(MUR) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Murphy Oil Corporation Fourth Quarter 2023 Earnings Conference Call and Webcast. (Operator Instructions).

早安，女士們、先生們，歡迎來到墨菲石油公司 2023 年第四季財報電話會議和網路廣播。 （操作員說明）。

I would now like to turn the conference over to Kelly Whitley, Vice President, Investor Relations and Communications. Please go ahead.

我現在想將會議交給投資者關係和傳播副總裁凱莉·惠特利 (Kelly Whitley)。請繼續。

Good morning, everyone, and thank you for joining us on our fourth quarter earnings call today. Joining me is Roger Jenkins, President and Chief Executive Officer; along with Tom Mireles, Executive Vice President and Chief Financial Officer; and Eric Hambly, Executive Vice President, Operations.

大家早安，感謝您參加今天的第四季財報電話會議。與我一起出席的是總裁兼執行長羅傑‧詹金斯 (Roger Jenkins)；與執行副總裁兼財務長 Tom Mireles 一起；艾瑞克‧漢布利（Eric Hambly），營運執行副總裁。

Please refer to the informational slides we have placed on the Investor Relations section of our website as you follow along with our webcast today. Throughout today's call, production numbers, reserves and financial amounts are adjusted to exclude noncontrolling interest in the Gulf of Mexico.

當您關注我們今天的網路廣播時，請參閱我們在網站投資者關係部分放置的資訊幻燈片。在今天的電話會議中，產量數據、儲量和財務金額均經過調整，以排除墨西哥灣的非控制權益。

Please keep in mind that some of the comments made during this call will be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. As such, no assurances can be given that these events will occur or that the projections will be attained. A variety of factors exist that may cause actual results to differ. For further discussion of risk factors, see Murphy's 2022 annual report on 10-K on file with the SEC. Murphy takes no duty to publicly update or revise any forward-looking statements.

請記住，本次電話會議期間發表的一些評論將被視為1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述。因此，不能保證這些事件將會發生，也不能保證這些事件將會發生。得以實現。存在多種因素可能導致實際結果有所不同。有關風險因素的進一步討論，請參閱 Murphy 向 SEC 歸檔的 2022 年 10-K 年度報告。墨菲沒有義務公開更新或修改任何前瞻性聲明。

I will now turn the call over to Roger Jenkins.

我現在將把電話轉給羅傑詹金斯。

Thank you, Kelly. Good morning, everyone, and thanks for listening to our call today. As we turn to Slide 2, I'd like to highlight Murphy's ongoing focus on our priorities to delever, execute, explore and return throughout 2023. With another strong year of production and excellent execution, we achieved our $500 million debt reduction goal for the year and have reduced debt by $1.7 billion since the end of 2020. We produced 186,000 barrels equivalent per day for the year with 52% oil volumes.

謝謝你，凱利。大家早安，感謝您今天收聽我們的電話。當我們轉向幻燈片2 時，我想強調Murphy 在2023 年持續關注我們的去槓桿、執行、探索和回報等優先事項。憑藉又一個強勁的生產和出色的執行，我們實現了5 億美元的債務削減目標自 2020 年底以來，我們已減少了 17 億美元的債務。全年產量為 186,000 桶當量，佔石油產量的 52%。

During the fourth quarter, we began procuring equipment for the Lac Da Vang field development in Vietnam, and production resumed at the non-operated Terra Nova field offshore Canada with wells scheduled to ramp up production through the first quarter of this year. In the Gulf of Mexico, we acquired an 8% working interest in the Zephyrus discovery for $13 million in the fourth quarter. For the year, we achieved 139% reserve replacement with preliminary total reserves of 724 million barrels equivalent and approximately an 11-year reserve life.

第四季度，我們開始為越南 Lac Da Vang 油田開發採購設備，加拿大近海未營運的 Terra Nova 油田恢復生產，油井計劃在今年第一季提高產量。在墨西哥灣，我們在第四季以 1,300 萬美元收購了 Zephyrus 發現區 8% 的工作權益。今年，我們實現了139%的儲量替代，初步總儲量為7.24億桶當量，儲量壽命約為11年。

In exploration, we were named apparent high bidder in 8 exploration blocks in the Gulf of Mexico Federal Lease Sale 261 held last fall. We also continue preparing for our 2024 planned exploration wells in the Gulf and Vietnam and advancing seismic reprocessing projects in the Gulf of Mexico and Côte d'Ivoire.

