雪佛龍 (CVX) 2026 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 2026 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded. I will now turn the call over to Head of Investor Relations of Chevron Corporation, Jeanine Wai. Please go ahead.

早安。我叫 Katie，今天將擔任本次會議的主持人。歡迎參加雪佛龍 2026 年第二季財報電話會議。（接線員指示）提醒各位，本次電話會議將被錄音。我現在把電話交給雪佛龍公司投資人關係主管 Jeanine Wai。請開始。

Thank you, Katie. Welcome to Chevron’s second quarter 2026 earnings conference call and webcast. I’m Jeanine Wai, Head of Investor Relations. Our Chairman and CEO, Mike Wirth; CFO, Eimear Bonner; and President, New Energies, Jeff Gustavson, are on the call with me today. We'll refer to the slides and prepared remarks that are available on Chevron's website.

謝謝你，Katie。歡迎收聽並觀看雪佛龍 2026 年第二季財報電話會議與網路直播。我是投資人關係主管 Jeanine Wai。今天與我一同出席的還有董事長兼執行長 Mike Wirth、財務長 Eimear Bonner，以及新能源事業總裁 Jeff Gustavson。我們將參考雪佛龍網站上提供的簡報投影片與事先準備的講稿。

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，提醒各位，本簡報包含估計、預測及其他前瞻性陳述。非 GAAP 指標的調節表可在本簡報附錄中找到。請查閱第 2 張投影片所呈現的警示聲明與其他補充資訊。

Now, I will turn it over to Mike.

現在，我把時間交給 Mike。

Thanks, Gene. Amid geopolitical uncertainty and market volatility, Sherman delivered a strong second quarter. Driven by our consistent strategy, capital discipline, and strong execution. Global upstream production grew more than 5% quarter-over-quarter, underpinned by exceptional reliability across key assets.

謝謝，Gene。在地緣政治不確定性與市場波動之下，Sherman 交出強勁的第二季表現。這得益於我們一貫的策略、資本紀律與強而有力的執行。全球上游產量較上一季成長超過 5%，主要來自關鍵資產的卓越可靠度表現。

In the US, we achieved a new upstream production record of nearly 2.1 million barrels of oil equivalent per day and record refinery throughput of over 1 million barrels per day. At the same time, we maintained financial and capital discipline, achieving our structural cost reduction target six months early with $3 billion of annual run rate savings since 2024 as synergy benefits have also been delivered also six months early.

在美國，我們創下新的上游產量紀錄，接近每日 210 萬桶油當量，並創下煉油廠處理量紀錄，超過每日 100 萬桶。同時，我們維持財務與資本紀律；自 2024 年以來，年度化節省金額達 30 億美元，較原定提前六個月達成結構性成本降低目標；協同效益也同樣提前六個月實現。

We continue to capture strong capital efficiencies in US shale and tight and expect to spend 25% less CapEx per barrel of oil equivalent in 2026 compared to last year. And we strengthened our balance sheet to underpin long-term investment to deliver reliable energy the world will need for decades to come.

我們持續在美國頁岩與緻密油氣業務中取得顯著的資本效率提升，並預期 2026 年每桶油當量的資本支出（CapEx）將較去年減少 25%。我們也強化資產負債表，以支撐長期投資，提供未來數十年世界所需的可靠能源。

This month also marks the one-year anniversary of the Hess acquisition. We pulled value forward, capturing 50% more synergies than initially targeted with $1.5 billion realized six months ahead of schedule. The Hess assets are generating strong free cash flow, which has been roughly double the incremental dividends and accreted to shareholders on a per share basis. This reflects the quality of the combined portfolio.

本月也適逢收購 Hess 一週年。我們提前釋放價值，實現的協同效益較原先目標高出 50%，並在時程提前六個月達成 15 億美元。Hess 資產帶來強勁的自由現金流，約為新增股利的兩倍，並以每股基礎為股東帶來增益。這反映出合併後投資組合的高品質。

Guyana is a world-class asset with significant resource depth that is expected to extend high margin oil growth into the 2030s. In the Bakken, we're leveraging best practices from our shale and tight business to drive performance improvement, drilling laterals that are on average 28% longer, optimizing workovers and applying advanced chemicals. And we're also maintaining similar production with one less rig.

蓋亞那（Guyana）是世界級資產，具備深厚的資源潛力，預期可將高利潤的原油成長延伸至 2030 年代。在巴肯（Bakken），我們運用頁岩與緻密油氣業務的最佳實務來推動績效改善，鑽探的水平段平均長度增加 28%，並優化修井作業、導入先進化學品。同時，我們也在少一座鑽機的情況下維持相近的產量。

Further, we're benefiting from the talented Hess employees who bring deep expertise in offshore, unconventional, and exploration. The entire organization is stronger because of this combination.

此外，我們也受益於 Hess 優秀員工的加入，他們在離岸、非常規與勘探領域具備深厚專業。因為這次結合，整個組織更加強大。

I'll now hand it over to Jeff, who will share an update on Power.

接下來我把時間交給 Jeff，由他分享電力業務的最新進展。

Thanks, Mike. The US is undergoing a structural shift in electricity demand as AI accelerates and reliable power is becoming the critical constraint. Chevron is well positioned to address this challenge. We bring a combination of assets and capabilities we believe few can match, a leading US natural gas portfolio, extensive experience with large-scale behind-the-meter power, proven project execution capabilities, and strong partnerships that provide access to critical equipment and leading customers. This reflects Chevron's strategy and action.

謝謝，Mike。隨著 AI 加速發展，美國電力需求正出現結構性轉變，而可靠電力正成為關鍵限制因素。雪佛龍具備良好條件來因應這項挑戰。我們擁有我們認為少有人能匹敵的資產與能力組合：領先的美國天然氣投資組合、在大型表後（behind-the-meter）電力方面的豐富經驗、經驗證的專案執行能力，以及可取得關鍵設備並連結領先客戶的強大合作夥伴關係。這體現了雪佛龍的策略與行動。

We're leveraging advantaged assets, customer relationships, execution capabilities, and partnerships to deliver reliable, affordable energy while creating long-term shareholder value. While many data center power projects have been announced, few had secured long-term customer commitments for behind-the-meter power, and only one is at multi-gigawatt scale: Project Kilby.

我們運用具優勢的資產、客戶關係、執行能力與合作夥伴關係，在提供可靠且可負擔能源的同時，創造長期股東價值。雖然已宣布許多資料中心電力專案，但很少有專案取得表後電力的長期客戶承諾，而達到多 GW 規模的只有一個：Kilby 專案。

This demonstrates our ability to execute at speed and scale. We recently signed a 20-year take-or-pay power purchase agreement with Microsoft for 2.67 gigawatts of firm behind-the-meter capacity supporting its co-located data center complex.

這展現了我們以速度與規模執行的能力。我們近期與微軟簽署一份 20 年期「take-or-pay」電力購售協議，提供 2.67 GW 的穩定表後容量，以支援其同址資料中心園區。

We're now focused on execution, with permitting and EPC activities progressing toward a final investment decision later this year. Kilby is expected to deliver mid-teens returns and long-duration contracted cash flows that are independent of commodity price cycles.

我們目前聚焦於執行，許可申請與 EPC（工程、採購與施工）作業正推進，目標在今年稍晚做出最終投資決策。Kilby 預期可帶來約中十位數的報酬率，並提供不受商品價格循環影響、長期合約化的現金流。

Importantly, Kilby provides a repeatable model. We're already in advanced discussions on additional opportunities with existing and potential customers for future projects. We've engaged closely with local stakeholders throughout development and have been encouraged by the strong support we've received in West Texas.

重要的是，Kilby 提供一個可複製的模式。我們已就未來專案，與現有及潛在客戶針對更多機會展開深入洽談。在開發過程中，我們與地方利害關係人保持密切互動，也很受鼓舞於我們在德州西部獲得的強力支持。

I'll now turn it over to Eimear to discuss the financial results.

接下來我把時間交給 Eimear，請她說明財務結果。

Thanks, Jeff. For the second quarter, Chevron reported earnings of $12.1 billion or $6.11 per share. Adjusted earnings were $12 billion or $6.06 per share. Cash flow from operations, excluding working capital, was nearly $20 billion. Organic CapEx was $4.4 billion for the quarter. We now expect to finish the year at the lower end of our guidance range of $18 billion to $19 billion. And our net debt coverage ratio improved, reflecting a strong cash generation in the quarter.

謝謝，Jeff。第二季，雪佛龍公布盈餘為 121 億美元，或每股 6.11 美元。調整後盈餘為 120 億美元，或每股 6.06 美元。營運現金流（不含營運資金）接近 200 億美元。本季有機資本支出為 44 億美元。我們目前預期全年將落在 180 億至 190 億美元指引區間的下緣。而我們的淨負債覆蓋比率有所改善，反映本季強勁的現金創造能力。

Adjusted second-quarter earnings were $9.2 billion higher versus last quarter. Adjusted upstream earnings increased due to higher realizations, higher liftings, and favorable timing effects, and were partly offset by higher DD&A and tax-related expenses.

第二季調整後盈餘較上季增加 92 億美元。調整後上游盈餘因實現價格較高、提運量增加及有利的時點效應而上升，但部分被較高的折舊、耗竭與攤銷（DD&A）以及稅務相關費用所抵銷。

Adjusted downstream earnings increased primarily due to higher refining margins and favorable timing effects. Chevron generated $19.7 billion of cash flow from operations, excluding working capital and $15.4 billion of adjusted free cash flow in the quarter. We reduced debt by more than $8 billion, further strengthening our balance sheet and financial flexibility. Net debt to CFFO at the end of the second quarter was 0.6 times.

調整後下游盈餘主要因煉油利差提高及有利的時點效應而增加。雪佛龍本季產生營運現金流 197 億美元（不含營運資金），以及調整後自由現金流 154 億美元。我們減少負債超過 80 億美元，進一步強化資產負債表與財務彈性。截至第二季末，淨負債對 CFFO 比率為 0.6 倍。

Following the large build in the first quarter, working capital unwind by $2.9 billion as commodity prices decreased through the quarter. On production, we had our second highest quarter ever, maintaining strong operating momentum across all our key assets and growing production by over 200,000 barrels of oil equivalent per day.

