赫斯 (HES) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Second Quarter 2023 Hess Corporation Conference Call. My name is Kevin, and I'll be your operator for today. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

女士們、先生們，美好的一天，歡迎參加 Hess Corporation 2023 年第二季電話會議。我叫凱文，今天我將擔任您的接線生。 （操作員說明）謹此提醒，本次會議正在錄製以供重播之用。

I would now like to turn the conference over to Jay Wilson, Vice President of Investor Relations. Please proceed.

現在我想將會議交給投資者關係副總裁傑伊威爾森 (Jay Wilson)。請繼續。

Thank you, Kevin. Good morning, everyone, and thank you for participating in our Second Quarter Earnings Conference Call. Our earnings release was issued this morning and appears on our website, www.hess.com.

謝謝你，凱文。大家早安，感謝您參加我們的第二季財報電話會議。我們的收益報告於今天上午發布，並發佈在我們的網站 www.hess.com 上。

Today's conference call contains projections and other forward-looking statements within the meaning of the federal securities laws. These statements are subject to known and unknown risks and uncertainties that may cause actual results to differ from those expressed or implied in such statements. These risks include those set forth in the Risk Factors section of Hess' annual and quarterly reports filed with the SEC.

今天的電話會議包含聯邦證券法含義內的預測和其他前瞻性陳述。這些陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述中明示或暗示的結果不同。這些風險包括 Hess 向 SEC 提交的年度和季度報告的風險因素部分中列出的風險。

Also, on today's conference call, we may discuss certain non-GAAP financial measures. A reconciliation of the differences between these non-GAAP financial measures and the most directly comparable GAAP financial measures can be found in the supplemental information provided on our website.

此外，在今天的電話會議上，我們可能會討論某些非公認會計準則財務指標。這些非 GAAP 財務指標與最直接可比較的 GAAP 財務指標之間的差異調節可以在我們網站上提供的補充資訊中找到。

On the line with me today are John Hess, Chief Executive Officer; Greg Hill, Chief Operating Officer; and John Rielly, Chief Financial Officer.

今天與我通話的是執行長約翰‧赫斯 (John Hess)；格雷格·希爾，營運長；和財務長約翰·裡利 (John Rielly)。

I'll now turn the call over to John Hess.

我現在將把電話轉給約翰·赫斯。

Thank you, Jay. Welcome, everyone, to our second quarter conference call. Today, I will share some thoughts on the energy transition and then discuss our continued progress in executing our strategy. Then, Greg Hill will cover our operations, and John Rielly will review our financial results.

謝謝你，傑伊。歡迎大家參加我們的第二季電話會議。今天，我將分享一些關於能源轉型的想法，然後討論我們在執行策略方面的持續進展。然後，格雷格·希爾（Greg Hill）將負責我們的運營，約翰·裡利（John Rielly）將審查我們的財務業績。

First, in terms of the energy transition, it is important to realize that progress has been made toward the goal of the Paris Agreement. According to the International Energy Agency, or the IEA, the global median temperature increase prior to the Paris Agreement was 3.5 degrees Celsius. Today, according to the IEA's stated policy scenario, the world is on a trajectory to a median temperature increase of 2.5 degrees. However, much more progress is required, and we currently are not on a path to meeting the Paris Agreement's goal of 1.5 degrees.

首先，在能源轉型方面，要看到《巴黎協定》目標已經取得進展。根據國際能源總署 (IEA) 的數據，《巴黎協定》簽署前全球平均氣溫上升了 3.5 攝氏度。如今，根據 IEA 規定的政策情景，世界氣溫中位數將上升 2.5 度。然而，我們還需要取得更多進展，目前我們還無法實現《巴黎協定》中 1.5 度的目標。

There are 3 important gaps affecting the pace of progress. First, the world is facing a structural deficit in energy supply, and the key challenge is investment. To meet growing energy demand, the world needs to invest $4 trillion each year for the next 10 years in clean energies, significantly more than last year's investment of $1.4 trillion. The world also needs to invest $500 billion each year for the next 10 years in oil and gas, as compared with $300 billion to $400 billion invested annually in the last 5 years.

有 3 個重要差距影響著進展速度。首先，世界能源供應面臨結構性赤字，關鍵挑戰是投資。為了滿足不斷增長的能源需求，未來10年世界每年需要在清潔能源領域投資4兆美元，大大超過去年1.4兆美元的投資。未來10年，世界每年還需要在石油和天然氣領域投資5,000億美元，而過去5年每年投資3,000億至4,000億美元。

Second, developed countries have a gap between their current pledges and the investments they are making to reach their emission reduction commitments. For example, the United States has pledged a 50% reduction in emissions by 2030. And even with the incentives in the Inflation Reduction Act, our nation will likely fall far short of that pledge.

其次，已開發國家目前的減排承諾與為實現減排承諾而進行的投資之間存在差距。例如，美國承諾在 2030 年減排 50%。

Finally, developing countries are also facing large gaps in their aspirations for emission reductions. I recently had the honor of speaking at the Energy Asia Conference in Kuala Lumpur. Asia represents 50% of the world's population, 50% of global energy use and 50% of global emissions and will, therefore, play a key role in the energy transition. The conference speakers, both government officials and business leaders, made it clear that Asia will need to find the right balance between energy affordability and emission reduction commitments.

最後，發展中國家的減排意願也面臨巨大差距。我最近有幸在吉隆坡舉行的亞洲能源會議上發表演講。亞洲人口占世界人口的50%，能源使用量佔全球的50%，排放量佔全球的50%，因此將在能源轉型中發揮關鍵作用。會議發言者包括政府官員和商界領袖，他們明確表示，亞洲需要在能源負擔能力和減排承諾之間找到適當的平衡。

At COP28 in December of this year, developing countries' voices must be heard to address their rights to economic prosperity and a higher standard of living. The reality is that the energy transition will take a long time, cost a lot of money and require many technologies that do not exist today. We must recognize that oil and gas will be needed for decades to come and are fundamental to an orderly, just and secure energy transition. Policymakers need to have climate literacy, energy literacy and economic literacy to enable a net zero future.

在今年 12 月舉行的第 28 屆締約方會議上，必須聽取發展中國家的聲音，以解決其經濟繁榮和更高生活水平的權利。現實情況是，能源轉型將需要很長時間、花費大量資金，並且需要許多目前還不存在的技術。我們必須認識到，未來幾十年將需要石油和天然氣，並且是有序、公正和安全的能源轉型的基礎。政策制定者需要具備氣候素養、能源素養和經濟素養，以實現淨零未來。

In a world that will require reliable, low-cost oil and gas resources for decades ahead, we believe that Hess offers a unique value proposition for investors. We continue to execute our strategy to deliver high-return resource growth, a low cost of supply and industry-leading cash flow growth and, at the same time, maintain our industry leadership in environmental, social and governance performance and disclosure.

在未來幾十年需要可靠、低成本的石油和天然氣資源的世界中​​，我們相信赫斯為投資者提供了獨特的價值主張。我們繼續執行我們的策略，以實現高回報資源成長、低成本供應和行業領先的現金流量成長，同時保持我們在環境、社會和治理績效及資訊揭露方面的行業領先地位。

In terms of resource growth with multiple phases of Guyana developments coming online and our robust inventory of high-return drilling locations in the Bakken, we can deliver highly profitable production growth of more than 10% annually through 2027.

就資源成長而言，圭亞那多個開發階段的上線以及我們在巴肯的高回報鑽井地點的強大庫存，到 2027 年，我們可以實現每年 10% 以上的高利潤產量成長。

In terms of low cost of supply, as our resource base continues to expand, particularly in Guyana, where our first 5 developments have breakevens in the range of $25 to $35 per barrel Brent, we will steadily move down the cost curve. By 2027, we forecast that our cash unit costs will decline by 25% to approximately $10 per BOE.

在低成本供應方面，隨著我們的資源基礎不斷擴大，特別是在圭亞那，我們的前5 個開發項目的盈虧平衡點在每桶布蘭特原油25 至35 美元之間，我們將穩步降低成本曲線。到 2027 年，我們預測現金單位成本將下降 25% 至每桶油當量約 10 美元。

In terms of cash flow growth, we have an industry-leading rate of chain story and an industry-leading duration story, providing a highly differentiated value proposition. Based upon a flat Brent oil price of $75 per barrel, our cash flow is forecast to increase by approximately 25% annually between 2022 and 2027, more than twice as fast as our top line growth. And our balance sheet will also continue to strengthen, with our most recent debt-to-EBITDAX ratio at approximately 1x.

在現金流成長方面，我們擁有業界領先的連鎖故事率和業界領先的持續時間故事，提供了高度差異化的價值主張。根據每桶 75 美元的布倫特油價不變，我們的現金流預計在 2022 年至 2027 年間每年增長約 25%，是我們收入增長速度的兩倍多。我們的資產負債表也將持續增強，最近的債務與 EBIDAX 比率約為 1 倍。

Successful execution of our strategy has uniquely positioned our company to deliver significant value to shareholders for years to come, both by growing intrinsic value and by growing cash returns. We plan to continue increasing our regular dividend to a level that is attractive to income-oriented investors, but sustainable in a low oil price environment. As our free cash flow generation steadily increases in future years, share repurchases are expected to represent a growing proportion of our return of capital.

