雪佛龍 (CVX) 2025 Q4 法說會逐字稿

Good morning. My name is Katie, and I will be your conference facilitator today. Welcome, everyone, to Chevron's fourth 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。歡迎各位參加雪佛龍公司2025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。請繼續。

Thank you, Katie. Welcome to Chevron's fourth quarter 2025 earnings conference call and webcast. I'm Jake Spiering, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; and our 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.

謝謝你，凱蒂。歡迎參加雪佛龍2025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。今天，我們的董事長兼執行長麥克沃斯和財務長艾米爾邦納與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，本次示範包含估計、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。

Okay. Thanks, Jake. 2025 was a year of execution. We set records, started at major projects, and strengthened our portfolio. Production reached record levels globally and in the US, supported by key milestones and strategic actions, including completion of the future growth project at Tengiz, adding 260,000 barrels of oil per day.

好的。謝謝你，傑克。 2025年是處決之年。我們創造了紀錄，啟動了重大項目，並增強了我們的投資組合。全球和美國的石油產量均達到創紀錄水平，這得益於關鍵里程碑和戰略舉措，包括完成騰吉茲未來成長項目，該項目每天增加 26 萬桶石油產量。

Startup of Ballymore in Whale and the ramp-up of Anchor in the Gulf of America, advancing toward our goal of 300,000 barrels of oil equivalent per day in 2026, achieving 1 million barrels of oil equivalent per day in the Permian and shifting focus to free cash flow growth, and closing the Hess acquisition, creating a premier upstream portfolio with the highest cash margins in the industry.

Ballymore 在 Whale 投產，Anchor 在美洲灣增產，朝著 2026 年日產 30 萬桶油當量的目標邁進，在二疊紀盆地實現日產 100 萬桶油當量，並將重點轉向自由現金流增長，完成對 Hess 的收購，打造業內上游現金利潤率最高的頂級業務組合。

Additionally, in the Downstream, we delivered the highest US refinery throughput in two decades, reflecting recent expansion projects and higher efficiency. This performance drove strong results, including industry-leading free cash flow growth. Excluding asset sales, adjusted free cash flow was up over 35% year over year, even with oil prices down nearly 15%.

此外，在下游業務方面，我們實現了二十年來美國煉油廠最高的加工量，這反映了近期的擴建項目和更高的效率。這項業績帶來了強勁的成果，包括業界領先的自由現金流成長。即使油價下跌近 15%，剔除資產出售的影響，調整後的自由現金流仍較去年同期成長超過 35%。

And for the fourth consecutive year, we returned a record cash to shareholders. delivering on our consistent approach to superior shareholder returns. Chevron has been in Venezuela for over a century, and we remain committed to leveraging our deep expertise and long-standing partnerships for the benefit of our shareholders and the people of Venezuela. Since 2022, in full compliance with US laws and regulations, we've worked with our Venezuelan partners to increase production in our ventures there, by over 200,000 barrels per day through a venture-funded model to recover outstanding debt.

我們連續第四年向股東返還了創紀錄的現金，實現了我們一貫以來為股東帶來卓越回報的策略。雪佛龍在委內瑞拉已有超過一個世紀的歷史，我們將繼續致力於利用我們深厚的專業知識和長期的合作夥伴關係，為我們的股東和委內瑞拉人民謀取利益。自 2022 年以來，我們完全遵守美國法律法規，與委內瑞拉合作夥伴合作，透過創投模式收回未償債務，使我們在委內瑞拉的合資企業日產量增加了 20 萬桶以上。

We see the potential to further grow production volumes by up to 50% over the next 18 to 24 months. We're reliably delivering Venezuela crude to the market, including our own refining system. There is significant potential in our assets and in the country. We're optimistic the future holds a more competitive and robust pathway to deliver value to Venezuela, the United States, and Chevron.

我們看到未來 18 至 24 個月內，產量有潛力進一步成長高達 50%。我們正可靠地向市場供應委內瑞拉原油，包括我們自己的煉油系統。我們的資產和國家都蘊藏著巨大的潛力。我們樂觀地認為，未來將有一條更具競爭力和更穩健的道路，為委內瑞拉、美國和雪佛龍創造價值。

We've been a pivotal part of Venezuela past. We're committed to the present, and we look forward to a continued partnership into the future. Our advantaged assets in the Eastern Mediterranean continue to grow, and we're advancing multiple high-return projects to bring world-class resources to regional markets. Leviathan recently reached FID to further expand production capacity. Combined with the near-term expansion, gross capacity is anticipated to reach roughly 2.1 billion cubic feet per day at the end of the decade, contributing to a doubling of current earnings and free cash flow. At Tamar, the optimization project start-up is in progress, increasing gross capacity to approximately 1.6 billion cubic feet per day.

我們一直是委內瑞拉歷史的重要組成部分。我們著眼於當下，並期待未來繼續保持合作關係。我們在東地中海的優勢資產持續成長，我們正在推動多個高回報項目，將世界一流的資源引入區域市場。Leviathan 近期已達成最終投資決定，將進一步擴大產能。加上近期擴張計劃，預計到本十年末，總產能將達到每天約 21 億立方英尺，這將使當前收益和自由現金流翻倍。在塔瑪爾，優化計畫啟動正在進行中，總產能將提高到每天約 16 億立方英尺。

Effort has now entered feed, working toward developing a competitive investment in Cypress. We expect these projects to build on the existing assets top quartile reliability and unit development costs, further expanding our differentiated position. Before concluding, I want to provide a brief update on TCO. Earlier this month, TCO experienced a temporary issue on the power distribution system. Production was safely put in recycled mode while the team identified the root cause.

目前已進入關鍵階段，致力於在賽普拉斯進行具競爭力的投資。我們預期這些項目能夠鞏固現有資產在可靠性和單位開發成本方面處於前四分之一的地位，從而進一步擴大我們的差異化優勢。在結束之前，我想先簡單介紹一下TCO的最新情況。本月初，TCO的配電系統出現了暫時性問題。在團隊找出根本原因的同時，生產線已安全地轉換為循環生產模式。

Early production has now resumed and we expect the majority of the plant capacity to be online within the coming week and unconstrained production levels within February. Our full year 2026 guidance of $6 billion of Chevron's share free cash flow from TCO at [$70 Brent] is unchanged. I want to reiterate our message from Investor Day. Chevron is bigger, stronger, and more resilient than ever. We're entering 2026 from a position of strength, and we'll continue building on our momentum in the years ahead.

早期生產現已恢復，我們預計工廠大部分產能將在未來一周內上線，並在2月份恢復正常生產水準。我們對雪佛龍 2026 年全年總擁有成本自由現金流（以布蘭特原油價格 70 美元計算）的預期保持不變，預計全年自由現金流為 60 億美元。我想重申我們在投資者日上傳達的訊息。雪佛龍公司比以往任何時候都規模更大、實力更強、韌性更旺盛。我們以強勁的勢頭進入2026年，並將繼續在未來幾年保持這一發展勢頭。

Now over to Eimear to discuss the financials.

現在請艾米爾來談談財務狀況。

Thanks, Mike. Chevron reported fourth quarter earnings of $2.8 billion or $1.39 per share. Adjusted earnings were $3 billion or $1.52 per share. Included in the quarter were pension curtailment costs of $128 million, and negative foreign currency effects of $130 million. Cash flow from operations was $10.8 billion for the quarter and included a $1.7 billion from a drawdown in working capital. In line with historical trends, we expect to build in working capital in the first quarter of 2026.

謝謝你，麥克。雪佛龍公司公佈第四季獲利28億美元，合每股1.39美元。調整後收益為30億美元，即每股1.52美元。本季包括退休金削減成本 1.28 億美元，以及 1.3 億美元的負面外匯影響。本季經營活動產生的現金流量為 108 億美元，其中包括營運資金提取的 17 億美元。根據歷史趨勢，我們預計將在 2026 年第一季增加營運資金。

Organic CapEx was $5.1 billion for the quarter and full year organic CapEx was (inaudible) with guidance. Inorganic CapEx related mostly to lease acquisitions and new energies investments. We repurchased shares at the high end of our fourth quarter guidance range at $3 billion. Our balance sheet remains strong, ending the year with a net debt coverage ratio of 1x.

本季有機資本支出為 51 億美元，全年有機資本支出為（聽不清楚），並有相關指引。非有機資本支出主要與租賃收購和新能源投資有關。我們以第四季度預期範圍的高端水準回購了股票，金額為 30 億美元。我們的資產負債表依然穩健，年底淨債務覆蓋率達 1 倍。

Compared to last quarter, adjusted earnings were lower by roughly $600 million. Adjusted upstream earnings decreased primarily due to lower liquid prices. Adjusted downstream earnings were lower largely due to lower chemicals earnings and refining volumes. Adjusted free cash flow was $20 billion for the year and included the first loan repayment of TCO and $1.8 billion in asset sales. Share repurchases, combined with the Hess shares acquired at a discount for over $14 billion.

與上一季相比，調整後收益減少了約 6 億美元。調整後的上游收益下降主要是因為液體價格走低。調整後的下游業務收益下降，主要是化學業務收益和煉油量下降所致。經調整後的年度自由現金流為 200 億美元，其中包括 TCO 的第一筆貸款償還和 18 億美元的資產出售收入。股票回購，加上以折扣價收購的赫斯公司股票，總額超過 140 億美元。

Looking ahead, we expect continued growth in cash flow driven by low-risk production growth, ongoing cost savings, and continued capital discipline. 2025 marked the highest full year worldwide in US production and Chevron's history. Excluding impacts of the Hess acquisition, net oil equivalent production growth was at the top end of our 2025 guidance range of 6% to 8%. Production of TCO, the Permian, and the Gulf of America was in line with or better than previous guidance due to strong performance and disciplined execution. We expect volume growth to continue in 2026 as we see the benefits of project ramp-ups, a full year of past assets, and continued efficiency in our shale portfolio.