在第一季大幅增加之後，隨著商品價格在本季走低，營運資金回轉 29 億美元。在產量方面，我們創下史上第二高的單季表現，在所有關鍵資產上維持強勁的營運動能，並將產量提高超過每日 20 萬桶油當量。

Reliable operations defined the quarter. In the US, we achieved records for total production, Permian production, and throughput at multiple facilities in the Gulf of America. International production was also strong and nearly 2 million barrels of oil equivalent per day. And TCO in Australia operated at or near full rates and the impact from the Middle East conflict remained isolated to the Partitioned Zone, representing about 1% of second-quarter total production.

可靠的營運表現定義了本季。在美國，我們在總產量、二疊紀（Permian）產量，以及美洲灣（Gulf of America）多座設施的處理量方面創下紀錄。國際產量同樣強勁，接近每日 200 萬桶油當量。澳洲的 TCO 以滿載或接近滿載運轉；而中東衝突的影響仍侷限於分割區（Partitioned Zone），約占第二季總產量的 1%。

Costs always matter and they always will. We achieved $3 billion of structural cost reductions over the past 12 months, reaching our target six months ahead of schedule. Thanks to the hard work and relentless focus across the organization, more than 70% of the savings came from efficiency gains, underscoring the quality of the improvements delivered.

成本始終重要，而且永遠都會重要。過去12個月我們達成30億美元的結構性成本削減，並較原定時程提前六個月達標。得益於全組織的辛勤投入與持續專注，超過70%的節省來自效率提升，凸顯所交付改善的品質。

Through these reductions, we have largely offset inflationary effects while we continue to grow across key assets like the Permian, Gulf of America, and Guyana. We're never satisfied and never done, and we will continue to look for ways to lower costs to drive lasting value.

透過這些削減，我們在持續於二疊紀、墨西哥灣（Gulf of America）與蓋亞那等關鍵資產成長的同時，已在很大程度上抵銷通膨影響。我們永不滿足、也永不止步，將持續尋找降低成本的方法，以創造長期價值。

Our plan is clear, execute safely and reliably, deliver on our objectives, and continue to expand our opportunity set for the future. Our second-quarter performance demonstrates strong execution and results that can be seen in our bottom line. We remain confident in the 2030 objectives we outlined last November, including annual production growth of 2% to 3%, adjusted free cash flow growth averaging greater than 10% per year, and more than 3% improvement on return on capital employed, all the flat commodity prices that are lower than today. We also continue to develop robust growth options for the next decade, building new resource options across regions and asset classes.

我們的計畫很清楚：安全且可靠地執行、達成我們的目標，並持續擴大未來的機會集合。我們第二季的表現展現強勁的執行力，其成果也反映在最終盈餘上。我們仍對去年11月所提出的2030年目標充滿信心，包括年產量成長2%至3%、調整後自由現金流年均成長超過10%，以及資本使用報酬率提升超過3%，以上皆是在商品價格持平且低於今日水準的情境下。我們也持續為下一個十年打造強健的成長選項，在不同區域與資產類別中建立新的資源機會。

Achieving the Power milestone, stacking multiple exploration successes, and securing strategic exploration agreements and MOUs in the Mediterranean, Africa, and the Middle East, are examples of the strong set of opportunities we have for the future.

達成Power里程碑、累積多項探勘成功，以及在地中海、非洲與中東取得策略性探勘協議與合作備忘錄（MOU），都是我們未來強大機會組合的例子。

We're focused on executing with excellence in the near term, meeting or exceeding our guidance through the end of the decade and creating even more value in the decades that follow. Consistent with our long-standing financial priorities, we intend to reward our shareholders today, tomorrow, and long into the future.

我們專注於近期以卓越方式執行，在本十年末之前達成或超越我們的指引，並在其後數十年創造更大的價值。秉持我們長期以來的財務優先順序，我們打算在今天、明天以及更長遠的未來回饋股東。

I'll now hand it off to Janine.

接下來我把時間交給Janine。

This concludes our prepared remarks. Additional guidance can be found in the appendix to this presentation, as well as on the slides and other information posted on chevron.com. We're now ready to take your questions. We ask that you limit yourself to one question, and we'll do our best to get to all of your questions.

以上為我們預先準備的發言。更多指引可在本簡報的附錄中找到，也可在chevron.com上所張貼的投影片與其他資訊中查閱。現在我們準備回答各位的提問。請各位每人限問一題，我們會盡力回答所有問題。

Katie, please open the lines.

Katie，請開放線路。

(Operator Instructions) Devin McDermott, Morgan Stanley.

(接線員指示) Devin McDermott，摩根士丹利。

Hey, good morning. Thanks for taking my question. So Mike, Eimear, the goals you laid out with the corporate reorganization plan last year was more than just cost. It was also to support best-in-class operations, and I think the strong results this quarter clearly show that's paying off. So on the theme of operations, I wanted to start on TCO, which looks like it was one of the key drivers of higher production quarter over quarter.

嗨，早安。謝謝讓我提問。所以Mike、Eimear，你們去年提出的公司重組計畫目標不只是成本。也包括支援同級最佳的營運，我認為本季的強勁成果清楚顯示這正在帶來回報。因此就營運這個主題，我想先從TCO談起，看起來它是本季產量季對季提升的關鍵驅動因素之一。

So many of you talk about performance there, any learnings as far as it relates to quantifying or de-risking the de-bottlenecking opportunity? And while we're on the topic, Mike, maybe you can just address the current situation at the CPC pipeline and any levers that Chevron has to mitigate any disruption there?

你們很多人都談到那裡的表現；就量化或降低去瓶頸（de-bottlenecking）機會風險而言，有哪些經驗或學習？另外同一個主題下，Mike，也許你可以談談CPC管線目前的狀況，以及Chevron有哪些槓桿可以減輕任何可能的中斷影響？

Sure, Devin. Thanks for the comments about our reorganization. And you're right, it wasn't just about efficiency. It was also about performance. I'll speak to TCO performance and the pipeline. And Eimear, maybe you can cover the de-bottlenecking question.

當然，Devin。謝謝你對我們重組的評論。你說得對，這不只是效率。也關乎績效。我會談TCO的表現以及管線。Eimear，也許你可以回答去瓶頸的問題。

It was a strong quarter. You'll see in the production waterfall, we're up 170,000 barrels a day versus first quarter, really stellar operating performance in the second quarter. Each month was among the highest months we've ever seen at TCO.

這是一個強勁的季度。你會在產量瀑布圖中看到，相較第一季我們增加了每日17萬桶，第二季的營運表現非常出色。每個月都屬於我們在TCO所見過的歷史高檔月份之一。

The affiliate distributions in the quarter of roughly $3 billion, most of that is coming from TCO, and I want to affirm our $6 billion guidance at $70 Brent, obviously, we're likely to have a higher number for Brent this year, which would translate into even higher affiliate distributions.

本季約30億美元的聯營公司分配（affiliate distributions），大部分來自TCO；我也要重申我們在布蘭特原油70美元情境下的60億美元指引。顯然，今年布蘭特價格很可能更高，這將轉化為更高的聯營公司分配。

The team has been working incredibly hard on recovering from some of the first-quarter issues, but really the most exciting thing is the ability to optimize across the entire field now. The low-pressure production performance of the field has been strong. And through this integrated control center to take each generation of topside facilities and look at the way to best optimize those, not only individually but collectively across the capabilities we have in all of the kit.

團隊一直非常努力，從第一季的一些問題中恢復過來；但真正令人振奮的是，我們現在能夠在整個油田範圍內進行最佳化。油田的低壓產能表現強勁。透過這個整合控制中心，我們可以針對每一代海上平台設施（topside facilities）找出最佳化方式，不僅是各自最佳化，也能在我們所有設備能力的整體範圍內共同最佳化。

The pipeline question, you've seen the media reports, there has been some activity in the Black Sea that we've seen primarily related to the Ukraine-Russia conflict. It has had over the last number of quarters intermittently some impact on activity in and around Novorossiysk.

關於管線問題，你已看到媒體報導：我們在黑海看到一些活動，主要與烏俄衝突相關。在過去幾個季度，這些情況間歇性地對新羅西斯克（Novorossiysk）及其周邊的活動造成一些影響。

I can tell you that today both of our SPMs are in service there. The third SPM has been down for a while, undergoing some refurbishment activities will be open here in the third quarter, so all three be available later in the third quarter. But the pipeline is flowing. We've been loading ships this week and mitigation is -- the usual things. We can ship some across the Caspian. We can ship some on rail. We've got storage that we can use to buffer some of these ups and downs. But as CPC is the primary route to market for that production for us and others on the pipeline. We're clearly a big shipper on it, but not the only shipper.

我可以告訴你，目前我們在那裡的兩座SPM都在服役。第三座SPM停用一段時間，正在進行翻修作業，將於第三季重新啟用，因此三座SPM都會在第三季稍晚可用。但管線仍在輸送。我們本週一直在裝船；而緩解措施就是——常見的那些做法。我們可以有一部分經由裏海運輸。也可以有一部分走鐵路。我們有儲存設施可用來緩衝這些起伏。但由於CPC是我們以及管線上其他業者將該產量送往市場的主要路徑。我們顯然是其主要運輸方之一，但不是唯一的運輸方。

And we work with governments in the region, the US government, Kazakh government, obviously other governments to be sure that that pipeline stays flowing. It's critical to the world at a time when we need the energy. Eimear, maybe you can talk about specifically about the debottlenecking of FGP and the third-generation plant?