我們策略的成功執行使我們公司處於獨特的地位，能夠透過不斷增長的內在價值和不斷增長的現金回報，在未來幾年為股東創造巨大的價值。我們計劃繼續將定期股息提高到對收入導向投資者有吸引力且在低油價環境下可持續的水平。隨著未來幾年我們的自由現金流量穩定增加，預計股票回購將在我們的資本回報中所佔的比例越來越大。

By investing only in high-return low-cost opportunities, we have built a differentiated and balanced portfolio focused on Guyana, the Bakken, Deepwater Gulf of Mexico, and Southeast Asia. Key to our strategy is Guyana, the industry's largest oil province discovered in the last decade, where Hess has a 30% interest and ExxonMobil is the operator. Since 2015, we have had more than 30 discoveries on the Stabroek Block, underpinning a gross discovered recoverable resource estimate of more than 11 billion barrels of oil equivalent, with multibillion barrels of exploration potential remaining.

透過僅投資於高回報低成本機會，我​​們建立了差異化且平衡的投資組合，重點關注圭亞那、巴肯、墨西哥深水灣和東南亞。我們策略的關鍵是圭亞那，這是該行業在過去十年中發現的最大石油省，赫斯擁有 30% 的權益，埃克森美孚是營運商。自 2015 年以來，我們在 Stabroek 區塊已有 30 多項發現，已發現可採資源總量估計超過 110 億桶油當量，剩餘勘探潛力達數十億桶。

In June, we were honored to be named E&P Explorer of the Year in the 15th annual Wood Mackenzie exploration industry survey for the second consecutive year. In terms of Guyana developments, we currently have line of sight to 6 floating production, storage and offloading vessels, or FPSOs, in 2027, with a gross production capacity of more than 1.2 million barrels of oil per day and the potential for up to 10 FPSOs to develop the discovered resources on the Stabroek Block.

6 月，我們很榮幸連續第二年在第 15 屆年度 Wood Mackenzie 勘探行業調查中被評為年度 E&P 探險家。就圭亞那的發展而言，我們目前預計到 2027 年將有 6 艘浮式生產儲油卸油船 (FPSO)，總生產能力將超過每天 120 萬桶石油，並有可能生產多達 10 艘FPSO 用於開發Stabroek 區塊上已發現的資源。

In the Bakken, we have a 15-year inventory of high-return drilling locations to enable us to steadily grow net production to approximately 200,000 barrels of oil equivalent per day in 2025. We plan to continue operating a 4-rig program, which will enable us to fully optimize our infrastructure, lower our unit cash costs and generate significant levels of free cash flow.

在巴肯，我們擁有 15 年高回報鑽井地點庫存，使我們能夠在 2025 年將淨產量穩步增長到每天約 200,000 桶石油當量。的基礎設施，降低單位現金成本並產生大量的自由現金流。

Turning to our operated offshore assets. In the Gulf of Mexico, we had a successful oil discovery during the quarter at the Hess-operated Pickerel-1 well with approximately 90 feet of high-quality net pay, which we plan to tie back to our Tubular Bells production facility with first oil expected in mid-2024.

轉向我們經營的離岸資產。在墨西哥灣，本季度我們在Hess 運營的Pickerel-1 井中成功發現了石油，並獲得了約90 英尺的高品質淨產油，我們計劃將其與我們的管鐘生產設施聯繫起來，生產第一批石油預計 2024 年中期。

In Southeast Asia, we have 2 important long-life natural gas assets, North Malay Basin and the joint development area, or JDA. Our major priorities going forward are to continue to maximize cash flow and production at North Malay Basin, and to work with the governments of Malaysia and Thailand to extend our PSC agreement at the JDA.

在東南亞，我們擁有兩個重要的長壽命天然氣資產：北馬來盆地和聯合開發區（JDA）。我們未來的主要優先事項是繼續最大限度地提高北馬來盆地的現金流和產量，並與馬來西亞和泰國政府合作，延長我們在 JDA 的產品分成合約協議。

As we execute our company strategy, we will continue to be guided by our long-standing commitment to sustainability and are proud to be an industry leader in this area. Last week, we announced the publication of our 26th Annual Sustainability Report, which provides a comprehensive review of our strategy and performance on environmental, social and governance programs, including our net zero commitment and the significant progress we have made toward our 2025 emissions reduction targets.

在執行公司策略時，我們將繼續以對永續發展的長期承諾為指導，並為成為該領域的行業領導者而感到自豪。上週，我們宣布發布第26 份年度永續發展報告，該報告全面回顧了我們在環境、社會和治理計畫方面的策略和績效，包括我們的淨零承諾以及我們在實現2025 年減排目標方面取得的重大進展。

In summary, we continue to successfully execute our strategy to deliver industry-leading cash flow growth and financial returns to our shareholders, while safely and responsibly producing oil and gas to help meet the world's growing energy needs. As a result, our company is uniquely positioned to deliver significant value to shareholders for years to come, both by growing intrinsic value and by growing cash returns.

總之，我們繼續成功執行我們的策略，為股東提供領先業界的現金流成長和財務回報，同時安全、負責任地生產石油和天然氣，幫助滿足世界不斷增長的能源需求。因此，我們公司處於獨特的地位，可以透過不斷增長的內在價值和不斷增長的現金回報，在未來幾年為股東創造巨大的價值。

As our portfolio becomes increasingly free cash flow positive, we will continue to prioritize the return of capital to our shareholders through further dividend increases and share repurchases.

隨著我們的投資組合自由現金流變得越來越積極，我們將繼續優先透過進一步增加股利和股票回購來向股東回報資本。

I will now turn the call over to Greg Hill for an operational update.

我現在將把電話轉給格雷格·希爾（Greg Hill），以了解最新的運營情況。

Thanks, John. In the second quarter, we demonstrated strong operational performance across our portfolio. Company-wide net production averaged 387,000 barrels of oil equivalent per day, well above our guidance of approximately 355,000 to 365,000 barrels of oil equivalent per day. In the third quarter, we expect company-wide net production to average approximately 385,000 barrels of oil equivalent per day, reflecting planned maintenance and hurricane contingency in the Gulf of Mexico.

謝謝，約翰。第二季度，我們的整個投資組合展現了強勁的營運表現。全公司平均淨產量為每天 387,000 桶油當量，遠高於我們每天約 355,000 至 365,000 桶油當量的指引。第三季度，我們預計全公司平均淨產量約為每天 385,000 桶油當量，反映了墨西哥灣的計畫維護和颶風緊急情況。

For the full year 2023, we now expect company-wide net production to average between 385,000 and 390,000 barrels of oil equivalent per day, up from our previous guidance of 365,000 to 375,000 barrels of oil equivalent per day, primarily reflecting our strong performance in the first half of 2023 and the expected start-up of the Payara development in Guyana early in the fourth quarter.

對於 2023 年全年，我們目前預計全公司的平均淨產量將在每天 385,000 至 390,000 桶油當量之間，高於我們之前每天 365,000 至 375,000 桶油當量的指導，這主要反映了我們在圭亞那的Payara開發案將於2023 年上半年啟動，預計第四季初啟動。

Turning to the Bakken. Second quarter net production of 181,000 barrels of oil equivalent per day was above our guidance of 165,000 to 170,000 barrels of oil equivalent per day, with approximately half of the increase due to strong operational performance and the remainder from higher production entitlements under our percentage of proceeds contracts as a result of lower NGL prices.

轉向巴肯。第二季淨產量為每天 181,000 桶油當量，高於我們指導的每天 165,000 至 170,000 桶油當量，其中約一半的增長歸因於強勁的營運業績，其餘部分來自我們收益百分比下的更高生產權利由於液化天然氣價格較低而簽訂合約。

In the second quarter, we drilled 32 wells and brought 30 new wells online. In the third quarter, we expect to drill approximately 27 new wells and bring online approximately 30 new wells. For the full year 2023, we expect to drill and bring online approximately 110 new wells. Individual well results in terms of IP180s and EURs continue to meet or exceed expectations.

第二季度，我們鑽探了32口井，並投產了30口新井。第三季度，我們預計將鑽探約 27 口新井，並投產約 30 口新井。 2023 年全年，我們預計將鑽探並投產約 110 口新井。單井的 IP180 和歐元結果繼續達到或超過預期。

For the third quarter, we expect Bakken net production to average approximately 185,000 barrels of oil equivalent per day. And for the full year 2023, we have increased our forecast of net production to between 175,000 and 180,000 barrels of oil equivalent per day, up from our previous guidance of 165,000 to 170,000 barrels of oil equivalent per day.