展望未來，我們預期在低風險生產成長、持續成本節約和持續資本紀律的推動下，現金流將持續成長。 2025年將創下美國全球產量和雪佛龍公司歷史最高全年產量紀錄。不計赫斯收購的影響，淨油當量產量成長達到我們 2025 年 6% 至 8% 指導範圍的上限。由於業績強勁且執行嚴謹，TCO、二疊紀盆地和美洲灣的產量達到或超過了先前的預期。我們預計 2026 年產量將繼續成長，因為我們看到了專案增產帶來的好處、過去資產的全面投入以及頁岩油氣組合的持續高效運作。

A full year of Permian above 1 million barrels of oil per day and back in production, underpins the expected growth in (inaudible). Recent and upcoming project startups in Guyana, the Gulf of America, and the Eastern Mediterranean are anticipated to increase offshore production by approximately 200,000 barrels of oil equivalent per day. We expect TCO 30,000 barrels of oil equivalent per day, delivering near its original plan as the 2026 maintenance schedule has been optimized.

二疊紀盆地全年日產量超過100萬桶，並恢復生產，支撐了預期的成長。（聽不清楚）預計圭亞那、美洲灣和東地中海近期及即將啟動的計畫將使海上石油日產量增加約 20 萬桶油當量。我們預計 TCO 每天可生產 30,000 桶油當量，接近原計劃，因為 2026 年的維護計劃已經優化。

In total, growth in these high-margin assets is anticipated to contribute to a 7% to 10% increase in production year over year, excluding the impact of asset sales. Last year, we launched our structural cost reduction program as part of our continued commitment to cost discipline. Execution has exceeded expectations with $1.5 billion delivered in 2025 and $2 billion captured in the annual run rate. These results reflect a broad organization-wide effort to operate more efficiently. Challenging high and warm work gets done, streamlining processes, integrating advanced technology, and leveraging our scale across the supply chain.

總體而言，這些高利潤資產的成長預計將使產量年增 7% 至 10%，不包括資產出售的影響。去年，我們啟動了結構性成本削減計劃，這是我們持續致力於成本控制的一部分。執行情況超出預期，2025 年交付 15 億美元，年運行率達 20 億美元。這些成果反映了公司上下為提高營運效率所做的廣泛努力。具有挑戰性的高難度工作得以完成，流程得以簡化，先進技術得以整合，並在整個供應鏈中發揮了我們的規模優勢。

We've restructured our operating model to be leaner and faster with a more intense focus on benchmarking and prioritization. And we're not done. We expect this momentum to continue as we aim to deliver on our expanded target of $3 billion to $4 billion by the end of 2026. With more than 60% of savings going from durable efficiency gains.

我們重組了營運模式，使其更加精簡高效，並更加重視基準測試和優先排序。我們還沒完。我們預計這一勢頭將繼續保持，力爭在 2026 年底前實現 30 億至 40 億美元的目標。超過 60% 的節省來自持久的效率提升。

As Mike referenced, we're entering 2026 in a position of strength. Our diversified portfolio has a dividend and CapEx breakeven below $50 Brent, a deep opportunity Q with lower execution risk. Capital discipline remains at the core of our strategy as we focus on only the highest value opportunities. Our balance sheet is an excellent ship with significant debt capacity that provides additional resilience and flexibility. This disciplined approach allows us to manage through cycles, invest for the future, and consistently reward shareholders. Over the last four years, we've returned more than $100 billion in dividends and buybacks.

正如麥克所提到的，我們以強大的姿態進入了 2026 年。我們的多元化投資組合可在布蘭特原油價格低於 50 美元時實現股息和資本支出盈虧平衡，這是一個具有較低執行風險的深度投資機會。資本紀律仍然是我們策略的核心，我們只專注於最有價值的投資機會。我們的資產負債表非常穩健，擁有充足的債務融資能力，這為我們提供額外的韌性和靈活性。這種嚴謹的方法使我們能夠應對週期性波動，為未來進行投資，並持續為股東帶來回報。過去四年，我們已透過股利和股票回購返還了超過 1,000 億美元。

As we showed you at our Investor Day, our track record of growing the dividend is unmatched across decades. Today, we announced a 4% increase in the quarterly dividend, in line with our top financial priority.

正如我們在投資者日上向您展示的那樣，幾十年來，我們不斷增長股息的記錄無人能及。今天，我們宣布將季度股利提高 4%，這符合我們最重要的財務目標。

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 of this presentation as well as the slides and other information posted on chevron.com. We are now ready to take your questions. We ask you limit yourself to just one question. We will do our best to get all of your questions answered.

我們的發言稿到此結束。更多指導資訊請參閱本次簡報的附錄以及雪佛龍網站（chevron.com）上發布的幻燈片和其他資料。現在我們準備好回答您的問題。請您只提一個問題。我們會盡力解答您的所有問題。

Katie, can you please open the lines?

凱蒂，你能接通電話嗎？

(Operator Instructions) Arun Jayaram, JPMorgan.

（操作說明）Arun Jayaram，摩根大通。

I was wondering if you could elaborate on a few of the moving pieces around TCO volumes in 2026, including the optimized maintenance schedule. And perhaps, Mike, you could just discuss the issue on the power distribution system and where you stand with some of the debottlenecking activities that could potentially result in an increase in new productive capacity at TCO?

我想請您詳細說明一下 2026 年 TCO 量的一些變化因素，包括優化的維護計劃。麥克，或許你可以談談配電系統的問題，以及你對一些消除瓶頸的活動持何立場，這些活動可能會增加TCO的新生產能力？

Sure. Let me start with the power issue since that's been the most recent information there. The team proactively suspended production at the facility when an issue was identified in the power system. I'm really proud of the organization for taking that step, being willing to reduce production when they identify the condition that created a risk and focusing on the safety of people, assets, the environment. They acted with urgency to get the facility to a safe posture immediately began working on root cause identification and very quickly began implementing solutions to get production back online. Production has been resumed at the (inaudible) field.

當然。讓我先從電力問題說起，因為這是目前掌握的最新資訊。當電力系統出現問題時，團隊主動暫停了工廠的生產。我為公司採取這項措施感到非常自豪，他們願意在發現造成風險的情況時減少生產，並將人員、資產和環境的安全放在首位。他們立即採取緊急行動，使工廠恢復安全狀態，並著手找出根本原因，迅速開始實施解決方案，使生產恢復上線。該（聽不清楚）油田已恢復生產。

A number of the assets or power distribution assets that have been taken out of service have been brought back into service. We've actually got power now to one of the pressure boost facilities and are in the process of beginning to ramp things back up to higher rates through the processing plants as I outlined in my opening comments.

許多已停用的資產或配電資產已重新投入使用。我們現在已經恢復了其中一個增壓設施的供電，正如我在開場白中概述的那樣，我們正在逐步提高加工廠的產能。

Also in the news, just to close the loop on it, we have two (inaudible) back in service at CPC. We've been working for the last plus days, maybe 30 to 45 days through a single mooring birth. So back into start-up mode on TCO and as I indicated, full field production capacity is not far away.

另外，為了完整說明狀況，我們還有兩台（聽不清楚）設備在 CPC 重新投入使用。過去幾天，我們一直在努力，可能花了 30 到 45 天的時間才完成一次單次繫泊分娩。所以，TCO 又回到了啟動階段，正如我所指出的，全面投產指日可待。

When you look at the full year guide, where we said we expect to be near our original production expectations. Two things I would point to. One is maintenance optimization, which is timing of activity and optimizing downtime. And so as we've looked at the schedule for this year, we've got a more optimal plan that will accomplish the maintenance objectives and reduce the amount of planned downtime that goes with those.

從全年業績指南來看，我們曾表示預計產量將接近最初的預期。我想指出兩點。一是維護優化，即活動時間安排和優化停機時間。因此，當我們審視今年的計畫時，我們制定了一個更優化的方案，該方案將實現維護目標，並減少由此產生的計畫停機時間。

And then the second thing gets to your question about debottlenecking. At our Investor Day, we shared some history at that demonstrated over our years there in multiple projects, we've been able to steadily improve plant capacity beyond nameplate. We're working on that again now with the new project. And in fact, one of the pit stop turnarounds that we took late in 2025 was to address -- to retry a column or a portion of a column and address some issues that have been identified that we believe will allow us to push some more throughput through the plant. We've actually not run that at full capacity long enough to be able to speak to exactly what the impact of that is because of some of these other constraints that I just mentioned. But as we're back up and running, we'll certainly have a chance to test that.

其次，第二點牽涉到你關於消除瓶頸的問題。在我們的投資者日上，我們分享了一些歷史，這些歷史表明，多年來，我們在多個項目中不斷提高工廠產能，使其超過額定產能。我們現在正利用新項目再次進行這項工作。事實上，我們在 2025 年底進行的一次檢修是為了解決——重新測試一個塔或塔的一部分，並解決一些已經發現的問題，我們相信這將使我們能夠提高工廠的產量。實際上，由於我剛才提到的其他一些限制，我們還沒有以滿載運轉足夠長的時間，因此無法確切地說出其影響是什麼。但隨著我們恢復運營，我們肯定有機會對此進行測試。

And I would expect that and other steps that we take will lead to a gradual debottlenecking and we'll look to try to creep the capacity further upward. And we'll advise you as we've got run time and confidence that we can demonstrate that, we'll let you know what that looks like.

我預計，我們採取的這些措施以及其他措施將逐步消除瓶頸，我們將努力進一步提高產能。一旦我們有了足夠的運行時間和信心來證明這一點，我們會通知您具體情況。

Neil Mehta, Goldman Sachs.

尼爾梅塔，高盛集團。

Mike, if you could unpack Venezuela a little bit more. And specifically, your just thoughts on the conditions of the assets on the ground and how much running room there is in terms of the resource there, how big could this be in the context of Chevron's portfolio? And I think, Mike, you alluded to the fact that you might be thinking about this more as a self-funding model type of way. So anything you can unpack there two would be great.

