雪佛龍 (CVX) 2021 Q4 法說會逐字稿

Good morning. My name is Jen, and I will be your conference facilitator today. Welcome to Chevron's Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

早上好。我的名字是 Jen，今天我將成為您的會議主持人。歡迎來到雪佛龍公司 2021 年第四季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

I will now turn the conference call over to the General Manager of Investor Relations of Chevron Corporation, Mr. Roderick Green. Please go ahead.

我現在將電話會議轉交給雪佛龍公司投資者關係總經理羅德里克·格林先生。請繼續。

Thank you, Jen. Welcome to Chevron's Fourth Quarter 2021 Earnings Conference Call and Webcast. I'm Roderick Green, GM of Investor Relations. Our Chairman and CEO, Mike Wirth; and CFO, Pierre Breber, are on the call with me. We will refer to the slides and prepared remarks that are available on Chevron's website.

謝謝你，珍。歡迎來到雪佛龍公司 2021 年第四季度收益電話會議和網絡直播。我是投資者關係總經理 Roderick Green。我們的董事長兼首席執行官 Mike Wirth；首席財務官 Pierre Breber 正在與我通話。我們將參考雪佛龍網站上提供的幻燈片和準備好的評論。

Before we begin, please be reminded that this presentation contains estimates, projections and other forward-looking statements. Please review the cautionary statement on Slide 2.

在我們開始之前，請注意本演示文稿包含估計、預測和其他前瞻性陳述。請查看幻燈片 2 上的警告聲明。

Now I will turn it over to Mike.

現在我將把它交給邁克。

Thanks, Roderick.

謝謝，羅德里克。

After the challenges of 2020, we began last year clear-eyed about the economic realities we faced and at the same time optimistic about an eventual recovery. By the end of 2021, we had one of our most successful years ever with return on capital employed approaching 10%, our highest since 2014; the successful integration of Noble Energy, while more than doubling initial synergy estimates; and record free cash flow, 25% greater than our previous high.

在經歷了 2020 年的挑戰之後，我們從去年開始對我們面臨的經濟現實保持清醒，同時對最終的複蘇持樂觀態度。到 2021 年底，我們迎來了有史以來最成功的一年，所用資本回報率接近 10%，是自 2014 年以來的最高水平；成功整合來寶能源，同時將初始協同效應估計增加一倍以上；和創紀錄的自由現金流，比我們之前的高點高出 25%。

2021 was also the year when Chevron accelerated our efforts to advance a lower carbon future by forming Chevron New Energies, an organization that aims to grow businesses in hydrogen, carbon capture and offsets; introducing a 2050 net zero aspiration for upstream scope 1 and 2 emissions and establishing a portfolio carbon intensity target that includes scope 3 emissions and more than tripling our planned lower carbon investments.

2021 年也是雪佛龍通過成立雪佛龍新能源公司（Chevron New Energies）加速推進低碳未來的一年，該組織旨在發展氫、碳捕獲和抵消業務；為上游範圍 1 和 2 排放引入 2050 年淨零排放目標，並建立包括範圍 3 排放在內的投資組合碳強度目標，並將我們計劃的低碳投資增加三倍以上。

Chevron is an even better company today than we were just a few years ago. We're showing it through our actions and our performance, which we expect to drive higher returns and lower carbon. And we intend to keep getting better.

與幾年前相比，雪佛龍今天是一家更好的公司。我們通過我們的行動和我們的表現來展示它，我們期望這會帶來更高的回報和更低的碳排放。我們打算繼續變得更好。

Our record free cash flow enabled us to strongly address all 4 of our financial priorities in 2021: a higher dividend for the 34th consecutive year; a disciplined capital program, well below budget; significant debt paydown with a year-end net debt ratio comfortably below 20% and another year of share buybacks, our 14th out of the past 18 years.

我們創紀錄的自由現金流使我們能夠在 2021 年大力解決所有 4 項財務優先事項：連續第 34 年提高股息；嚴格的資本計劃，遠低於預算；年終淨負債率遠低於 20% 以及又一年的股票回購，這是我們過去 18 年中的第 14 年。

I expect 2022 will be even better for cash returns to shareholders with another dividend increase announced this week and first quarter buybacks projected at the top of our guidance range. We're optimistic about the future, focused on continuing to reward our shareholders while investing to grow our businesses and maintaining a strong balance sheet.

我預計 2022 年對股東的現金回報會更好，本周宣布再次增加股息，第一季度回購預計在我們指導範圍的頂部。我們對未來持樂觀態度，專注於繼續回報我們的股東，同時投資以發展我們的業務並保持強勁的資產負債表。

We made the most of this challenging period, transforming Chevron through a well-timed acquisition and an enterprise-wide restructuring into a leaner and more productive company. In just 2 years, CapEx was reduced by almost half from Chevron and Noble's pre-COVID total. And operating expenses for the combined company in 2021 were lower than for Chevron on a stand-alone basis in 2019.

我們充分利用了這個充滿挑戰的時期，通過適時的收購和企業範圍的重組將雪佛龍轉變為一家更精簡、更有生產力的公司。在短短 2 年內，資本支出比雪佛龍和來寶在 COVID 之前的總額減少了近一半。合併後的公司在 2021 年的運營費用低於雪佛龍在 2019 年的獨立運營費用。

The Noble acquisition and increasing capital efficiency enabled us to maintain a 5-year reserve replacement ratio above 100%. And 2021 was very consistent with that longer-term performance, driven primarily by additions in the Permian, Gulf of Mexico and Australia and partly offset by lower reserves in Kazakhstan, mostly due to higher prices and their negative effect on our share of reserves.

收購來寶和提高資本效率使我們能夠保持 5 年儲備替代率高於 100%。 2021 年與長期表現非常一致，主要是由於二疊紀、墨西哥灣和澳大利亞的增加，部分被哈薩克斯坦的儲量減少所抵消，這主要是由於價格上漲及其對我們儲量份額的負面影響。

For more on our strong financial performance, over to Pierre.

有關我們強勁的財務業績的更多信息，請轉至皮埃爾。

Thanks, Mike.

謝謝，邁克。

We reported fourth quarter earnings of $5.1 billion or $2.63 per share. Adjusted earnings were $4.9 billion or $2.56 per share. The quarter's results included 3 special items: asset sale gains of $520 million, primarily on sales of mature conventional assets in the U.S.; losses on the early retirement of debt of $260 million, which will result in significant future interest cost savings and pension settlement costs of $82 million. A reconciliation of non-GAAP measures can be found in the appendix of this presentation.

我們報告第四季度收益為 51 億美元或每股 2.63 美元。調整後的收益為 49 億美元或每股 2.56 美元。本季度的業績包括 3 個特殊項目：資產出售收益 5.2 億美元，主要來自美國成熟常規資產的出售； 2.6 億美元的債務提前退休損失，這將大大節省未來的利息成本和 8200 萬美元的養老金結算成本。非公認會計原則措施的調節可在本演示文稿的附錄中找到。

Full year earnings were over $15 billion, the highest since 2014. Compared with 3Q, adjusted 4Q earnings were down $770 million. Adjusted upstream earnings were flat, with higher realizations offset primarily by negative LNG trading timing effects and higher DD&A. DD&A increased on catch-up depreciation for our interest in North West Shelf, which no longer meets asset held-for-sale criteria and impairments of certain late in life assets triggered by updated abandonment estimates. Other items include additional taxes and royalties related to higher prices under certain international contracts.

全年收益超過 150 億美元，為 2014 年以來的最高水平。與第三季度相比，調整後的第四季度收益減少了 7.7 億美元。調整後的上游收益持平，較高的實現主要被負面的液化天然氣交易時間效應和較高的 DD&A 所抵消。 DD&A 因我們在 North West Shelf 權益的追趕性折舊而增加，該權益不再符合持有待售的資產標準，以及更新的廢棄估計引發的某些晚期資產的減值。其他項目包括與某些國際合同下的更高價格相關的額外稅費和特許權使用費。

Adjusted downstream earnings were down with lower chemicals margins and volumes at CPChem and GS Caltex, in addition to year-end inventory charges. The All Other segment declined due to tax charges. Across all segments, operating expenses increased in part due to higher accruals for employee bonuses and stock-based compensation.

調整後的下游收益下降，原因是 CPChem 和 GS Caltex 的化學品利潤率和銷量下降，此外還有年終庫存費用。由於稅費，所有其他部分下降。在所有部門中，運營費用增加的部分原因是員工獎金和股票薪酬的應計費用增加。

Adjusted earnings increased over $15 billion compared to the prior year, primarily due to increased realizations in upstream as well as improved refining and chemicals margins. Costs were up primarily on the acquisition of Noble Energy that closed in 4Q 2020, higher fuel costs and an unfavorable swing in accruals for employee benefits.

與去年相比，調整後的收益增加了超過 150 億美元，這主要是由於上游實現的增加以及煉油和化工利潤率的提高。成本上升主要是由於對 2020 年第四季度結束的 Noble Energy 的收購、更高的燃料成本以及員工福利應計項目的不利波動。

2022 production is expected to be flat to down 3% due to expiration of contracts in Indonesia and Thailand. These contracts are not being extended as we were unable to do so on terms competitive with our alternatives. Excluding contract expirations and 2022 asset sales, we expect a 2% to 5% increase in production led by the Permian and lower turnaround activity in TCO and Australia. We reaffirm our prior long-term guidance of a 3% production CAGR through 2025, and we'll share more about our long-term outlook at our upcoming Investor Day.