第三季度，我們預計巴肯平均淨產量約為每天 185,000 桶油當量。對於 2023 年全年，我們將淨產量預測上調至每日 175,000 至 180,000 桶油當量，高於先前預測的每日 165,000 至 170,000 桶油當量。

Moving to the offshore. In the deepwater Gulf of Mexico, second quarter net production averaged 32,000 barrels of oil equivalent per day. In the third quarter, we expect net production to average approximately 25,000 barrels of oil equivalent per day, reflecting planned maintenance downtime and hurricane contingency. For the full year 2023, we continue to forecast Gulf of Mexico net production to average approximately 30,000 barrels of oil equivalent per day.

搬到近海。在墨西哥灣深水區，第二季平均淨產量為每天 32,000 桶石油當量。第三季度，我們預計平均淨產量約為每天 25,000 桶油當量，反映了計畫內的維護停機時間和颶風緊急情況。對於 2023 年全年，我們繼續預測墨西哥灣日均淨產量約為 30,000 桶油當量。

We are excited to announce that the first well of our 2023 Gulf of Mexico drilling program has resulted in an oil discovery. The Hess-operated Pickerel-1 infrastructure-led exploration well in Mississippi Canyon, encountered approximately 90-feet of net pay and high-quality, oil-bearing, Miocene-aged reservoir. Long lead construction activities are underway to tie the well back to the Tubular Bells production facility, with production expected to commence in mid-2024.

我們很高興地宣布，2023 年墨西哥灣鑽探計畫的第一口井已發現石油。 Hess 在密西西比峽谷運營的 Pickerel-1 基礎設施主導勘探井發現了約 90 英尺的淨產層和優質含油中新世儲層。長鉛施工活動正在進行中，以便將油井與管狀鐘生產設施連接起來，預計將於 2024 年中期開始生產。

Following Pickerel, we plan to drill the Black Pearl development well in which Hess is the operator and has a 25% working interest and Chevron, CNOOC and Equinor each have 25%. This well is planned as a tieback to the Stampede production facility. Following Black Pearl, we plan to drill the Vancouver prospect located in Green Canyon Block 287. Vancouver is a large hub class exploration prospect, targeting subsalt Miocene-age reservoir. Hess is the operator and has 40% working interest, and Shell and Chevron each have 30%.

繼Pickerel之後，我們計劃鑽探Black Pearl開發井，Hess是該井的作業者並擁有25%的工作權益，雪佛龍、中海油和Equinor各擁有25%的權益。該井計劃作為 Stampede 生產設施的回接井。繼 Black Pearl 之後，我們計劃鑽探位於 Green Canyon 287 區塊的溫哥華礦區。 Hess 是營運商，擁有 40% 的工作權益，殼牌和雪佛龍各擁有 30% 的權益。

In Southeast Asia, second quarter net production averaged 64,000 barrels of oil equivalent per day. For the third quarter and full year of 2023, we forecast net production to average approximately 65,000 barrels of oil equivalent per day. In Guyana, where Hess has a 30% interest in the Stabroek Block, second quarter net production averaged 110,000 barrels of oil per day at the high end of our guidance range of 105,000 to 110,000 barrels of oil per day, driven by strong facility uptime and well performance.

在東南亞，第二季平均淨產量為每天 64,000 桶油當量。對於 2023 年第三季和全年，我們預測平均淨產量約為每天 65,000 桶油當量。在圭亞那，Hess 擁有 Stabroek 區塊 30% 的權益，第二季度平均淨產量為每天 110,000 桶石油，處於我們每天 105,000 至 110,000 桶石油指導範圍的高端，這主要得益於設施的正常運行時間和表現良好。

For the third quarter, net production from Guyana is expected to also average approximately 110,000 barrels of oil per day. We now expect full year 2023 net production to average approximately 115,000 barrels of oil per day compared to our previous guidance range of 105,000 to 110,000 barrels of oil per day, reflecting the expected early fourth quarter start-up of Payara, with a gross production capacity of approximately 220,000 barrels of oil per day. We forecast Payara to contribute approximately 15,000 net barrels of oil per day in the fourth quarter.

第三季度，圭亞那的平均淨產量預計也約為每天 11 萬桶。我們現在預計 2023 年全年淨產量平均約為每天 115,000 桶石油，而我們之前的指導範圍為每天 105,000 至 110,000 桶石油，反映了 Payara 預計第四季度初的啟動，總產能每天大約生產220,000 桶石油。我們預計 Payara 第四季每天將貢獻約 15,000 桶淨石油。

Turning to our fourth development, Yellowtail. The overall project is approximately 60% complete, and remains on track for first oil in 2025, with a gross production capacity of approximately 250,000 barrels of oil per day. The fifth development, Uaru, was sanctioned in April. Uaru will develop more than 800 million barrels of oil from the Uaru, Mako and Snoek fields. The FPSO will have a gross production capacity of approximately 250,000 barrels of oil per day and is on track to achieve first oil in 2026. With regard to our sixth development, Whiptail, the partnership anticipates submitting a plan of development to the government of Guyana in the fourth quarter, with first oil targeted for 2027.

轉向我們的第四個開發項目，Yellowtail。整個工程已完成約 60%，預計 2025 年首次投產，總產能約為每天 25 萬桶石油。第五個開發項目 Uaru 於四月獲得批准。 Uaru將從Uaru、Mako和Snoek油田開採超過8億桶石油。 FPSO 的總生產能力約為每天 250,000 桶石油，並預計在 2026 年首次產出石油。 ，第一批石油目標是2027 年。

Now turning to exploration. In Guyana, the Stabroek Block exploration license was formally extended by 1 year to October 2027 due to the COVID-19 pandemic. The extension also pushes out the contractual acreage relinquishment by 1 year to October 2024. In the Fangtooth area, drill stem tests and core analysis are ongoing.

現在轉向探索。在圭亞那，由於 COVID-19 大流行，Stabroek Block 探勘許可證正式延長 1 年至 2027 年 10 月。延期也將合約面積放棄時間推遲一年至 2024 年 10 月。

Moving forward, we plan to drill the Basher-1 well, which is a deep prospect located approximately 7 miles west of Fangtooth-1, and the Lanternfish-1 well, located approximately 2 miles southwest of Fangtooth-1. We also plan to drill the Lancetfish-2 appraisal well also in the Fangtooth area. Exploration and appraisal activities are also planned in the southeastern portion of the block to better understand the longer-term potential of this area. Activities will include drilling and exploration prospect called Bluefin, located approximately 6 miles southwest of Haimara-1.

下一步，我們計劃鑽探 Basher-1 井，該井是位於 Fangtooth-1 以西約 7 英里處的深礦區，以及 Lanternfish-1 井，位於 Fangtooth-1 西南約 2 英里處。我們也計劃在 Fangtooth 地區鑽探 Lancetfish-2 評價井。還計劃在該區塊的東南部進行勘探和評估活動，以更好地了解該地區的長期潛力。活動將包括名為 Bluefin 的鑽探和勘探，位於 Haimara-1 西南約 6 英里處。

In closing, we achieved strong operational performance in the quarter. The Bakken is on a steady growth trajectory. We had exploration success in the Gulf of Mexico with more drilling planned. Our Southeast Asia assets continued to deliver steady production through high reliability and successful ongoing drilling programs. And Guyana keeps getting bigger and better, all of which position us to deliver significant shareholder value for years to come.

最後，我們在本季取得了強勁的營運業績。巴肯正處於穩定成長的軌道上。我們在墨西哥灣的勘探取得了成功，並計劃進行更多鑽探。我們的東南亞資產透過高可靠性和成功的持續鑽井計劃繼續提供穩定的生產。圭亞那不斷變得更大、更好，所有這些都使我們能夠在未來幾年提供顯著的股東價值。

I will now turn the call over to John Rielly.

我現在將把電話轉給約翰·裡利。

Thanks, Greg. In my remarks today, I will compare results from the second quarter of 2023 to the first quarter of 2023. We had net income of $119 million in the second quarter of 2023 compared with $346 million in the first quarter of 2023. On an adjusted basis, which excludes items affecting comparability of earnings, we had net income of $201 million in the second quarter of 2023.

謝謝，格雷格。在今天的演講中，我將比較2023 年第二季和2023 年第一季的結果。 。

Turning to E&P. E&P adjusted net income was $237 million in the second quarter of 2023 compared with $405 million in the previous quarter. The changes in the after-tax components of adjusted E&P earnings between the second quarter and first quarter of 2023 were as follows: Higher sales volumes increased earnings by $66 million, lower realized selling prices decreased earnings by $118 million, higher cash costs and Midstream tariffs decreased earnings by $71 million, higher exploration expenses decreased earnings by $34 million, all other items decreased earnings by $11 million, for an overall decrease in second quarter earnings of $168 million.

轉向勘探與生產。 2023 年第二季勘探與生產調整後淨利為 2.37 億美元，上一季為 4.05 億美元。 2023 年第二季至第一季調整後勘探與生產收益的稅後部分變化如下：銷量增加使收益增加了 6,600 萬美元，實現銷售價格降低使收益減少了 1.18 億美元，現金成本和中游關稅增加收益減少7,100 萬美元，勘探費用增加，收益減少3,400 萬美元，所有其他項目收益減少1,100 萬美元，第二季收益整體減少1.68 億美元。

For the second quarter, our E&P oil sale volumes were over lifted compared with production by approximately 100,000 barrels, which had an insignificant impact on our after-tax results for the quarter.