麥克，你能再詳細解釋一下委內瑞拉的情況嗎？具體來說，您對現場資產狀況以及資源剩餘空間有何看法？就雪佛龍的資產組合而言，這筆投資規模有多大？麥克，我想你之前也暗示過，你可能更多是把這個項目看作是一種自籌資金的模式。所以，如果你能把那兩個地方的東西都拿出來，那就太好了。

Yes, Neil, maybe I'll put a little bit of context around this just because I have had different discussions with people over the years, and I'd like to get (inaudible) kind of level set on it since it's been more front and center recently than it has been historically. First of all, our operations there through the last month and all the things that have happened on the ground have continued uninterrupted. Our people are safe. We continue to work closely with our partners in Venezuela to get crude to the market. So we've not been impacted by any shipping issues or anything else that have been in the media.

是的，尼爾，也許我應該稍微解釋一下這個問題，因為這些年來我和不同的人討論過這個問題，而且我想就此達成某種共識，因為最近這個問題比以往任何時候都更加突出。首先，過去一個月我們在那裡的行動以及當地發生的一切事情都未受到干擾地繼續進行。我們的人民很安全。我們將繼續與委內瑞拉的合作夥伴密切合作，將原油輸送到市場。所以我們沒有受到任何運輸問題或媒體報導的其他事件的影響。

We're actually in four different joint ventures with (inaudible) three of which are producing assets since 2022, when there were some changes in the licenses out of OPEC under the Biden administration, we've grown production by over 200,000 barrels a day. Gross production now is up around 250,000 barrels a day. And as Mark mentioned during the White House meeting, there's the potential for up to an incremental 50% production growth over the next 18 to 24 months as we get some additional authorizations from the US government.

我們實際上與（聽不清楚）進行了四項不同的合資，其中三項自 2022 年以來一直在生產資產，當時拜登政府對歐佩克的許可證進行了一些更改，我們的日產量增加了 20 多萬桶。目前總產量約每天25萬桶。正如馬克在白宮會議上提到的那樣，隨著我們從美國政府獲得一些額外的授權，未來 18 到 24 個月內，產量有可能增加高達 50%。

The activity on the ground right now is entirely funded through the cash within those ventures. And so the current license agreement requires us to pay certain taxes and royalties that were legally obligated to pay. It enables repayment of debts that we have still have debt balances that were owed and we've been steadily working those down. And then the additional cash goes back into the operations from normal operating costs.

目前現場活動的全部資金都來自這些項目的資金。因此，目前的授權協議要求我們支付某些稅款和特許權使用費，這是我們依法必須支付的。它使我們能夠償還債務，我們仍然有一些未償債務餘額，我們一直在穩步償還這些債務。然後，多餘的現金會從正常的營運成本中重新投入營運。

That has funded things like workovers, basic maintenance on pumps and pipelines, and compressor stations and the like, which have allowed us to improve production as we have and would continue to, as I indicated, up to maybe 50% additional growth. So that's the current state of things.

這筆資金用於修井作業、泵浦和管道的基本維護以及壓縮站等，使我們能夠提高產量，而且正如我所指出的，產量還會繼續提高，增幅可能高達 50%。這就是目前的情況。

As I think everybody on the call knows, the resource potential in Venezuela is large. It's well established and there's a lot of running room ahead. I can speak to the state of our assets, and we have worked hard to keep them safe and reliable and maintain them during this period of time. I think as you look at the performance out of other assets that we're not involved in you can see that, that may not be the case across the rest of the industry and the country as the production has kind of steadily eroded over the last decade or so. And so I think the opportunity to do some of the things we've done in some of these other operations is probably there.

我想在座各位都知道，委內瑞拉的資源潛力巨大。它已經發展成熟，未來還有很大的發展空間。我可以談談我們資產的狀況，在此期間，我們一直努力確保它們的安全可靠並對其進行維護。我認為，如果你看看我們沒有參與的其他資產的表現，你會發現，這種情況可能並不適用於整個產業和全國，因為在過去十年左右的時間裡，產量一直在穩步下降。所以我認為，我們或許有機會像在其他一些行動中一樣，做一些事情。

I think it's a little early to say what our longer-term outlook is, Neil. You should expect us to remain focused on value and capital discipline. It's a large resource that has the opportunity to become a more sizable part of our portfolio in the future. But we also need to see stability in the country. We need to have confidence in the fiscal regime. There was a hydrocarbon law that was passed just yesterday that we're in the process of reviewing to understand how that applies. And so there'll be a number of signposts that we'll be watching.

尼爾，我覺得現在談論我們的長期前景還為時過早。你們應該期待我們繼續專注於價值和資本紀律。這是一個巨大的資源，未來有機會成為我們投資組合中更重要的組成部分。但我們也需要看到國家穩定。我們需要對財政體制有信心。昨天剛通過了一項碳氫化合物法，我們正在審查該法，以了解其適用範圍。因此，我們將關注許多標誌物。

And as I try to remind people always like anywhere that we invest fiscal terms, stability, regulatory predictability are important. And so it will have to compete in our portfolio versus attractive investments in many other parts of the world. With the right changes, we certainly could see our operations in the footprint in Venezuela, and we're working with the US government and the Venezuelan government to try to create circumstances that would enable that.

我總是提醒人們，就像在任何地方一樣，我們投資的財務條款、穩定性、監管可預測性都很重要。因此，它將不得不與世界其他許多地區的其他有吸引力的投資項目競爭。只要做出正確的改變，我們當然可以在委內瑞拉開展業務，我們正在與美國政府和委內瑞拉政府合作，努力創造能夠實現這一目標的條件。

Doug Leggate, Wolfe Research.

道格‧萊格特，沃爾夫研究公司。

Mike, I wonder if I could just quickly take you back to Tengiz. And it's -- I guess it's really more of a macro question because I think you're aware that Kazakhstan seemingly has some fairly substantial compensation cuts planned in the summertime. And I don't know how much of that was supposed to be Tengiz. So I think it was a previous question from one of the guys asking about maintenance. But now that you've had this unplanned downtime, I'm wondering, does that kind of meet the compensation plan if you had any contribution to that?

麥克，我不知道能不能帶你快速回騰吉斯。而且——我想這其實更多的是一個宏觀問題，因為我想您應該知道，哈薩克斯坦似乎計劃在夏季進行一些相當大的薪酬削減。我不知道其中有多少是騰吉茲的。所以我覺得這是之前有人問過的關於維修方面的問題。但既然你們遇到了這次計畫外的停工期，我想知道，如果你們對停工期有任何貢獻，這是否符合補償計畫的要求？

In other words, we should not expect any further cuts later in the year. I don't know if you can speak to that both on a macro and a Chevron specific level, please.

換句話說，我們不應預期今年稍後會有任何進一步的減薪。我不知道您是否能從宏觀層面和雪佛龍公司的具體層面談談這個問題。

Yes, Doug, I really can't. That's a matter for the Republic and obviously, OPEC Plus as they engage in their discussions, which we're not privy to. I'll point out that historically, because the TCO barrel is a pretty attractive barrel from a fiscal standpoint to the Republic that what we've seen historically is if there are restrictions on production in the country, those tend to affect the barrels that are less fiscally attractive to the government, and TCO doesn't have a history of being impacted to a great degree by that. And so I would point to that. I know history is not always a prediction of the future, but that's how things have historically worked.

是的，道格，我真的做不到。這是共和國以及歐佩克+內部討論的事情，我們無從得知。我要指出的是，從歷史角度來看，由於 TCO 桶對共和國來說是一種非常有吸引力的桶，我們從歷史中看到的情況是，如果該國的生產受到限制，這些限制往往會影響那些對政府財政吸引力較小的桶，而 TCO 桶並沒有受到這種限制的很大影響。所以我會指出這一點。我知道歷史並不總是對未來的預測，但歷史上事情往往就是這樣發展的。

And I just don't know what agreements or understandings there are within the country relative to OPEC.

我完全不清楚該國與歐佩克之間存在哪些協議或諒解。

Ryan Todd, Piper Sandler.

瑞安·托德，派珀·桑德勒。

Maybe on the Eastern Med, you've made a lot of progress in the Eastern Mediterranean over the last 6 months. Can you walk through kind of the drivers of the progress in the region, keys to after did development, getting that to FID and then maybe additional opportunities in the region, including places like Egypt, where we've seen some headlines involving yourself (inaudible).

或許在東地中海地區，過去六個月你們取得了巨大進展。您能否談談推動該地區發展的因素，以及發展之後的關鍵所在，如何促成最終投資決定，並探討該地區的其他機遇，包括像埃及這樣的地方，我們看到一些與您相關的報道。（聽不清楚）

Yes. Thanks, Ryan. We are -- continue to be very excited about the resource potential in the Eastern Mediterranean. I used to get some questions back during the last year or so when there was a lot of kind of geopolitical uncertainty in the region. But this is a tremendous resource.

是的。謝謝你，瑞恩。我們一直對東地中海地區的資源潛力感到非常興奮。在過去一年左右的時間裡，由於該地區地緣政治局勢存在許多不確定性，我經常會收到一些類似的問題。但這確實是一項巨大的資源。

All credit to Noble Energy for the way they developed both Tamar and Leviathan. And across our core assets, on a gross basis, we've got over 40 Tcf of resource. And this is comparable to our assets in Australia, which have been the focus of investors for a long time. But this is a similar scale.

Tamar 和 Leviathan 的開發完全歸功於 Noble Energy。就我們的核心資產而言，總資源量超過 40 兆立方英尺。這與我們在澳洲的資產類似，這些資產長期以來一直是投資者的焦點。但這與上述情況規模相似。

In the near term, we're focused on safely bringing online projects at both Tamar Leviathan later this year. Tomorrow, we'll add about 500 million cubic feet a day of capacity Leviathan about 200. And then the Leviathan expansion we just took FID on we'll take gross production there to 2.1 Bcf by the end of the decade. So steady growth. Combined, those projects should increase production, about 25% and double earnings in cash flow by 2030. And then as you mentioned, [Aphrodite] just entered feet.