由於印度尼西亞和泰國的合同到期，預計 2022 年的產量將持平至下降 3%。這些合同沒有被延長，因為我們無法按照與我們的替代方案競爭的條款這樣做。不包括合同到期和 2022 年資產出售，我們預計在二疊紀以及 TCO 和澳大利亞的周轉活動減少的帶動下，產量將增長 2% 至 5%。我們重申我們之前的長期指導，即到 2025 年的生產複合年增長率為 3%，我們將在即將到來的投資者日分享更多關於我們的長期前景的信息。

I'll call out a few items on Slide 11. Full year guidance for the All Other segment excludes special items such as pension settlement costs. The All Other segment can vary quarter-to-quarter and year-to-year. Affiliate dividends are expected to be between $2 billion and $3 billion, depending primarily on commodity prices and margins. We do not expect any additional lending or loan repayments this year at TCO. Finally, asset sale proceeds are expected to be in line with historical averages.

我將在幻燈片 11 上指出一些項目。所有其他部分的全年指導不包括養老金結算成本等特殊項目。所有其他部分可能會因季度和年度而異。附屬公司的股息預計在 20 億至 30 億美元之間，主要取決於商品價格和利潤率。我們預計 TCO 今年不會有任何額外的貸款或貸款償還。最後，資產出售收益預計將與歷史平均水平一致。

We've updated our price sensitivities to include natural gas. Also, our guidance for both earnings and cash flow sensitivities is now the same as we're likely to consume the remainder of our NOLs and other favorable tax attributes if prices remain higher. Finally, we did not receive our federal income tax refund last quarter and expect it later this year.

我們更新了價格敏感度以包括天然氣。此外，我們對收益和現金流敏感性的指導現在與我們可能消耗剩餘的 NOL 和其他有利的稅收屬性相同，如果價格保持較高水平。最後，我們上個季度沒有收到聯邦所得稅退稅，預計今年晚些時候會收到。

Back to Mike.

回到邁克。

All right. Thanks, Pierre.

好的。謝謝，皮埃爾。

I believe 2021 was a pivotal year for Chevron, where we got better in so many ways. And we look forward to 2022 and beyond confident in our strategy and capabilities that aim to deliver higher returns and lower carbon. We'll share more during our Investor Day on March 1.

我相信 2021 年對雪佛龍來說是關鍵的一年，我們在很多方面都變得更好。我們期待 2022 年及以後，對我們旨在提供更高回報和更低碳的戰略和能力充滿信心。我們將在 3 月 1 日的投資者日期間分享更多信息。

At this time, we expect to be at the New York Stock Exchange with a limited number of participants. The meeting will be webcast for all to see.

目前，我們預計在紐約證券交易所的參與者人數有限。會議將通過網絡直播供所有人觀看。

With that, I'll turn it back to Roderick.

有了這個，我會把它轉回給羅德里克。

That concludes our prepared remarks. We're now ready to take your questions. (Operator Instructions) Jen, please open the line.

我們準備好的發言到此結束。我們現在準備回答您的問題。 （操作員說明）仁，請打開線路。

(Operator Instructions) Our first question comes from Neil Mehta with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Neil Mehta。

The first question I had was more of a housekeeping item for you, Pierre, which is, in the quarter, it looked like LNG timing effects had a meaningful drag here. Recognize there was a lot of volatility, particularly towards the end of the month with TTF and JKM, but maybe you can break it down in layman's terms for us. What does that really mean and what happened in the quarter?

皮埃爾，我的第一個問題對你來說更像是一個家務項目，也就是說，在本季度，液化天然氣的時間效應似乎在這裡產生了有意義的拖累。認識到存在很大的波動性，尤其是在 TTF 和 JKM 的月底，但也許你可以用外行的話對我們進行分解。這到底意味著什麼？本季度發生了什麼？

Thanks, Neil. About half of the timing effects in the quarter, and first, we're showing a swing between 3Q and 4Q. We had a gain in third quarter and a negative variance, a negative absolute amount and negative swing in fourth quarter. About half of the effects in the quarter were due to a negative inventory charge. So we had 2 cargoes on the water at year-end. They get valued into inventory at average annual prices, which were well below the purchase price because as you said, Neil, prices, this was a rising price environment and prices rose in the end of the quarter.

謝謝，尼爾。本季度約有一半的時間效應，首先，我們顯示出 3Q 和 4Q 之間的波動。我們在第三季度獲得了收益，在第四季度出現了負方差、負絕對金額和負波動。本季度約有一半的影響是由於負庫存費用。因此，我們在年底有 2 艘貨物在水上。它們以年平均價格計入庫存，這遠低於購買價格，因為正如你所說，尼爾，價格，這是一個價格上漲的環境，價格在本季度末上漲。

So that will reverse itself next year when those are or this year when they're sold at the higher prices that they were purchased at. And then the balance of the timing effects are in paper mark-to-market effects. And as you know, the paper, which is tied to physical cargoes, gets marked to market, whereas the physical cargoes are not. And so that creates a timing effect, which unwinds when the physical cargoes are delivered.

因此，明年當它們以更高的價格出售時，或者今年它們以更高的價格出售時，這種情況將自行逆轉。然後，時間效應的平衡在於紙面盯市效應。如您所知，與實物貨物相關的紙張被標記為市場，而實物貨物則沒有。這樣就產生了一種時間效應，當實物貨物交付時就會放鬆。

We ended the year with a positive mark-to-market, but not as positive as what we had at the end of the third quarter. We added some JKM shorts during the quarter to balance our portfolio. We're still net long JKM so any effects going forward will depend on the direction of future prices. And all this activity is really just geared towards managing our overall price exposure between our sales agreements and our supplies, which are a mix of both Brent and JKM prices.

我們以積極的按市值計算結束了這一年，但不如第三季度末的積極。我們在本季度增加了一些 JKM 空頭以平衡我們的投資組合。我們仍然是淨多頭 JKM，因此未來的任何影響都將取決於未來價格的方向。所有這些活動實際上只是為了管理我們的銷售協議和我們的供應之間的整體價格風險，這是布倫特和 JKM 價格的混合。

And just to put a fine point on the comment you made, these positions are not very large. But when we have natural gas LNG price movements that have gone from $10 to $20 to $30 an Mcf, it's causing larger timing effects than you would normally see.

只是為了說明您所做的評論，這些職位並不是很大。但是，當我們的天然氣 LNG 價格變動從 10 美元到 20 美元到 30 美元/Mcf 時，它會造成比您通常看到的更大的時間效應。

Yes. That makes a lot of sense, Pierre. And then the follow-up for you is just on cash flow. Again, relative to consensus, it was softer. It does seem like there's some onetimers in there, maybe something around the timing of tax refunds and then where Angola shows up, but there's still a gap in there. So can you just talk about how you bridge to Street numbers in your mind and anything we need to carry forward as we think about next year?

是的。這很有意義，皮埃爾。然後你的後續行動只是關於現金流。同樣，相對於共識，它更溫和。那裡似乎確實有一些曾經的人，也許是在退稅的時間以及安哥拉出現的時間，但那裡仍然存在差距。那麼，您能否談談您如何在腦海中連接到街道號碼以及我們在明年考慮時需要推進的任何事情？

Well, I'll cover the 2 points you made. And I mentioned that we did not receive the IRS tax refund that we expected in fourth quarter. We expect it sometime this year. We did receive a TCO dividend. There's a 15% withholding tax that comes off of the dividend. And we did receive the Angola LNG return of capital. It actually exceeded our guidance. By the way, the TCO dividend was at the high end of our guidance range. And the return of capital from Angola was above our guidance. But again, it shows up in cash from investing and not cash from ops because it's a return of capital.

好吧，我將介紹你提出的 2 點。我提到我們沒有收到我們預期在第四季度的 IRS 退稅。我們預計今年的某個時候。我們確實收到了 TCO 紅利。股息有 15% 的預扣稅。我們確實收到了安哥拉液化天然氣的資本回報。它實際上超出了我們的指導。順便說一句，TCO 紅利處於我們指導範圍的高端。來自安哥拉的資本回報超出了我們的指導。但同樣，它以投資現金而不是運營現金的形式出現，因為它是資本回報。

If you look beyond that, we do have, and as I referred to in our prepared remarks, we have certain contracts internationally that have additional taxes and royalties that kick in essentially when oil and LNG prices are higher. And we don't share specifics on our contracts. But as we talked about, we had extraordinarily high LNG pricing of $30 and then we also had oil prices that increased during the year.

如果您超越此範圍，我們確實有，正如我在準備好的評論中提到的那樣，我們在國際上簽訂了某些額外的稅收和特許權使用費的合同，這些合同基本上在石油和液化天然氣價格較高時生效。我們不會分享合同的細節。但正如我們所說，我們的液化天然氣價格非常高，達到了 30 美元，然後我們的油價也在年內上漲。

And then the last thing I'd say is, we provided guidance on the third quarter call on our expected increase in earnings from LNG spot cargoes. And we gave that guidance in part because LNG prices increased significantly. And we said we expected to have fewer cargoes because our long-term contract takes were going to be higher during the winter from our primarily Japanese customers. We didn't produce as much out of Australia, so we had fewer LNG spot cargoes. And again, that was an opportunity missed and that resulted in lower earnings and cash flow.