第二季度，我們的勘探與生產石油銷售量比產量高出約 10 萬桶，這對我們本季的稅後業績影響不大。

Turning to Midstream. The Midstream segment had net income of $62 million in the second quarter of 2023 compared with $61 million in the previous quarter. Midstream EBITDA before noncontrolling interest amounted to $247 million in the second quarter compared to $238 million in the previous quarter.

轉向中流。中游部門 2023 年第二季淨利為 6,200 萬美元，而上一季為 6,100 萬美元。第二季不計非控股權益的中游 EBITDA 為 2.47 億美元，上一季為 2.38 億美元。

Turning to our financial position. At June 30, excluding the Midstream segment, cash and cash equivalents were $2.2 billion. Total liquidity was $5.6 billion, including available committed credit facilities, and debt and finance lease obligations totaled $5.6 billion.

轉向我們的財務狀況。截至 6 月 30 日，不包括中游部門，現金和現金等價物為 22 億美元。流動性總額為 56 億美元，包括可用的承諾信貸額度，債務和融資租賃義務總計 56 億美元。

During the second quarter, we received net proceeds of $217 million from the public offering of approximately 6.4 million Hess-owned Class A shares of Hess Midstream and the sale of approximately 1.7 million Hess-owned Class B units to Hess Midstream.

第二季度，我們透過公開發行 Hess 擁有的約 640 萬股 Hess Midstream A 類股票以及向 Hess Midstream 出售約 170 萬股 Hess 擁有的 B 類股票，獲得了 2.17 億美元的淨收益。

Net cash provided by operating activities before changes in working capital was $974 million in the second quarter compared with $1.03 billion in the first quarter. E&P capital and exploratory expenditures were $933 million in the second quarter of 2023 compared to $765 million in the previous quarter.

第二季營運資金變動前營運活動提供的淨現金為 9.74 億美元，而第一季為 10.3 億美元。 2023 年第二季勘探與生產資本和勘探支出為 9.33 億美元，而上一季為 7.65 億美元。

Now turning to guidance. Our E&P cash costs were $13.97 per barrel of oil equivalent in the second quarter of 2023, which was lower than our guidance of $15.50 to $16 per barrel of oil equivalent, primarily due to higher production. We project E&P cash costs to be in the range of $14 to $14.50 per barrel of oil equivalent for the third quarter, and in the range of $13.50 to $14 per barrel of oil equivalent for the full year, which is at the lower end of our previous guidance of $13.50 to $14.50 per barrel of oil equivalent.

現在轉向指導。 2023 年第二季度，我們的勘探與生產現金成本為每桶油當量 13.97 美元，低於我們每桶油當量 15.50 至 16 美元的指導，這主要是由於產量增加。我們預計第三季勘探與生產現金成本將在每桶油當量 14 至 14.50 美元之間，全年將在每桶油當量 13.50 至 14 美元之間，這是我們預測的下限。桶油當量13.50 美元至14.50 美元。

DD&A expense was $12.79 per barrel of oil equivalent in the second quarter of 2023. DD&A expense is forecast to be in the range of $12.50 to $13 per barrel of oil equivalent for the third quarter, and in the range of $13 to $13.50 per barrel of oil equivalent for the full year, which is at the lower end of our previous guidance of $13 to $14 per barrel of oil equivalent. This results in projected total E&P unit operating cost to be in the range of $26.50 to $27.50 per barrel of oil equivalent for both the third quarter and full year 2023.

2023 年第二季的 DD&A 費用為每桶油當量 12.79 美元。我們之前每桶石油當量13 至14 美元指導值的下限。這導致預計 2023 年第三季和全年的勘探與生產單位營運總成本將在每桶油當量 26.50 美元至 27.50 美元之間。

Exploration expenses, excluding dry haul costs, are expected to be approximately $60 million in the third quarter and approximately $170 million for the full year, which is updated from the previous guidance of $160 million to $170 million. The Midstream tariff is projected to be in the range of $320 million to $330 million for the third quarter, and full year guidance of $1.230 billion to $1.250 billion remains unchanged.

不包括乾運成本的勘探費用預計第三季約為 6,000 萬美元，全年約為 1.7 億美元，從先前指導的價值 1.6 億美元更新為 1.7 億美元。第三季中游關稅預計在 3.2 億美元至 3.3 億美元之間，全年指引為 12.3 億美元至 12.5 億美元維持不變。

E&P income tax expense is expected to be in the range of $170 million to $180 million for the third quarter, and full year guidance of $670 million to $680 million remains unchanged. We expect noncash option premium amortization, which will be reflected in our realized selling prices, will be $52 million for the third quarter and full year guidance of $190 million remains unchanged. Our E&P capital and exploratory expenditures are expected to be approximately $1.025 billion in the third quarter and full year guidance of approximately $3.7 billion remains unchanged.

第三季勘探與生產所得稅費用預計在 1.7 億至 1.8 億美元之間，全年指引為 6.7 億至 6.8 億美元維持不變。我們預計第三季的非現金選擇權溢價攤銷（將反映在我們已實現的售價中）將為 5,200 萬美元，全年指引為 1.9 億美元保持不變。我們第三季的勘探與生產資本和勘探支出預計約為 10.25 億美元，全年指引約為 37 億美元保持不變。

Turning to Midstream. We anticipate net income attributable to Hess from the Midstream segment to be in the range of $55 million to $60 million for the third quarter, and $240 million to $250 million for the full year, which is down from the previous guidance of $255 million to $265 million, reflecting the impact of the Midstream capital market transactions completed in the second quarter.

轉向中流。我們預計第三季赫斯中游業務淨利將在 5,500 萬至 6,000 萬美元之間，全年將在 2.4 億至 2.5 億美元之間，低於先前 2.55 億至 265 美元的預期。了第二季資本市場中游完成交易的影響。

Turning to Corporate. Corporate expenses are estimated to be approximately $25 million for the third quarter and $110 million to $120 million for the full year, which is lower than the previous guidance of $120 million to $130 million due to higher interest income. Interest expense is estimated to be in the range of $75 million to $80 million for the third quarter and $300 million to $310 million for the full year, which is updated from the previous guidance of $305 million to $315 million.

轉向企業。第三季的公司費用預計約為 2,500 萬美元，全年的公司費用約為 1.1 億至 1.2 億美元，由於利息收入增加，該數字低於先前 1.2 億至 1.3 億美元的指引。第三季的利息支出預計在7,500 萬美元至8,000 萬美元之間，全年的利息支出在3 億美元至3.1 億美元之間，這是從先前的3.05 億美元至3.15 億美元的指導值更新而來的。

This concludes my remarks. We'll be happy to answer any questions. I will now turn the call over to the operator.

我的發言到此結束。我們很樂意回答任何問題。我現在將把電話轉給接線生。

(Operator Instructions) Our first question comes from Doug Leggate with BofA.

（操作員說明）我們的第一個問題來自美國銀行的 Doug Leggate。

Greg, I wonder if I could just ask a couple on Guyana. First of all, with Payara, you gave the guidance of the expected production for the fourth quarter, but can you give us some idea of the ramp-up? When would you expect to see full facility production at Payara?

格雷格，我想知道我是否可以問一些關於圭亞那的問題。首先，您與 Payara 一起給出了第四季度的預期產量指導，但您能給我們一些關於產量成長的想法嗎？您預計何時能在 Payara 看到完整的設施生產？

Yes. So thanks for that question, Doug. Yes, as we mentioned it's coming on early in the fourth quarter, and I would expect the ramp-up to be like Liza Phase 2 kind of on the order of 5 months or so in terms of ramp. Now Payara is a little bit bigger, so it might take marginally a little bit longer, but I would say 5 months, yes.

是的。謝謝你提出這個問題，道格。是的，正如我們所提到的，它將於第四季度初啟動，我預計其啟動時間將像 Liza 第二階段一樣，大約需要 5 個月左右的時間。現在 Payara 更大了，所以可能需要更長的時間，但我想說 5 個月，是的。

Okay. Is there a debottlenecking strategy around Payara like you've done in Liza 1 and 2?

好的。 Payara 是否有像《麗莎 1》和《麗莎 2》中那樣的消除瓶頸策略？

Yes, I think there will be because there is a lot of discovered resource in and around Payara. So there will definitely be a debottlenecking strategy as well.

是的，我認為會有，因為帕亞拉及其周邊地區有很多已發現的資源。因此肯定還會有一個消除瓶頸的策略。

My follow-up is really on exploration. It seems Exxon -- I guess yourselves and Exxon submitted a 35-well program that's been approved by the government now. So I guess that fits into that timeline you were talking about with the extension. But I'm really trying to understand what this means for the risked resource view. You haven't updated the 11 billion barrels for about 1.5 years, and our understanding from our field trip down there was that Fangtooth Southeast was another success. So can you give us some update as to when you would expect to see the resource numbers revised?