在勘探方面，我們在去年秋天舉行的墨西哥灣聯邦租賃拍賣 261 的 8 個勘探區塊中被評為明顯高價競標者。我們也繼續為 2024 年計劃在海灣和越南勘探井做準備，並推進墨西哥灣和科特迪瓦的地震後處理項目。

Due to significantly reducing debt prior to 2023, we're able to reach Murphy 2.0 of our capital allocation framework last year, representing a debt level between $1 billion and $1.8 billion. I'm pleased to say that we executed additional share repurchases totaling $75 million or 1.7 million shares at an average price of $43.42 per share in the fourth quarter. For full year 2023, we repurchased 3.4 million shares for $150 million at an average price of $43.96 per share. As a result, we have $450 million remaining under our share repurchase authorization at year-end.

由於在 2023 年之前大幅減少債務，我們去年的資本配置框架達到了 Murphy 2.0，即債務水準在 10 億美元至 18 億美元之間。我很高興地說，我們在第四季度以每股 43.42 美元的平均價格執行了總額為 7500 萬美元的額外股票回購，即 170 萬股。 2023 年全年，我們以 1.5 億美元的價格回購了 340 萬股股票，平均價格為每股 43.96 美元。因此，截至年底，我們的股票回購授權仍有 4.5 億美元。

I'm pleased to return to the share buyback mode, where we have purchased $1.8 billion of stock in the last 10 years. We announced earlier today a 9% quarterly dividend increase to $1.20 per share annualized back to our level of 2016 and look forward to targeting Murphy 3.0 as we're continuing to delivering shareholder returns and reducing debt levels.

我很高興回到股票回購模式，過去 10 年我們買了 18 億美元的股票。今天早些時候，我們宣布將季度股息提高 9%，年化後每股股息 1.20 美元，回到 2016 年的水平，並期待以 Murphy 3.0 為目標，因為我們將繼續提供股東回報並降低債務水平。

On Slide 3, Murphy's production averaged 185,000 equivalents per day in the fourth quarter, 94,000 barrels of oil per day. For the year, production of 186,000 equivalents with 98,000 oil per day. For the quarter, we realized over $79 a barrel of oil, reversing a slight premium to WTI. This is on a netback basis. As well as nearly $21 per barrel for NGLs and $2.12 per 1,000 cubic feet for nat gas. This led Murphy generating $788 million of total revenue in the quarter. And for the full year, we realized over $77 per barrel for oil and generated $3.2 billion in revenue, excluding NCI.

在投影片 3 上，墨菲第四季的平均產量為每天 185,000 當量，即每天 94,000 桶石油。全年產量為 186,000 當量，日產量為 98,000 石油。本季度，我們實現的石油價格超過每桶 79 美元，扭轉了相對 WTI 的小幅溢價。這是基於淨回值的。液化天然氣每桶近 21 美元，天然氣每 1,000 立方英尺 2.12 美元。這使得 Murphy 在本季度創造了 7.88 億美元的總收入。全年，我們實現了每桶超過 77 美元的石油收入，並創造了 32 億美元的收入（不包括 NCI）。

On Slide 4, great year on reserves. Our preliminary proved reserves totaled 724 million barrels equivalent, representing a 139% reserve replacement ratio from year-end '22. This increase is due in part to additional 13 million barrels equivalent of proved reserves for the Lac Da Vang field in Vietnam as well as AECO natural gas price changes. Total proved reserves in 2023 were 57% proven and 41% liquids weighted, and we have a proved reserve life of 11 years.

在投影片 4 上，儲備金豐收的一年。我們的初步探明儲量總計為 7.24 億桶當量，較 22 年底儲量替代率為 139%。這一成長的部分原因是越南 Lac Da Vang 油田探明儲量增加了 1,300 萬桶當量，以及 AECO 天然氣價格變動。 2023 年的探明總儲量為探明儲量 57%，液體加權儲量 41%，探明儲量壽命為 11 年。

Overall, I am pleased to say we've maintained our proved reserves since 2020 with an average annual CapEx of approximately $1 billion, excluding noncontrolling interest and including acquisitions. We must also consider that our strong reserve outcome is based on oil price that was $15 per barrel lower than 2022. Further, our reserves excluding Syncrude are 27% higher than a decade ago when we became an independent E&P company.

總的來說，我很高興地說，自 2020 年以來，我們一直保持著探明儲量，平均每年資本支出約為 10 億美元，不包括非控制權益並包括收購。我們還必須考慮到，我們強勁的儲量結果是基於比2022 年每桶低15 美元的油價。此外，我們的儲量（不包括Syncrude）比十年前我們成為獨立勘探與生產公司時高出27% 。

I'll now turn the call over to our CFO, Tom Mireles, to update us on our financial results. Tom?