然後我要說的最後一件事是，我們在第三季度電話會議上提供了關於我們預期液化天然氣現貨貨物收益增加的指導。我們給出這一指導的部分原因是液化天然氣價格大幅上漲。我們說我們預計貨物會減少，因為我們的主要日本客戶在冬季的長期合同需求將會更高。我們沒有在澳大利亞生產那麼多，所以我們的液化天然氣現貨貨物較少。再一次，這是一個錯失的機會，導致收益和現金流下降。

Neil, it's Mike. The one other thing that you talked about, what should you bear in mind going forward. As we've been in this fairly depressed commodity price environment, we've built up net operating losses in our business. And as we've returned to profitability, those have now been utilized and offset against taxes payable. As we work our way through those and in a strong price environment that could happen sooner rather than later, we'll be in a net taxable position that's quite different than what we were before as well. And so I think that's another point that may not be as evident in the quarter. But as you go forward, it's kind of a good news, bad news thing, I suppose. We're going to be more profitable, but it also means now we're going to have higher taxes payable.

尼爾，我是邁克。你談到的另一件事，你應該記住什麼。由於我們一直處於這種相當低迷的商品價格環境中，我們的業務已經建立了淨經營虧損。隨著我們恢復盈利，這些現在已經被利用並抵消了應付稅款。隨著我們努力克服這些問題，並且在可能早晚發生的強勁價格環境中，我們將處於與以前完全不同的淨應稅狀況。所以我認為這是本季度可能不那麼明顯的另一點。但是當你繼續前進時，我想這是一個好消息，一個壞消息。我們將獲得更多利潤，但這也意味著現在我們將要繳納更高的稅款。

Our next question comes from Phil Gresh from JPMorgan.

我們的下一個問題來自摩根大通的 Phil Gresh。

My first question is on the 2022 production outlook. Obviously, you had an extremely strong Permian production in the fourth quarter. It's about 70,000 barrels a day or 80,000 barrels a day, I'm sorry, above the full year average, and you're guiding to 80,000 barrels a day of new production in '22 over '21. So it seems like you can just get there from the Permian alone. But just curious, are there other moving pieces that we should be thinking about on the new production element of the growth for '22 or is there some conservatism there? Any thoughts would be helpful.

我的第一個問題是關於 2022 年的生產前景。顯然，您在第四季度的二疊紀產量非常強勁。很抱歉，這大約是每天 70,000 桶或每天 80,000 桶，高於全年平均水平，而您將在 22 年超過 21 年的新產量指導為每天 80,000 桶。所以看起來你可以單獨從二疊紀到達那裡。但只是好奇，對於 22 年增長的新生產要素，我們是否應該考慮其他一些動人的因素，或者那裡是否存在一些保守主義？任何想法都會有所幫助。

Yes. Phil, fourth quarter Permian does look strong. And one thing that we do see from time to time is with our non-operated joint venture position, sometimes the way production gets reported in by partners can result in a little bit of lumpiness in those numbers. But broadly speaking, the Permian is healthy and getting better. I think 2022 Permian production will be a little bit better than we showed at our Investor Day last March. And roughly speaking, up around maybe 10% compared to full year average in 2021.

是的。菲爾，第四季度二疊紀看起來確實很強大。我們不時看到的一件事是我們的非經營性合資企業職位，有時合作夥伴報告生產的方式可能會導致這些數字有點混亂。但從廣義上講，二疊紀是健康的並且越來越好。我認為 2022 二疊紀的產量將比我們在去年 3 月的投資者日上展示的要好一些。粗略地說，與 2021 年的全年平均水平相比，可能會增長 10% 左右。

And that is the largest piece of what we would anticipate in terms of production growth next year. There is some growth in base and other primarily. As Pierre said in his comments, we've got lower planned turnaround activity at TCO and we expect some more uptime at Gorgon. And then that's offset by a few asset sales that we would anticipate. So those are the significant moving pieces in production for 2022.

這是我們預計明年產量增長的最大部分。基數和其他主要有一些增長。正如 Pierre 在他的評論中所說，我們在 TCO 的計劃周轉活動較低，我們預計 Gorgon 的正常運行時間會更長。然後這被我們預期的一些資產出售所抵消。因此，這些是 2022 年生產中的重要推動因素。

Okay. Great. That's very helpful. And Mike, I know you'll get in a lot more detail in March at the Analyst Day and looking forward to that. But just kind of looking back pre-COVID at prior analyst days, your framework was $60 Brent that you're using to balance CapEx and distributions in a fairly evenly balanced framework. Obviously, oil is $90 now and maybe you don't want to give a guidance at those types of levels. But I am curious how you're thinking about what is the right way to look at the cash balancing framework? What price would you think is reasonable these days, as I know you like to manage the business through the cycle, not based on spot prices.

好的。偉大的。這很有幫助。邁克，我知道你會在 3 月份的分析師日獲得更多詳細信息，並期待著這一點。但是，回顧一下之前分析師時代的 COVID 之前，你的框架是 60 美元的布倫特原油，你用它來平衡資本支出和分佈在一個相當均衡的框架中。顯然，石油現在是 90 美元，也許你不想在這些類型的水平上給出指導。但我很好奇您如何看待看待現金平衡框架的正確方法？這些天你認為什麼價格是合理的，因為我知道你喜歡通過週期來管理業務，而不是基於現貨價格。

Yes. We will talk about that more in March, Phil. But our longer-term view on the pricing environment hasn't changed a lot. There's a lot of resource out there that can be produced economically at prices lower than what we see today. And our breakeven reflects that. And so we are in a period of time here where cash flow is strong. As we mentioned in our comments, the last 2 quarters have been the best 2 quarters the company has ever seen. And last year was 25% higher than the best year in our history.

是的。菲爾，我們將在三月份更多地討論這個問題。但我們對定價環境的長期看法並沒有太大變化。有很多資源可以以低於我們今天看到的價格經濟地生產。我們的盈虧平衡反映了這一點。因此，我們處於現金流強勁的時期。正如我們在評論中提到的，過去兩個季度是公司有史以來最好的兩個季度。去年比我們歷史上最好的一年高出 25%。

So we increased the dividend. Debt came down significantly. And we've guided to the high end of our share repurchase range. If we continue to see an environment like this, the balance sheet doesn't need to be a lot stronger than it is today. And we've already increased the dividend and we're going to be disciplined on capital. And so that really leaves one lever left.

所以我們增加了股息。債務大幅下降。我們已經引導到我們股票回購範圍的高端。如果我們繼續看到這樣的環境，資產負債表不需要比現在強很多。而且我們已經增加了股息，我們將在資本方面受到紀律處分。這樣就真的只剩下一個槓桿了。

And I think over time, you should expect us to be consistent with our history, which is returning cash through share repurchases. And at least in an environment like this, we've got ample cash to do that and sustain that well into any kind of a correction that we eventually will see.

而且我認為隨著時間的推移，您應該期望我們與我們的歷史保持一致，即通過股票回購返還現金。至少在這樣的環境下，我們有足夠的現金來做到這一點，並在我們最終會看到的任何類型的修正中保持良好狀態。

Our next question comes from Jeanine Wai with Barclays.

我們的下一個問題來自巴克萊的 Jeanine Wai。

Our first question is on TCO. I guess now that you're through much of the winter campaign, is there any update on how FGP-WPMP and how those are tracking on cost and schedule maybe given your COVID protocols and efficiencies? And if you have any color on impact related to the recent geopolitical unrest, that would also be very helpful.

我們的第一個問題是關於 TCO。我想現在您已經完成了大部分冬季活動，是否有任何關於 FGP-WPMP 以及如何根據您的 COVID 協議和效率跟踪成本和進度的更新？如果你對最近的地緣政治動蕩的影響有任何看法，那也將非常有幫助。

Sure, Jeanine. Fourth quarter was really good execution on field productivity. We made terrific progress and that's carried forward as we began the year. We did have some impact during the unrest that occurred in Kazakhstan, but for about a week is the amount of time that it really cost us in the field there. We've remobilized everyone now and are back at full strength in terms of field activity. And we've got a highly vaccinated workforce, more than 90%, one of the highest rates of vaccination anywhere in our system in the world.

當然，珍妮。第四季度對現場生產力的執行非常好。我們取得了了不起的進展，並且隨著我們年初的發展而取得了進展。在哈薩克斯坦發生的動亂中，我們確實產生了一些影響，但大約一周的時間是我們在現場真正花費的時間。我們現在已經重新動員了每個人，並在現場活動方面恢復了全部實力。我們擁有一支高度接種疫苗的勞動力，超過 90%，這是我們系統中疫苗接種率最高的國家之一。

And while we have seen Omicron cases appear in the workforce there, at this point, it's at a level that's very well managed and is not having any impact on field construction and activity. So we are continuing to make good progress. We have not made any change to our cost or schedule guidance and are overall at about 89% project progress and 82% construction progress at this point. So things have been managed really well on the ground by our team during a pretty challenging month of January.

雖然我們已經看到 Omicron 案例出現在那裡的勞動力中，但在這一點上，它的管理水平非常好，並且對現場建設和活動沒有任何影響。因此，我們正在繼續取得良好進展。我們沒有對我們的成本或進度指導做出任何改變，總體而言，目前項目進度約為 89%，施工進度為 82%。因此，在充滿挑戰的 1 月份，我們的團隊在實地管理得非常好。

Okay. Great. Good to hear. Our follow-up question or second question, maybe following up on Phil's question on the Permian. You guys had a really strong quarter, at least also compared to our expectations. You mentioned that 2022 production is a little better than where you thought it was going to be from your March Analyst Day forecast. So just can you clarify, have you accelerated activity there or is it really just all based on better efficiencies? And I guess given its importance to corporate growth in the medium term, are you taking any steps related to supplies or labor or equipment in anticipation of some tightening in the service market over the next couple of years?