我的後續行動其實是在探索。埃克森美孚似乎——我想你們自己和埃克森美孚提交了一個 35 井項目，現在已經得到了政府的批准。所以我想這符合你談論的擴展的時間表。但我真的很想了解這對於風險資源視圖意味著什麼。大約有 1.5 年沒有更新 110 億桶石油了，我們從實地考察中了解到，Fangtooth South 是又一次成功。那麼您能給我們一些關於您預計何時看到資源編號修訂的最新資訊嗎？

Sure. Doug. It's John, and thanks for the question. Look, we have a very active exploration appraisal program this year on the Stabroek Block. A lot of it in terms of appraisal, especially in the Fangtooth area, Greg addressed that in his remarks. And other appraisal on the block, some exploration on the block. And I think the real takeaway, Doug, is that we still see multibillion barrels of oil equivalent. And at the appropriate time, we'll consider increasing the resource estimate of greater than 11 billion barrels of oil equivalent.

當然。道格.我是約翰，謝謝你的提問。看，今年我們在 Stabroek 區塊有一個非常積極的勘探評估計劃。格雷格在演講中談到了很多評價，特別是在尖牙地區。以及對該區塊的其他評估，對該區塊的一些勘探。道格，我認為真正的收穫是我們仍然看到數十億桶石油當量。在適當的時候，我們將考慮將資源估算增加到超過110億桶油當量。

Just to be clear, John, the 11 billion relates to how many discoveries?

約翰，需要澄清的是，110 億涉及多少個發現？

Doug, that line continues to get upgraded. And I would say, it's the overall program and there's still more to be recognized from some of the outstanding wells we drilled. As you know, a lot of evaluation work is underway in an area like Fangtooth. And until we get that evaluation work done, including the drill stem test, production tests, it's a little premature to jump that number until we're ready to give more clarity on it.

道格，該生產線繼續升級。我想說，這是整體計劃，我們鑽探的一些出色的油井還有更多值得認可的地方。如您所知，像 Fangtooth 這樣的領域正在進行大量評估工作。在我們完成評估工作（包括鑽桿測試、生產測試）之前，在我們準備好提供更清晰的資訊之前，現在就跳過這個數字還為時過早。

Our next question comes from Arun Jayaram with JPMorgan Securities.

我們的下一個問題來自摩根大通證券的 Arun Jayaram。

Greg, I was wondering if you could give us maybe an update on how the debottlenecking efforts are going at Liza 1 and Liza 2. Are there any other projects scheduled for the back half of the year? And give us a sense of where you think the new plateau level of production is for both facilities in the post debottlenecking.

Greg，我想知道您能否向我們介紹 Liza 1 和 Liza 2 的消除瓶頸工作進度。請讓我們了解您認為這兩個工廠在消除瓶頸後的新生產水準。

Sure. So Arun, as you know, Liza Phase 1 has already been debottlenecked. It's comfortably operating in the 145 to 150 range on a regular basis, so I think that's about what you can expect out of that one. If we look at Liza Phase 2, so that's Unity, it's producing above its nameplate of 220. It's sometimes as high as 240. The operator has a plan to further debottleneck that facility between now and the end of the year. So I think we'll be approaching the 250 number as we get sort of towards the end of the year.

當然。所以阿倫，如你所知，麗莎第一階段已經消除了瓶頸。它定期在 145 到 150 範圍內舒適地運行，所以我認為這就是您對它的期望。如果我們看看 Liza 第 2 階段，那就是 Unity，它的產量超過了其銘牌上的 220 個。有時甚至高達 240 個。因此，我認為隨著年底的臨近，我們的數量將接近 250 個。

And then there's another kind of an engineering project next year to look at the possibility of further debottlenecking Phase 2. I think the operator is quite comfortable with a number around 400,000 barrels a day from both of those facilities, and I would add that's 20% above the sanction case. So ExxonMobil is just doing an extraordinary job of debottlenecking, high reliability. I can't say enough about the outstanding job they're doing as an operator.

明年還有另一種工程項目，研究進一步消除第二階段瓶頸的可能性。以上製裁案件。因此，埃克森美孚在消除瓶頸和高可靠性方面做得非常出色。對於他們作為操作員所做的出色工作，我無法言喻。

Great. That's helpful. And maybe one for John Rielly. John, I was wondering if you could maybe offer some soft CapEx guidance for 2024, including kind of an expectation that you do kind of purchase the FPSO and you obviously announced the discovery now at Pickerel.

偉大的。這很有幫助。或許約翰瑞利 (John Rielly) 也有這樣的經驗。約翰，我想知道您是否可以為 2024 年提供一些軟資本支出指導，包括預期您確實會購買 FPSO，而且您顯然現在在 Pickerel 宣布了這一發現。

Thanks, Arun. As you know, it's a little early for 2024 capital. We do -- there is a plan to purchase the Unity FPSO in 2024. But look, we're still working on Whiptail, getting the final cost estimates in on that. So I think what we'll do is provide our typical 2024 guidance in January.

謝謝，阿倫。如您所知，2024 年資本現在還為時過早。我們計劃在 2024 年購買 Unity FPSO。因此，我認為我們要做的就是在一月份提供 2024 年典型指導。

Our next question comes from Paul Cheng with Scotiabank. .

我們的下一個問題來自豐業銀行的 Paul Cheng。 。

John, I know you reiterated full year budget at $3.7 billion. But the first half year is a bit low, and so where the ramp-up is going to be in the second half?

約翰，我知道您重申全年預算為 37 億美元。但上半年的成長速度有點低，那麼下半年的成長速度會在哪裡呢？

Yes. So we have Guyana, obviously, the ramp going there, getting Payara online. And look, we managed just the progression of the developments there. So we'll be working on Yellowtail. There's obviously working on Uaru. So you just got -- the back half of the year, you've got more spend coming in Guyana.

是的。所以我們有圭亞那，顯然，坡道通往那裡，讓 Payara 上線。看，我們只是管理那裡的發展進程。所以我們將致力於黃尾魚。顯然有人在研究 Uaru。所以，今年下半年，圭亞那的支出將會增加。

Then also, what we have is the Gulf of Mexico rig. So as Greg mentioned, we have -- that rig came in right at the tail end of Q2, and so it drilled Pickerel. We had the success there. And as Greg mentioned, it's going to be doing Black Pearl and then Vancouver.

另外，我們擁有墨西哥灣鑽井平台。正如格雷格所提到的，我們有——該鑽機在第二季度末進入，所以它鑽了皮克雷爾。我們在那裡取得了成功。正如格雷格所提到的，它將先拍攝《黑珍珠》，然後拍攝《溫哥華》。

So again, that's tilted toward the second half of the year. And the only other thing I would add on that, and this was expected, is that the weather window up in North Dakota, this is the best time for some of the facilities to work up there. So that's why we get a little bit more in the back half in the Bakken as well.

再說一次，這傾向於今年下半年。我要補充的唯一一件事是，這是預期的，北達科他州的天氣窗口是，這是一些設施在那裡工作的最佳時間。這就是為什麼我們在巴肯的後半場也得到了更多的支持。

And what -- I mean do you think there's any reasonable probability the full year spending end up going to be below the budget, given the run rate that we see?

我的意思是，考慮到我們看到的運行率，您認為全年支出最終低於預算的可能性是否合理？

Paul, I think we are just going to keep reiterating the $3.7 billion. The execution has been terrific so far, as you can see on the production side, and we've been very efficient on the capital side. But we do have plans to spend that full $3.7 billion. So I would look just to keep the capital at that level in your model.

保羅，我認為我們將繼續重申 37 億美元。到目前為止，執行情況非常好，正如您在生產方面所看到的那樣，我們在資本方面也非常有效率。但我們確實有計劃花費全部 37 億美元。所以我只想將你的模型中的資本保持在這個水準。

Okay. On Guyana, I think that you probably have a $45 million, $50 million of deferred tax in the quarter. Any kind of rough estimate you can provide for the third and fourth quarter may look like. And also that whether the expansion of exploration period by 1 year, is that more in the onetime payment from the consortium to the government at all?

好的。在圭亞那，我認為本季可能有 4,500 萬美元、5,000 萬美元的遞延稅款。您可以為第三季和第四季提供的任何粗略估計都可能是這樣的。還有，勘探期延長1年是否是財團一次性支付政府的款項中更多的部分？

Let me start with that 1-year payment. No, there was no payment. That was really, as Greg had mentioned earlier, due to COVID-19 and the force majeure us not being able to explore during that period. So that just is extended to 1 year.

讓我從一年期付款開始。不，沒有付款。正如格雷格之前提到的，這確實是由於 COVID-19 和不可抗力導致我們在那段時間無法進行探索。所以就延長到了1年。

As far as the deferred taxes, which are always a bit difficult to actually forecast, you are right, it was approximately $45 million in Q2. It was about $36 million in Q1. I would say, from our forecast and what we're looking and you've got the Payara start-up, which makes it even harder to forecast, that it will be a little bit higher than that $45-million number you mentioned in Q3 and Q4 on the deferred taxes.

