibia, and Egypt in those frontier type of offerings. And so when you think about that, applying more attention to it, as well as us making some operational changes where we've streamlined our exploration organization and have brought in the talent of the Hess team as well as some others. I think you'll start to see us build on the positive momentum that we have on our infrastructure fines.

展望今年年底，您會看到我們在蘇利南、納米比亞和埃及打下油井，作為邊境地區的捐贈。因此，當您考慮到這一點時，我們會更加關注它，同時我們會進行一些營運變革，精簡我們的勘探組織，並引進赫斯團隊以及其他一些團隊的人才。我想你會開始看到我們在基礎設施罰款方面保持積極勢頭。

Thanks, Paul.

謝謝，保羅。

And it will be an area -- Paul, maybe just to tack on one other thing. Mark talked earlier about some of the more centralized decision-making and execution. That's another thing as we -- we'll bring some of that decision-making into a tighter group with an enterprise focus. Okay, thank you,

這將是一個領域——保羅，也許只是要補充另一件事。馬克之前談到了一些更集中的決策和執行。這是另一回事——我們將把部分決策權集中在以企業為中心的更緊密的團隊中。好的，謝謝你，

Arun Jayaram, JPMorgan.

摩根大通的阿倫‧賈亞拉姆 (Arun Jayaram)。

Yes, good morning. I was wondering if we get a brief update on your Eastern Med gas strategy and thoughts on potentially upgrading or doing expansion project at Leviathan as well as where Aphrodite sits in terms of your thoughts.

是的，早安。我想知道我們是否可以簡要地了解你們的東地中海天然氣戰略以及對 Leviathan 進行升級或擴建項目的想法，以及你們對 Aphrodite 的看法。

Yes. Thanks, Arun, for the question. Given all that's been going on in Eastern Mediterranean, our focus has been on keeping our people safe and maintaining energy supply to the region that so desperately needs it. The teams have done really good work on Tamar and Leviathan to keep our growth projects there moving. And so we do expect those to come online late this year, early next year. And you'll recall that those two projects essentially increase our production capacity by about 25% over the next couple of years.

是的。謝謝阿倫提出的問題。鑑於東地中海發生的一切，我們的重點是確保人民安全並維持該地區迫切需要的能源供應。團隊在 Tamar 和 Leviathan 上做出了非常出色的工作，確保了我們在那裡的成長項目順利進行。因此，我們確實預計這些產品將在今年年底或明年年初上線。您會記得，這兩個項目實際上會在未來幾年內將我們的生產能力提高約 25%。

And we see more growth potential in the region in general. Cyprus is part of that equation, our Aphrodite project that -- where we're doing front-end engineering today. We've made good progress with our -- with the government there, and we've got approved plans to push ourselves towards FID. The initial development in Cyprus was for an FTU, and I think we'll build something that leverages the Egypt market as well over time as maybe the regional market. So more to come in regard to FID, but we'll make sure we have competitive returns before we proceed on the Aphrodite project.

總體而言，我們認為該地區具有更大的成長潛力。塞浦路斯是這個等式的一部分，我們的阿芙羅狄蒂計畫——我們今天在那裡進行前端工程。我們與當地政府的合作取得了良好進展，並且已經獲得了批准，可以推動我們實現最終投資決定 (FID)。塞浦路斯最初的開發是為了建立一個 FTU，我認為隨著時間的推移，我們將建立一個能夠利用埃及市場以及區域市場的東西。關於 FID 的更多資訊還在後面，但我們會確保在繼續進行 Aphrodite 專案之前獲得有競爭力的回報。

Thanks, Arun.

謝謝，阿倫。

Josh Silverstein, UBS.

瑞銀的喬希·西爾弗斯坦（Josh Silverstein）。

Good morning, guys. You highlighted the strong operational performance at TCO, and it's producing 18% above nameplate. Is this just at FGP or the whole project? And maybe if you can give us kind of the forward outlook here. Is it kind of sustainable at this level? And any sort of other debottlenecking opportunities? Thanks.