現在我將把電話轉給我們的財務長 Tom Mireles，讓我們了解最新的財務表現。湯姆？

Thanks, Roger, and good morning, everyone.

謝謝，羅傑，大家早安。

Turning to Slide 5. In the fourth quarter, Murphy reported $116 million of net income or $0.75 per diluted share and $140 million of adjusted net income or $0.90 per diluted share. Due to another strong operational quarter, we achieved $414 million of adjusted EBITDA with $219 million of accrued CapEx, excluding noncontrolling interest and acquisition-related CapEx.

轉向幻燈片 5。第四季度，墨菲報告淨利潤為 1.16 億美元，即稀釋後每股收益 0.75 美元，調整後淨利潤為 1.4 億美元，即稀釋後每股收益 0.90 美元。由於又一個強勁的營運季度，我們實現了 4.14 億美元的調整後 EBITDA 和 2.19 億美元的應計資本支出（不包括非控股權益和收購相關的資本支出）。

Murphy continued to return cash to shareholders in the fourth quarter by repurchasing $75 million of common stock at an average price of $43.42 per share. For the year, we achieved $709 million of adjusted net income and $2.1 billion of adjusted EBITDAX. Accrued CapEx totaled $1 billion, excluding noncontrolling interest and acquisition-related CapEx. Further, our 2023 G&A expense was the lowest in more than 20 years.

墨菲在第四季繼續向股東返還現金，以每股 43.42 美元的平均價格回購了 7,500 萬美元的普通股。今年，我們實現了 7.09 億美元的調整後淨利潤和 21 億美元的調整後 EBITDAX。應計資本支出總計 10 億美元，不包括非控制權益和收購相關的資本支出。此外，我們 2023 年的一般管理費用是 20 多年來的最低水準。

On Slide 6, as we discussed as of December 31, 2023, we had $1.3 billion of senior notes outstanding and $1.1 billion of liquidity. And our next senior note maturity isn't until December 2027. Since year-end 2020 and including our $300 million debt reduction goal for 2024, we will have reduced our total debt by 66% by year-end 2024. From 2020 through 2023, this resulted in about an $84 million reduction in annual interest expense on long-term debt.

在投影片 6 中，正如我們所討論的，截至 2023 年 12 月 31 日，我們有 13 億美元的未償高級票據和 11 億美元的流動性。我們的下一次優先票據到期要到2027 年12 月。自2020 年底以來，包括我們2024 年3 億美元的債務削減目標，到2024 年底，我們的總債務將減少66%。從2020 年到2023年，這使得長期債務的年度利息支出減少了約 8,400 萬美元。

I'm pleased to say that during this time and more recently in alignment with our capital allocation framework, we have been able to increase our quarterly dividend and return to our 2016 level of $1.20 per share annualized. And since year-end 2014, Murphy has repurchased 24.8 million shares or 14% of the shares outstanding at that time. While we are pleased to be back to our 2016 level on the dividend, investors are also advantaged by our balance sheet. Our net debt has improved 50% since 2016, and it's the lowest since before 2012.

我很高興地說，在此期間以及最近，根據我們的資本配置框架，我們已經能夠增加季度股息，並恢復到 2016 年每股年化 1.20 美元的水平。自2014年底以來，墨菲已回購了2,480萬股股票，佔當時已發行股票的14%。雖然我們很高興股息回到 2016 年的水平，但投資者也從我們的資產負債表中受益。自 2016 年以來，我們的淨債務改善了 50%，是 2012 年以來的最低水準。

Slide 7. As we first introduced a little over a year ago, our capital allocation framework defines 3 debt thresholds and corresponding shareholder return allocations. We're currently in Murphy 2.0 with $1.3 billion of total debt and are targeting $300 million of debt reduction this year to reach Murphy 3.0. At that time, shareholder returns will increase to a minimum of 50% of adjusted free cash flow.

投影片 7。正如我們一年多前首次介紹的那樣，我們的資本分配框架定義了 3 個債務門檻和相應的股東回報分配。我們目前處於墨菲 2.0 階段，總債務為 13 億美元，今年的目標是減少 3 億美元的債務，以達到墨菲 3.0。屆時，股東回報將至少增加至調整後自由現金流的50%。

Slide 8. At Murphy, we remain mindful of taking actions that benefit all stakeholders, and we are proud of our ongoing environmental and community stewardship achievements. This is a focus at all levels of the organization and metrics such as greenhouse gas emissions intensity, safety and spill performance are all included in our annual goals. I'm proud of what we continue to accomplish at Murphy and highlight that these efforts are recognized repeatedly with top quartile rankings by third parties. All of our improvements can be found in our sustainability report, which is available on our website.