至於遞延稅款，實際預測總是有點困難，你是對的，第二季約 4500 萬美元。第一季約 3,600 萬美元。我想說的是，從我們的預測和我們正在尋找的情況來看，你已經有了Payara 新創公司，這使得預測變得更加困難，它將比你在第三季度提到的4500 萬美元的數字高一點和Q4關於遞延稅。

Our next question comes from Ryan Todd with Piper Sandler.

我們的下一個問題來自 Ryan Todd 和 Piper Sandler。

Maybe just one follow-up on the extensions there in Guyana. And congrats on getting the extension for both the acreage relinquishment and the exploration license. I know you had always said that this was going to be easily managed and now have a huge impact. But does the extension have any impact on how you may allocate resource there over the next few years or, in general, on your approach or what you're able to do there in the basin?

也許只是圭亞那延期的一個後續行動。恭喜您獲得了土地讓渡和勘探許可證的延期。我知道您一直說這很容易管理，但現在卻產生了巨大的影響。但是，延期是否會對您未來幾年在那裡分配資源的方式產生任何影響，或者總體而言，對您的方法或您能夠在流域做什麼？

No. I don't think at all. It won't change the pace. I think you can expect certainly next year, probably a 6-rig program. And it won't affect anything. It will just give us that extra year to lock down whatever we can before the expiry, which we have every interest in doing, obviously.

不，我一點也不這麼認為。它不會改變節奏。我認為明年你肯定可以期待，可能是一個 6 台鑽機的專案。而且不會影響什麼。它只會給我們額外的一年時間來在到期前鎖定我們能鎖定的一切，顯然，我們非常有興趣這樣做。

Yes. To be clear, each year, we plan to drill 10 to 12 exploration appraisal wells. So it just gives us another year to have further evaluation, and it will be in the best interest of the country and also our joint venture itself. So we have, as I said before, and Greg did as well, multibillion barrels of exploration potential remaining. And we can orderly have a prosecution of that opportunity.

是的。需要明確的是，我們每年計劃鑽探10至12口勘探評估井。所以這只是給了我們一年的時間來進行進一步的評估，這將符合國家的最大利益，也符合我們合資企業本身的最大利益。因此，正如我之前所說，格雷格也說過，我們還有數十億桶的勘探潛力。我們可以有秩序地起訴這個機會。

Great. And then maybe as a follow-up. I know you were just talking about the capital budget for the year, but what are your latest assumptions in terms of -- or what you're seeing in terms of cost inflation or deflation on the contract side? And how does that compare with what you had earlier been assuming in your capital and OpEx guidance?

偉大的。然後也許作為後續行動。我知道您剛剛談論了今年的資本預算，但是您對合約方面的成本通膨或通貨緊縮有何最新假設？這與您之前在資本和營運支出指導中的假設相比如何？

Yes. So let me address both the onshore and the offshore. So in the Bakken, we observed inflation of between 10% to 15% blended in the first half of 2023. And we were able to mitigate about half of that through the application of strategic contracting, lean manufacturing and technology.

是的。因此，讓我談談陸上和離岸。因此，在巴肯，我們觀察到 2023 年上半年的通貨膨脹率在 10% 到 15% 之間。

Now we're starting to see some costs, such as Oil Country, Tubular Goods beginning to moderate. We're still maintaining our well cost guidance at $6.9 million per well because we're increasing proppant loading in several areas of the field to further maximize the issue NPV. So we're just going to stick with our $6.9 million. But again, we are seeing some deflation start to occur in the Bakken.

現在我們開始看到一些成本，例如油田、管材成本開始下降。我們仍將油井成本指引維持在每口 690 萬美元，因為我們正在增加油田多個區域的支撐劑裝載量，以進一步最大化問題 NPV。所以我們只保留 690 萬美元。但我們再次看到巴肯地區開始出現通貨緊縮。

If we go in the offshore, rig utilization remains very high in the offshore, so costs have not moderated there. However, most of our spend is in Guyana were the first 5 FPSOs are contracted. ExxonMobil was doing a great job of mitigating inflationary effects using its design one, build many strategy. And in addition, recall for our 2023 Gulf of Mexico program, most services were contracted in 2022 when costs were lower. So long and short, our overall 2023 capital guidance of $3.7 billion remains unchanged, and we'll provide 2024 guidance in our January call, as John Rielly said.

如果我們進入海上，海上鑽機利用率仍然非常高，因此那裡的成本並沒有下降。然而，我們的大部分支出都在圭亞那，因為首批 5 艘 FPSO 已簽訂合約。埃克森美孚利用其「設計一、制定多項策略」在減輕通膨影響方面做得非常出色。此外，回想一下我們的 2023 年墨西哥灣計劃，大多數服務都是在 2022 年成本較低時簽訂的合約。無論長短，我們 2023 年 37 億美元的總體資本指導保持不變，正如 John Rielly 所說，我們將在 1 月份的電話會議中提供 2024 年指導。

Our next question comes from Neil Mehta with Goldman Sachs. .

我們的下一個問題來自高盛的尼爾梅塔。 。

Yes. It was a strong quarter in the Bakken, recognizing that volume can be noisy with commodity prices. But just curious on your thoughts on getting to that 200,000 barrels a day of plateau. And is there visibility to pull that forward if you continue on this execution track?

是的。巴肯市場在這一季度表現強勁，因為我們意識到成交量可能會受到大宗商品價格的影響。但只是好奇您對於達到每天 20 萬桶的穩定水平有何想法。如果繼續沿著這條執行軌道前進，是否有可見性可以推動這一進程？

No. I think, Neil, our plan still shows that we'll get to an average of 200,000 barrels a day in 2025. And as we've said before, with our extensive inventory of drilling locations, we expect to hold that plateau for nearly a decade, and the Bakken then becomes a significant free cash flow machine. So...

不。維持這個穩定水準。所以...

All right. The follow-up is just around a couple of cash flow items. First is around return of capital. What's the framework for increasing that as you continue to progress through the program in Guyana? And the second, is there any update on hedging strategies as we look into 2024?

好的。後續行動只是圍繞著幾個現金流項目。首先是資本回報。當您繼續推進圭亞那的專案時，增加這一點的框架是什麼？第二，展望2024年，對沖策略有什麼更新嗎？

For the return of capital program, so we're going to continue to be disciplined in the execution of our return of capital framework. And as you know, in March of this year, we announced an increase in our dividend by 17%. And as we go through the year, we'll continue to follow the framework. And as a reminder, our financial priorities remain. First, we're going to invest in the high-return opportunities, especially in Guyana and the Bakken. And as was mentioned earlier, we do have -- our capital is a bit back-end loaded this year. So we have more capital coming in the second half of the year.

對於資本回報計劃，我們將繼續嚴格執行資本回報框架。如您所知，今年 3 月，我們宣布將股息增加 17%。在這一年中，我們將繼續遵循該框架。提醒一下，我們的財務優先事項仍然存在。首先，我們將投資高回​​報機會，特別是在圭亞那和巴肯。正如前面提到的，我們確實有——今年我們的資本有點後端負載。所以下半年我們會有更多的資金進來。

Our second is to maintain a strong balance sheet. And with that, we do have that $300 million debt maturity coming next year, which we do intend to pay off. But again, a key to maintain a strong balance sheet and cash position, and we have a nice cash position now, the $2.2 billion, and that's in place so we can continue to fund these great return projects in the Guyana and Bakken.

我們的第二個目標是維持強勁的資產負債表。這樣，我們明年就有 3 億美元的債務到期，而我們確實打算還清這筆債務。但同樣，這是保持強勁的資產負債表和現金狀況的關鍵，我們現在擁有良好的現金狀況，22億美元，這些都到位了，這樣我們就可以繼續為圭亞那和巴肯的這些回報豐厚的項目提供資金。

And then what we will do, and we'll follow this framework, it's an annual framework. We're going to return up to 75% of our free cash flow to shareholders through the dividend increases, as John has mentioned earlier, and share repurchases. And as John has mentioned earlier, as our free cash flow generation steadily increases, share repurchases are expected to represent a growing proportion of our return of capital.

然後我們將做什麼，我們將遵循這個框架，這是一個年度框架。正如約翰之前提到的，我們將透過增加股利和股票回購，將高達 75% 的自由現金流返還給股東。正如約翰之前提到的，隨著我們的自由現金流量穩步增加，股票回購預計將在我們的資本回報中佔據越來越大的比例。

Great. And on hedging?

偉大的。那麼對沖呢？

Sorry. Yes, on hedging. For the hedging, you've seen us in the past couple of years, we've been hedging in around 130,000 to 150,000 barrels of oil per day with put options. So we want to make sure we give the upside to investors. And you can think about that we will maintain that type of level. So on a percentage basis of our oil production, because with Guyana coming on and Payara coming on at full ramp, you're getting just that production capacity between 55,000 and 60,000 barrels a day add there.