近期，我們將專注於在今年稍後安全地啟動 Tamar Leviathan 的線上專案。明天，我們將每天增加約 5 億立方英尺的容量，相當於 Leviathan 約 200 立方英尺。然後，我們剛剛做出最終投資決定的利維坦擴建項目，到本十年末，其總產量將達到 21 億立方英尺。因此，穩步增長。這些項目加起來應該能讓產量提高約 25%，到 2030 年現金流收益翻倍。然後正如你所說，[阿芙洛狄忒]就以腳進入了。

We're working towards a competitive project in Cypress is the one that's been kind of on the drawing board for quite some time, and we reached, I think, a good understanding of Cypress on the development concept there. And so all of these lead to our confidence in the region.

我們正在努力推進 Cypress 的一個有競爭力的項目，這個項目已經醞釀了相當長一段時間，我認為我們已經對 Cypress 的開發理念有了很好的理解。因此，所有這些都增強了我們對該地區的信心。

Last thing is we've got at least one exploration well, I know that is going to go down offshore Egypt. We've got a large position in a number of blocks offshore Egypt further to the west in areas that are relatively underexplored and have been under some military exclusions. Historically, there's working petroleum systems onshore, and we've got reasons to believe they could extend offshore.

最後一點是，我們至少有一口勘探井，我知道它將在埃及近海鑽探。我們在埃及近海更西邊的多個區塊擁有大量股份，這些區塊勘探程度相對較低，並且曾經受到一些軍事管制。從歷史上看，陸上存在著運作良好的石油系統，我們有理由相信這些系統可以延伸到海上。

So we're going to be testing that we shot seismic and going to be getting some wells down. So An important part of our portfolio, good things underway now, and I think the running room on this one continues well into the future.

所以我們將測試我們進行的地震勘探，並且會下鑽一些井。所以，這是我們投資組合的重要組成部分，目前進展順利，我認為這個專案在未來很長一段時間內都有發展空間。

Devin McDermott, Morgan Stanley.

德文·麥克德莫特，摩根士丹利。

Eimear, you had some helpful comments and details in the slides on the cost reduction progress so far. And if we look at what's on deck for 2026, what's ahead still? I think some of the remaining improvement is really driven by some of the fairly material organizational changes that Chevron implemented last fall. And now that you're a few months into this new operating model. I was wondering if you could talk about some of the early results that you're seeing so far, both on cost and operations.

艾米爾，你在幻燈片中對迄今為止的成本削減進度提出了一些很有幫助的意見和細節。如果我們看看 2026 年的計劃，未來還有哪些事情值得期待？我認為，剩餘的改進部分實際上是由雪佛龍去年秋季實施的一些相當實質的組織變革所推動的。現在你們已經實行這種新的營運模式幾個月了。我想請您談談目前為止在成本和營運方面取得的一些初步成果。

So any positive surprises or conversely kind of listen learned or areas that are still a work in progress.

所以，有沒有什麼正面的驚喜，或反過來，有什麼新的發現，或是有哪些領域仍在改進中。

Okay. Thanks, Devin. Yes, we've hit the ground running. We went live with the new organization in October. And the new operating model is live and well, and we're seeing that reflected in the early results that we've shown you today in the prepared comments.

好的。謝謝你，德文。是的，我們已經迅速進入工作狀態。我們在十月正式啟用新的組織架構。新的營運模式已經上線運作良好，這一點從我們今天在準備好的評論中向大家展示的早期結果中就能看出。

So we've saved $1.5 billion thus far on the cost reduction program. So some of that is coming from divestments, some of that's coming from efficiencies and technology. And so you see the the early results of the organizational impacts in the results already. The run rate is greater than $2 billion at the end of the year. So we are expecting the organizational efficiencies to add to the results that we're seeing thus far.

因此，到目前為止，我們在成本削減計劃中已經節省了15億美元。其中一部分來自資產剝離，一部分來自效率提升和技術進步。因此，我們已經從結果中看到了組織影響的早期成果。到年底，年化收入將超過20億美元。因此，我們預期組織效率的提升將有助於我們取得目前為止所取得的成果。

So we're very confident in the targets that we've set and delivering that over the course of this year. And just a reminder, that's 3 to 4 billion. Look, in terms of the lessons learned, what I'd say is we're seeing results everywhere. Every team as part of this program has been benchmarking has been looking for areas of improvement. So we've got a lot of programs that are looking at improving our competitiveness across every metric.

因此，我們對已設定的目標以及今年實現這些目標都非常有信心。提醒一下，那是30億到40億。從經驗教訓來看，我認為我們到處都看到了成效。參與該計劃的每個團隊都在進行標竿分析，尋找需要改進的方面。因此，我們有許多項目旨在提高我們在各個指標上的競爭力。

Some of the examples that I would call out production chemicals now that we have our shale and tight portfolio and assets all together in one business we've been able to look at that from an operational efficiency perspective, not only to optimize operationally, the chemical treatments but also the cost and the dosing.

一些例子包括生產化學品，現在我們已經將頁岩和緻密油氣資產組合整合到一個業務中，我們能夠從營運效率的角度來審視它，不僅要優化運營，還要優化化學處理，以及成本和劑量。

So that would be an operational lessons learned were feel and the design of the new organization makes that easier to do and the results speak for themselves. Another area, maybe in the technology space, we've talked about this for a number of years. But AI is really starting to take off in terms of being used in every part of the business. And in the new organization, our supply chain team is set up a little bit differently and they've really been using AI in a neat way to glean more intelligence around how to approach certain negotiations.

因此，這便是我們從營運中學到的經驗教訓，而新組織的設計使得這一點更容易做到，結果也證明了這一點。另一個領域，像是科技領域，我們已經討論這個問題好幾年了。但人工智慧正在各個業務環節廣泛應用，並真正開始蓬勃發展。在新組織架構中，我們的供應鏈團隊的設定略有不同，他們巧妙地運用人工智慧來獲取更多關於如何進行某些談判的資訊。

And so that will be an example as well. So all in all, we're on track to deliver the $3 billion to $4 billion. I'm very confident in that. And this is overall OpEx reduction, while we significantly grow. So we'll keep you updated on the progress.

所以，這也算是一個例子。總而言之，我們預計將實現 30 億至 40 億美元的目標。我對此非常有信心。而且，在實現顯著成長的同時，整體營運成本也降低了。我們會隨時向您報告進度。

Thanks for the question.

謝謝你的提問。

Sam Margolin, Wells Fargo.

Sam Margolin，富國銀行。

Maybe revisiting the Permian, I think it was like the second half where you called out that productivity -- well productivity in the Permian on the operated side was inflecting higher? And now two years later, it seems like we're really seeing it flow through in capital efficiency. And so the question is like when you get this kind of momentum in shortfall capital efficiency, what does it do to your decision-making process not -- I don't want to spin you around on Permian plateau, but just given the cost of productivity structure of your operation there, it feels like it's getting incrementally capital efficient to to accelerate. So just in the context of what you're seeing performance wise, how do you feel about the Permian strategy?

或許可以重新檢視二疊紀盆地，我記得在後半部你提到過，二疊紀盆地作業側的生產力正在上升？兩年後的今天，我們似乎真的看到了資本效率的提升。所以問題是，當你在資金短缺效率方面獲得這種勢頭時，它會對你的決策過程產生什麼影響？我不想讓你糾結於二疊紀高原，但考慮到你在那裡的營運成本和生產力結構，感覺它正在逐步提高資本效率，從而加速發展。就目前看到的性能表現而言，您對二疊紀盆地策略有何看法？

Sam, I'll take this one. Yes, well, what we're seeing is exactly what we set out to achieve, and that was to hold Permian at 1 million barrels a day. We've seen that for three quarters and optimize on cash generation. And we're already seeing cash efficiency improve. We're at $3.5 billion of CapEx already, and that was something that we thought that it was going to take us some time, but the team has just done a terrific job.

山姆，這個我來做。是的，我們現在看到的正是我們想要達到的目標，那就是將二疊紀盆地的日產量維持在 100 萬桶。我們已經連續三個季度看到這種情況，並且正在優化現金流。我們已經看到現金效率提高。我們已經投入了 35 億美元的資本支出，我們原本以為這會花費我們一些時間，但團隊的工作非常出色。

Every aspect of the factory there has seen efficiency and improvement. And now we're taking that further given that our shale and tight portfolio is together as part of the new organization in one business. And so we're seeing that capital efficiency extend to the back end, extend to the DJ and extend to Argentina. One data point I'd give you just to illustrate it clearly is drilling rig efficiency. And since 2022, we've more than doubled our drilling efficiency from that point.

該工廠的各個方面都提高了效率並有所改進。現在，鑑於我們的頁岩氣和緻密氣資產組合已合併為一個新組織，成為一家企業，我們將進一步推動這項策略。因此，我們看到資本效率正在向後端、向道瓊工業平均指數以及向阿根廷延伸。為了更清楚地說明這一點，我舉一個數據點，那就是鑽井平台的效率。自 2022 年以來，我們的鑽井效率已經提高了一倍以上。

And so we're drilling the development areas for much less. In terms of our decision making right now, no change to our decision-making. I mean, Permian plays a role in our portfolio. We're focused on growing cash flow, not growing production and the capital efficiency enables that. So I just finish by emphasizing all of these actions are improving returns.

因此，我們在開發區鑽探的成本要低得多。就我們目前的決策而言，我們的決策方式不會改變。我的意思是，二疊紀盆地在我們投資組合中佔有一席之地。我們專注於增加現金流，而不是增加產量，而資本效率的提高使這一切成為可能。最後，我要強調的是，所有這些措施都在提高回報。

Paul Cheng, Scotiabank.