大家早安。您強調了 TCO 的強勁營運表現，其產量比標稱產量高出 18%。這僅僅是在 FGP 還是整個專案？也許您能為我們提供一些前瞻性的展望。在這個層面上它是否可持續？還有其他消除瓶頸的機會嗎？謝謝。

Yes, Josh, thank you. We are very pleased with the performance of our whole Tengiz operation there. The team has worked hard. I think the -- starting all the way back to the 30 days ramp up of FGP to nameplate, the team just has built on that momentum. And maybe the thing that excites me the most, and it gets to maybe your question, is the integrated operation control center that was a part of our future growth project investment, allows both the previous investments all the way back to our first-generation investments to the recent projects that were commissioned and started up.

是的，喬希，謝謝你。我們對整個田吉茲作業的表現非常滿意。團隊已經付出了很大的努力。我認為——從 FGP 到銘牌的 30 天提升過程開始，團隊就一直保持著這種勢頭。也許最讓我興奮的事情，也許是你的問題，是綜合營運控制中心，它是我們未來成長項目投資的一部分，它允許之前的投資一直追溯到我們的第一代投資，以及最近委託和啟動的項目。

It allows that whole system to be optimized, so wells, plants, everything. And I think we're just scratching the surface as to what potential that has over time. When I talked in my prepared remarks about the performance being above nameplate, that's obviously the first and second-generation projects, which are, as you described, 18% above nameplate. We see the same type of opportunities as we now look at the whole integrated system. And in the fourth quarter, we're planning a pit stop for maintenance activities that allows us maybe to continue to improve our operations there and build on the positive momentum we have.

它可以優化整個系統，包括油井、工廠、一切。我認為，我們只是觸及了其長期潛力的表面。當我在準備好的發言中談到性能超出額定值時，那顯然是指第一代和第二代項目，正如您所描述的，它們比額定值高出 18%。當我們審視整個整合系統時，我們看到了相同類型的機會。在第四季度，我們計劃進行一次維護活動，以便我們能夠繼續改善那裡的運營，並鞏固我們現有的積極勢頭。

Thanks, Josh.

謝謝，喬希。

Betty Jiang, Barclays.

巴克萊銀行的 Betty Jiang。

Hi, good morning. Thank you for taking my question. I actually want to ask about the affiliates distribution, and that actually ties to the TCO outperformance as well. Second quarter really stood out from how strong the cash flow generation was. And the part of that is the affiliates distribution, much higher, highlighting the outperformance in TCO. Just wondering how you see that evolving, especially with the performance you're seeing at the asset? Could we see some upside to that distribution number for '25 and '26?

嗨，早安。感謝您回答我的問題。我實際上想問的是附屬公司的分佈情況，這實際上也與 TCO 的優異表現有關。第二季的現金流產生能力確實非常強勁。其中附屬公司的分佈比例要高得多，凸顯了 TCO 的優異表現。只是想知道您如何看待這種發展，特別是根據您所看到的資產表現？我們是否可以看到 25 年和 26 年的分佈數字上升？

Yes. Good morning, Betty. It's Eimear here. I'll take that one. Yes, to Mark's earlier point, the ramp up on TCO went really well in the first quarter, much faster than anticipated. And so over the second quarter, we had higher production for -- sustained for the entire quarter. Coupled with the prices that we saw, I mean, at the beginning of the quarter, prices were lower when we gave the guidance. I think they were in the low 60s, and we saw higher prices during the quarter.

是的。早安，貝蒂。我是艾米爾。我要那個。是的，正如馬克之前所說，第一季的 TCO 成長非常順利，比預期的要快得多。因此，在第二季度，我們的產量有所提高，並且整個季度都保持了較高的產量。再加上我們看到的價格，我的意思是，在本季度初，當我們給出指導時價格較低。我認為它們的價格在 60 出頭，而且我們在本季度看到了更高的價格。

So the combination of both higher prices and higher production is the result of that is the higher distributions that you saw in the second quarter. Going forward, what I'd point out is in the third quarter, we'll see the first loan repayment, and we'll see that coming through in our adjusted free cash flow metric that now includes distributions from equity affiliates. So that's what you can expect to see in addition to the guidance around affiliate distributions that we've shared today. Thanks for the question.