對不起。是的，在對沖方面。對於對沖，您在過去幾年中看到了我們，我們每天透過看跌期權對沖約 130,000 至 150,000 桶石油。因此，我們希望確保為投資者帶來好處。你可以認為我們將保持這種水平。因此，按照我們石油產量的百分比計算，因為隨著圭亞那和 Payara 的全面投產，您每天的產能將增加 55,000 至 60,000 桶。

Yellowtail will be even more because it's a bigger boat. So we're going to have higher and higher oil production. So the hedging percentage, as a percentage of our overall oil production, will go down. But we'll maintain around that 130,000 to 150,000 level.

黃尾魚會更多，因為它是一艘更大的船。所以我們的石油產量將會越來越高。因此，對沖百分比占我們石油總產量的百分比將會下降。但我們將維持在 13 萬至 15 萬左右的水平。

Our next question comes from Roger Read with Wells Fargo.

我們的下一個問題來自富國銀行的羅傑·里德。

Yes. Just, I guess, two questions I had. One, in terms of Guyana, just what you can tell us about how the wells have been performing and how maybe that fits into the rated guidance on production or the overall confidence that allows you to raise production guidance?

是的。我想，我只是有兩個問題。第一，就圭亞那而言，您能告訴我們油井的表現如何嗎？

No. The wells are performing better than expected, really across the board. And of course, the capacity is driven by the physical constraints on the vessel. But obviously, with those wells outperforming, we want to increase that capacity view as high as possible through debottlenecking. But the wells are doing fantastic.

不。當然，容量是由船舶的物理限制決定的。但顯然，隨著這些油井表現出色，我們希望透過消除瓶頸來盡可能提高產能前景。但這些井的表現非常棒。

That's good to hear. And then my other question, as you look at your Gulf of Mexico exploration program, sort of the relatively lower risk Black Pearl versus the higher risk Vancouver, anything you're doing on the seismic side that's making that, let's say, offsetting the risk to some standpoint?

很高興聽到這個消息。然後我的另一個問題是，當你審視墨西哥灣勘探計劃時，風險相對較低的黑珍珠號與風險較高的溫哥華號相比，你在地震方面所做的任何事情都可以抵消風險從某種角度來看？

Yes, absolutely. I think there's 2 things that really have been the discontinuity, I'll call it, in the last 5 years in exploration in the Gulf of Mexico. And the first one is ocean bottom nodes. So we are shooting ocean bottom node surveys in and around all of our hubs. And that is coupled -- that coupled with the new algorithms, so Full Waveform Inversion, FWI, the combination of those 2 things are allowing us to see new opportunities in subsalt in the Gulf of Mexico. And that's not only true for in and around our hubs, but it's also true for hub class opportunities as well.

是的，絕對是。我認為，在過去 5 年的墨西哥灣勘探過程中，有兩件事確實是不連續性的，我稱之為不連續性。第一個是海底節點。因此，我們正在所有中心及其周圍進行海底節點調查。而且這與新演算法相結合，即全波形反演、FWI，這兩件事的結合使我們能夠看到墨西哥灣鹽下的新機會。這不僅適用於我們的樞紐內部和周圍，也適用於樞紐層級的機會。

So very exciting. We've got over 80 blocks in the Gulf of Mexico. And with that inventory, our aim is to maintain that cash engine in the Gulf of Mexico at a minimum, hold production broadly flat, but then also potentially grow that production with a hub class success. And those seismic improvements that I talked about are leading that charge with the great portfolio that we have.

非常令人興奮。我們在墨西哥灣擁有 80 多個區塊。有了這些庫存，我們的目標是將墨西哥灣的現金引擎維持在最低限度，保持產量基本上持平，但也有可能透過樞紐級的成功來增加產量。我談到的這些重大改進正在透過我們擁有的出色產品組合引領這一潮流。

Our next question comes from Kevin MacCurdy with Pickering Energy Partners.

我們的下一個問題來自 Pickering Energy Partners 的 Kevin MacCurdy。

Just one question on the Bakken production guidance raise. Gas and NGL has obviously outpaced your quarterly guidance, but you also had strong oil production above our expectations. Is there any color you can provide on how much of the guidance raise was oil versus gas and NGLs?

只是提出一個關於巴肯生產指導的問題。天然氣和液化天然氣的產量明顯超出了您的季度指導，但石油產量也強勁，超出了我們的預期。您能否提供有關石油與天然氣和液化天然氣的指導漲幅的具體資訊？

So specifically here, as we move through the year, our oil production is going to continue to increase. So as you saw the increase in Q2, you can expect a similar increase in Q3 as we saw from Q1 to Q2. And then we continue to expect to see these increases as we go forward. And then outside of the winter months in there, we'll continue to have oil increases as go through into 2025, and we get up to that 200,000 barrels of oil per day.

因此，特別是在這一年中，我們的石油產量將繼續增加。因此，當您看到第二季的成長時，您可以預期第三季也會出現與我們從第一季到第二季看到的類似成長。然後，隨著我們的前進，我們繼續期望看到這些成長。然後，在冬季之外，我們將繼續增加石油產量，直到 2025 年，我們每天的石油產量將達到 20 萬桶。

So in general, from an overall guidance standpoint on what we were doing, it's kind of similar. Some of the half of the guidance increase is due to performance and half was due to those POP, those NGL and gas volumes.

所以總的來說，從我們正在做的事情的整體指導角度來看，它有點相似。指導增長的一半是由於性能，一半是由於 POP、NGL 和天然氣量。

Our next question comes from Biju Perincheril with Susquehanna Financial Group.

我們的下一個問題來自 Susquehanna Financial Group 的 Biju Perincheril。

John, I was wondering how you're sort of tightening up the design tolerance on each of the FPSOs. Just trying to understand as you go through the subsequent debottleneck in projects, how we should think about your production uplift.

約翰，我想知道你們是如何收緊每個 FPSO 的設計公差的。只是想了解當您經歷專案中的後續瓶頸時，我們應該如何考慮您的生產提升。

Yes. So I think the thing I will say is that every vessel will be bespoke. So the way that we do this debottlenecking is we produce the vessel for a year or so and then get all of the dynamic data. And then from that data, make a decision on how much we think that we can squeeze more out of the vessel, or do an engineering project to further debottleneck that. But I think the bias will be to debottleneck these vessels as much as we can because there is so much additional resource around each one of these hubs.

是的。所以我想我要說的是每艘船都將是定制的。因此，我們消除瓶頸的方法是生產船舶一年左右，然後取得所有動態資料。然後根據這些數據，決定我們認為可以從容器中擠出更多東西，或進行工程項目來進一步消除瓶頸。但我認為我們的偏見是盡可能消除這些船隻的瓶頸，因為每個樞紐周圍都有大量的額外資源。

And that, coupled with the multibillion barrels of additional upside says that these vessels are going to be full, at plateau longer than what would be typical for a deepwater development. And -- but again, each one will be bespoke. So -- but certainly, the bias is going to be there to debottleneck as much as possible.

再加上數十億桶的額外上漲空間，這些船隻將滿載，處於平台期的時間將比深水開發的典型時間更長。而且——但同樣，每一件都將是客製化的。所以——但可以肯定的是，偏見將盡可能消除瓶頸。

Got it. That's helpful. A follow-up on the Bakken. You -- so that 200,000 barrels equivalent, at their plateau levels, what should be the oil mix we should expect at that point?

知道了。這很有幫助。巴肯號的後續行動。那麼，20 萬桶當量，在其穩定水準上，我們此時應該預期的石油結構應該是怎樣的呢？

Yes. So longer term, when we're at that 200,000 barrels a day, you can expect about 100,000 barrels a day of oil. So about 50%.

是的。因此，從長遠來看，當我們達到每天 20 萬桶的產量時，您可以預期每天大約有 10 萬桶石油。所以大約是50%。

Our next question comes from Noel Parks with Tuohy Brothers.

我們的下一個問題來自諾埃爾·帕克斯和圖伊兄弟。

You made a mention in the Guyana discussion about just putting resources into more exploration of the Southwestern part of the block. I wonder if you could just sort of refresh us on sort of what the original view of that geology was. And now with benefit of the incremental drilling, what you hope to discover or discern there?

您在圭亞那討論中提到，將資源投入到該區塊西南部的更多勘探中。我想知道你能否讓我們重新認識地質學的原始觀點。現在，借助增量鑽探，您希望在那裡發現或辨別什麼？

Again, the discovery is down in that part of the block. They're all Upper Campanians, so they're Liza-like reservoir, so very high-quality reservoirs. As you move to the southeast of the block, the GOR does increase. So the reason that we want to do some further appraisal and exploration down there is to really understand the higher GOR developments on the block. Still going to be very good projects, I'm sure, but we just need a little bit more data to fully understand how we're going to develop those, where we fit in a queue.