我們也與該區域各國政府、美國政府、哈薩克政府，當然還有其他政府合作，以確保管線持續輸送。在全球需要能源的此刻，這條管線至關重要。Eimear，也許你可以具體談談FGP與第三代工廠的去瓶頸？

Sure. So Devin, the debottlenecking efforts, as Mike said, were focused on the third-generation plant that we started up last year and its original oil capacity is 260,000 barrels of oil per day. So the teams are -- they conducted a turnaround the fourth quarter of 2025. And during the turnaround, they changed out some of the internals in a major column in that system. It was very low-capital job or modification.

好的。Devin，正如Mike所說，去瓶頸的工作聚焦在我們去年投產的第三代工廠，其原始原油名目產能為每日26萬桶。因此團隊——他們在2025年第四季進行了一次大修（turnaround）。在大修期間，他們更換了該系統中一座主要塔器的部分內件。這是一項資本投入很低的工作或改造。

And since the fourth quarter last year, they have been testing the performance of that unit and its interaction with the rest of the utilities in the system and 3GP very extensively, so testing different operating conditions, and we are very comfortable to say today that we have successfully increased the nameplate oil capacity from 3GP or the third-generation plant from the original 260,000 barrels of oil per day to [320 million] oil -- 320,000 barrels of oil per day, sorry.

自去年第四季以來，他們一直非常廣泛地測試該裝置的性能，以及它與系統其餘公用工程（utilities）及3GP之間的互動，因此在不同操作條件下進行測試；我們今天可以非常有把握地說，我們已成功將3GP（第三代工廠）的原油名目產能，從原先每日26萬桶提升到[3.2億]桶原油——抱歉，是每日32萬桶原油。

So what that means for the overall total field processing capacity? It now takes the total field processing capacity to slightly above 1 million barrels of oil per day. And so we're really encouraged by that and confident that we can sustain that level of performance.

那麼，這對整體油田處理總產能意味著什麼？目前油田處理總產能已提升至略高於每日 100 萬桶原油。因此我們對此深受鼓舞，並有信心能夠維持這樣的表現水準。

The efforts by the team are consistent with our track record of looking for the technical limits in plant and increasing the capacity. So they'll continue to focus on safely and reliably optimizing the plant and the production, optimizing through the integrated operations center from the reservoir through to the market. So we're really, really pleased with that.

團隊的努力與我們一貫的紀錄一致，也就是持續尋找裝置（plant）的技術極限並提升產能。因此他們將持續專注於以安全且可靠的方式最佳化裝置與產量，並透過整合式營運中心，從油藏一路到市場端進行最佳化。所以我們對此真的非常、非常滿意。

Neil Mehta, Goldman Sachs.

Neil Mehta，高盛。

Yeah, thanks, Mike, and Eimear. I just want to spend some time on the shale and tight part of the portfolio. And Mike, maybe you can give us how you're thinking about the different components there. The 25% less CapEx per barrel oil equivalent in '26 compared to last year is a good data point. It sounds like capital efficiency is moving in the right direction. Spend a little bit of time in the Bakken as you evaluate whether this is core or non-core and then spend some time in Vaca Muerta. Maybe a quick tour around the world would be great on shale and tight.

是的，謝謝你，Mike 和 Eimear。我想花點時間談談投資組合中的頁岩與緻密油氣（shale and tight）部分。Mike，也許你可以分享你如何看待其中不同的組成要素。相較去年，2026 年每桶油當量（boe）的資本支出（CapEx）降低 25% 是個很好的數據點。聽起來資本效率正朝正確方向改善。請也花點時間談談你們在評估 Bakken 是否屬於核心或非核心資產時的看法，並談談 Vaca Muerta。如果能快速帶我們環遊一下全球的頁岩與緻密油氣布局就更好了。

Okay. Well, let me give you a couple of comments and then I'll have Eimear talk about capital efficiency in the Permian in particular. We're producing on the order of 1.7 million barrels a day out of our shale and tight portfolio, one of the things I'm really pleased with in the new operating model is we've brought all these assets together under common management.

好的。我先給幾點評論，接著請 Eimear 特別談談二疊紀（Permian）的資本效率。我們的頁岩與緻密油氣投資組合產量約為每日 170 萬桶；在新的營運模式下，我非常滿意的一點是，我們已把這些資產整合到同一套管理架構之下。

Previously we had them reporting in geographically and we attempted to coordinate across those assets, but it's not the same, as having one organization responsible for operating all of them, for applying technology to all of them to optimize activity across all the shale and tight portfolio. And as you know, we've got multiple large assets in there, a million barrels a day in the Permian; 400 in the DJ; 200 in the Bakken, Argentina, smaller than that but growing.

過去它們是按地理區域彙報，我們也嘗試在這些資產之間協調，但那與由同一個組織負責營運全部資產、把技術應用到全部資產、並在整個頁岩與緻密油氣投資組合中最佳化作業活動，是不一樣的。而如你所知，我們在其中擁有多個大型資產：二疊紀每日 100 萬桶；DJ 盆地 40 萬桶；Bakken 20 萬桶；阿根廷規模更小但正在成長。

And really out of the largest piece, the US piece, we've got assets that we're working at plateau to generate free cash flow, which is the lesson I think that the industry learned over the prior decade when it generated no free cash flow essentially and all of the cash went back into growth. At the scale that we operate at now, we could grow these assets further, particularly in the Permian if we chose, but we are working for efficiency, productivity, and to generate free cash out of them.

而且就最大的一塊——美國部分——而言，我們有一些資產正以平台期（plateau）的方式運作以產生自由現金流；我認為這是產業在過去十年學到的教訓：當時基本上沒有產生自由現金流，所有現金幾乎都回流到成長上。以我們目前的營運規模，如果我們選擇的話，這些資產仍可進一步成長，尤其是在二疊紀；但我們目前的重點是效率、產能（productivity），以及從中創造自由現金。

In Bakken, we're getting to know the asset better. Actually, the person who runs all of our shale and tight came from Hess and is very familiar with the Bakken, and I cited some of the things that we're doing in the Bakken differently already in terms of lateral length and drilling efficiencies, same production with one pure rig.

在 Bakken，我們正在更深入了解這項資產。事實上，負責我們所有頁岩與緻密油氣業務的人是從 Hess 來的，對 Bakken 非常熟悉；我也提到過，我們已在 Bakken 以不同方式推進一些工作，例如延伸水平段長度與提升鑽井效率，用一座純鑽機（pure rig）就能達到相同產量。

So we're getting to know that asset better. As was the case with the DJ when we integrated it, it turns out that oftentimes the things you don't know, you can underestimate, and we like what we see in the Bakken.

所以我們正在更深入了解那項資產。就像我們整合 DJ 時一樣，往往你不知道的部分會讓你低估其潛力，而我們喜歡我們在 Bakken 看到的情況。

We have to sort through this midstream thing that we get asked about on every one of these calls, and we'll let you know as we've got our thinking and plans together for that. But it's really been great to see the benefits across the entire portfolio that we've been able to drive by bringing them under common.

我們還需要釐清大家在每次電話會議都會問到的中游（midstream）議題；等我們把想法與計畫整理好後會再向各位說明。但看到我們把它們納入共同架構後，能在整個投資組合推動出來的效益，真的非常好。

One of those being continued capital efficiencies, just when you think there won't be much more and you might have climbed the improvement curve and started to level out. We continue to be surprised yet again that there is more there. And I think some of that is a result of being able to really focus on the performance of these assets as opposed to being driven by growth.

其中一項效益就是資本效率持續提升——就在你以為不會再有太多改善、可能已爬上改善曲線並開始趨於平坦時，我們又一次驚喜地發現仍有進一步提升空間。我認為其中一部分原因，是我們能真正把焦點放在這些資產的績效上，而不是被成長所驅動。

So Eimear, maybe you can talk a little bit more about the capital efficiency particularly?

所以，Eimear，也許你可以再多談一點資本效率，特別是這部分？

Yeah, thanks, Mike. So I mean the Permian has been operating for the last five quarters at over 1 million barrels per day. So they are seeing huge efficiencies with this focus on sweating the assets, so not growing production, growing free cash flow.

好的，謝謝你，Mike。二疊紀在過去五個季度的產量都維持在每日 100 萬桶以上。因此，隨著我們把重點放在「榨乾資產效益」（sweating the assets）上——也就是不追求產量成長，而是追求自由現金流成長——他們看到了巨大的效率提升。

Our capital is now -- we expect it to be below $3.5 billion this year, so that's a 25% improvement in capital efficiency. So CapEx per barrel of oil over 2025. It's one of the reasons why we feel confident today to say that we expect to finish the year at the low end of our capital budget range of $18 billion to $19 billion. Maybe a few examples, we have talked before about the drilling efficiencies and the completion efficiencies, but Permian is also seen the highest reliability it's seen since 2024.

我們的資本支出目前——我們預期今年將低於 35 億美元，這代表資本效率提升 25%。也就是 2025 年每桶原油的資本支出（CapEx per barrel of oil）。這也是我們今天有信心表示，預期今年將以 180 億至 190 億美元資本預算區間的低端結束的原因之一。再舉幾個例子：我們之前談過鑽井效率與完井效率，但二疊紀也達到自 2024 年以來最高的可靠度。

And so there's a lot of new initiatives, including optimizing artificial lift, real-time facility optimization, and a new approach to ops and maintenance through an asset-tiering lens. All of those things are delivering really stellar reliability at surface as well as all of the drilling efficiencies and collision efficiencies that we've talked to you about before.

因此有許多新措施，包括最佳化人工舉升（artificial lift）、即時設施最佳化，以及透過資產分級（asset-tiering）的視角來推動營運與維護（ops and maintenance）的新方法。所有這些都在地面端帶來非常出色的可靠度，同時也延續我們先前與各位談到的所有鑽井效率與防碰撞（collision）效率。

So we're really encouraged by what we've achieved and by bringing all of the shale and tight assets together, to run them all as one is we couldn't -- we really couldn't do it without bringing all these assets together because they're all learning from each other.

所以我們對已達成的成果非常振奮；而把所有頁岩與緻密油氣資產整合在一起、把它們當作一個整體來運作，之所以重要，是因為如果不把這些資產整合起來，我們真的做不到——它們彼此之間正在互相學習。

Thanks, Neil.