投影片 8. 在墨菲，我們始終牢記採取有利於所有利害關係人的行動，我們為我們在環境和社區管理方面取得的持續成就感到自豪。這是組織各個層面的關注重點，溫室氣體排放強度、安全性和洩漏績效等指標都包含在我們的年度目標中。我為我們在墨菲繼續取得的成就感到自豪，並強調這些努力多次得到第三方排名前四分之一的認可。我們所有的改進都可以在我們的永續發展報告中找到，該報告可以在我們的網站上找到。

And with that, I'll turn it back over to Roger.

有了這個，我會把它轉回給羅傑。

Thank you, Tom. Let's look now to the quarter results and our onshore assets we produced and combined 100,000 barrels equivalent today with 30% liquids weighting in quarter 4. In Eagle Ford Shale, we produced 31,000 equivalents per day with 86% liquids. We brought on 3 non-operated wells in Tilden as all we had for the quarter. No wells were brought online in our onshore assets as well. In Tupper Montney, we produced 386 million cubic feet per day in the fourth quarter and initiated drilling a 10-well pad with 2 rigs. In Kaybob Duvernay, we produced 4,000 equivalents per day for the quarter, including 69% liquids.

謝謝你，湯姆。現在讓我們看看季度業績和我們的陸上資產，我們今天生產了 100,000 桶當量，其中液體比重為 30%。在 Eagle Ford 頁岩，我們每天生產 31,000 桶當量，液體比重為 86%。我們在蒂爾登引進了 3 口未運作的油井，作為本季的全部油井。我們的陸上資產也沒有上線。在 Tupper Montney，我們第四季每天生產 3.86 億立方英尺，並開始使用 2 台鑽機鑽探 10 口井場。在 Kaybob Duvernay，我們本季每天生產 4,000 個當量，其中 69% 是液體。

Turning to offshore in the quarter, Murphy produced approximately 84,000 equivalents per day in our offshore business at 82% oil. The Gulf of Mexico production totaled 81,000 equivalents per day. We brought online operated Dalmatian, #1 well in the quarter as well as drilled, completed and recently brought online the Marmalard 3 well. Also during the quarter, we acquired an 8% working interest in the non-operated Zephyrus discovery for approximately $13 million after closing adjustments. And offshore Canada, we produced 4,000 equivalents per day. The non-operated Terra Nova FPSO resumed operations during the quarter, and production is expected to ramp up this quarter in 2024.

轉向本季的海上業務，Murphy 在我們的海上業務中每天生產約 84,000 個當量，含油量為 82%。墨西哥灣的產量總計為每天 81,000 當量。我們在本季將 Dalmatian 1 號井上線，並鑽探、完井並於最近上線了 Marmalard 3 號井。同樣在本季度，我們在成交調整後以約 1,300 萬美元的價格收購了非營運的 Zephyrus 發現區 8% 的工作權益。在加拿大近海，我們每天生產 4,000 個當量。未運營的 Terra Nova FPSO 在本季度恢復運營，預計 2024 年本季產量將增加。

Looking at exploration, as previously announced, we expanded our exploration portfolio in 2023 with the addition of 5 key blocks in Côte d'Ivoire, and we gained seismic reprocessing and the side for the opportunities in these blocks including advancing the field development plans for the undeveloped Paon discovery.

在勘探方面，正如先前宣布的那樣，我們在 2023 年擴大了勘探組合，在科特迪瓦增加了 5 個關鍵區塊，我們獲得了地震後處理和這些區塊的機會，包括推進油田開發計劃為未開發的Paon 發現。

In Vietnam, the Murphy Board sanctioned the Lac Da Vang field development project in the fourth quarter. Our 2 exploration wells planned in 2024 provide upside to this development, particularly as 1 well is very near the platform facility.

在越南，墨菲董事會於第四季度批准了 Lac Da Vang 油田開發案。我們計劃於 2024 年開採 2 口勘探井，為此開發提供優勢，特別是其中 1 口井非常靠近平台設施。

Lastly, in the Gulf of Mexico, we were named the parent bidder on 8 blocks in the latest federal lease sale. These locations will provide near-field exploration opportunities close to existing assets.