因此，價格上漲和產量增加的結合是第二季分銷量增加的結果。展望未來，我想指出的是，在第三季度，我們將看到第一筆貸款償還，並且我們將看到這體現在調整後的自由現金流指標中，該指標現在包括來自股權附屬公司的分配。因此，除了我們今天分享的有關附屬分銷的指導之外，您還可以看到這些內容。謝謝你的提問。

Lucas Herrmann, BNP Paribas.

法國巴黎銀行的盧卡斯·赫爾曼。

Yes, thanks very much. Eimear, sorry, just going back to the last question before I come on to what I wanted to ask you. Just to be clear, the $1 billion of loan repayments you're saying will go through CFFO, i.e., will be included in the affiliates line?

是的，非常感謝。Eimear，抱歉，在回答我想問您的問題之前，我先回到最後一個問題。需要明確的是，您說的 10 億美元貸款償還將透過 CFFO 進行，也就是說，將包含在附屬公司的款項中？

No. Lucas, it goes through distributions more or less equity affiliates. It's what the operational distributions go through. The loan repayment goes through cash from investing. But in the adjusted free cash flow metric that we shared today, we will be combining both of those. So they're flowing through different parts of the cash flow statement, but the combination will be in the adjusted free cash flow.

不。盧卡斯，它透過或多或少的股權附屬公司進行分配。這就是操作分佈所經歷的。貸款償還是透過投資現金進行的。但在我們今天分享的調整後的自由現金流指標中，我們將把這兩者結合起來。因此，它們流經現金流量表的不同部分，但組合將包含在調整後的自由現金流中。

Nitin Kumar, Mizuho.

瑞穗的尼廷‧庫馬爾 (Nitin Kumar)。

Hi, good morning and thanks for taking my question. Maybe I'll take advantage of Mark being on the call. You talked about EURs in the Gulf of America being 9% above what you expected. Could you maybe talk a little bit about what you're seeing there? Is it reservoir? Is it operations? And how does that change the view of the Gulf of America within your portfolio in terms of investment?

大家好，早安，感謝您回答我的問題。也許我會利用馬克接電話的機會。您談到美國灣的歐元區比您預期的高出 9%。您能否稍微談談您在那裡看到的情況？是水庫嗎？是操作嗎？那麼，從投資角度來看，這會如何改變您對美國灣投資組合的看法呢？

Yes. Thank you for the question. We're actually very pleased with our performance in Gulf of America. The strong performance will take that 300,000 barrels a day that we've talked about in 2026 and likely put that through the remainder of the decade. And it's really a combination of two things. It's the ramp up of our Anchor, Whale, and Ballymore investments, and it's the performance and full leverage of our base assets. So I'll focus on that.

是的。謝謝你的提問。事實上，我們對我們在美國灣的表現非常滿意。強勁的表現將使我們在 2026 年實現每天 30 萬桶的產量，並且很可能在接下來的十年中保持這一水平。這其實是兩件事的結合。這是我們對 Anchor、Whale 和 Ballymore 投資的成長，也是我們基礎資產的表現和全部槓桿。所以我會集中精力於此。

We've been in the Gulf of America for nearly 100 years. And the improved recovery that you're seeing from our base assets is really from stage developments, either waterflood, subsea multiphase pumping, and/or well stimulation programs. And I'll use Tahiti as an example. The Tahiti project has actually reached its nameplate capacity twice in its history over four different stage developments. And then Jack/St. Malo has had six development over its period of existence.