謝謝你，Neil。

John Royal, Piper Sandler.

John Royal，Piper Sandler。

Hi, good morning. Thanks for taking my question. So my question is on the Power business. And I appreciate the update and the detail on Kilby. My question is more about how you view the long-term for Chevron in the Power business. It sounds to me from Jeff's commentary that you're uniquely positioned to serve this market, and you mentioned potential future projects beyond Kilby. Can you talk about how much power could contribute to your business mix longer-term? And how should we think about how it fits into the next decade-plus of Chevron's growth story?

嗨，早安。謝謝讓我提問。我的問題是關於電力（Power）業務。我很感謝你們對 Kilby 的更新與細節說明。我的問題更偏向你們如何看待雪佛龍（Chevron）在電力業務的長期定位。從 Jeff 的評論聽起來，你們在服務這個市場方面具備獨特優勢，而且你們也提到 Kilby 之外未來可能的專案。你們能談談從長期來看，電力可能在你們的業務組合中貢獻多少嗎？以及我們應該如何理解它在未來十年以上雪佛龍成長故事中的定位？

Yeah, sure, John. Thanks for the question. We're very happy with the milestone that we achieved in June with Microsoft, high-quality customer, 20-year firm PPA. It really serves more than just that project, though. We do see a larger business potential here.

好的，當然可以，John。謝謝你的問題。我們對於 6 月與微軟達成的里程碑感到非常高興——高品質客戶、20 年期的具約束力購電協議（PPA）。不過，它的意義不僅僅是那一個專案。我們確實看到這裡有更大的業務潛力。

Kilby is a good proof point. It demonstrates that there's durable, very high customer demand. It demonstrates that this model, this behind-the-meter power model works for customers, and it also shows that we bring capabilities which are differentiated in this market.

Kilby 是一個很好的驗證案例（proof point）。它證明了客戶需求具有持久性，而且需求非常強勁。它也證明這種「表後」（behind-the-meter）的電力模式對客戶是可行的，同時也顯示我們在這個市場具備差異化的能力。

In my comments, I spoke about the structural shift in power demand. Demand far exceeds supply. The grid cannot keep up with the demand from hyperscalers and others, and we see that persisting for years. Our capabilities are deep. Our large natural gas portfolio, our experience in natural gas markets across the country, our behind-the-meter power experience around the world in very remote areas where you don't have grid options, you must be behind the meter and you must do so at a very high reliability.

在我的評論中，我談到了電力需求的結構性轉變。需求遠遠超過供給。電網無法跟上超大規模業者（hyperscalers）及其他用戶的需求，我們看到這種情況將持續多年。我們的能力底蘊深厚。我們龐大的天然氣資產組合、我們在全國各地天然氣市場的經驗、我們在全球許多非常偏遠且沒有電網選項的地區所累積的表後（behind-the-meter）供電經驗——在那種地方你必須採用表後供電，而且必須做到極高的可靠性。

Our complex project development and execution capabilities, these are very large-scale projects. Our customer relationships, partner relationships, and other stakeholders, to put all of that together takes a long list of capabilities and we bring those here.

我們在複雜專案的開發與執行方面具備能力，這些都是非常大型的專案。我們的客戶關係、合作夥伴關係，以及其他利害關係人——要把這一切整合起來需要一長串能力，而我們把這些能力帶到這裡。

When we look to the future, turbine availability is tight. We have some deep relationships with GE Vernova and other manufacturers. We're already talking to them about their cues. I think the Kilby announcement strengthens our position in these discussions and demonstrates that we're not just talking about potential projects, but we've converted an opportunity into an executable project.

展望未來，渦輪機的供應量很吃緊。我們與 GE Vernova 及其他製造商有一些深厚的合作關係。我們已經在和他們討論他們的排程／隊列（cues）。我認為 Kilby 的公告強化了我們在這些討論中的地位，並證明我們不只是談潛在專案，而是把一個機會轉化為可執行的專案。

So we'll pursue additional opportunities. We already have some of those discussions. Well underway with existing and new customers and partners, but we'll also be disciplined as we move this forward, and we'll always focus on value over growth.

因此我們會追求更多機會。我們已經在進行其中一些討論。與既有及新客戶和合作夥伴的合作都在順利推進中，但我們在推動的同時也會保持紀律，並且始終把價值放在成長之前。

Doug Leggate, Wolfe Research.

Doug Leggate，Wolfe Research。

Thanks. Good morning, everyone. Mike, I wonder if I could take a little bit of a longer-term view. The US has perhaps become -- it's back in everybody's focus as a safe source of energy supply. And you paused your growth trajectory in the Permian some years ago to inflate to free cash flows. My question is, you've got a lot of things going on in the portfolio today. Guyana is inflecting to free cash flow. You've put a lot of stuff in the portfolio beyond your current plan. Where does the Permian fit? Could we see that go back to growth in the post-2030 outlook?

謝謝。各位早安。Mike，我想從更長期的角度來看。美國或許已經——再次成為大家關注的焦點，作為安全的能源供應來源。而你在幾年前暫緩了二疊紀（Permian）的成長軌跡，以提升自由現金流。我的問題是，你們目前的資產組合有很多事情在進行。蓋亞那（Guyana）正轉折走向自由現金流。你們在現行計畫之外也把很多項目放進資產組合。二疊紀的位置在哪裡？在 2030 年之後的展望中，我們是否會看到它回到成長？

Yeah, Doug, thank you. Listen. Actually, it was just last year that we took the Permian to Plateau, not years ago and if you look at it has continued to grow. And we can -- I can have Jeanine follow-up with you offline, but it actually has crept up and is still growing, but the point here is we really want to turn the organization to focusing on the efficiencies and productivity that Eimear talked about earlier, and we're seeing that in the Permian, we're seeing that in other assets as well.

是的，Doug，謝謝你。聽我說。其實我們是去年才把二疊紀帶到平台期（plateau），不是幾年前；而且如果你看，它仍在持續成長。我們可以——我可以請 Jeanine 之後私下再跟你補充，但它其實已經小幅上升，仍在成長；不過重點是，我們真的希望把組織的重心轉向 Eimear 先前提到的效率與生產力提升，我們在二疊紀看到了這點，在其他資產上也同樣看到了。

Could the Permian grow? 100%. But we've learned the lessons that at some point, you want to see free cash out of these assets, and we're seeing that in significant quantums. We're working hard on technologies that can change the equation, and we've talked in the past about advanced chemicals. We can talk about more -- we've talked about AI, and there's a lot of interesting things going on with AI.

二疊紀能成長嗎？百分之百可以。但我們也學到一個教訓：在某個時間點，你希望這些資產能產生自由現金，而我們正看到相當可觀的自由現金量。我們正努力投入能改變方程式的技術，我們過去談過先進化學品。我們也可以談更多——我們談過 AI，而 AI 方面也有很多有趣的進展。

We maybe haven't talked as much about simulation technologies, but we're working on both incremental and potentially novel improvements to stimulation, when you're leaving 90% of the molecules in the ground, there's a huge incentive to figure out how to unlock all of that. And so as we work these technology levers and see performance improvements, it changes your options. You can extend the plateau and hold a plateau. You can create more value in a plateau. You can create more value in growth.

我們或許較少談到模擬技術，但我們正在針對壓裂增產（stimulation）做漸進式、甚至可能是創新式的改良；當你把 90% 的分子仍留在地層裡時，就有很大的誘因去想辦法把那些都解鎖出來。因此，當我們運用這些技術槓桿並看到績效改善時，你的選項就會改變。你可以延長平台期並維持平台。你可以在平台期創造更多價值。你也可以在成長中創造更多價值。

We have thousands of well locations today as we use technology to unlock horizons or benches that may not be economic using today's technology, that inventory of drillable locations goes up. And so this is an asset that is incredibly advantaged given our long history there, given our royalty position there. And we are going to work it to create value, not for a year or two, not growth for a year or two, but value long, long, long into the future. And I expect we will unlock options like those I've described over the coming years.

我們目前有數千個井位；當我們運用技術去解鎖某些層位或分層（horizons or benches），而這些在今天的技術條件下可能不具經濟性時，可鑽探井位的庫存就會增加。因此，鑑於我們在那裡的長期歷史、以及我們在那裡的權利金（royalty）部位，這是一項極具優勢的資產。我們將透過它來創造價值——不是一年或兩年，也不是只成長一兩年，而是很長、很長、很長遠的未來都要創造價值。我預期在未來幾年，我們會解鎖我所描述的這些選項。

Let me just talk a little bit about growth because that's really what kind of your question gets at. And I get this from others, there's kind of three buckets that I think about our growth opportunities in. One are the things that are in hand, so our massive shale portfolio and the ability to further improve that. Guyana, which we've talked about, the Eastern Med, where we've got a project under way to expand Leviathan, we're moving toward FID on another project at Aphrodite. Argentina, where we're continuing to see policy move in a good direction and there's enormous resource potential there.

我再稍微談一下成長，因為你的問題其實就是在問這個。我也從其他人那裡聽到類似的問題；我把我們的成長機會大致分成三個桶（類別）。第一類是已經在手上的事情：我們龐大的頁岩資產組合，以及進一步改善它的能力。蓋亞那我們已談過；東地中海（Eastern Med），我們有一個擴建 Leviathan 的專案正在進行，另一個在 Aphrodite 的專案也正朝最終投資決策（FID）推進。阿根廷方面，我們持續看到政策朝好的方向發展，而且那裡有巨大的資源潛力。

West Africa, we've got a lot of captured opportunity today that creates growth options, not just for the next few years, but well into the next decade. The second bucket are announced business developments advancements in some of our explorations. So new entries into Libya, Suriname, Namibia, are continued leadership position in terms of acreage in the Gulf of America. All the new exploration acreage that we've added over the last few years.