好的。偉大的。很高興聽到。我們的後續問題或第二個問題，也許是菲爾關於二疊紀的問題的後續問題。你們有一個非常強勁的季度，至少與我們的預期相比也是如此。您提到 2022 年的產量比您認為的 3 月分析師日預測要好一些。因此，您能否澄清一下，您是否加速了那裡的活動，還是真的只是基於更高的效率？而且我猜考慮到它對企業中期增長的重要性，您是否會採取任何與供應或勞動力或設備相關的措施，以預期未來幾年服務市場會出現一些收緊？

Yes. So let me speak first to activity. And then I'm going to let Pierre, who's now in charge of our supply chain organization, by the way, speak to any signs of inflation and how we're managing that. Activity in the Permian is really increasing aligned with the guidance that we've issued previously and spending this year up from $2 billion to $3 billion. Wells put on production, a little bit over 200 we anticipate this year, which is up about 50% versus 2021. And we'll share an update on all of these things when we see you in March.

是的。所以讓我先談談活動。順便說一下，我要讓現在負責我們供應鏈組織的皮埃爾談談任何通貨膨脹的跡像以及我們如何管理它。二疊紀的活動確實與我們之前發布的指導保持一致，今年的支出從 20 億美元增加到 30 億美元。 Wells 投入生產，我們預計今年將超過 200 輛，與 2021 年相比增長約 50%。當我們在 3 月份見到您時，我們將分享所有這些事情的最新情況。

So I would say this is really very well aligned with what we've already guided to and indicated and reflects the ongoing efficiencies that we continue to see in the field and just the quality of this asset, which endures as we go through cycles like the one we just went through. It's really quite nice to have an asset in your portfolio that is this large, that's this flexible when it comes to capital and that we can demobilize, remobilize, not that we would intend to do this frequently, but when conditions call for it, we've been able to exercise that flexibility here over the last couple of years. So strong progress there and I'll let Pierre comment on input costs.

因此，我想說這與我們已經指導和指出的內容非常吻合，反映了我們在該領域繼續看到的持續效率以及該資產的質量，隨著我們經歷像我們剛剛經歷的一個。在您的投資組合中擁有如此龐大的資產，在資本方面如此靈活並且我們可以復員，再動員，並不是說我們打算經常這樣做，但是當條件需要時，我們在過去的幾年裡，他已經能夠在這裡發揮這種靈活性。那裡的進展如此之快，我會讓皮埃爾評論投入成本。

Jeanine, we continue to manage our costs, we think, very well in the Permian and across our portfolio. Our capital budget, which we announced in December, expected some COGS increase, modest in the low single digits. And we might be seeing a little bit more than that in the Permian, it's very manageable and we think we can offset with efficiencies. So as we've talked about, although rates are up, they're still below where they were pre-COVID on rigs. Capacity in the industry for specific oil and gas equipment and services is still below pre-COVID levels.

珍妮，我們認為，在二疊紀和我們的投資組合中，我們繼續管理成本非常好。我們在 12 月宣布的資本預算預計 COGS 會有所增加，但幅度不大。我們可能會在二疊紀看到更多，它非常易於管理，我們認為我們可以通過效率來抵消。因此，正如我們所討論的，儘管費率上升，但仍低於新冠病毒前鑽井平台的水平。該行業對特定石油和天然氣設備和服務的產能仍低於 COVID 之前的水平。

So whereas we are exposed to labor and steel and certain other elements, cost elements that are tied to the broad-based economy, oil and gas-specific equipment services are still well under control. And our ability to contract well, be a very good partner to work with, all gives us confidence that the little bit of cost pressure we're seeing is very manageable within the range of what we expected, and we intend to deliver our capital program in line with our budget.

因此，儘管我們接觸到勞動力、鋼鐵和某些其他因素，但與基礎廣泛的經濟、石油和天然氣特定設備服務相關的成本因素仍然得到很好的控制。我們能夠很好地簽訂合同，成為一個非常好的合作夥伴，這一切都讓我們相信，我們所看到的一點點成本壓力在我們預期的範圍內是非常可控的，我們打算實施我們的資本計劃符合我們的預算。

Our next question comes from Doug Leggate from Bank of America.

我們的下一個問題來自美國銀行的 Doug Leggate。

So Pierre, I think your explanation about the dividend from TCO being a return of capital, I think that probably explains why the Street's cash flow numbers were too high. But my question is really about the go-forward portfolio leverage. So you obviously lose Indonesia, you lose Thailand, which I guess was gas. But you've got the Permian driving growth on a lighter recent history of PSC capital from a cost curve standpoint. So my question is, when I think about portfolio oil leverage for the go-forward outlook, how does that compare to the legacy portfolio given all those changes?

所以皮埃爾，我認為你關於 TCO 的股息是資本回報的解釋，我認為這可能解釋了為什麼華爾街的現金流量數字太高。但我的問題實際上是關於前進的投資組合槓桿。所以你顯然失去了印度尼西亞，你失去了泰國，我猜是天然氣。但是，從成本曲線的角度來看，在 PSC 資本的近期歷史較輕的情況下，二疊紀推動了增長。所以我的問題是，當我考慮未來前景的投資組合石油槓桿時，考慮到所有這些變化，它與傳統投資組合相比如何？

Our guidance on, let me start by saying we've always been the most levered among the integrated energy companies. That's a function of the portfolio we've created over a long time, which tends to be upstream-weighted. And within upstream, we tend to be oil-weighted. And again, a big portion of our LNG is sold under oil prices.

我們的指導，讓我首先說我們一直是綜合能源公司中槓桿率最高的。這是我們長期以來創建的投資組合的一個函數，它往往是上游加權的。在上游，我們傾向於重油。再說一次，我們的大部分液化天然氣是在油價之下出售的。

So whereas we were viewed as a defensive stock during some of the challenging times in 2020 and last year because of how we managed the balance sheet and how we were able to flex our capital program and manage our costs, we really are more of an oil play and we're much more levered on the upside. And we've shown that in last Investor Day, and we'll show that again in the upcoming Investor Day.

因此，儘管我們在 2020 年和去年的一些充滿挑戰的時期被視為防禦性股票，因為我們如何管理資產負債表以及我們如何能夠靈活資本計劃和管理成本，但我們實際上更像是一種石油玩，我們在上行方面更有槓桿作用。我們已經在上一個投資者日展示了這一點，我們將在即將到來的投資者日再次展示這一點。

In terms of our sensitivity, I mean, it's still around the same when you factor it all in. I mean, Indonesia was working its way to be a fairly modest portion of the portfolio. You are right over time with both Tengiz and the Permian. That increases our weighting in some ways. But the guidance that we provided of $400 million of earnings and cash flow benefit from a dollar change in prices still holds.

就我們的敏感性而言，我的意思是，當你把所有因素都考慮在內時，它仍然大致相同。我的意思是，印度尼西亞正在努力成為投資組合中相當適度的一部分。隨著時間的推移，你對 Tengiz 和二疊紀都是正確的。這在某些方面增加了我們的權重。但是，我們提供的 4 億美元收益和現金流受益於價格變化的指導仍然有效。

Okay. My follow-up, if I may, is to go back to your one-off comments, the DD&A and the, I guess, the timing effects. And so I'm asking the question for a little clarity. On the DD&A, it looks like there was some catch-up. How much was that because you didn't strip it out? I'm curious why you didn't strip it out. And then just real quick on the LNG, was there a shift in contract versus spot volume exposure that also impacted the quarter? And then that's it for me.

好的。如果可以的話，我的後續行動是回到您的一次性評論、DD&A 以及我猜的時間效應。所以我問這個問題是為了澄清一點。在 DD&A 上，似乎有一些追趕。那是多少，因為你沒有把它去掉？我很好奇你為什麼不把它去掉。然後在液化天然氣上真的很快，合同與現貨量敞口的變化是否也影響了本季度？然後對我來說就是這樣。

Yes, Doug. First, just on your first question, so the return of capital was Angola LNG. TCO was the dividend withholding tax. But you're right that part of that does not show up in cash from ops. In terms of DD&A, about half is due to the catch-up at North West Shelf. So we designated that asset as held for sale about 18 months ago. So you're capturing 18 months of depreciation all in the fourth quarter.

是的，道格。首先，就您的第一個問題而言，資本回報是安哥拉液化天然氣。 TCO 是股息預扣稅。但你是對的，這部分並沒有以運營現金的形式出現。就 DD&A 而言，大約一半是由於西北大陸架的追趕。因此，我們在大約 18 個月前將該資產指定為持有待售。因此，您在第四季度全部記錄了 18 個月的折舊。

We don't call that special item because obviously it would have been in our underlying results if it had been held for use during that time. And the other half are impairments that are tied to increases in abandonment estimates for late in life assets. So because these estimates, which is part of our regular updating process, because these assets are very late in life, they don't have the production, remaining production life or time to recover those additional abandonment estimates and therefore, that results in an impairment. So about half is the catch-up and then half, and those are both, I would call them onetime in nature.

我們不會稱該特殊項目為特殊項目，因為如果它在此期間被保留以供使用，顯然它會出現在我們的基礎結果中。另一半是與晚期資產的廢棄估計增加有關的減值。因此，因為這些估計是我們定期更新過程的一部分，因為這些資產的壽命很晚，它們沒有生產、剩餘生產壽命或時間來恢復這些額外的廢棄估計，因此，這會導致減值.所以大約一半是追趕，然後是一半，而這兩者都是，我會在自然界中稱它們為一次性。

And in terms of the LNG, yes, there was a shift in fourth quarter to more contractless spot. We guided to that on the third quarter. And as I mentioned earlier, it was even more so. So in the winter months, our Northern Hemisphere customers tend to increase their takes under the long-term contracts. And then we didn't produce as reliably in the fourth quarter, so we had fewer spot cargoes. So what you're seeing, we did not benefit as much with the run-up in spot prices as we had guided to in the third quarter, and our weighting was more oil contract-related. Now those contracts are doing very well. Spot market goes up and down. But you'll see more exposure as we go forward.