我們已經在美國灣生活了近100年。您從我們的基礎資產中看到的採收率提高實際上來自於階段性開發，無論是注水、海底多相泵送還是井刺激計劃。我將以塔希提島為例。事實上，塔希提計畫在其歷史上經過四個不同階段的開發，已經兩次達到其額定容量。然後是傑克/聖。Malo 在其存在期間經歷了六次發展。

And so the reality here is we're committed to fully leveraging our base assets to take them as far as we can be. And with the addition of Hess, we become the largest leaseholder, as Mike mentioned in his comments, in the Gulf of America. And 80% of those leases are adjacent to or within distance of tieback range for further investments over time. So we have an opportunity to have a continued high cash flow-generating operation in the Gulf of America going forward.

因此，現實情況是，我們致力於充分利用我們的基礎資產，並盡我們所能。正如麥克在評論中提到的那樣，隨著赫斯的加入，我們成為了美國灣最大的租賃人。其中 80% 的租約與回接範圍相鄰或在回接範圍距離內，以便日後進一步投資。因此，我們有機會在未來繼續在美國灣開展高現金流營運。

Nitin, I think what Mark just described, you can expect projects like Anchor, Ballymore, Whale all to have this type of follow-on development. And those fields are likely to yield a very similar story to what Mark just described.

Nitin，我認為正如 Mark 剛才所描述的，你可以期待像 Anchor、Ballymore、Whale 這樣的專案都會有這種類型的後續開發。這些領域很可能會出現與馬克剛才所描述的非常相似的故事。

Lucas Herrmann, BNP Paribas.

法國巴黎銀行的盧卡斯·赫爾曼。

Yes, thanks very much.

是的，非常感謝。

Welcome back, Lucas.

歡迎回來，盧卡斯。

Thank you. Sorry, I've got a couple, but let's just start on this. LNG, I mean, one of the things that you've highlighted in your summary slide this morning is that you've increased your LNG offtake capacity to 7 million tonnes per annum. And a lot of that comes onstream quite late this decade. So really, the question is simply the approach of strategy.

謝謝。抱歉，我有幾個問題，但我們就從這個開始吧。液化天然氣，我的意思是，您在今天早上的總結幻燈片中強調的一件事是，您已將液化天然氣的採購能力提高到每年 700 萬噸。其中許多都是在本世紀末投入使用的。所以，實際上，問題僅僅在於戰略方法。

Because what I haven't seen from yourselves is placing that, should we say, with end markets. So it's a question around how much risk you're willing to take on and the extent to which the 7 million that is going to be flowing into the portfolio will largely be used. How do you see balancing it? How much will end up being long-term placing back to back? How much of it do you want the flexibility to play more short term?

因為我還沒看到你們將其投放到終端市場。所以問題在於你願意承擔多大的風險，以及流入投資組合的 700 萬美元將在多大程度上被使用。您如何看待平衡它？最終有多少會成為長期的背對背配置？您希望在短期內有多大的彈性？

Yes. Look, we've executed some offtake agreements that you might not be aware of. And so we're actually placing some of that volume out there, but there's more to be done. I'm going to let Mark talk to you a little bit about how we think about a larger LNG system and optimizing that.

是的。你看，我們已經執行了一些你可能不知道的承購協議。因此，我們實際上已經將其中的一部分放在那裡，但還有很多工作要做。我將讓馬克向您簡單介紹我們如何看待更大的液化天然氣系統並對其進行優化。

Yes, Lucas, I think in the past when we've talked about this, we've talked about us kind of building a globally connected LNG portfolio. And remember, we're generating, what, 2.7 BCF of gas out of the United States and these offtake arrangements that we've built up out of the US Gulf Coast. I think it's up to now about 7 metric tonnes per year.

是的，盧卡斯，我想過去我們談論這個問題時，我們談論過建立一個全球互聯的液化天然氣組合。請記住，我們在美國生產了 27 億立方英尺的天然氣，並在美國墨西哥灣沿岸建立了這些承購安排。我認為到目前為止每年約為 7 公噸。

It allows us to expose ourselves to multiple margin sets over time. So this is a balanced offering when you think of our winning positions in -- of gas generation in Australia and the US Gulf Coast, in particular, allows us to serve the global system and move product to where the margin best suits us over time. So I appreciate the question.