西非方面，我們目前掌握了許多已捕捉到的機會，這些不僅為未來幾年提供成長選項，也能延伸到下一個十年。第二類是已公告的業務開發進展，以及我們部分勘探項目的推進。例如新進入利比亞、蘇利南、納米比亞；以及我們在美洲灣（Gulf of America）就租賃區塊（acreage）而言持續保持領先地位。也包括我們在過去幾年新增的所有勘探租賃區塊。

And then the third bucket are what I'll describe as special situations that we have some control over. Venezuela is one of those. We're in negotiations right now to try to improve the fiscal terms and enable more investment in Venezuela.

第三類是我所稱的、我們在某種程度上可掌控的特殊情況（special situations）。委內瑞拉就是其中之一。我們目前正在談判，試圖改善財政條款，並使在委內瑞拉能投入更多投資。

A second one of those would be the Iraq situation where due to the circumstances Lukoil found itself in. It has stepped away from West Qurna 2. The Iraqi Prime Minister who was here recently, we've signed some agreements with them, and there is significant potential at West Qurna 2, Nassiriya, and in Iraq.

第二個例子是伊拉克的情況，因為盧克石油（Lukoil）所處的情勢。它已退出西庫爾納 2（West Qurna 2）。伊拉克總理最近來訪，我們已與他們簽署一些協議；而在西庫爾納 2、納西里耶（Nassiriya）以及伊拉克還有相當大的潛力。

And then the TCO concession, which I didn't address in my response to Devin, but we're into our well into the negotiations on that, obviously massive resource potential there, a field we know well. And so broadly speaking, we have a lot of growth options in hand, and we will pursue those that are the strongest. We will remain capital disciplined, and the Permian is one of many options we've got out over into the next decade for growth.

另外還有 TCO 特許權（concession），我在回覆 Devin 時沒有談到，但我們對此的談判已進行到相當深入的階段；那裡顯然有巨大的資源潛力，而且那是一個我們非常熟悉的油田。因此總體而言，我們手上有很多成長選項，我們會追求其中最強的那些。我們會維持資本紀律，而二疊紀只是我們在未來十年眾多成長選項之一。

Arun Jayaram, JPMorgan.

Arun Jayaram，摩根大通（JPMorgan）。

Yeah, good morning, Mike, and Eimear, Jeff. Mike, I wanted to get your perspective on Iraq. You look to be close to an entry to operate West Qurna 2 and Nassiriya. I'd love to see how you think that this Iraqi opportunity could compete for capital in your portfolio. How you view overall commercial terms, cost of supply? And how you think about managing some of the above-ground risk?

是的，早安，Mike，還有 Eimear、Jeff。Mike，我想聽聽你對伊拉克的看法。看起來你們接近進入並營運西庫爾納 2 與納西里耶。我很想了解你如何看待這個伊拉克機會在你們資產組合中爭取資本配置的競爭力。你如何看整體商業條款、供應成本（cost of supply）？以及你如何思考管理一些地面風險（above-ground risk）？

So obviously, potentially huge resources, third-party data on West Qurna 2 alone is gross oil potential well into the billions of barrels. It's one of the largest oil fields in the world. We're advancing discussions to align on the key commercial and economic principles for future contracts. It's a new form of contract. This month, we signed some follow-on agreements that significantly advanced the commercial discussions at both West Qurna 2 and Nassiriya.

所以很明顯，潛在資源非常龐大，僅就西古爾納2（West Qurna 2）而言，第三方資料顯示其總原油潛力可達數十億桶。它是全球最大的油田之一。我們正在推進討論，以就未來合約的關鍵商業與經濟原則達成一致。這是一種新的合約形式。本月，我們簽署了一些後續協議，顯著推進了在西古爾納2與納西里耶（Nassiriya）的商業討論。

And so we see a very encouraging set of signs from the Iraqi government, the terms look like they will be competitive within our portfolio. We still have work to be done to nail down all of the details. And then there's a cross-border pipeline concept that would allow alternative routes to market north through Iraq and potentially either through Syria or Turkey or perhaps even both to get to the Mediterranean. We've got a framework established to evaluate that. We've talked to a number of interested parties that would participate in that. We would have a share in it that. Many others would also have a share in what we're talking about.

因此，我們從伊拉克政府那裡看到一系列非常令人鼓舞的跡象，條款看起來將在我們的投資組合中具備競爭力。我們仍有一些工作要做，以敲定所有細節。另外，還有一個跨境管線的構想，可讓替代性市場路徑向北穿越伊拉克，並可能經由敘利亞或土耳其，或甚至兩者皆可，通往地中海。我們已建立一個架構來評估該構想。我們已與多個有興趣參與的相關方進行交流。我們將在其中持有一部分權益。其他許多方也將在我們所討論的項目中持有權益。

All this needs to get to final agreements, but it's advancing at pace. The prime minister in particular has been personally engaged and very supportive. We appreciate the leadership from him that's made this progress possible, and we look forward to continuing the discussions in the coming months as we reach any final determinations. Of course, you'll hear about it when we do. Thanks, Arun.

所有這些都需要達成最終協議，但進展迅速。尤其是總理本人一直親自參與並給予大力支持。我們感謝他所展現的領導力，使這些進展成為可能；並期待在未來幾個月繼續討論，直至作出任何最終決定。當然，一旦有結果你們就會聽到消息。謝謝你，Arun。

Stephen Richardson, Evercore.

Stephen Richardson，Evercore。

Hi, good morning. This is probably a good one for Eimear, but I'd love to just dig in a little bit on the achievement of the $3 billion cost savings schedule and the 70% from efficiency gains. I was wondering if you could maybe just give us a sense of. Where you're seeing outperformance versus the plan, what have been some of the surprises and what are maybe some of the chunkier elements of what you're seeing as you're attacking these costs, and then your confidence level on, as you mentioned, sticking these costs and not falling back into a kind of inflationary trap, if you will?

嗨，早安。這題可能很適合請Eimear回答，但我想更深入了解一下：關於提前達成30億美元成本節省進度，以及其中70%來自效率提升。我想請你或許可以讓我們了解一下。你們在哪些方面的表現優於原計畫？有哪些意外收穫？在你們著手降低這些成本時，看到哪些比較「大塊」的要素？另外，你提到要把成本「鎖住」不回彈——你們對於避免再次落入某種通膨陷阱（如果可以這麼說）的信心程度如何？

Yeah, thanks, Stephen. So yes, we're absolutely thrilled to be able to share today that we achieved the $3 billion of structural cost reduction ahead of schedule. It's testament to all the teams around the organization, they've been relentlessly focused on this, so achieved great results.

好的，謝謝你，Stephen。是的，我們非常高興今天能分享：我們已提前達成30億美元的結構性成本降低。這是整個組織各團隊的成果，他們一直不懈地專注於此，因此取得了很好的結果。

70% of the results are associated with efficiency gains and maybe what I point to there is we went through a massive restructuring, rewiring of the organization last year, so that is impacting the results by 35% of the 70% that I referenced. And then the balance is associated with a combination of technology achievements, improvement initiatives across the organization, and other things. So maybe a couple of examples to demonstrate our confidence in the sustainability of these savings.

其中70%的成果與效率提升有關；我想指出的是，我們去年進行了大規模的重整與組織再造，因此這部分對成果的貢獻約占我剛提到的70%中的35%。其餘則來自技術成果、全組織的改善計畫，以及其他因素的組合。我可以舉幾個例子，來說明我們對這些節省可持續性的信心。

The first thing I would maybe point to in the new ways of working or rewiring. We've pulled a lot of our work into centralized functions. And we have a technical center that allows us to do things across the organization like centralized and standardized engineering work orders, for example. And so that is something new and we're seeing results there.

第一個我想提的是新的工作方式或組織再造。我們把大量工作整合到集中式職能中。我們也設立了一個技術中心，使我們能在整個組織推動例如集中化、標準化的工程工單等工作。這是新的做法，我們已看到成效。

Another good example would be the way that we are looking at maintenance reliability, we talked earlier about how the shale and tight business, they're running as one, all together learning from each other and they have predictive maintenance that they haven't placed on all of the assets that is delivering results much more proactive than detecting anomalies and ensuring minimum loss production.

另一個很好的例子是我們看待維修可靠性的方式；我們先前談到頁岩與緻密油業務是以「一體化」方式運作，彼此學習，而且他們已在各項資產上部署預測性維護，帶來的成果更為主動，不僅能偵測異常，還能確保將產量損失降到最低。

And then maybe a final one that I would talk to is around one of the improvement initiatives that's inspired by benchmarking and rigorous benchmarking, and that is turnaround optimization and what the teams are doing to tighter control, scope, prioritize, sequence, learn from each other. Those would -- example.

最後我想談的是一項受同業比較與嚴謹標竿分析啟發的改善計畫，也就是大修（turnaround）最佳化：團隊正在做的是更嚴格地控制、界定範圍、設定優先順序、安排順序，並彼此學習。這些就是——例子。

So I call like these examples because they're things that are now built into the business and we're very confident that we'll continue just with this focus that we have. Costs always matter. They always will. We're never satisfied and we're never done. And we have a very strong culture across the organization. I'm paying attention to this always. So thanks for the question.

我之所以舉這些例子，是因為它們已經內建到業務運作中，我們非常有信心，只要維持目前的專注，就能持續下去。成本永遠重要。而且永遠都會重要。我們從不滿足，也永遠不會覺得已經完成。我們在整個組織都有非常強的文化。我一直都在關注這件事。謝謝你的提問。

Biraj Borkhataria, RBC.

Biraj Borkhataria，RBC。

Hi, thanks for taking my questions and thanks for the presentation.

嗨，謝謝讓我提問，也謝謝這次的簡報。

I just wanted to follow-up on CPC again. This is obviously a very significant pipeline that serves your asset, also a number of your peers. I suspect there's a number of governments involved trying to solve this issue. But could you just kind of clarify if CPC pipeline is closed for an extended period of time? How much of that 1 million barrels a day of liquids could be evacuated by the alternative routes?