就液化天然氣而言，是的，第四季度出現了更多無合同現貨的轉變。我們在第三季度對此進行了指導。正如我之前提到的，情況更是如此。因此，在冬季，我們的北半球客戶往往會根據長期合同增加採購量。然後我們在第四季度的生產沒有那麼可靠，所以我們的現貨貨物更少。因此，您所看到的，現貨價格的上漲並沒有像我們在第三季度所指導的那樣受益，而且我們的權重更多地與石油合約相關。現在這些合同做得很好。現貨市場漲跌互現。但是隨著我們的發展，你會看到更多的曝光。

Pierre, just I guess the point was the headline miss wasn't as bad as it looks.

皮埃爾，我想重點是標題錯過並沒有看起來那麼糟糕。

Our next question comes from Devin McDermott from Morgan Stanley.

我們的下一個問題來自摩根士丹利的德文麥克德莫特。

So the first one I wanted to ask on is just CapEx. I think it's notable that you all came in for last year below the bottom end of your CapEx guide. And I was wondering if you could just talk a little bit more about some of the drivers of that CapEx beat. And then, Pierre, you mentioned before, I think, that you're seeing or assumed a few percentage points of inflation in the Permian. I was wondering if you could just broaden that out and talk about the inflationary trends you're seeing across the global portfolio and opportunities to potentially offset that as you think about 2022 spending levels.

所以我想問的第一個就是資本支出。我認為值得注意的是，你們去年都在資本支出指南的底部下方加入。我想知道你是否可以多談談資本支出節拍的一些驅動因素。然後，皮埃爾，你之前提到過，我認為，你看到或假設了二疊紀的幾個百分點的通貨膨脹。我想知道您是否可以擴大範圍並談論您在全球投資組合中看到的通脹趨勢以及在您考慮 2022 年支出水平時可能抵消這一趨勢的機會。

So yes, sorry, the low single digits was really meant to be across the portfolio. And that's factored into our $15.3 billion capital program. But obviously, if you look offshore, those rig rates have stayed flat to down. And we do contract where we lock in rates for some services. We have price caps on some services. There's lots of ways that we work to mitigate our exposure to COGS.

所以，是的，對不起，低個位數真的意味著整個投資組合。這已計入我們 153 億美元的資本計劃。但很明顯，如果你看看海上，這些鑽井平台率一直保持平穩甚至下降。我們會簽訂合同，為某些服務鎖定費率。我們對某些服務設置了價格上限。我們有很多方法可以減輕我們對 COGS 的影響。

So I would view it as low single digits overall. Permian, perhaps a little bit higher, not nearly as high as numbers that I'm hearing from some others. We don't see anything in our cost that would be double digits at all. So a little bit, very modest, a percent or 2 higher than what we had planned for and again, very manageable by offsetting with efficiencies.

所以我認為它總體上是低個位數。二疊紀，也許高一點，沒有我從其他人那裡聽到的數字那麼高。我們根本看不到任何成本達到兩位數。所以一點點，非常適中，比我們計劃的要高 1% 或 2 個百分點，而且通過效率抵消非常易於管理。

And on 2021, Devin, there's nothing noteworthy in the profile of CapEx and what it was that drove the ultimate outcome, which was a little below what we had guided to. There's a lot of inertia in some of these things. And as we pulled the handbrake pretty hard in 2020, we throttled a lot of things down. And as we start to bottom out and turn that back around a little bit as we will in 2022, this system just needs to adjust to that. And so I wouldn't call out anything there that's unique or especially noteworthy.

到 2021 年，德文，資本支出的概況沒有什麼值得注意的，是什麼推動了最終結果，這比我們的指導要低一點。其中一些事情有很大的慣性。當我們在 2020 年非常努力地拉手剎時，我們降低了很多東西。隨著我們開始觸底反彈，並像我們在 2022 年那樣將其扭轉一點，這個系統只需要適應這一點。因此，我不會在這裡提到任何獨特或特別值得注意的東西。

We have said, still, about half of the underspend is due to project deferrals like at Tengiz due to COVID and other impacts and about half is capital, greater capital efficiency and other cost savings.

我們已經說過，大約一半的支出不足是由於 Tengiz 等項目因 COVID 和其他影響而推遲，大約一半是資金、更高的資本效率和其他成本節約。

Okay. That's helpful. And then separately, I wanted to ask on Australia LNG and Gorgon specifically. I was wondering if you could talk in a bit more detail around some of the recent downtime there? What happened and then what steps are being taken to ensure better uptime here in 2022?

好的。這很有幫助。然後分別，我想特別問一下澳大利亞液化天然氣和戈爾貢。我想知道你是否可以更詳細地談談最近的一些停機時間？發生了什麼，然後正在採取哪些措施來確保 2022 年的正常運行時間更長？

Yes. I'll take that, Devin. Look, it's a point of frustration, no doubt. During normal rounds, we had an operator that spotted evidence that we had the risk of an operating issue at one of the units in the dehydration train. Nothing that was catastrophic or alarming but a sharp-eyed operator picked up evidence. So something that as we investigated further, we felt it was prudent to take a quick pit stop to address this. And so that's been completed at 2 of the 3 trains, and they're all same design. So these things tend to show up across all 3 trains.

是的。我會接受的，德文。看，這是一個令人沮喪的點，毫無疑問。在正常輪次中，我們的一名操作員發現了我們在脫水列車中的一個單元存在操作問題風險的證據。沒有什麼是災難性的或令人震驚的，但眼尖的操作員收集了證據。因此，當我們進一步調查時，我們認為快速進站來解決這個問題是明智的。所以這已經在 3 列火車中的 2 列完成，它們都是相同的設計。所以這些東西往往會出現在所有 3 列火車上。

The third train is undergoing that pit stop right now and is also addressing a problem with one of the compressors that was identified, and this was an opportune time to make a couple of changes with that in order to reduce risk going forward. So we expect to operate reliably. We've done our first major turnaround on all 3 trains now. Those are behind us at Gorgon. We do not have any planned turnarounds in 2022. And as we complete this last pit stop that's underway, our expectation is that we're going to have strong operational performance this year and see more production out of Gorgon than we did in '21.

第三列火車現在正在進站，並且正在解決其中一個已確定的壓縮機的問題，這是進行一些更改以降低未來風險的好時機。所以我們希望能夠可靠地運行。現在，我們已經完成了所有 3 列火車的第一次重大周轉。那些在我們身後的 Gorgon。我們在 2022 年沒有任何計劃周轉。當我們完成正在進行的最後一次進站時，我們的預期是，我們今年的運營表現將強勁，並且看到 Gorgon 的產量比 21 年更多。

Our next question comes from Paul Sankey from Sankey Research.

我們的下一個問題來自 Sankey Research 的 Paul Sankey。

Guys, on your guidance that volumes will fall this year, would you characterize that as you using a conservative oil price assumption and being determined not to raise CapEx or were there other issues around the concessions particularly? And as a follow-up, could you accelerate the Permian if you wanted to or can you talk about inflationary pressures that you might be seeing in the Permian as a matter of labor, steel, et cetera, et cetera?

伙計們，根據您對今年銷量將下降的指導，您是否會描述這一點，因為您使用保守的油價假設並決心不提高資本支出，或者在特許權方面是否存在其他問題？作為後續行動，如果你願意的話，你能否加速二疊紀？或者你能否談談你可能在二疊紀看到的通貨膨脹壓力是勞動力、鋼鐵等問題？

Okay. Yes. On production guidance, Paul, I would hope this isn't big news to people. I mean, we've long been public about the fact that we couldn't extend the concessions in Indonesia and Thailand on terms that would compete with other opportunities within our portfolio. And so this has been out in the public domain for quite some time. And so when you pull those out, we're at 2% to 5% and Pierre reiterated the compound annual growth of 3% out through 2025. And so this is very consistent with the guidance and the messaging that we've been trying to communicate for quite some time.

好的。是的。關於生產指導，保羅，我希望這對人們來說不是什麼大新聞。我的意思是，我們長期以來一直公開表示，我們無法以與我們投資組合中的其他機會競爭的條款擴大在印度尼西亞和泰國的特許權。所以這已經在公共領域出現了很長一段時間。所以當你把這些拉出來時，我們的增長率是 2% 到 5%，皮埃爾重申到 2025 年的複合年增長率為 3%。所以這與我們一直在努力的指導和信息非常一致交流了好久。

On the question of, could you accelerate the Permian. In theory, the answer to that 5 years ago was yes. The answer to that today is yes. We've been very focused on execution efficiency and returns. And as I said, we laid out in March of last year a profile that showed strong production growth, long plateau, strong returns and capital efficiency. We'll update that again here in the new year at March.

關於這個問題，你能加速二疊紀嗎？理論上，5年前的答案是肯定的。今天的答案是肯定的。我們一直非常關注執行效率和回報。正如我所說，我們在去年 3 月制定了一份顯示強勁生產增長、長期穩定期、強勁回報和資本效率的概況。我們將在新的一年三月再次更新。

But this is an asset that just continues to look as good as we've portrayed it to you, and we're not going to get out ahead of ourselves chasing anything as we bring activity back up from $2 billion last year to $3 billion. That's a 50% increase in capital spend. I mentioned that we're going to see a 50% increase in wells put on production in '22 versus '21. That is a meaningful step-up in activity, and we want to execute that well. And so I don't think we're going to be tempted by the price of the day to put that at risk by doing more. And I think Pierre already addressed inflation. I don't know, Pierre, if there's anything else you'd like to say on either of those topics.