Paul Cheng，加拿大豐業銀行。

Mike, can you discuss how you see the opportunity set in two of the OPEC countries, Libya and Iraq, where a lot of your competitors seems to be believe that the opportunity sets have much improved and making wave, we haven't heard from Chevron. And also that comparing to your peers, your LNG size or portfolio size is much smaller. And how that fit into your long term? Do you have a different view comparing your peer on the LNG business.

麥克，你能談談你如何看待歐佩克兩個成員國利比亞和伊拉克的機會嗎？你的許多競爭對手似乎都認為這兩個國家的機會已經大大改善，並且正在掀起波瀾，但我們還沒有聽到雪佛龍公司對此發表意見。而且與同行相比，您的液化天然氣規模或投資組合規模要小得多。這如何融入你的長期計畫？你對液化天然氣業務的看法與同業有何不同？

Paul, a couple of questions there, I guess. First of all, you might have seen we recently signed an MOU in Libya. We're a little bit underweight, relatively speaking, Middle East versus some other parts of the world, and that's been intentional. The types of contracts and the terms have been on to offer in the Middle East, broadly speaking, for the last decade or more, have not been very competitive versus some of our alternatives. And so you've had a lot of service type contracts.

保羅，我想問你幾個問題。首先，您可能已經看到我們最近在利比亞簽署了一份諒解備忘錄。相對而言，中東地區的經濟規模略顯不足，與其他一些地區相比，這是我們有意為之的。總的來說，過去十年或更長時間以來，中東地區提供的合約類型和條款與我們的某些替代方案相比，競爭力並不強。所以你們簽了很多服務型合約。

And in a world of limited human resources and limited capital resources, we need to deploy these to what we believe are the highest return opportunities. And it's been tough for a lot of those to compete within our portfolio. So we've not gone into Iraq. It's been a decade or more than since we've last really had any kind of a serious look at Libya. Those things are changing.

在人力資源和資本資源有限的世界裡，我們需要將這些資源投入我們認為回報最高的機會。對許多這類公司來說，在我們投資組合中競爭一直很艱難。所以我們沒有進入伊拉克。距離我們上次認真審視利比亞問題已經過去十年甚至更久了。這些情況正在改變。

And I think in part, when we saw President Trump make a visit through the region earlier this year, we saw a notable uptick in inbound inquiries and the desire to engage not just in those two countries, but in any number of other countries that would like to see American companies invest in their economies. And so the resource potential in some of these countries is undeniable (inaudible) two of the largest resource holders in the world. And so we're engaged in discussions in both of those countries. They've been reported in the media to look at everything from existing producing fields and coming into those to operate and grow also looking at exploration opportunities as well. Improvements in fiscal terms have been critical, pairing discovered resources with exploration opportunities make things more attractive and so we need to see compelling value opportunities there if we're going to invest. We intend to stay disciplined on capital and seek the highest returns.

我認為，部分原因是今年稍早川普總統訪問該地區後，我們看到入境諮詢量顯著增加，而且人們不僅希望與這兩個國家開展合作，還希望與許多其他國家開展合作，這些國家都希望看到美國公司在其經濟中投資。因此，其中一些國家的資源潛力是不可否認的（聽不清楚），其中兩個是世界上最大的資源持有國。因此，我們正在與這兩個國家進行磋商。據媒體報道，他們正在考察各種機會，包括現有油田的開採和運營，以及勘探機會。財政條件的改善至關重要，將已發現的資源與勘探機會相結合，會使情況更具吸引力，因此，如果我們要進行投資，就需要看到令人信服的價值機會。我們打算嚴格控制資金使用，力求獲得最高回報。

My quick response in LNG, Paul, I think I've spoken to this before, is we're a global player. We need to be in projects that compete. And a lot of things that we've passed on around the world similarly to my comments about some of these Middle East opportunities, they also don't deliver the returns that we're looking for. And so we've got some US offtake where we don't need to put capital to work because we have a large gas position. We've got a strong credit position, and we can get attractive throughput rates and let somebody else deploy the capital into those businesses. So we'll have some LNG uptake from the US. And we'll continue to look at opportunities. We're not opposed to adding, but it's got to deliver competitive returns.

保羅，關於液化天然氣，我的快速回應是，我們是一家全球性企業。我想我以前也談過這個問題。我們需要參與有競爭性的專案。許多我們向世界各地推廣的項目，就像我之前評論的一些中東投資機會一樣，都無法帶來我們所期望的回報。因此，我們有一些美國天然氣訂單，由於我們擁有大量的天然氣儲備，所以不需要投入資金。我們擁有良好的信用狀況，可以獲得有吸引力的吞吐量，並讓其他人將資金投入這些業務。因此，我們將從美國獲得一些液化天然氣。我們將繼續尋找機會。我們並不反對增加投資，但必須帶來有競爭力的回報。

Steve Richardson, Evercore ISI.

Steve Richardson，Evercore ISI。

I was wondering if we could maybe just dovetail on those -- the comments just there on changing fiscal terms internationally and the opportunity. It just feels like you've positioned the company arguably really well to win in a low commodity price environment and with the time to leverage the upside as your sensitivity suggests. So that's -- but the opportunity set just keeps on getting bigger. I mean we just talked about Venezuela, talking about some of these opportunities in the Middle East. You've got a revamped exploration program.

我想知道我們是否可以就這些內容進行銜接——剛才提到的關於改變國際財政條款和機會的評論。感覺你們已經為公司做好了充分的準備，使其能夠在低迷的大宗商品價格環境下取得成功，並且正如你們所暗示的那樣，有足夠的時間來利用上漲空間。所以，機會越來越多。我的意思是，我們剛才談到了委內瑞拉，談到了中東的一些機會。你們的探勘計劃已經過全面改革。

So can you just follow up on that in terms of how do we think about maintaining that leverage to the upside while developing some of these future opportunities? And how do you instill that discipline in the organization, if you could?

那麼，您能否就此再補充一下，我們如何在開發未來機會的同時，保持這種上行優勢？如果可以的話，你該如何將這種紀律性灌輸到組織中？

I mean, we've steadily worked to high-grade our portfolio. We've looked to add very strong and competitive assets to our business, and we have divested ourselves of positions that are not bad assets but they fit better for somebody else than they do for us. And so in doing so, I think we strengthened the company. You've seen our breakeven has come down. You see that we're able to operate at lower cost because we're actually in fewer positions that have more sale.

我的意思是，我們一直在穩步提升投資組合的品質。我們一直在努力為我們的業務增加非常強大且具有競爭力的資產，同時我們也剝離了一些雖然不是壞資產，但更適合其他人而不是我們持有的資產。因此，我認為我們這樣做增強了公司的實力。你們已經看到我們的損益平衡點下降了。您可以看到，我們之所以能夠以更低的成本運營，是因為我們實際上佔據了更少但銷售額更高的職位。

They've got longevity, so we can apply technology to these assets. And I think you can expect us to continue to do so. We want to grow gradually over time, but demand for our products isn't growing at an enormous rate. Demand for us is growing arguably 1% a year, give or take. Gas has grown a bit more strongly than that.

它們具有長久的生命週期，因此我們可以將技術應用於這些資產。而且我認為你們可以期待我們繼續這樣做。我們希望隨著時間的推移逐步發展，但我們產品的需求成長速度並不快。對我們的需求大約每年增長 1%，上下浮動。天然氣的成長勢頭比這還要強勁一些。

And so we've got a volume metric growth a little bit above last year this year. because we've got some acquisitions and project start-ups. But over time, we've got to grow cash flow. And that's the focus. We've got to drive breakevens down because we're in a commodity business. We can never forget about that.

因此，我們今年的銷售指標成長略高於去年，因為我們進行了一些收購並啟動了一些新項目。但隨著時間的推移，我們必須增加現金流。這就是重點。因為我們從事的是大宗商品產業，所以我們必須降低損益平衡點。我們永遠不能忘記這件事。

And we've got to apply base business excellence to everything that we do. So we've got to drive value out of these assets. We got to work them better. I'll give you -- Eimear talked earlier about bringing all of our shale businesses together.

我們必須將卓越的基本商業準則應用於我們所做的每一件事。所以我們必須從這些資產中挖掘價值。我們必須更好地管理他們。我給你——艾米爾之前談到要把我們所有的頁岩氣業務整合起來。

As you look now at what we're doing with the Permian, the DJ, the Bakken, and Argentina, all as part of one organization. And I see people practices, technology standards being shared across those businesses we're steadily driving the kind of improvement that Eimear was addressing in her response to SAM across that entire portfolio.

現在，您可以看看我們在二疊紀盆地、大丹佛盆地、巴肯盆地和阿根廷所做的一切，所有這些都屬於同一個組織。我看到這些企業在人員實踐和技術標準方面實現了共享，我們正在穩步推進 Eimear 在回應 SAM 時所提到的那種改進，這種改進遍及整個業務組合。

And so we consciously positioned the company, as you say, to have the resilience that I talked about. I said we're bigger, better and more resilient ever. That means we can ride through the cycles in even better position than we could in the past and we've got a balance sheet that provides ballast if you get into a long cycle.

因此，正如你所說，我們有意識地將公司定位為具有我所說的這種韌性。我說過，我們比以往任何時候都更強大、更優秀、更有韌性。這意味著我們可以比過去更好地度過經濟週期，而且我們的資產負債表可以在進入長期週期時提供緩衝。

And we've got this track record of continually raising the dividend, steadily buying shares back through the cycle and being able to reinvest in the business to strengthen it over time, and that's the playbook going forward.

我們一直以來都有不斷提高股息、在經濟週期中穩步回購股票並能夠對業務進行再投資以逐步增強業務實力的良好記錄，這就是我們未來發展的方向。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Just a follow-up on portfolio. I've been touched on a couple of times, but we've seen a bunch of headlines on you may be looking to sign deals in various countries. I was just wondering -- is this a concerted step-up in your efforts? Or is this largely initiated by resource-rich countries and reverse inquiries on perspective there would be helpful. And one of the things just to note on is your portfolio has become more concentrated over time, which has been -- which is good and bad depending on the situation.