我想再追問一次CPC。這顯然是一條非常重要的管線，服務你們的資產，也服務你們一些同業。我猜有多個政府正在參與、試圖解決這個問題。但你能否釐清一下：如果CPC管線長時間關閉，這每日100萬桶液體產量中，有多少可以透過替代路線外運？

And then related to that, in the Middle East there's a lot of discussion at the moment around building alternative evacuation to reduce the risk from the strait. I'm just wondering if anything incremental is being discussed here. I know the geography is obviously very challenging, but any thoughts on that would be helpful. Thank you.

另外，與此相關的是：目前中東有很多討論在談建置替代外運方案，以降低海峽風險。我想知道這裡是否有任何新增的討論。我知道地理條件顯然非常具挑戰性，但若能分享一些想法會很有幫助。謝謝。

Yeah, Biraj, clearly with the CPC being the primary evacuation route, if it were to be shut down for an extended period of time, that will create issues for all the shippers on that line. And that's a number of different projects in Kazakhstan, a little bit that comes in from Russia as well.

是的，Biraj，很明顯CPC是主要的外運路線，如果它長時間關閉，將會對該管線上的所有託運方造成問題。這涉及哈薩克的多個不同專案，另外也有一小部分來自俄羅斯的供應。

I mentioned our alternatives before. I don't think we've quantified those and I don't intend to. But you've seen creativity in the Strait of Hormuz over the years, we've had to use some creativity at times with CPC.

我之前提過我們的替代方案。我不認為我們已量化那些方案，而且我也不打算量化。但多年來你們也看過在荷姆茲海峽的各種應變創意；在CPC方面，我們有時也必須運用一些創意。

But I will say the commitment to keeping it open from all the parties that rely on it and all the governments that rely on it is very, very high. And I have a great degree of confidence that that commitment is real and that we'll see the CPC. I won't say never interrupted. But I don't think that the scenario that you pose is a highly likely scenario that there'd be an extended shut-in.

但我要說的是：所有依賴它的各方，以及所有依賴它的政府，對於維持其開放的承諾都非常、非常高。我對這份承諾的真實性非常有信心，也相信我們會看到CPC——我不會說永遠不會中斷。但我不認為你所提出的情境——長時間停運——是高度可能發生的情境。

On your second question about the Strait, I'm not sure I fully understood it. I mean, I think you're probably aware of the kinds of things that have been done, the shuttling through the Strait, the loading outside the Strait, the pipelines. There are a number of different workarounds that have helped continue to establish some degree of flow through the Strait. Those are the short-term actions. And then the kind of medium-term actions, I talked about one of them with the pipeline that we're evaluating to move to the Mediterranean. There are other ideas like that that are being advanced by others.

至於你第二個關於海峽的問題，我不確定我是否完全理解。我的意思是，我想你大概知道過去做過哪些事情：透過海峽的接駁運輸、在海峽外裝載、以及管線等。有多種不同的替代作法，幫助維持一定程度的海峽通行流量。那些是短期行動。而中期行動方面，我提到過其中之一，也就是我們正在評估的、通往地中海的管線。還有其他類似的構想正由其他方推進。

James West, Melius Research.

James West，Melius Research。

Hey, good morning, Mike, Eimear. So I wanted to that you very eloquently shifted a question on the Permian earlier to really walking around the world demonstrating the optionality that you've put in place in various markets that are now turning into signed agreements and action.

嘿，早安，Mike、Eimear。我想說，你先前把一個關於二疊紀盆地（Permian）的問題非常巧妙地轉到：你們其實是在全球各地走一圈，展示你們在不同市場建立的選擇權，而這些現在正逐步轉化為已簽署的協議與實際行動。

I wanted to dig in a little bit deeper. I wouldn't ask you to walk back around, but on expiration in particular, that I'm thinking Libya, Namibia, Greece. Where are you kind of most excited? Where do you think you have the best upside potential? And where do you think maybe we as the market are kind of missing what you're up to?

我想再深入一點。我不會要求你再繞全球走一圈，但就到期（expiration）這一點而言，我想到的是利比亞、納米比亞、希臘。你們目前最興奮的是哪裡？你覺得上行潛力最大的在哪裡？以及你覺得市場可能在哪些地方沒有看懂你們正在做什麼？

Yeah, thanks. Thanks, James. I'll start by saying that this is the largest and highest quality opportunity set that we've had in years, probably in my time in this role. That we haven't had this deep an inventory of opportunity. We're building quality through choice. We increased our acreage by 35% over the last year or so. We closed on 10 million net acres just this year in South America, in the Mediterranean, in the Gulf of America primarily. We got a strong presence in Guyana, which I won't spend any time on because I think that's pretty well understood, but there's still exploration potential there.

是的，謝謝。謝謝你，James。我先說，這是我們多年來、可能也是我擔任這個職務以來，規模最大且品質最高的一組機會集合。我們從未擁有過如此深厚的機會庫存。我們透過選擇來打造品質。過去一年左右，我們的租賃面積增加了35%。僅今年，我們就在南美、地中海以及主要在美洲灣（Gulf of America）完成了1,000萬淨英畝的交割。我們在蓋亞那（Guyana）也有很強的布局；這部分我就不多花時間，因為我想大家已經很了解，但那裡仍然有勘探潛力。

West Africa, the deep water of both Nigeria and Angola is relatively underexplored and we're actively working that. I'm very optimistic that large basins like that that have a proven petroleum system offer more opportunity for us. We've got another well, we intend to put that in Namibia where we've seen the success. So West Africa is a place I'm very excited about.

西非方面，奈及利亞與安哥拉的深水區相對仍未充分勘探，我們正在積極推進。我非常樂觀，像這樣已證實存在石油系統的大型盆地，能為我們提供更多機會。我們還有另一口井，打算部署在納米比亞，那裡我們已看到成功案例。所以西非是我非常興奮的一個區域。

The Mediterranean is interesting. We've got some success we've had off Egypt. We're a partner in a well that the operator has talked about on their call this week where there's been a working petroleum system that's been established, which is important in exploration to understand that.

地中海也很有意思。我們在埃及外海取得了一些成功。我們也是一口井的合作夥伴；該井的作業者本週在他們的電話會議上提到，已建立可運作的石油系統（working petroleum system），這在勘探中很重要，因為你需要先確認這一點。

So there are opportunities there in the Eastern Med that we like. The Middle East, again, I think kind of speaks for itself. In Iraq, we've got both operating fields and associated exploration prospects that come with them that our exploration team. I would just say their eyes get wide open when you start to look at some of these structures and the analogs that are in the area around them.

因此，我們看好東地中海（Eastern Med）的一些機會。中東方面，我想不言自明。在伊拉克，我們既有在營運的油田，也有隨之而來的相關勘探標的；我們的勘探團隊——我只能說，當你開始看這些構造以及周邊區域的類比案例時，他們眼睛都會亮起來。

And so we're going to be disciplined in the way that we advance through that portfolio. We're going to be using these new tools, and this is an area where AI will definitely change. Cycle time, it will change our ability to see things that previously we may not have been able to see, and I expect that it will change outcomes.

因此，我們會以紀律性的方式推進這個投資組合。我們會使用這些新工具，而這也是AI肯定會帶來改變的領域。它會改變週期時間，會改變我們看見過去可能看不見事物的能力，我也預期它會改變結果。

And the last thing I'll just say is we're already seeing some results. Over the last year and a half or so, we've had five different discoveries or successful appraisal wells. In the Gulf of America, in the partition zone in West Africa, and I mentioned the well off Egypt that we're a partner in recently. And so we're already seeing the early signs of this portfolio yielding different outcomes. We'll be talking about this a lot more in the years to come.

最後我想說的是，我們已經看到一些成果。在過去一年半左右，我們有五項不同的發現（discoveries）或成功的評估井（appraisal wells）。分別在美洲灣、西非的分區帶（partition zone），以及我剛提到我們近期作為合作夥伴的埃及外海那口井。所以我們已經看到這個投資組合帶來不同結果的早期跡象。未來幾年我們會更常談到這些。

Sam Margolin, Wells Fargo

Sam Margolin，Wells Fargo

Hi, good morning. Thanks for taking the question. Maybe switching gears to natural gas. The gas market in Europe is exceptionally tight right now. Chevron in Australia typically has a volume ramp. Gorgon and Wheatstone typically have a little bit of a volume uplift in the second-half of years starting in the third quarter. Can you just talk about. Your available LNG position right now and optimization opportunities that are put to you to kind of solve this European shortage?

嗨，早安。謝謝讓我提問。也許換個話題談天然氣。歐洲的天然氣市場目前非常吃緊。Chevron在澳洲通常會有一段產量爬坡。Gorgon和Wheatstone通常在每年下半年、從第三季開始會有一些產量提升。你能否談談你們目前可用的LNG部位，以及有哪些最佳化機會可以用來在某種程度上解決歐洲的短缺？

Yeah, Sam, we do see some seasonality in Australia and so cooler weather is better for LNG facilities than hot weather. Most of our Australian LNG has turned up with customers in Asia. We do have some spot cargos that we moved, but it's far away the smaller portion of our production there.

是的，Sam，我們確實在澳洲看到一些季節性，因此較涼的天氣對LNG設施比炎熱天氣更有利。我們澳洲的大部分LNG都已與亞洲客戶簽約。我們確實調度了一些現貨貨船（spot cargos），但那在我們當地產量中占比很小。

West Africa, we moved LNG up into Europe more steadily on some shorter-term contracts and a fair amount of spot out of West Africa. And then we've got a growing position here in North America where we've got 4 million tonnes per annum that will come in over the next few years and that is primarily going into Europe.

西非方面，我們透過一些較短期合約，更穩定地把LNG運往歐洲，並且也有相當一部分西非的現貨供應。另外，我們在北美的部位正在成長，未來幾年將陸續增加每年400萬噸的量，而這些主要會流向歐洲。

And so I would say Australia is probably the longest spot, if you will, it's furthest away, we've got it pretty well termed up. And Asian spot markets have been very strong as well. And so you see JKM and TTF both have been firming and I think the demand in both North Asia and Europe is likely to continue to be pretty strong here over this next period of time.