但這是一項資產，看起來就像我們向您描繪的那樣好，隨著我們將活動從去年的 20 億美元恢復到 30 億美元，我們不會超越自己去追逐任何東西。這意味著資本支出增加了 50%。我提到我們將看到 22 年與 21 年相比，投產的油井數量將增加 50%。這是活動中有意義的一步，我們希望能夠很好地執行。所以我不認為我們會被當天的價格所誘惑，通過做更多來將其置於風險之中。我認為皮埃爾已經解決了通貨膨脹問題。皮埃爾，我不知道你對這兩個主題還有什麼想說的。

No. Thanks, Paul.

不，謝謝，保羅。

Our next question comes from Manav Gupta from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Manav Gupta。

My quick question is, your U.S. downstream results were down about $400 million quarter-over-quarter and we expected about $200 million of that to be chemicals headwind. But we also somewhere saw what peers are doing is that refining was able to jump up and make up for it. In this case, it looks like both went down a little. And if you could help us understand, was there maintenance in the refining system, what went on in U.S. refining because of which refining was also down quarter-over-quarter?

我的快速問題是，你們在美國的下游業績環比下降了約 4 億美元，我們預計其中約 2 億美元是化學品逆風。但我們也在某處看到同行正在做的是，煉化能夠跳起來彌補它。在這種情況下，看起來兩者都下降了一點。如果你能幫助我們了解，煉油系統是否進行了維護，美國煉油發生了什麼，因為煉油也環比下降？

Manav, there were a number of items that we referred to, including year-end inventory effects. But the higher employee benefit costs really crosses all segments that would include U.S. downstream. So we had a very strong year. We expect higher employee bonuses and we accrued for that. And our stock ran up in the fourth quarter and has continued actually in the first quarter. And we have to do accrual for stock-based compensation that's tied to both the absolute stock price movement and the relative stock price movement because of how some of our incentive programs work. So that's in the segment, and I think that helps explain part of your question.

Manav，我們提到了許多項目，包括年終庫存影響。但更高的員工福利成本確實跨越了包括美國下游在內的所有細分市場。所以我們度過了非常強勁的一年。我們期望更高的員工獎金，我們為此應計。我們的股票在第四季度上漲，實際上在第一季度一直在持續。由於我們的一些激勵計劃如何運作，我們必須對與絕對股價變動和相對股價變動相關的基於股票的薪酬進行應計。這就是這個部分，我認為這有助於解釋你的部分問題。

And a quick follow-up is, you have a global footprint. Help us understand within your entire system how you're tracking refined product demand, gasoline, diesel, jet, asphalt, anything you could help us understand where we are versus before the pandemic started.

快速跟進是，您擁有全球足跡。幫助我們了解您在整個系統中如何跟踪精煉產品需求、汽油、柴油、噴氣機、瀝青，以及任何可以幫助我們了解與大流行開始之前相比的情況。

Yes. Manav, I think a lot of the data you see in the public domain is pretty good. We've got gasoline demand globally up higher than it was pre-pandemic, diesel at and perhaps slightly above, jet fuel continues to lag. The specific numbers can vary a little bit region by region. But broadly speaking, that's where we are. The ground transport fuels are at or above pre-COVID levels. Aviation is not and we still have an economic recovery underway.

是的。 Manav，我認為您在公共領域看到的很多數據都非常好。我們的全球汽油需求高於大流行前的水平，柴油處於甚至略高於大流行前的水平，航空燃料繼續滯後。具體數字可能會因地區而異。但從廣義上講，這就是我們所處的位置。地面運輸燃料達到或高於新冠疫情之前的水平。航空業並非如此，我們仍在進行經濟復甦。

And we still have a lot of people working from home. We have people that aren't traveling for business and not taking international flights. And so even with the robust demand recovery that we've seen, there is still another leg to the demand improvement that is likely to occur here in 2022. And so I think the demand outlook is solid. And the issues, frankly, have been a little bit more on the supply side than the demand side.

我們仍然有很多人在家工作。我們有些人不是因公出差，也不是乘坐國際航班。因此，即使我們已經看到強勁的需求復蘇，2022 年可能還會出現需求改善。所以我認為需求前景是穩固的。坦率地說，供應方面的問題比需求方面要多一些。

Next question comes from Paul Cheng from Scotiabank.

下一個問題來自豐業銀行的 Paul Cheng。

So I have 2 questions, please. If we're looking at your, I think, well-spoken slogan, lower carbon and higher return, the idea that Permian definitely is going to contribute to the higher return. Outside Permian, can you help us there to maybe bridge the gap over there to indicate what are the self-help that you guys will drive so that we could see a better return over the next perhaps 1 or 2 years?

所以我有2個問題，拜託。如果我們正在看你的口號，我認為，低碳和高回報，二疊紀肯定會為更高的回報做出貢獻的想法。在二疊紀之外，你能不能幫助我們彌合那裡的差距，以表明你們將推動哪些自助，以便我們可以在未來 1 或 2 年內看到更好的回報？

And the second question is, I want to go back into the Australia LNG. As you indicated, I think that's been a source of frustration to management as well as to many people. And seems like every, I mean, the train has only been on stream since 2016, 2015. And so it's really not that old, but we have all this kind of tiny little problem from different units coming up. And each one, every time that they did since they're all, everyone there has problem, all the 3 train have problem because they're all under the same design or same manufacturer. So have you guys go into and do a thorough review on all the units and trying to see whether that has other potential time bomb that we need to face?

第二個問題是，我想回到澳大利亞液化天然氣。正如你所指出的，我認為這對管理層和許多人來說都是一種挫敗感。似乎每一個，我的意思是，火車自 2016 年、2015 年以來才開始運行。所以它真的沒有那麼老，但是我們有來自不同單位的所有這些小問題。而且每一個，每次他們都這樣做了，每個人都有問題，所有3列火車都有問題，因為它們都是在相同的設計或相同的製造商下。那麼你們有沒有對所有的單位進行徹底的審查，並試圖看看這是否還有我們需要面對的其他潛在的定時炸彈？

Yes. Paul, let me make a quick comment on the return drivers, and I might ask Pierre to build on it and then I'll come back to LNG. Look, on returns, yes, Permian is highly accretive to returns because we get very, very strong returns out of the Permian, it's short cycle, and we're putting a fair amount of capital into it. We are reducing costs across our business. And as I indicated, we're running Chevron and Noble together today for costs that are lower than Chevron was stand-alone in 2019. So that is a significant driver of improved returns.

是的。保羅，讓我快速評論一下返回的驅動程序，我可能會要求皮埃爾在此基礎上再接再厲，然後我會回到液化天然氣。看，關於回報，是的，二疊紀對回報有很高的增值作用，因為我們從二疊紀獲得了非常非常強勁的回報，它的周期很短，而且我們投入了相當多的資金。我們正在降低整個業務的成本。正如我所指出的，我們今天將雪佛龍和來寶一起運營，成本低於雪佛龍在 2019 年獨立運營的成本。因此，這是提高回報的重要驅動力。

We're working across the value chain to capture more margin. That's both in the downstream and in the upstream, a lot of self-help initiatives in the downstream. And so there are, rather than think about pointing to assets, I would talk to you about the way we work and finding ways to improve efficiency and productivity across all of our operations is what is driving the improvement. And it's really rolling up your sleeves and doing this the old-fashioned way. And it's a lot of little things that you stay very focused on. Pierre, I don't know if you want to add anything else on drivers of return improvement.

我們正在整個價值鏈中努力以獲取更多利潤。無論是在下游還是在上游，下游都有很多自助舉措。因此，與其考慮指向資產，我會與您討論我們的工作方式，並尋找提高我們所有運營效率和生產力的方法是推動改進的動力。它真的是捲起袖子，用老式的方式來做這件事。很多小事都是你非常關注的。皮埃爾，我不知道你是否想在回報改善的驅動因素上添加任何其他內容。

We'll share more at the upcoming Investor Day, and we've showed it the last couple of investor days, right? What Mike talked about, it's cost and margin. We obviously doubled Noble synergies. We transformed the whole enterprise and reduced costs, working across the value chain and optimizing. As Mike said and Mark Nelson, the downstream has showed some ambitious self-help. And then capital efficiency, both where we're putting new capital and higher returns across the portfolio and of course, as lower return prior capital depreciates off. So we'll update you and everyone at our next Investor Day, but that's the playbook that we've been using and we'll continue to use going forward.

我們將在即將到來的投資者日分享更多信息，我們已經展示了過去幾天的投資者日，對吧？邁克談到的，是成本和利潤。我們顯然將 Noble 的協同效應翻了一番。我們改造了整個企業並降低了成本，在整個價值鏈中開展工作並進行了優化。正如邁克和馬克尼爾森所說，下游已經表現出一些雄心勃勃的自助。然後是資本效率，我們在投資組合中投入新資本和更高回報，當然，隨著較低迴報的先前資本貶值。因此，我們將在下一個投資者日向您和所有人更新，但這是我們一直在使用的劇本，我們將繼續使用。

Paul, to your question about Gorgon, you're right, it's not an old facility. And you're right, it has had more than its share of teething pains as we've been here in the first few years of operation. We have people all over this. I mentioned earlier that it was a sharp-eyed operator on routine rounds that spotted something that we've addressed. And that has averted the possibility of a more serious outage there.