同樣，這一發現就在街區的那一部分。它們都是上坎帕尼亞，所以它們是類似麗莎的水庫，所以是非常高品質的水庫。當您移動到街區的東南部時，GOR 確實會增加。因此，我們想要在那裡進行進一步的評估和探索，是為了真正了解該區塊更高的 GOR 發展。我確信這仍然會是非常好的項目，但我們只需要更多的數據來充分了解我們將如何開發這些項目，以及我們在隊列中的位置。

I think the important thing is, though, our objective is to move oily developments forward. So for example, Fangtooth is a great example that we're trying to move oily developments up in the queue. But at the same time, there's more that we need to understand about the Southeast part of the block. So we will occasionally do some appraisal or exploration drilling down there just to further up our understanding of that part of the block.

但我認為重要的是，我們的目標是推動石油發展。例如，《Fangtooth》就是一個很好的例子，我們正在努力將油膩的開發案放在隊列中。但同時，我們還需要了解該街區東南部的更多資訊。因此，我們偶爾會在那裡進行一些評估或勘探鑽探，以進一步加深我們對該區塊該部分的了解。

Great. And I appreciate your comments just a minute ago about seismic improvement and the opportunity in the Gulf of Mexico. I was just wondering whether there were any projects that Hess is participating in on a nonoperative basis in the Gulf. Whether -- I was wondering if there were any of those sort of under the radar that might be worth mentioning.

偉大的。我感謝您剛才關於墨西哥灣地震改善和機會的評論。我只是想知道赫斯是否在海灣地區以非經營性方式參與了任何項目。我想知道是否有任何值得一提的秘密。

No. I think there's, again, in the Shell assets, in particular, around some of their hubs, where we have an interest, a non-operated interest, they're doing the same things. We are OBN and finding new opportunities around those hubs as well. So you'll see some of those feature in the future as well.

不。我們是 OBN，也在這些中心周圍尋找新的機會。因此，您將來也會看到其中一些功能。

Are those sort of near-term or more sort of on the horizon?

這些是近期的還是即將到來的？

No, that is near term. It will be part of the mix as we kind of execute over the next 2 to 3 years.

不，那是近期的事。它將成為我們在未來 2 到 3 年內執行的組合的一部分。

Our next question comes from Paul Cheng with Scotiabank.

我們的下一個問題來自豐業銀行的 Paul Cheng。

And just a quick follow-up on the Pickerel, to be on stream mid-2024. What is the net to Hess going to look like? And what's the development cost?

這只是 Pickerel 的快速後續產品，將於 2024 年中期投產。赫斯的網路會是什麼樣子？開發成本是多少？

Sure, Paul. So we're still evaluating the well results. But we anticipate peak gross production rates to be in the range of 8,000 to 10,000 barrels a day.

當然，保羅。所以我們仍在評估油井結果。但我們預計峰值總產量將在每天 8,000 至 10,000 桶之間。

And we have 100% interest in that well, to be clear.

需要明確的是，我們對該井擁有 100% 的權益。

Yes. And that -- as we said, that will be tied back to the Tubular Bells facility kind of midyear next year.

是的。正如我們所說，這將在明年年中與管鐘設施聯繫起來。

Great. John, any what estimate -- what's the development cost on this pipeline?

偉大的。約翰，有什麼估計嗎──這條管道的開發成本是多少？

Again, we are still overall coming up evaluating the results of the well. One, I can tell you, it's a very high-return project, obviously, with it being a tieback to Tubular Bells. And typically, these type of tieback wells are going to have like a $10 per barrel kind of costs or lower. That's what we'll typically see in those -- in these tieback wells.

同樣，我們仍在總體上評估該井的結果。第一，我可以告訴你，顯然，這是一個回報非常高的項目，它是管鐘的回接。通常，這些類型的回接井的成本約為每桶 10 美元或更低。這就是我們通常會在這些回接井中看到的情況。

Find and develop.

尋找並發展。

Right. And Greg, what's the resource -- recoverable resource that we estimate for this? And is it all oil or is it the mix between oil and gas?

正確的。格雷格，我們為此估計的資源──可回收資源是什麼？都是石油還是石油和天然氣的混合物？

No, it's a mix of oil and gas, 80% oil, 20% gas. So it's mainly oil. And as John mentioned, we're still evaluating the well, so I don't want to give a resource estimate yet. But again, it's going to be extremely profitable. ILX tieback, very low find and development costs. So nothing to worry about here, Paul at all.

不，它是石油和天然氣的混合物，80% 石油，20% 天然氣。所以主要是石油。正如約翰所提到的，我們仍在評估這口油井，所以我還不想給出資源估算。但同樣，這將是非常有利可圖的。 ILX 回接，非常低的查找和開發成本。所以保羅，這裡根本不用擔心。

Okay. And final one from me. Yellowtail and Uaru, you're talking about 2025, 2026. Should we assume you're somewhat like similar to Payara, it's going to be in the early fourth quarter.

好的。最後一張是我的。 Yellowtail 和 Uaru，你們談論的是 2025 年、2026 年。

I think what we're saying is that each of these will come on in the year quoted. I think it's too early to say exactly when in that year for these later projects. So we're just quoting in the year itself. And as we get closer, obviously, the Yellowtail is 60% complete, so that should tell you something about where it is in the queue.

我認為我們所說的是，這些都將在所引用的年份中出現。我認為現在確切地說這些後期項目的具體時間還為時過早。所以我們只是引用年份本身。當我們越來越接近時，很明顯，Yellowtail 已經完成了 60%，所以這應該告訴你它在隊列中的位置。

Okay. And on the Gulf of Mexico, second quarter production is better. Is it because that some of the maintenance downtime has been able to perform at a shorter period? Or that something is actually being pushed to the third quarter or...

好的。在墨西哥灣，第二季的產量較好。是因為某些維護停機時間能夠在更短的時間內執行嗎？或者某些事情實際上被推遲到第三季度或...

No, it's really reliability -- no, it's really just higher reliability across the board.

不，這確實是可靠性——不，這實際上只是全面提高可靠性。

Our next question comes from Phillips Johnston with Capital One Securities.

我們的下一個問題來自第一資本證券公司的菲利普斯約翰斯頓。

Just a quick one for John Rielly. On the first quarter call, you were asked about your investment in Hess Midstream, and it was pretty clear that it's going to remain a key strategic asset for the company going forward for a few different reasons. With the unit sale in Q2 for a little over $200 million, you've cut your stake down about [38%]. I'm sure you can't comment on potential future sell-downs, but can you maybe just remind us of the threshold to where you would no longer have operational and marketing control?

約翰·瑞利 (John Rielly) 的快速介紹。在第一季的電話會議上，您被問及對 Hess Midstream 的投資，很明顯，由於幾個不同的原因，它仍將是公司未來的關鍵策略資產。由於第二季的單位售價略高於 2 億美元，您已減少了約 [38%] 的股份。 我確信您無法對未來潛在的拋售發表評論，但您能否提醒我們您將不再擁有營運和行銷控制權的門檻？

So let me just start high level that we remain committed to maximizing the long-term value of Hess Midstream. It's adding differentiated value to our Bakken E&P assets. And part of it is allowing Hess to maintain operational control, which we can for -- even with a much lower ownership percentage. So nothing to worry about there from that, Phil.

因此，讓我從高水準開始，我們仍然致力於最大化赫斯中游的長期價值。它為我們的巴肯勘探與生產資產增加了差異化價值。其中一部分是允許赫斯保持營運控制權，這是我們可以做到的——即使所有權比例要低得多。所以沒什麼好擔心的，菲爾。

Then, what it also does, it provides takeaway optionality to high-value markets. And also, it's that ability to increase our gas capture to drive down flaring in our GHG emissions intensity. So -- and as you know, we've set a zero routine flaring goal by 2025.

然後，它還為高價值市場提供外帶選擇。而且，正是這種增加氣體捕獲量來降低溫室氣體排放強度的能力。因此，如您所知，我們設定了在 2025 年實現零常規燃燒的目標。

So the one other thing about it, to your point, but with a strong credit position and its continuing free cash flow growth, Hess Midstream has said they continue to have greater than $1 billion of financial flexibility through 2025 to support potential incremental share repurchases. Similar to the ones that we've done this year, we had two $100 million gross transactions executed in March and June. So you should expect some more of those with that financial flexibility.

因此，就您的觀點而言，另一件事是，Hess Midstream 表示，憑藉強大的信用狀況和持續的自由現金流增長，到2025 年，他們將繼續擁有超過10 億美元的財務靈活性，以支援潛在的增量股票回購。與我們今年所做的類似，我們在 3 月和 6 月執行了兩筆總交易額達 1 億美元的交易。因此，您應該期待更多具有這種財務靈活性的人。

Ladies and gentlemen, this does conclude the Q&A portion of today's conference call. We'd like to thank you very much. This concludes today's conference. Thank you for your participation. You may now disconnect, and have a wonderful day.

女士們先生們，今天電話會議的問答部分到此結束。我們非常感謝你。今天的會議到此結束。感謝您的參與。您現在可以斷開連接，並度過美好的一天。