關於投資組合的後續跟進。我之前被提及過幾次，但我們看到很多新聞標題都在說你可能正在尋求與多個國家簽署協議。我只是想問一下──這是你們加大力度推進相關工作嗎？或者，這主要是由資源豐富的國家發起的嗎？反向調查這些國家的觀點或許會有幫助。需要注意的一點是，隨著時間的推移，您的投資組合變得更加集中，這有利有弊，取決於具體情況。

So I was wondering if that's part of your thinking is looking to diversify and how you're thinking about the portfolio there.

所以我想知道，您是否也在考慮分散投資，以及您是如何考慮投資組合的。

Yes, Biraj. So look, business development is part and parcel of what we do every day, week, month, and year. There are times you're in pretty sparse environment in terms of opportunity, and there's times when it's more target-rich. What I would say is -- and this tends to kind of work on a long cycle sometimes. What we see today are more attractive opportunities, frankly, than I think we've seen in the past.

是的，比拉傑。所以你看，業務拓展是我們每天、每週、每月、每年工作中不可或缺的一部分。有時候，你所處的環境機會相當匱乏；而有時候，機會則比較多。我想說的是——而且這種情況有時會在一個較長的周期內發生。坦白說，我們今天看到的機會比以往任何時候都更具吸引力。

And I spoke to them in lease, so I won't repeat that. But we do see a lot of interest in that part of the world, and it's reflected in these more competitive fiscal terms. And so I don't think we've necessarily changed our appetite or our level of diligence and activity in the BD environment. We just see a more attractive suite of opportunities out there. We'll continue to be very selective and pick and choose.

我跟他們談過租賃事宜，所以我就不重複了。但我們確實看到世界那個地區有很多關注點，這也反映在這些更具競爭力的財政條款中。因此，我認為我們並沒有改變我們對業務拓展環境的興趣或勤奮程度和活躍度。我們看到市場上有更多更具吸引力的機會。我們將繼續保持高度的挑剔態度，精挑細選。

I hear your comment about portfolio high-grading and concentration, if you will. At the core, we run big things big. We like large positions that have lots of running room. We like to apply technology and base business excellence to drive value through those assets. When you're in a position with a lot of smaller asset spread all over the world, your safety exposure, you've got a lot more surface area on safety, environmental issues, compliance issues, you just go down the list and so you deploy a lot of your great people to manage those things across assets that can be small and out there kind of in the tale of a portfolio, having large positions where you can put your best people to work on assets that really matter is something that I believe is important.

我明白你對投資組合高評級和集中投資的看法。從本質上講，我們把大事辦成大事。我們喜歡有較大操作空間的大型部位。我們喜歡運用技術和卓越的業務基礎，透過這些資產創造價值。當你的投資組合中有很多分散在全球各地的小型資產時，你的安全風險敞口就會大大增加，你需要處理的安全、環境問題、合規問題等等都會影響你的投資組合。因此，你需要投入大量優秀人才來管理這些分散在各個小型資產上的事務。我認為，擁有能讓你最優秀的人才專注於真正重要的大型資產是非常重要的。

And so I recognize you could get too concentrated. I don't believe that we are -- and as I mentioned earlier, we're a little underweight in the Middle East, which is an area we wouldn't mind having some more exposure if we can find it in a competitive financial standpoint.

所以我知道你可能會太專注。我不認為我們是——而且正如我之前提到的，我們在中東的投資略顯不足，如果能在具有競爭力的財務角度找到合適的投資標的，我們並不介意在該地區增加一些投資。

Manav Gupta, UBS.

瑞銀集團的馬納夫·古普塔。

You have a very strong refining portfolio, and there are two tailwinds we see to that refining portfolio. One is your competitors closing capacity in California, leaving you with one of the biggest footprints out there and above mid-cycle margins. And second is the possibility of using some of those Venezuelan (inaudible) barrels in your refining systems, Gulf Coast and other places. Can you talk a little bit about those two possible tailwinds to your refining margins?

你們擁有非常強大的煉油業務組合，我們看到這個煉油業務組合有兩個有利因素。一是你的競爭對手關閉了在加州的產能，這將使你擁有最大的市場份額之一，並且高於週期中期的利潤率。其次，有可能在你的煉油系統中，在墨西哥灣沿岸和其他地方使用一些委內瑞拉（聽不清楚）的原油桶。能否談談可能對貴公司煉油利潤率有利的兩大因素？

Yes, Manav. Thanks for bringing up something near and dear to my heart, the downstream business, where I spent a lot of my career. First off, where you ended on Venezuela and crude. We've been bringing about 50,000 barrels a day, give or take into our Pascua, Mississippi refinery on the Gulf Coast. We can take another 100,000 barrels a day into our system both at (inaudible) and on the West Coast, where we've got coking capacity at El Segundo.

是的，馬納夫。感謝你提起我非常關心的下游業務，我職業生涯的大部分時間都投入了這個領域。首先，你最後提到了委內瑞拉和原油。我們每天大約有 5 萬桶原油運送到位於墨西哥灣沿岸密西西比州帕斯誇的煉油廠。我們每天可以再接收 10 萬桶原油進入我們的系統，包括（聽不清楚）和西海岸，我們在埃爾塞貢多有焦化產能。

So I think you should expect to see us assuming it competes against alternatives to be running more of Venezuelan crude in our system over time. In California, it's an interesting situation. We have a very strong downstream position there. We've got scale. We've got complexity in terms of conversion capacity.

所以我認為，隨著時間的推移，我們應該會看到，假設委內瑞拉原油與其他原油之間存在競爭關係，我們會增加委內瑞拉原油在我們系統中的運作量。加州的情況很有趣。我們在下游地區擁有非常強大的地位。我們具備規模優勢。我們在轉換能力方面存在複雜性。

We've got flexible crude sourcing, advanced logistics, a very strong retail brands to integrate the business. And so we're as competitive as anybody and I would argue advantage really versus the rest of the competitors in California. You're seeing some refineries close that is going to take capacity out of the system. And already, we've got a market there that is geographically and logistically isolated by specification as well. And as a result, California pays higher fuel prices than the rest of the country by simple market forces being at work there. There's -- we've seen decades of what, in my opinion, has been poor energy policymaking that has made it more difficult to invest.

我們擁有靈活的原油採購管道、先進的物流系統和非常強大的零售品牌，可以整合業務。因此，我們和其他競爭對手一樣具有競爭力，而且我認為我們實際上比加州的其他競爭對手更有優勢。你會看到一些煉油廠關閉，這將減少系統的產能。而且，我們已經在那裡建立了一個市場，該市場在地理位置和物流方面都因規格而彼此隔離。因此，由於簡單的市場力量作用，加州的燃油價格高於美國其他地區。在我看來，過去幾十年來，能源政策制定一直很糟糕，導致投資更加困難。

The irony is we have places in the world like Venezuela that are trying to become more attractive to investments as places like California and ACT policies to become less attractive to investment. All of that is unfortunate as someone who spent a lot of time in that state, but it highlights the need for policy that enables investments and for competitive terms and regulatory environment. And so we'll see how things play out in California over time.

諷刺的是，世界上有些地方，例如委內瑞拉，正在努力提高對投資的吸引力，而像加州和ACT這樣的國家，卻透過政策降低了對投資的吸引力。對於曾在該州生活過很長時間的人來說，這一切都令人遺憾，但這凸顯了製定有利於投資的政策以及提供具有競爭力的條款和監管環境的必要性。所以，我們將拭​​目以待，看看加州的情況會如何發展。

Alastair Syme, Citi.

花旗集團的阿拉斯泰爾·西姆。

Reserve replacement this year, obviously benefits from Hess, but you're also taking on the new production, and that means reserve life has dropped again and it's now a lot lower than it was five to six years ago. The question is how do you think about the suitability of this metric to your business and really as a guide for investors in your business?

今年的備用電池更換顯然受益於赫斯公司，但同時也承擔了新的生產任務，這意味著備用電池壽命再次下降，現在比五、六年前要低得多。問題是，您如何看待這項指標對貴公司業務的適用性，以及它是否能真正為貴公司的投資者提供指導？

Alastair, I'll take this one. Yes, I mean, RRR, reserve replacement ratio in a business that has depletion is an important metric. It's not the only metric that we look at when we think about the depth of our inventory or the quality of the portfolio. And last year, in addition to the RRR that was associated with the inorganic growth with closing Hess and bringing Guyana and back end into the portfolio. There are also -- some of that did come from organic adds as well to extensions, discoveries, and project sanctions.

阿拉斯泰爾，這個任務我來做。是的，我的意思是，對於有損耗的企業而言，儲備金替代率（RRR）是一個重要的指標。這並不是我們在考慮庫存深度或投資組合品質時唯一關注的指標。去年，除了與非內生成長相關的 RRR 之外，還透過關閉 Hess 並將圭亞那和後端納入投資組合。還有一些——其中一些確實來自自然增長，以及擴展、發現和項目制裁。

So it's a blend of both. Look, with AR, it can be lumpy. So some years, you can get kind of a flurry of things happening at one time. And so what we look at is we look at the one year, but we also look at the longer-term trends as well. We look at the competitive metrics, too. And when we take all of that into consideration, we had a great year in 2025 on ARR, and we lead the peer group in both 5 and 10 years.

所以它是兩者的結合。你看，AR技術有時會出現卡頓現象。所以有些年份，可能會同時發生很多事情。因此，我們不僅要關註一年的數據，還要關注更長期的趨勢。我們也會關注競爭指標。綜合考慮所有這些因素，我們在 2025 年的 ARR 表現非常出色，並且在 5 年和 10 年的同行中都處於領先地位。

Thanks for the question.