它使我們能夠隨著時間的推移接觸多個保證金集。因此，當您想到我們在澳洲和美國墨西哥灣沿岸的天然氣生產方面的領先地位時，這是一個平衡的產品，它使我們能夠服務於全球系統，並將產品運送到利潤率最適合我們的地方。我很感謝你提出這個問題。

Jason Gabelman, TD Cowen.

傑森·加貝爾曼（Jason Gabelman），TD Cowen。

Hey, morning. Thanks for taking my question. I wanted to ask about capital distribution and specifically as it relates to the guidance that you provided when the Hess deal was announced. And this was discussed on the sell-side call, but I'm still a little confused on the buyback outlook for next year. Should we expect a step-up from the current rate by that $2.5 billion that you guided to when the Hess deal was announced? Or is this kind of the rate we should expect in 2026? Thanks.

嘿，早安。感謝您回答我的問題。我想詢問有關資本分配的問題，特別是與您在宣布 Hess 交易時提供的指導有關的問題。賣方電話會議上已經討論過這個問題，但我對明年的回購前景仍然有點困惑。我們是否應該預期，目前的投資金額會上升到您在宣布與赫斯的交易時所預測的 25 億美元？或者說，這是我們在 2026 年應該預期的成長率嗎？謝謝。

Yes, Jason, that was a long time ago. And at the time, we anticipated a prompt approval and closure of the transaction, and we intended to retire shares on an accelerated basis to reduce the outstanding shares. In the interim, we've been delayed through the actions of others. And we've now actually purchased more than 50% of the shares that would have been issued for the transaction. We bought them during the interim period time, and effectively accomplished the increased buyback was intended to do.

是的，傑森，那是很久以前的事了。當時，我們預計交易將迅速獲得批准和完成，並且我們打算加速退出股票市場以減少流通股數。在此期間，我們因其他人的行為而被耽擱了。我們現在實際上已經購買了交易中發行的股份的 50% 以上。我們在過渡期內購買了它們，並有效地完成了增加回購的目標。

We bought 5% of Hess' outstanding shares at about $10 a share lower average price than what we closed the transaction at. So we were able to affect a little bit of a different strategy to retiring those shares than we had envisioned originally. We also were in a bit of a stronger commodity price environment at that time, and we outlined a range.

我們以比交易結束時的平均價格低約 10 美元每股的價格購買了 Hess 5% 的流通股。因此，我們能夠採取與我們最初設想略有不同的策略來退出這些股票。當時，我們也處於一個較強勁的商品價格環境中，我們勾勒出了一個範圍。

And so I think what I'd point you to is our Investor Day in November, where we will have had a chance to bring together all the information now as we've integrated Hess. And as part of that, of course, we'll review our forward outlook and guidance for share repurchases. And we'll update you on that at that point in time.

因此，我認為我應該向大家推薦我們 11 月的投資者日，屆時我們將有機會匯總 Hess 整合後的所有資訊。當然，作為其中的一部分，我們將審查我們對股票回購的前瞻性展望和指導。屆時我們將向您通報最新情況。

Phil Jungwirth, BMO.

Phil Jungwirth，BMO。

Thanks. Good morning. On Kazakhstan, the country has announced significant petrochemical investment and capacity growth plans through the decade. So more broadly, can you talk about the importance of domestic oil and gas production to contributing to these or other power ambitions? And how untapped is the gas resource at Tengiz?

謝謝。早安.就哈薩克而言，該國已宣布了未來十年重大的石化投資和產能成長計畫。那麼更廣泛地說，您能談談國內石油和天然氣生產對於實現這些或其他電力目標的重要性嗎？那麼，田吉茲的天然氣資源還有多少尚未開發？

Yes. The Republic of Kazakhstan has been looking to diversify their economy and to broaden out the ways they can utilize their energy, wealth, and abundance to participate in other parts of the value chain. Refining, petrochemicals, gas, all I think are of interest to them. We engage in discussions with the Republic and with our partner -- the state -- multiple state companies, actually, in the different segments there.