保羅，關於你關於 Gorgon 的問題，你是對的，這不是一個舊設施。你是對的，正如我們在最初幾年的運營中所經歷的那樣，它所承受的痛苦超過了它的份額。我們到處都有人。我之前提到過，在例行巡查中，它是一位目光敏銳的操作員，發現了我們已經解決的問題。這避免了那裡發生更嚴重停電的可能性。

And we continue to do so. We don't have, the phrase you used, I won't repeat, but we don't have a big problem that's waiting to materialize that we've identified. And we have had strong teams of people from our upstream organization. We've brought people in from our downstream organization that have a lot of experience in these process facilities to work on reliability and mechanical integrity and address any of the things that frankly continue, the things we've been fixing are things that reflect problems that the seeds were sown during the design and construction at a time when the industry was under a lot of pressure. And we've talked a lot about how we need to do better and our commitment to improve major capital project performance going forward.

我們將繼續這樣做。我們沒有，您使用的短語，我不會重複，但我們沒有等待實現的大問題，我們已經確定。我們擁有來自上游組織的強大團隊。我們已經從下游組織中引進了在這些工藝設施方面擁有豐富經驗的人員，以致力於可靠性和機械完整性，並解決坦率地說繼續存在的任何問題，我們一直在解決的問題反映了以下問題種子是在設計和施工過程中播下的，當時該行業承受著很大的壓力。我們已經談了很多關於我們需要如何做得更好以及我們對未來改善重大資本項目績效的承諾。

Our next question comes from Ryan Todd from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Ryan Todd。

A question on the Gulf of Mexico. First of all, any update on the progress of potential deepwater developments in the U.S. Gulf of Mexico, including Anchor, which feels now like it was sanctioned what seems like a lifetime ago. And the court just canceled the result of a recent leasehold sale in the Gulf of Mexico. Maybe comment on whether you see any potential for incremental headwinds there on the regulatory front that could impact things in the future.

關於墨西哥灣的問題。首先，關於美國墨西哥灣潛在深水開發進展的任何更新，包括 Anchor，現在感覺就像是一輩子前就已經批准了。法院剛剛取消了最近在墨西哥灣出售的租賃權的結果。也許評論一下您是否認為監管方面存在任何可能影響未來事情的增量逆風。

Yes. So a quick update on Anchor. We expect first oil in 2024, and that holds. The hull assembly is complete and commissioning is underway in Korea. We've begun drilling the first development well with a ship called the Deepwater Conqueror. It's a project that's got an attractive development cost. And that's even when you include some costs that are really onetime costs related to new technologies. Similarly, the Whale project, where we're not the operator, is targeted for first oil in 2024 and good progress there. And finally, Mad Dog 2, where we're also in a non-op position, is expected to have first oil this year.

是的。所以快速更新 Anchor。我們預計 2024 年會出現第一批石油，而且這種情況會成立。船體組裝完成，正在韓國進行調試。我們已經開始用一艘名為 Deepwater Conqueror 的船鑽探第一口開發井。這是一個具有吸引力的開發成本的項目。即使你包括一些與新技術相關的真正一次性成本的成本也是如此。同樣，我們不是運營商的鯨魚項目的目標是在 2024 年獲得第一批石油，並取得良好進展。最後，我們也處於非運營狀態的《瘋狗 2》預計今年將有第一批石油。

So a number of projects that are making good progress and an important part of our portfolio. Lease Sale 257, which was in the news. Yesterday, we were the apparent high bidder on a large number of blocks there that we found attractive. We're reviewing this judicial decision right now, and so I can't comment more about that. We're disappointed because these lease sales have been conducted successfully in the Gulf of Mexico for decades now and have resulted in us being one of the largest leaseholders out there with over 240 leases. It's a strong part of our base business. It contributes to energy security in this country. These are strong contributors to our portfolio and frankly, some of the lowest carbon intensity barrels that we produce. So we hope this is resolved in a manner that allows continued development and investment in the United States energy economy.

因此，許多項目進展順利，是我們投資組合的重要組成部分。 Lease Sale 257，這在新聞中。昨天，我們是那里大量我們認為有吸引力的區塊的明顯高價競標者。我們現在正在審查這個司法決定，所以我不能對此發表更多評論。我們很失望，因為這些租賃銷售已經在墨西哥灣成功進行了幾十年，並導致我們成為擁有超過 240 個租賃的最大租賃商之一。這是我們基礎業務的重要組成部分。它有助於該國的能源安全。這些是我們產品組合的重要貢獻者，坦率地說，是我們生產的一些碳強度最低的桶。因此，我們希望以允許美國能源經濟持續發展和投資的方式解決這個問題。

All right. And maybe just an overall question on refining. I appreciate some of the comments you made a few minutes ago, but in general, it feels like global product markets have tightened up quite a bit with the outlook looking pretty encouraging for 2022. Can you provide some thoughts about how you're thinking about the setup for refining this year? What looks encouraging and what are some of the potential risks that you see to the outlook?

好的。也許只是一個關於精煉的整體問題。我很欣賞你幾分鐘前發表的一些評論，但總的來說，感覺全球產品市場已經收緊了很多，2022 年的前景看起來相當令人鼓舞。你能否提供一些關於你的想法的想法今年煉化的安排？什麼看起來令人鼓舞，您認為前景存在哪些潛在風險？

Yes. I mean, I mentioned earlier the demand recovery, which is underway and which still has another leg to it. And we have seen margins strengthen across our portfolio as last year concluded. And so I think those are encouraging signs. Asia still has, I think, some risks. The approach taken by some countries, notably China, to how they've dealt with the pandemic may lead their economy to some risks if these variants continue to emerge.

是的。我的意思是，我之前提到了需求復蘇，它正在進行中並且還有另一條腿。正如去年總結的那樣，我們已經看到我們投資組合的利潤率有所提高。所以我認為這些都是令人鼓舞的跡象。我認為亞洲仍然存在一些風險。如果這些變體繼續出現，一些國家（尤其是中國）在應對疫情方面採取的方法可能會導致其經濟面臨一些風險。

And then, of course, you have some other things in Asia. And again, in China, the situation within the real estate sector poses an uncertainty, I think, to some of the economic numbers there overall so. But broadly speaking, I think you're right, Ryan. We're seeing strengthening on the refining side, we're seeing utilization improve. And the chemical sector has continued to be strong, although it has been moderating from the highs early last year, still above mid-cycle as it's kind of trending back towards that. And so I think we're setting up for a stronger year in '22 than we saw in '21 across that sector.

然後，當然，你在亞洲還有一些其他的東西。再說一次，在中國，房地產行業的情況對總體上的一些經濟數據構成了不確定性。但總的來說，我認為你是對的，瑞恩。我們看到煉油方面的加強，我們看到利用率提高。化工板塊繼續保持強勁，儘管它已從去年初的高位回落，但仍高於週期中期，因為它正朝著那個趨勢回落。因此，我認為我們將在 22 年為比我們在 21 年在該行業看到的更強勁的一年做好準備。

Our next question comes from Alastair Syme with Citi.

我們的下一個問題來自花旗的 Alastair Syme。

I just had one question, and it's a follow-up to the question you made on returns. And I'll just really make a simple high-level observation that 2021 cash flow of $31 billion ex working capital is almost identical to what was delivered in 2018 and then almost identical oil price environment. But of course, the payout ratio has risen considerably over the last 3 years. And my question is really what does the Board think it's seeing that gives it the confidence to raise that payout ratio so meaningfully?

我只有一個問題，這是對您在退貨問題上提出的問題的後續。我只是做一個簡單的高層觀察，即 2021 年 310 億美元的營運資本現金流量幾乎與 2018 年交付的現金流量相同，然後是幾乎相同的油價環境。但當然，在過去 3 年中，派息率已大幅上升。我的問題是，董事會真的認為它看到了什麼讓它有信心如此有意義地提高派息率？

Yes. It's the capital efficiency is the big driver, Alastair. So you're right. The commodity price environments in those 2 years are pretty similar. Cash from ops, pretty similar, although there can be some moving parts in there that are not necessarily just commodity price. But we have capital spend that is significantly down from that period of time, which means free cash flow is significantly higher. And our belief going forward, our capital guidance going forward is $15 billion to $17 billion for the next 5 years.

是的。資本效率是最大的驅動力，阿拉斯泰爾。所以你是對的。那兩年的商品價格環境非常相似。來自運營的現金，非常相似，儘管其中可能有一些活動部分，不一定只是商品價格。但是我們的資本支出比那段時間顯著下降，這意味著自由現金流顯著增加。我們的信念是，我們未來 5 年的資本指導為 150 億至 170 億美元。

It has come down from $19 billion to $22 billion pre-COVID. So that's a structural downshift. Our production guidance has not changed. And so what we have is a portfolio that is generating free cash flow and future cash flows in a much more capital-efficient manner which allows us to return more capital to shareholders. So that's the simple story.

它已從 COVID 之前的 190 億美元降至 220 億美元。所以這是一個結構性的下降。我們的生產指導沒有改變。因此，我們所擁有的是一個以更加資本效率更高的方式產生自由現金流和未來現金流的投資組合，這使我們能夠向股東返還更多資本。這就是簡單的故事。

Our next question comes from Biraj Borkhataria, RBC.

我們的下一個問題來自RBC 的Biraj Borkhataria。

It's actually just a follow-up on North West Shelf and that reclassification there. Could you just provide a bit more color on the rationale for that? Is that a change in your intentions there? And obviously, the last couple of years is not a great time to be selling assets. I'm just wondering if that was a function of you not getting the valuation you desired or something else.