謝謝你的提問。

Jean Salisbury, Bank of America.

Jean Salisbury，美國銀行。

You all had said at the Investor Day that you had started to test the chemical surfactants basins outside of the Permian. Have you gotten any early results back from the DJ or Bakken? And do you anticipate that it's going to work as well there?

你們在投資者日上都說過，你們已經開始在二疊紀盆地以外的地區測試化學界面活性劑盆地。你們從DJ或Bakken油田得到任何早期勘探結果了嗎？你認為它在那裡也能同樣奏效嗎？

Yes. Thanks. I'll take this one. So we've been primarily focused on Permian. And in fact, we've increased the treatments from about 40% of the new wells being treated at the first half of 2025 to almost 85% will be treated this year, and we're striving to hit 100% in 2027.

是的。謝謝。我選這個。所以我們主要關注的是二疊紀盆地。事實上，我們已經將處理率從 2025 年上半年新井的約 40% 提高到今年將處理的近 85%，我們正努力在 2027 年達到 100%。

(technical difficulty) what we've also learned is we can apply these technologies not only to the new out but the existing wealth. And what we've seen in almost 300 of the treatments that we've done an existing well that we were to decline by 5% to 8%. So all in all, very encouraging. The programs to scale and other parts are underway, though. We don't have results that we can share with you today.

（技術難題）我們也了解到，我們可以將這些技術不僅應用於新的財富，還可以應用於現有的財富。在我們進行的近 300 次處理中，我們發現現有油井的產量下降了 5% 到 8%。總而言之，非常令人鼓舞。規模化計劃和其他部分都在進行中。今天我們還沒有結果可以和您分享。

We did do some treatments in Bakken in the fourth quarter. We expect to see some of that soon. We have pilots underway in the DJ and Argentina as well. And so we'll share the results. I mean we published the results, the verifiable.

我們在第四季確實在巴肯進行了一些治療。我們預計很快就能看到一些這樣的情況。我們在大洋洲和阿根廷也開展了試點計畫。因此，我們將公佈結果。我的意思是，我們已經公佈了結果，這是可驗證的。

We give you the PIFR references so that you can see for yourself, but we will share all of that in due course. But we're really really excited. And what I would also say, this is one technology program amongst a set of programs that's really focused on doubling shale and tight recovery. We've got a stimulation program that is very, very deep. We've also got an effort to leverage the unmatched data position we have around our shale and tight wells using AI to glean insights (inaudible) design wells, develop wells and increase recovery.

我們提供 PIFR 參考資料供您參考，以便您自行核實，但我們會在適當的時候分享所有相關資訊。但我們真的非常興奮。我還要補充一點，這是眾多旨在將頁岩油和緻密油採收率提高一倍的技術項目之一。我們有一個非常非常深入的刺激計劃。我們也努力利用我們在頁岩油和緻密油井方面無與倫比的數據優勢，運用人工智慧來獲取洞見（聽不清楚），設計油井，開發油井，提高採收率。

So very comprehensive. We anticipate we'll have some results for you this year. But right now, we're just focused on getting the treatments out to those other (inaudible) basins.

非常全面。我們預計今年會有一些結果公佈。但現在，我們只專注於將治療方案推廣到其他（聽不清楚）盆地。

Betty Jiang, Barclays.

Betty Jiang，巴克萊銀行。

This is a good follow-up to Jim's question. When I asked about the Bakken specifically, since you've been there a couple of quarters now. How is it performing relative to your expectations with the cross learning between the two teams? And how do you think about the Bakken position overall today?

這是對吉姆問題的一個很好的後續提問。我特意問了你關於巴肯油田的情況，因為你已經在那裡待了好幾個季度了。兩支團隊之間的交叉學習效果是否符合您的預期？那麼，您如何看待巴肯油田目前的整體狀況？

Yes. Thanks, Betty. Look, we're pleased with the Bakken. We're applying best practices, as Eimear mentioned, from other parts of our portfolio. We're looking at things that Hess had been doing in the Bakken to apply those in the DJ, the Permian, and Argentina.

是的。謝謝你，貝蒂。你看，我們對巴肯頁岩油很滿意。正如艾米爾所提到的那樣，我們正在應用我們投資組合中其他部分的最佳實踐。我們正在研究赫斯在巴肯地區所做的一些事情，並將這些事情應用到大丹佛盆地、二疊紀盆地和阿根廷。

We've already optimized our development program to reduce capital spending better utilize existing infrastructure, maximize value. We've moved from four rigs to three with a similar drilling output. We've optimized the workover fleet, renegotiated some of the key supplier contracts, working on advanced chemicals with some optimism. We're implementing a long lateral development in 60% of the wells this year and up to 90% in 2027. So driving value there, we're going to -- Hess had a target, and we will hold that to level it out around 200,000 barrels a day, plus or minus, and really focus on cash flow.

我們已經優化了開發計劃，以減少資本支出，更好地利用現有基礎設施，以實現價值最大化。我們已將鑽機數量從四個減少到三個，但鑽井產量基本上保持不變。我們優化了修井車隊，重新談判了一些關鍵供應商合同，並樂觀地致力於先進化學品的研發。今年我們將對 60% 的油井實施長水平井開發，到 2027 年將達到 90%。因此，為了提升價值，我們將——赫斯公司設定了一個目標，我們將堅持這個目標，將日產量穩定在 20 萬桶左右，上下浮動，並真正專注於現金流。

So similar to the way you heard us talk about the DJ and the Permian. We think we can drive a lot of asset, productivity, efficiency, technology, and free cash flow growth in this asset as well.

就像你們聽到我們談論DJ和二疊紀盆地一樣。我們認為，我們也可以推動這項資產在資產、生產力、效率、技術和自由現金流方面大幅成長。

Geoff Jay, Daniel Energy Partners.

Geoff Jay，Daniel Energy Partners。

I was just really struck by the margin improvement sequentially in US upstream. And I know there's a lot of moving parts, but it looks like realizations were down over $3 on a boe basis, the costs but the margin was actually up. And I guess I'm wondering if there's a way you can help me understand how much of that are the structural cost savings and production optimization efforts you guys are doing and kind of what the pathway for that looks like going forward over the next year or so?

美國上游利潤率的環比提升著實讓我印象深刻。我知道其中有很多變數，但看起來按桶油當量計算，實際價格下降了 3 美元以上，成本上升了，但利潤率實際上上升了。我想問的是，您能否幫我了解一下，你們在結構性成本節約和生產優化方面所做的努力中，有多少是必要的，以及在未來一年左右的時間裡，這些努力的推進路徑會是什麼樣的？

Yes, Jeff, I'd point to a couple of things. Number one, we've been bringing on new production in the Gulf of America. These are high-margin barrels. And so when you bring that into the mix, you start to see the margin expand.

是的，傑夫，我想指出幾點。第一，我們一直在美洲灣地區增加新的產能。這些都是高利潤的酒桶。因此，當把這些因素考慮進去之後，利潤空間就開始擴大了。

Number two, as we've moved to a in the Permian, and I also/mentioned the DJ and the Bakken. That's 1.6 million barrels a day. As you start to drive efficiency and productivity and technology across that kind of a production base, you can see a real impact of that. The third contributor then are some of the structural reductions that we're making in our organization and more efficient support of people to these businesses, consolidating all of our shale assets into one organization.

第二，我們已經搬到二疊紀盆地，我還提到了DJ和巴肯盆地。那相當於每天160萬桶。當你在這種生產基地中開始提高效率、生產力和技術水平時，你就能看到它帶來的真正影響。第三個因素是我們正在對組織進行的一些結構性調整，以及對這些業務人員提供更有效的支持，並將我們所有的頁岩資產整合到一個組織中。

So I'd say there are multiple levers there. But your broader point is one that I think is important. I mentioned earlier that we're in a relatively low growth -- it's a growth business, no doubt about it. But demand for energy globally grows gradually. We need to focus not only on growing volumes in order to meet that demand, we've got to continually work on expanding margins. And that's through value chain optimization through all these other things that I just talked about, and so margin expansion is something that in my background in the downstream, we worked hard to expand margins through things we can control. You can do that in the upstream too. We've got people focused on that and we're seeing the results, as you point out.

所以我覺得這裡面有很多控制因素。但我認為你提出的觀點非常重要。我之前提到過，我們目前處於相對低成長階段——但毫無疑問，這是一個成長型產業。但全球能源需求是逐步成長的。為了滿足市場需求，我們不僅需要專注於銷售成長，還必須不斷努力提高利潤率。而這要透過價值鏈優化來實現，也就是我剛才提到的所有其他面向。因此，在我從事下游行業的背景下，我們努力透過我們可以控制的因素來擴大利潤率。你也可以在上游這樣做。正如你所指出的，我們已經安排專人負責這項工作，並且看到了成效。

Bob Brackett, Bernstein Research.

Bob Brackett，伯恩斯坦研究公司。

A follow-up around Venezuela. You've mentioned bringing Venezuela heavy into our Gulf Coast refineries and having some capacity on the West Coast. Do you have a sense of how much heavy from Venezuela could be absorbed by the US without impacting heavy-light dips or without backing up Canadian heavy?

後續報道委內瑞拉局勢。您曾提過將委內瑞拉重金屬運往我們墨西哥灣沿岸的煉油廠，並在西海岸擁有一定的產能。您認為美國可以吸收多少來自委內瑞拉的重油，而不會影響重輕油價的波動或不會支撐加拿大重油價？

Bob, good analysts do great work on that. Markets are wonderful things. And what's going to happen as you bring more of these barrels in, as you say, you're going to kind of back out what's currently feeding the system. They're going to redistribute around the world. and kind of a new equilibrium will establish and light heavies will reflect that flows will reflect that.