所以我會說，澳洲如果以現貨來看算是「最長」的——也就是距離最遠——我們那邊的合約化程度相當高。而亞洲的現貨市場也一直很強。因此你會看到JKM與TTF都在走強，我認為未來這段時間北亞與歐洲的需求很可能都會維持相當強勁。

And so we'll do the -- we'll make the best sales into each market and continue to operate at a high reliability, which I'm really pleased to say our Australian assets are operating at.

因此我們會——我們會在各市場做出最佳銷售配置，並持續以高可靠度運轉；我很高興地說，我們的澳洲資產目前就是以高可靠度在運作。

Manav Gupta, UBS.

Manav Gupta，UBS。

Good morning. A lot of questions on CPC. I was hoping I can talk a little bit about CPChem, a big jump in earnings. Obviously, global product inventory, everybody talks about refined products is depleted, but so is the polyethylene side depleted.

早安。大家對CPC有很多問題。我希望能談一下CPChem，獲利大幅跳升。顯然，全球產品庫存——大家都在談成品油庫存偏低——但聚乙烯這邊的庫存也偏低。

Multiple global crackers are also struggling, and you have a very unique portfolio, but most of it is in North America. So if you could talk about the leverage that CPChem has in this environment of elevated polyethylene margins?

多座全球裂解廠也在吃緊，而你們有非常獨特的投資組合，但大部分都在北美。所以你能否談談，在聚乙烯利差（margins）偏高的環境下，CPChem在其中的槓桿效益？

Yeah, I mean, I think you've mostly answered the question yourself there. CPChem's primary footprint is in North America. There's some production in the Middle East, which obviously is constrained right now given the circumstances with the straight. But CPChem cracks ethane primarily and primarily in North America. Those margins have been under a lot of pressure the last few years. They've been buoyant, to say the least, over the last few months as we've seen naphtha out of the Middle East constrained, which mostly flows into North Asia

是的，我想你基本上已經自己回答了這個問題。CPChem的主要布局在北美。中東也有一些產量，但在目前海峽（Strait）的情勢下顯然受到限制。不過CPChem主要裂解乙烷（ethane），而且主要在北美。過去幾年這些利差承受很大壓力。但過去幾個月可以說相當強勁，因為我們看到中東的石腦油（naphtha）供應受限，而那部分多數流向北亞

For naphtha crackers, which are normally the price setting mechanism out there in the marketplace and ethane crackers are lower cost, the margins tend to be better and in an environment where you get production tightening up the way that it has. CPChem is advantaged in this kind of an environment. We'll see how long it lasts. I can't predict when things in the Strait will settle down and we'll start to see those flows again, but very pleased with the performance in CPChem right now.

供石腦油裂解廠使用；而石腦油裂解廠通常是市場上的定價機制（price setting mechanism）。乙烷裂解廠成本較低，因此利差往往更好；在像目前這種供給收緊的環境下，CPChem具備優勢。CPChem在這類環境中是有利的。我們會看看能持續多久。我無法預測海峽的情勢何時會趨於穩定、我們何時會再次看到那些物流恢復，但我們對CPChem目前的表現非常滿意。

Jean Ann Salisbury, Bank of America.

Jean Ann Salisbury，美國銀行。

Hi, good morning. Can you discuss your decision to license your surfactant technology versus keeping it in-house? How did you view the pros and cons there and how large could this revenue stream be?

嗨，早安。你們能否談談決定將你們的界面活性劑技術採取授權，而不是留在內部使用的考量？你們如何看待其中的利弊？這條收入來源的規模可能有多大？

Hey, Jeananne, I'll take this one. Yeah, no, we're really excited about this. Look, the rationale was really just to explore another pathway for innovation. Advanced chemicals is such a focus for us with regards to improving recoveries, as Mike talked earlier, for our entire shale and tight asset class. And we have a lot of work underway deploying pilots, trying different chemicals and an opportunity to work with a partner that has manufacturing capability, distribution capability, and pumping service, quite frankly, allows us to co-innovate with them and accelerate scaling this technology with speed.

嗨，Jeananne，這題我來回答。是的，我們對此非常興奮。你看，背後的理由主要是想探索另一條創新路徑。如同 Mike 先前提到的，先進化學品對我們而言是提升整個頁岩與緻密油氣資產類別採收率的重點方向。我們正在推進大量工作、部署試點、測試不同化學品；而與具備製造能力、通路配送能力以及（坦白說）壓裂泵送服務能力的合作夥伴合作，讓我們能與其共同創新，並以更快速度加速這項技術的規模化。

So that's overall the rationale. We have a lot of NOJV volumes and therefore having a partner like ZL allows us to benefit from those volumes, offer this to our NOJV partners, and it's a win-win-win. And overall, we see it as a way to accelerate our progress on doubling shale and tight recovery across the shale and tight basin. So that's the rationale.

這就是整體的理由。我們有很多 NOJV 產量，因此像 ZL 這樣的合作夥伴能讓我們從這些產量中受益，把這項方案提供給我們的 NOJV 合作夥伴，形成三贏。整體而言，我們把它視為加速我們在整個頁岩與緻密盆地將採收率翻倍進展的一種方式。所以這就是理由。

And Juan, you asked about the materiality. The contribution from recoveries will be much larger, I think, than the licensing revenue. We'll get licensing revenue from a company our size, the real opportunity is on the application of the chemicals.

另外，Juan，你問到重要性（materiality）。我認為，採收率提升帶來的貢獻會遠大於授權收入。以我們這樣規模的公司，授權收入會有，但真正的機會在於化學品的應用。

Betty Jiang, Barclays.

Betty Jiang，巴克萊。

Hi, good morning. Thank you for taking my question. Probably a question for Eimear on the long-term CapEx. You mentioned earlier that Permian is falling below [3.5], and a lot of that is driven by capital efficiencies, which I would imagine will also put downward pressure on that Permian CapEx going forward. But at the same time, you have power that's folding in as well. So could you just remind us what's driving the range for that long-term CapEx and whether we could be seeing that number trending lower as well?

嗨，早安。謝謝讓我提問。這題可能想請 Eimear 談談長期資本支出（CapEx）。你先前提到二疊紀（Permian）已降到低於 [3.5]，其中很大一部分是由資本效率提升所驅動；我想這也會在未來對二疊紀的資本支出帶來下行壓力。但同時，你們也把電力（power）納入其中。所以能否請你提醒我們，長期 CapEx 區間的驅動因素是什麼？以及我們是否也可能看到那個數字呈現下行趨勢？

Yeah. In terms of the long-term range that we shared last year at our Investor Day, so we provide a range of $18 billion to $21 billion. Obviously, this year, our budget is $18 billion to $19 billion. But that range represents the opportunities that we have over the course of the next five years.

好的。就我們去年在投資人日分享的長期區間而言，我們提供的是 180 億到 210 億美元的區間。很明顯地，今年我們的預算是 180 億到 190 億美元。但那個區間代表的是我們在未來五年期間所擁有的機會。

Within that, we had expected to have a power project within that capital range. And so the one that Jeff talked about, Project Kilby, is reflected in both the organic capital outlook and range and the affiliate capital outlook and range. And so at the end of the day, we're going to be capital disciplined.

在這之中，我們原本就預期會有一個電力專案納入該資本區間。因此 Jeff 提到的 Kilby 專案，同時反映在有機資本（organic capital）展望與區間，以及關聯企業資本（affiliate capital）展望與區間之中。總之，我們會維持資本紀律。

Mike talked about all the growth options that we're stacking up around the world, both power and on the upstream side. And so we'll continue to be disciplined, but we believe that that range gives us enough for the options that we have on the table today.

Mike 談到我們在全球堆疊的各種成長選項，包含電力以及上游端。因此我們會持續保持紀律，但我們相信這個區間足以支應我們目前檯面上的選項。

Nitin Kumar, Mizuho Securities.

Nitin Kumar，瑞穗證券。

Hi, good morning and thanks for taking my question. I want to shift gears a little bit. Obviously, refining had a good quarter given the macro environment. Mike, I was wondering if you guys would be willing to talk about what do you see as the outlook post the war? Are you seeing any evidence of demand destruction as things remain tight? What's your view on the cracks here?

嗨，早安，謝謝讓我提問。我想稍微換個話題。顯然在總體環境帶動下，煉油這季表現不錯。Mike，我想請問你們是否願意談談戰後的展望？在供需仍然吃緊的情況下，你們是否看到任何需求被破壞（demand destruction）的跡象？你對目前的裂解價差（cracks）有何看法？

Yeah. So I'll be pretty sure because I want to give everybody a chance on the call. Middle distillates are really the tight spot right now, initially it looked like jet, now diesel. European diesel demand was weaker in the second quarter, which I think is what really kept global inventories from drawing further than they did. That may not hold up as we get into the third quarter.

是的。我會盡量簡短，因為我想讓每位與會者都有機會發言。目前真正緊的環節是中間餾分油品（middle distillates）；一開始看起來是航空燃油（jet），現在是柴油（diesel）。歐洲第二季柴油需求較弱，我認為這也是全球庫存沒有比實際下降得更多的主要原因。但進入第三季後，這種情況未必能維持。

You've got restocking of heating oil ahead of winter that is kind of upon us or soon to be upon us. That lands on top of the export ban from Russia, refinery outages in Russia, the obvious constraints that exist in the Strait. And then MOGA gas inventories are low as well.

冬季前的取暖油（heating oil）補庫存即將到來，或很快就會到來。再加上俄羅斯的出口禁令、俄羅斯煉廠停工，以及海峽（Strait）存在的明顯限制。此外，MOGA 汽油庫存也偏低。

And so products are tighter than crude around the world, and that's why cracks have widened out. I think the question is, when do we get crude flows reestablished and when do those cracks come back in? Hard to say. So I think we're going to see some upward pressure on product pricing here into the third quarter and perhaps beyond that.