是的。哈薩克共和國一直在尋求經濟多元化，並拓寬利用能源、財富和富足資源參與價值鏈其他部分的方式。我認為他們對煉油、石化、天然氣等都感興趣。我們與共和國以及我們的合作夥伴——國家——實際上，是多個國有企業，在不同的領域進行討論。

And so I do think you're likely to see a continued appetite for further investment on the part of the Republic. There's a lot of gas that's associated with our field and other fields. We reinject a large portion of that gas today. And the other reality that the Republic deals with is some of the gas production volumes are not necessarily where the gas consumers are. And so they will tend to maybe sell the gas into the market or to their neighbor, Russia and then buy back in another location.

因此我確實認為你可能會看到共和國繼續有進一步投資的興趣。我們的油田和其他油田都蘊藏大量天然氣。我們今天重新註入了大部分天然氣。共和國面臨的另一個現實是，部分天然氣產量並不一定位於天然氣消費者所在地。因此，他們可能會傾向於將天然氣賣到市場上或賣給鄰國俄羅斯，然後再在其他地方買回來。

And so investment in domestic infrastructure to better connect production and markets, I think, is another thing that is likely to happen over time. And so we try to be a good partner. We try to work closely to help evaluate these kinds of opportunities. We haven't participated in a petrochemical plant there, for instance. Although our affiliate, Chevron Phillips Chemical, has taken a look at that in the past. And I think you'll continue to see us look to help the Republic achieve their economic and energy diversification goals.

因此，我認為，對國內基礎設施進行投資以更好地連接生產和市場是另一個可能隨著時間的推移而發生的事情。因此我們努力成為一個好的合作夥伴。我們努力密切合作以幫助評估此類機會。例如，我們還沒有參與那裡的石化工廠建設。儘管我們的附屬公司雪佛龍菲利普斯化學公司過去曾考慮過這個問題。我認為你們會繼續看到我們努力幫助共和國實現其經濟和能源多樣化目標。

Geoff Jay, Daniel Energy Partners.

傑夫·傑伊（Geoff Jay），丹尼爾能源合作夥伴。

Hi, guys. Thanks for taking the question. It just seems to me that Chevron is kind of at the precipice of a multiyear, I guess, step change down in the capital intensity to feed the beast in the upstream side even before Hess. With tight oil hitting plateau levels and spend for several low-decline long-cycle projects kind of in the rearview mirror, it seems to me the Hess deal kind of makes that even better. And I'm just curious, how do you think about Chevron's overall reinvestment in decline rates over the next few years as a result of the deal closing?

嗨，大家好。感謝您回答這個問題。在我看來，雪佛龍正處於一個多年的邊緣階段，我猜，在赫斯之前，雪佛龍將逐步降低資本強度，以滿足上游石油的需求。隨著緻密油產量達到穩定水平，以及幾個低遞減率長週期項目的支出逐漸成為過去，在我看來，赫斯的交易讓情況變得更好。我只是好奇，您如何看待雪佛龍在交易結束後未來幾年對下降率的整體再投資？

Yes. Thanks, Geoff. You're right. We're -- I might say we're on the precipice of a wide expansion in free cash flow rather than a sharp decline in CapEx. We've got a business that a couple of years ago was 2.9 million barrels a day in the upstream. We're going to end this year close to 4 million barrels a day. So a larger system does require a certain amount of capital to keep it running.