鮑勃，優秀的分析師在這方面做了很多出色的工作。市場真是個好東西。正如你所說，隨著你把更多的桶子運進來，就會出現一種情況，那就是你會逐漸減少目前向該系統輸送的物質。它們將在世界各地重新分配，一種新的平衡將建立起來，輕量級和重型設備的流動也將反映出這一點。

I don't have a simple rule of thumb I can give you or kind of a simple way to describe that. I'm pretty sure you can get down into the details on model that better than I'm going to be able to describe it to you. But you're right, it's going to shift these things around.

我沒有簡單的經驗法則可以給你，也沒有簡單的方法來描述它。我相信你對這款模型的細節了解得比我描述得更透徹。但你說得對，這會改變這些事情的走向。

Philip Jungwirth, BML.

Philip Jungwirth，BML。

On Chemicals, I mean, you made no secret about wanting to get bigger in this area. Obviously, you need a willing buyer and seller price that works, plus it's tough to do deals in the bottom of the cycle. But the question is, how do you view the benefits to Chevron of owning more of CPChem? Or are there things you could do differently whether versus the current JV structure, whether it's operational or strategic? And are there other avenues to get larger in pet chems beyond this?

就化學品領域而言，我的意思是，你毫不掩飾想要在這個領域擴大規模的願望。顯然，你需要買賣雙方都願意接受的價格，而且在市場低迷時期達成交易也很難。但問題是，您如何看待雪佛龍持有更多 CPChem 股份所帶來的好處？或者，與目前的合資企業結構相比，無論是在營運方面還是策略方面，您有哪些可以改進的地方？除了這條路之外，在寵物化學品領域還有其他擴大規模的途徑嗎？

Yes. So look, CPChem is a well-run company, and I want to give them full credit. And it's been a well-run company for a long time. We've been very pleased with our investment in that company. We've been pleased with our relationship with our partner, and it's been a good vehicle for us.

是的。所以你看，CPChem 是一家運作良好的公司，我想給他們充分的肯定。而且這家公司長期以來運作良好。我們對在那家公司的投資非常滿意。我們對與合作夥伴的關係感到滿意，這對我們來說是一個很好的平台。

We think the long term outlook for chemicals is positive. We're in a tough part of the cycle right now. But with the growing middle class and a growing global population, the products that CPChem needs are increasingly going to be in demand around the world. We've got a couple of projects underway that will be highly competitive when they come on next year. We'll see how this cycle plays out.

我們認為化工產業的長期前景是正面的。我們現在正處於週期的艱難時期。但隨著中產階級的壯大和全球人口的成長，CPChem 所需的產品在世界各地將越來越受歡迎。我們正在進行幾個項目，這些項目明年啟動時將極具競爭力。我們拭目以待，看看這輪週期會如何發展。

I think it's still got some time to go. We would like more exposure to the sector. But as you say, you've got to have two people that want to do a deal. Are there other ways we can do things, yes, we can look at things. I remind you, we also have a very large Aromatics position in North Asia as one of the largest aromatic plants on the earth.

我覺得還有一段時間。我們希望更多地接觸這個行業。但正如你所說，必須有兩個人都想達成交易。有其他方法可以做事嗎？是的，我們可以換個角度思考。我提醒各位，作為地球上最大的芳香植物產地之一，我們在北亞也佔據著非常大的芳香植物市場地位。

And so we'll look for the right ways to increase our exposure to (inaudible)

因此，我們將尋找合適的方法來增加我們接觸到…的機會。（聽不清楚）

Paul Sankey, Sankey Research.

Paul Sankey，Sankey Research。

Mike, if I could as a couple of specifics on Kazakhstan which you already referenced, but was the power outage, what caused that? Was that just an upset? And secondly, the specifics of the loading, what was that, (inaudible) to the military, I guess?

麥克，關於你之前提到的哈薩克，我可以問幾個具體問題嗎？例如停電是怎麼造成的？那隻是一場冷門比賽嗎？其次，關於裝載的具體細節，那是什麼，（聽不清楚）我想是對軍方而言的吧？

(technical difficulty) On the loading birth, it's been well publicized. One -- there's three offshore single-point moorings at the (inaudible). One of those was out for maintenance. Two were in service.

（技術難題）關於分娩過程，已經有很多報導了。一、在海上有三個單點繫泊裝置（聽不清楚）其中一輛正在進行維修。其中兩人正在服役。

One of those two was hit by a submarine drone back in December as part of the military activity in Black Sea. So that's what took CPC down to one loading (inaudible). It is -- we're back up to two loading (inaudible) now, and there's a third one that is slated for some big maintenance work, and we'll be back later this year. Historically, the Caspian pipeline and that terminal have been very, very reliable. And I think if you look at it in the fullness of time, the uptime and the reliability record has been very good. Notwithstanding that when it's -- when you're pinched back like that, it's frustrating and a lot of people have been working very hard at TCO and all the shareholders at CPC to address these issues.

去年 12 月，在黑海的軍事行動中，這兩艘潛艇中的一艘被潛艇無人機擊中。所以這就是CPC最終只剩下一次載入的原因。（聽不清楚）沒錯——我們現在又恢復了兩個裝卸貨點（聽不清楚），第三個裝卸貨點計劃進行一些大型維護工作，我們將在今年稍後恢復裝卸貨。從歷史上看，里海輸油管和該終端一直非常非常可靠。我認為，從長遠來看，正常運行時間和可靠性記錄一直都非常好。儘管如此，當這種情況發生時——當你被這樣壓制時，會令人沮喪，TCO 的許多人和 CPC 的所有股東都一直在努力解決這些問題。

Jason Gibelman, TD Cowen.

Jason Gibelman，TD Cowen。

I wanted to ask about the balance sheet as it relates to M&A. In the past, you funded acquisitions primarily through shares. And there are some assets on the market in Kazakhstan that can make sense to acquire though it seems like maybe that acquisition would need to be funded by cash instead of stock. So with that in mind and maybe in a broader sense, how do you view using cash to fund acquisitions, not the Hess size, but of some of a smaller size like Region Noble versus using equity given the current balance sheet? And kind of related to that, I noted that on the front of the earnings release, you put debt to cash flow instead of net debt to cap. It looks like that's maybe a preferred debt metric. Is that so? And if so, why the change?

我想諮詢一下與併購相關的資產負債表問題。過去，你們主要透過股票融資進行收購。哈薩克市場上有一些值得收購的資產，不過這種收購似乎需要用現金而不是股票來支付。考慮到這一點，或許從更廣泛的意義上講，鑑於目前的資產負債表，您如何看待使用現金為收購提供資金（不是像 Hess 那樣規模的收購，而是像 Region Noble 這樣規模較小的收購）與使用股權進行收購？還有一點相關的是，我注意到在獲利報告的首頁，你們把債務與現金流掛鉤，而不是把淨債務與資本掛鉤。看來這可能是比較理想的債務指標。是這樣嗎？如果真是如此，那為什麼要做出改變呢？

Yes, Jason, let me talk about transactions, and I'll let Eimear talk about ratios and metrics. When we do a deal, you're negotiating with a counterparty and the consideration is part of the negotiation. And there are times when your counterparty prefers cash, there's times when they prefer equity, there's times when they may want a mix. And so that's a matter of negotiation. On large-scale M&A in our sector where you're going to have a long time between deal signing and close, i.e., a deal we just closed after a very long cycle, using equity hedges commodity price risk on both sides of the transaction.

是的，Jason，我來談談交易，Eimear 來談談比率和指標。當我們進行交易時，你是在與交易對手進行談判，而對價是談判的一部分。有時交易對手更喜歡現金，有時他們更喜歡股權，有時他們可能想要兩者兼有。所以，這需要協商解決。在我們這個行業的大規模併購中，從交易簽署到完成需要很長時間，例如，我們剛剛完成的這筆交易，經過了非常長的周期，使用股權對沖可以降低交易雙方的商品價格風險。

And if you enter into a deal in one commodity price environment and you close it in another, and you've got a lot of cash in the deal, you can find out that -- you find yourself where one party feels like the deal got a lot better for them and the other feels like it got a lot worse. And so equity and transactions like that tend to be preferred by both counterparties because of the way to hedge out some of the commodity price risk smaller deals that close faster and are of a different nature, you can find cash is preferable. And so we -- look, we'll work with whatever consideration makes sense in a negotiation we're flexible, and we bought things with cash over the last many years, and we've done equity deals. So it really depends on circumstances. Eimear, do you want to talk about metrics?

如果你在一個商品價格環境下達成交易，卻在另一個商品價格環境下完成交易，而且這筆交易涉及大量現金，你可能會發現——一方感覺交易對他們更有利，而另一方則感覺交易變得更糟。因此，股權和類似交易往往受到交易雙方的青睞，因為可以透過這種方式對沖一些商品價格風險；而對於成交速度更快、性質不同的較小規模交易，現金交易可能更受歡迎。所以，我們——你看，我們會在談判中接受任何合理的條件，我們很靈活，而且在過去的許多年裡，我們用現金購買了東西，我們也進行過股權交易。所以這真的取決於具體情況。艾米爾，你想談談指標嗎？

Yes. There's a number of metrics there to look at the debt ratios. And so what we've done here is we've just moved towards what our rating agencies look at and what many of you look at in terms of ratios. So we're just trying to be consistent. I mean we still look at net debt ratio.

是的。有很多指標可以用來衡量負債比率。因此，我們在這裡所做的，就是朝著評級機構和你們許多人關注的比率方向發展。所以我們只是想保持一致性。我的意思是，我們仍然要關注淨負債比率。

But overall, the message is our balance sheet is in really good really good ship. And we're in a position of strength. Thanks for the question.

但總的來說，傳遞的訊息是我們的資產負債表狀況非常好。我們處於優勢地位。謝謝你的提問。

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

感謝大家今天抽出時間。感謝您對雪佛龍的關注以及您參加今天的電話會議。請注意安全，保持健康。凱蒂，（聽不清楚）

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

謝謝。雪佛龍2025年第四季財報電話會議到此結束。您現在可以斷開連線了。