因此，全球各地成品油比原油更緊，這也是裂解價差擴大的原因。我認為問題在於：何時原油流向能重新建立、以及何時這些裂解價差會回落。很難說。所以我認為第三季、甚至可能更久，成品油價格會面臨一些上行壓力。

Demand destruction is not obvious to me at any significant scale. China is a black box, and so that's the big question, is what's really going on in China. It's difficult to shift demand as rapidly as their crude purchases have come off. I think they've got some flexibility to do so.

就我看來，並沒有明顯出現任何具相當規模的需求破壞。中國是一個黑盒子，因此最大的問題是中國到底發生了什麼。需求要像他們原油採購下滑那樣快速調整是很困難的。我認為他們確實有一些彈性可以做到。

Other Asian markets that have seen actual physical constraints, there's likely some demand destruction in some of those markets, at least in the short-term. But in terms of longer-term structural demand destruction, I would say it's hard to find evidence of that at this point.

其他一些亞洲市場出現了實際的實體供給限制，這些市場短期內可能有一些需求破壞。但就較長期、結構性的需求破壞而言，我會說目前很難找到相關證據。

Bob Brackett, Bernstein.

Bob Brackett，Bernstein。

Good morning. If I think about Project Kilby, you talked about expected mid-teens return, and that's really a ring fence around the take or pay and standing up that power gen. Are there additional opportunities to create value, given that you're sitting there at the county? With plenty of acres and plenty of wells. Is that additional add-on value potentially?

早安。如果我想一下 Kilby 專案，你提到預期有中十位數（mid-teens）的報酬率，而那基本上是把 take-or-pay（保量保付）以及建置發電（power gen）這部分圈起來計算。鑑於你們就位於當地（county），是否還有其他創造價值的機會？你們有很多英畝土地，也有很多井。是否可能有額外的加值空間？

Yeah, thanks, Bob. There could be. There could be expansion potential on the Kilby site after the first phase, after we ramp up to this 2.67 gigawatts. None of that has been agreed or negotiated yet with Microsoft. But obviously, their demand needs continue to increase and we'll work with them to see if we can supply those while meeting our returns thresholds.

是的，謝謝你，Bob。確實有可能。在第一期之後、當我們爬坡到 2.67 吉瓦（gigawatts）之後，Kilby 場址可能有擴建潛力。但目前這些都還沒有與微軟達成協議或完成談判。不過很明顯，他們的需求仍在持續增加，我們會與他們合作，看看能否在符合我們報酬門檻的前提下供應這些需求。

I talked about the potential to scale this business further. We don't see Kilby as a one-off. This is a very durable macro-demand environment. Really, the depth of our capabilities are unique and differentiated here. Microsoft certainly saw that. With Kilby and there are others who are interested in where can we grow beyond this, both in West Texas and perhaps other parts of the US.

我也談到進一步擴大這項業務的潛力。我們不把 Kilby 視為一次性的專案。這是一個非常持久的總體需求環境。而且我們能力的深度在這裡是獨特且具差異化的。微軟當然也看到了這一點。除了 Kilby 之外，也有其他客戶對於我們能在哪些地方、如何在此基礎上成長感興趣，包括在德州西部，甚至可能在美國其他地區。

But look, as we go forward, we're always going to be disciplined with this. We were very disciplined on Kilby. We had a firm requirement for what we needed to do for our shareholders, both returns and value. We're going to hold to those going forward, and we'll provide additional information as new growth opportunities emerge. Thanks.

不過你看，往前走，我們一向都會在這方面保持紀律。我們在 Kilby 專案上非常有紀律。我們對於需要為股東達成的目標有明確要求，包含報酬與價值。未來我們也會堅守這些原則，並在新的成長機會浮現時提供更多資訊。謝謝。

Jason Gabelman, TD Cowen.

Jason Gabelman，TD Cowen。

Yeah, hi. Thanks for taking my question. I wanted to ask on Venezuela, I imagine you're getting to the point where the amount that they owe you is going to be fully repaid. And I wonder if that point -- do your contractual terms shift to the new fiscal framework that they're developing or is there something in place right now that you would lift under?

是的，你好。謝謝讓我提問。我想問一下委內瑞拉，我想你們應該快到他們欠你們的款項將會全數償還的時間點了。我想知道到了那個時間點——你們的合約條款是否會轉換到他們正在制定的新財政框架，還是目前就已經有某種既定安排是你們會依據來執行的？

And then more broadly, how are the contract negotiations going to unlock additional volumes there? and how do you think about both incremental investments and incremental production growth over the medium term?

另外更廣泛地說，合約談判將如何解鎖那邊的額外產量？以及你們如何看待中期的增量投資與增量產量成長？

Okay, Jason, I'll maybe try and hit this one. On debt recovery, we are continuing to recover our debt. We expect that by early 2027, that will be fully recovered. In terms of our JVs, today we are operating three JVs very successfully.

好的，Jason，我來嘗試回答這題。關於債務回收，我們持續在回收欠款。我們預期在 2027 年初之前將可全數回收。就我們的合資企業（JV）而言，目前我們正非常成功地營運三個 JV。

We've grown production over the last few years from 40,000 to 250,000 with the existing model that we have in place, we have grown the production from those three JVs 15% over the last six months to 280,000 barrels of oil per day, and we're anticipating that we will be able to grow up to 50% between now and the end of 2028.

在我們現有的模式下，過去幾年我們已將產量從 40,000 提升到 250,000；在過去六個月，我們也把這三個 JV 的產量再提高 15% 至每日 280,000 桶原油，並且我們預期從現在到 2028 年底之間，產量可望成長最高達 50%。

So everything with Venezuela operationally is going well and consistent with what we had communicated. With regards to the opportunities, obviously, we've been in Venezuela for 100 years. We stayed there because of the potential in the country and the assets. We love the assets, the heavy oil that's there. We have a lot of experience in this space. So we are actively working with the government to look at other opportunities.

因此，委內瑞拉在營運面一切進展良好，且與我們先前對外溝通的內容一致。至於機會面，顯然我們在委內瑞拉已有 100 年歷史。我們之所以留在那裡，是因為看好該國與資產的潛力。我們很喜歡那裡的資產，尤其是重油資源。我們在這個領域有很多經驗。因此我們正積極與政府合作，評估其他機會。

We'll be disciplined. At the end of the day, the terms that we're discussing are confidential. They have to be competitive and they have to compete in our portfolio for capital. But I want to leave you with we're very encouraged with where we are with Venezuela on additional opportunities. Thanks for the question.

我們會保持紀律。歸根結底，我們正在討論的條款屬於機密。這些條款必須具備競爭力，並且在我們的資本配置組合中能夠競爭資本。但我想留給各位的是：對於委內瑞拉的額外機會，我們目前的進展讓我們非常受到鼓舞。謝謝你的提問。

Phillip Jungwirth, BMO.

Phillip Jungwirth，BMO。

Thanks. Good morning. Can you update us on your latest thoughts just around future investment across Argentina and the Vaca Muerta? Eimear, I think you worked down there in May, and we saw some reports around over $10 billion development. It's always been a large contributor to other shale and tight. Just hoping you could update us on the potential here and what gives you the confidence now to push forward.

謝謝。早安。你們能否更新一下對於未來在阿根廷與 Vaca Muerta 的投資最新想法？Eimear，我記得你在 5 月到那邊工作，我們也看到一些報導提到超過 100 億美元的開發。那裡一直是其他頁岩與緻密油氣的重要貢獻來源。希望你能更新一下這裡的潛力，以及目前是什麼讓你們有信心推進。

Thanks, Phillip. Well, we are really excited about the opportunity in Argentina. We've obviously got history there, three development areas that we are an operator in or in a non-operated position.

謝謝，Phillip。我們對阿根廷的機會感到非常興奮。我們在那裡顯然有歷史，並在三個開發區塊中擔任營運商或以非營運商身分參與。

We are producing 80,000 barrels a day from Argentina, 75% oil cuts. So we like the products from Vaca Muerta and we're leveraging. The lessons from the shale and tight asset business that now includes backend and DJA and Permian to really look at how to deliver on the growth that we shared in our Investor Day, which is 3x, to grow 3x by 2035.

我們在阿根廷的產量為每日 80,000 桶，含油率 75%。因此我們喜歡 Vaca Muerta 的產品組合，並且正在加以運用。我們把頁岩與緻密油氣資產事業的經驗（目前包含 Bakken、DJA 與 Permian）加以整合，來思考如何實現我們在投資人日所分享的成長目標，也就是到 2035 年成長 3 倍（3x）。

I think the engagement that you might be referring to was with the Minister of Economy and we had a discussion around the RIGI framework that has recently been extended to oil and gas and so we have applied for El Trapial an application for that asset. And this framework gives us 30 years of fiscal stability, incentives like accelerated depreciation and tax incentives. And so that makes Argentina look much more competitive from a growth option for us. So again, we'll continue to be disciplined, no change in the near term, but obviously a lot of opportunity to grow.

我想你提到的那次互動，可能是我們與經濟部長的會面；我們討論了近期已延伸適用至油氣產業的 RIGI 架構，因此我們已就 El Trapial 資產提出申請。這個架構提供我們 30 年的財政穩定性，以及加速折舊與稅務優惠等激勵措施。因此，從我們的成長選項來看，阿根廷的競爭力明顯提升。所以同樣地，我們會持續保持紀律，短期內沒有變化，但顯然有很多成長機會。

Okay. I think that's the last question we have. We'd like to thank everyone for your time today. We appreciate your interest in Chevron and your participation in today's call. Please stay safe and healthy. Katie, back to you.

好的。我想這是我們最後一個問題。我們要感謝各位今天撥冗參與。我們感謝各位對雪佛龍（Chevron）的關注，以及參與今天的電話會議。請大家注意安全並保持健康。Katie，交回給你。

Thank you. This concludes Chevron's second-quarter 2026 earnings conference call. You may now disconnect.

謝謝。雪佛龍 2026 年第二季財報電話會議到此結束。您現在可以掛線。