這實際上只是對西北大陸架的後續行動以及那裡的重新分類。您能否就其理由提供更多色彩？那是你在那裡的意圖發生了變化嗎？顯然，過去幾年並不是出售資產的好時機。我只是想知道這是否是由於您沒有獲得所需的估值或其他原因。

Yes. Biraj, I think what we've said previously, we had an unsolicited offer on North West Shelf going back a period of time, which led us to an interesting conversation. And we want value. We're not in a position where we need to sell assets to generate cash. But if an asset works better for somebody else and they see a different value equation than we do, that's certainly a conversation worth having.

是的。 Biraj，我想我們之前說過，我們在一段時間內收到了關於西北大陸架的主動報價，這讓我們進行了一次有趣的對話。我們想要價值。我們不處於需要出售資產以產生現金的位置。但是，如果一項資產對其他人更有效，並且他們看到的價值方程式與我們不同，那麼這當然是值得進行的對話。

And so over the last period of time, we've been in a conversation like that. It ultimately has not led to a transaction. And so it's just changed the accounting classification for that asset. It's a good asset, generate strong cash flow. Obviously, we're in a market today where LNG demand is very high, and there's a lot of gas in Australia still to run through these plants. And so it's a nice part of our portfolio.

所以在過去的一段時間裡，我們一直在進行這樣的對話。它最終沒有導致交易。所以它只是改變了該資產的會計分類。這是一個很好的資產，產生強大的現金流。顯然，我們今天所處的市場對液化天然氣的需求非常高，而澳大利亞仍有大量天然氣需要通過這些工廠。所以它是我們產品組合的一個很好的部分。

Yes. Just to echo that, view it more as accounting-related than anything else. There's a number of criteria that need to be met for asset held for sale, and there's this one part that it no longer has met. And so that's why we did the catch-up depreciation.

是的。只是為了回應這一點，將其更多地視為與會計相關的內容。持有待售資產需要滿足許多標準，而這一部分不再滿足。這就是我們進行追趕性折舊的原因。

Okay. That's very clear. And then the second follow-up was on Tengiz. I think you previously mentioned potential sort of loan repayments back to the parent. Do you have any guidance for 2022 given the current pricing environment?

好的。這很清楚。然後第二次跟進是在 Tengiz 上。我想你之前提到過可能會向父母償還貸款。鑑於當前的定價環境，您對 2022 年有什麼指導嗎？

Our guidance is no loan repayment, but also no additional loans. The dividend is included in the overall affiliate dividend. I will make a point, we changed our guidance from focusing on the cash flow line, which is affiliate income less dividends, and just focus on the true cash part. If you look back to that line, which again is the difference between income and dividends from our affiliates, it's still about, our income from affiliates is expected to be about $2 billion higher than the dividends.

我們的指導是不償還貸款，也不額外貸款。股息包含在整體附屬股息中。我要說明一點，我們改變了我們的指導，從關注現金流量線，即附屬收入減去股息，而只關注真正的現金部分。如果你回顧那條線，這又是收入和來自我們附屬公司的股息之間的差異，它仍然是，我們來自附屬公司的收入預計比股息高出約 20 億美元。

But no loan, no loan repayment. We had a little bit of repayment last year. Again, we had our first dividend in a number of years in December. And in the current price environment, obviously, we expect strong dividends from Tengiz this year. It's a matter up to their Board. And as the project is completed and comes on, then the ability to increase dividends further and pay back the loan, and we'll share more on the cash flow generation capability of Tengiz during our Investor Day.

但是沒有貸款，沒有償還貸款。去年我們有一點還款。同樣，我們在 12 月獲得了多年來的第一次股息。在當前的價格環境下，顯然，我們預計今年 Tengiz 將獲得強勁的股息。這取決於他們的董事會。隨著項目的完成和開始，進一步增加股息和償還貸款的能力，我們將在投資者日期間更多地分享 Tengiz 的現金流產生能力。

Our last question comes from Jason Gabelman from Cowen.

我們的最後一個問題來自 Cowen 的 Jason Gabelman。

The first one is just on international gas exposure. Even backing out this timing impact, it looked like the realizations were a bit light. And I thought it would be helpful if maybe you could talk through that international gas exposure, the different pricing exposures within that, maybe splitting it up between hub-based, LNG-based, fixed price or however you think about the commodity exposure within that production bucket.

第一個只是關於國際天然氣暴露。即使排除了這種時間影響，看起來實現也有點輕。而且我認為，如果您可以討論國際天然氣風險敞口，其中的不同定價風險敞口，也許將其分為基於樞紐的、基於液化天然氣的、固定價格的，或者您考慮其中的商品風險敞口，這將是有幫助的生產桶。

And the second question, thinking about CapEx, I think your message is loud and clear that this year you're going to be around that $15 billion and you're going to manage the business to that. But as we look forward and think about where you could ramp up spend, is that $17 billion high end of the range? Is that where you think the kind of ramp up in spending you could do in your short-cycle basins? Or is there, in theory, if oil prices stay at elevated levels, can you ramp up in your short-cycle basins even more? And once again, I'm not thinking about this year, in particular, but in the future, if we're in an environment where oil prices stay elevated.

第二個問題，關於資本支出，我認為你的信息是響亮而明確的，即今年你將達到 150 億美元左右，並且你將管理業務。但是，當我們展望未來並思考您可以在哪些方面增加支出時，170 億美元是該範圍的高端嗎？這就是你認為可以在短週期盆地中增加支出的地方嗎？或者，從理論上講，如果油價保持在高位，你能否在短週期盆地中進一步提高產量？再一次，我不是特別考慮今年，而是在未來，如果我們處於油價保持高位的環境中。

Jason, I'll take your first question. So on our LNG portfolio, you can think of that as 80% oil-linked, 20% JKM. That includes Australia but also West Africa, so Angola LNG and Equatorial Guinea. If you look to our international gas though, we have lots of other gas contracts around the world. As you say, some are fixed price, some are partially oil-related with a lag. And so you won't see necessarily that direct effect.

傑森，我會回答你的第一個問題。因此，在我們的液化天然氣投資組合中，您可以將其視為 80% 與石油相關，20% 與 JKM 相關。這包括澳大利亞，也包括西非、安哥拉液化天然氣和赤道幾內亞。但是，如果您查看我們的國際天然氣，我們在世界各地還有許多其他天然氣合同。正如你所說，有些是固定價格，有些是部分與石油相關的滯後。所以你不一定會看到那種直接的效果。

We have some that are low, for example, in West Africa that go to domestic markets. But if you look overall for the LNG from those 3 countries, Equatorial Guinea, Angola, Australia, 80-20 is pretty good. Australia now is a little bit higher because we had an additional long-term contract, but the West Africa LNG is largely spot-related and JKM or TTF price-related.

我們有一些價格很低，例如，在西非進入國內市場。但是，如果您從赤道幾內亞、安哥拉、澳大利亞這三個國家的 LNG 總體上看，80-20 是相當不錯的。澳大利亞現在稍微高一點，因為我們有一份額外的長期合同，但西非液化天然氣主要與現貨相關，而 JKM 或 TTF 價格相關。

And on longer-term CapEx, if I caught your question, Jason. Look, we give this range of $15 billion to $17 billion we've put out there. We're at the low end of the range this year. Now that's a 30% step-up from where we finished 2021. And as I mentioned earlier, in a place like the Permian, it's a 50% step-up. So it's not a trivial change, but it's still a very disciplined approach to that business. And we intend to stay within that range as we've guided.

關於長期資本支出，如果我發現了你的問題，傑森。看，我們給出了我們已經投入的 150 億到 170 億美元的範圍。今年我們處於該範圍的低端。現在，這比我們在 2021 年結束時提高了 30%。正如我之前提到的，在像二疊紀這樣的地方，這是 50% 的提高。所以這不是一個微不足道的改變，但它仍然是一種非常有紀律的業務方法。我們打算按照我們的指導保持在這個範圍內。

Can we move around within it? Yes. Can that include additional short cycle? Yes. And as the project in Kazakhstan winds down, that opens up some capacity within that range to allocate capital to other high-return investments. And so we've got plenty of levers to pull. But I think the overarching message that investors should take away is, we're going to stay disciplined on capital. We're not chasing price. We're improving returns and you can count on us to continue to do that. And we should generate very strong free cash flow in this environment.

我們可以在裡面走動嗎？是的。這可以包括額外的短週期嗎？是的。隨著哈薩克斯坦項目的結束，這將在該範圍內開闢一些能力，將資金分配給其他高回報投資。所以我們有很多槓桿可以拉動。但我認為投資者應該帶走的首要信息是，我們將在資本方面保持紀律。我們不追逐價格。我們正在提高回報，您可以指望我們繼續這樣做。我們應該在這種環境下產生非常強勁的自由現金流。

Sorry, just to clarify, I think your guidance was on LNG. I was hoping to get it on the broader international gas price exposure.

抱歉，澄清一下，我認為您的指導是關於液化天然氣的。我希望在更廣泛的國際天然氣價格敞口中得到它。

That's just a mix of contracts, Jason. I'd follow up with Roderick. I mean, I think we show our realization by country, but we don't have a shorthand on how to characterize because it really is a mix of contracts in a number of countries outside the U.S.

那隻是合同的混合，傑森。我會跟進羅德里克。我的意思是，我認為我們按國家展示了我們的實現，但我們沒有關於如何描述的簡寫，因為它確實是美國以外許多國家的合同的混合體。

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

我要感謝大家今天的時間。感謝您對雪佛龍的興趣以及大家對今天電話會議的參與。請保持安全和健康。珍，回到你身邊。

This concludes Chevron's Fourth Quarter 2021 Earnings Conference Call. You may now disconnect.

雪佛龍公司 2021 年第四季度收益電話會議到此結束。您現在可以斷開連接。