是的。謝謝，傑夫。你說得對。我們——我可以說我們正處於自由現金流大幅擴張的邊緣，而不是資本支出急劇下降的邊緣。幾年前，我們的上游業務日產量為 290 萬桶。今年年底我們的日產量將接近 400 萬桶。因此，更大的系統確實需要一定數量的資金來維持其運作。

But you've characterized the approach to shale well, which I touched on earlier. We've got a portfolio that's deep with opportunities around the world. It's a mix of near-term growth and longer-dated resource options. We intend to be active in exploration, as Mark said, in the Gulf of America, West Africa, Egypt, Suriname, Namibia, other places. We've got projects like the Eastern Med opportunity that we talked about. We're investing in petrochemical projects in both the US and the Middle East.

但是您已經描述了頁岩井的方法，我之前已經提到過。我們擁有豐富的投資組合，涵蓋全球各地的機會。它是短期成長和長期資源選擇的混合體。正如馬克所說，我們打算積極在美國灣、西非、埃及、蘇利南、納米比亞等地進行勘探。我們有像我們談到的東地中海機會這樣的計畫。我們正在美國和中東投資石化計畫。

And so I think from a capital standpoint, what you should expect, CapEx will step up a little bit with Hess because the Guyana development and the Bakken are both going to require capital to support them. But overall, our MO or our reputation for capital discipline will remain.

因此，我認為從資本的角度來看，你應該預料到，赫斯的資本支出將會略有增加，因為圭亞那開發和巴肯都需要資本來支持。但總體而言，我們的 MO 或資本紀律聲譽將保持不變。

And so I think you can expect us to challenge ourselves to only invest in the best opportunities to divest assets out of the portfolio that don't compete for capital in a tight capital environment and might fit better for others and really be focused on delivering strong returns and free cash flow to support distributions to shareholders across a really advantaged portfolio, which, of course, we will continue to look for opportunities to make even stronger. Thank you for that question.

因此，我認為您可以期待我們挑戰自己，只投資於從投資組合中剝離資產的最佳機會，這些資產不會在緊張的資本環境中爭奪資本，可能更適合其他人，並真正專注於提供強勁的回報和自由現金流，以支持通過真正有優勢的投資組合向股東分配，當然，我們將繼續尋找機會使其變得更加強大。謝謝你的提問。

And before -- I don't know if you're going to sign us off, Jake, or our operator will. But I just -- I want to thank everybody for your questions and interest today and remind you that, as Jake noted upfront, we will have another Investor Day. It's been a while. But on November 12 in New York City, back at the St. Regis, for those of you that have been with us for a while, we will be holding our Investor Day.

在此之前——我不知道你是否會讓我們下線，傑克，還是我們的操作員會。但我只是——我想感謝大家今天的提問和關注，並提醒大家，正如傑克預先提到的，我們將舉辦另一個投資者日。已經有一段時間了。但是，對於那些已經與我們合作了一段時間的人來說，11 月 12 日，我們將在紐約市的瑞吉酒店舉辦投資者日活動。

And we look forward to sharing with you how we view our new and stronger portfolio, our differentiated portfolio, to reiterate the consistency in our strategy and our fundamental commitment to capital discipline and superior shareholder returns, and how we intend to continue to deliver growth and shareholder value into the future. So I guess we'll have one more of these calls before we see you at Investor Day, but mark that on your calendar, and I look forward to seeing everybody in person.

我們期待與您分享我們如何看待我們新的、更強大的投資組合、我們的差異化投資組合，以重申我們策略的一致性和我們對資本紀律和卓越股東回報的根本承諾，以及我們打算如何在未來繼續實現成長和股東價值。因此，我想在投資者日見到你們之前，我們還會再進行一次電話會議，但請將其記在日曆上，我期待與大家見面。

We appreciate your interest in Chevron and your participation on today's call. Please stay safe and healthy. Katie, back to you.

感謝您對雪佛龍的關注以及您參加今天的電話會議。請務必保持安全和健康。凱蒂，回到你身邊。

Thank you. This concludes Chevron's second-quarter 2025 earnings conference call. You may now disconnect.

謝謝。雪佛龍 2025 年第二季財報電話會議到此結束。您現在可以斷開連線。