最後，在墨西哥灣最新的聯邦租賃銷售中，我們被指定為 8 個區塊的母投標者。這些地點將提供靠近現有資產的近場勘探機會。

Now we'll dig into our capital and production plans for the year. On Slide 13, on the capital side, our plan is structured that we can continue generating sufficient free cash flow to advance our capital allocation framework. We forecast a CapEx range of $920 million to $1.02 billion with nearly 60% of the spending in the first 6 months of the year. Overall, 85% of our capital plan is designated for development work with 80% of this supporting operated activity.

現在我們將深入研究今年的資本和生產計劃。在投影片 13 中，在資本方面，我們的計畫結構是我們可以繼續產生足夠的自由現金流來推進我們的資本配置框架。我們預計資本支出範圍為 9.2 億美元至 10.2 億美元，其中近 60% 的支出將用於今年前 6 個月。總體而言，我們 85% 的資本計畫指定用於開發工作，其中 80% 用於支援營運活動。

As we target Murphy 3.0 with our $300 million debt reduction goal in '24, I'm pleased we were able to announce this morning a 9% increase in our quarterly dividend to $1.20 per share annualized. We're also targeting share repurchase equal to 25% of our adjusted cash flow for the year, and we believe these goals can be accomplished at a minimum oil price of $70 a barrel.

當我們以墨菲 3.0 為目標，在 24 年實現 3 億美元的債務削減目標時，我很高興今天早上我們能夠宣布將季度股息增加 9%，達到年化每股 1.20 美元。我們還計劃回購相當於今年調整後現金流量 25% 的股票，我們相信這些目標可以在每桶 70 美元的最低油價下實現。

On the production side for '24, our forecast for the first quarter production range is 163,000 to 171,000 barrels a day, including 53% oil. This range is impacted by 13,000 barrels equivalent per day of total Gulf of Mexico downtime as well as 2,000 barrels of oil equivalent per day of onshore downtime, including the Gulf downtime of 6,000 per day associated with the wells currently off-line that are scheduled for workovers and will return to production in the first half of the year. Also included is 5,000 barrels per day for planned facility and downstream maintenance as well as 2,000 barrels equivalent per day of downtime to repair a damaged subsea equipment in the Mormont field in the Gulf of Mexico.

在24年的產量方面，我們對第一季產量的預測為每天163,000至171,000桶，其中包括53%的石油。這一範圍受到墨西哥灣每天13,000 桶當量的總停工時間以及每天2,000 桶油當量的陸上停工時間的影響，其中包括與計劃停產的目前已下線的油井相關的每天6,000 桶油當量的墨西哥灣停工時間。修井工作將於上半年恢復生產。還包括每天 5,000 桶用於規劃設施和下游維護，以及每天 2,000 桶當量的停機時間，以修復墨西哥灣莫爾蒙油田受損的海底設備。

For the full year 2024, we forecast production range of 180,000 to 188,000 per day, including 52% oil volumes. This forecast includes approximately 2,000 barrels equivalent per day of assumed annualized Gulf of Mexico storm downtime and accounts for 2023 divestiture of some 1,500 barrels equivalent per day in non-core Canadian asset sales.

對於 2024 年全年，我們預測產量範圍為每天 180,000 至 188,000 桶，其中石油產量為 52%。這項預測包括假設的每年墨西哥灣風暴停工時間約為每天約 2,000 桶當量，並考慮到 2023 年加拿大非核心資產出售中每天約 1,500 桶當量的剝離。

Consistent with several years, our annual plan focuses on maximizing free cash flow, which has led to a first type weighted capital program. As a result, we have seen material production growth from the first quarter to the fourth quarter each year. In 2024, it is forecast to have a similar trajectory with production rising to nearly 200,000 equivalents per day in the fourth quarter, which will be our fourth year in a row of higher fourth quarter production.

與幾年一樣，我們的年度計劃專注於最大化自由現金流，這導致了第一類加權資本計劃。因此，我們每年第一季到第四季都看到材料產量的成長。預計到 2024 年，產量將呈現類似的軌跡，第四季產量將增加至每天近 20 萬當量，這將是我們第四季產量連續第四年增長。

Now for more details on the individual assets, I'll turn it over to Eric, our EVP of Operations. Eric?

現在，有關各項資產的更多詳細信息，我將把它交給我們的營運執行副總裁 Eric。艾瑞克？

Thank you, Roger, and good morning, everyone.

謝謝你，羅傑，大家早安。

Slide 15. Our 2024 capital budget of $320 million for the Eagle Ford Shale supports a program of bringing online 19 operated wells, primarily in Catarina as well as 18 gross non-operated Tilden wells. Additionally, we plan to drill 11 operated Karnes wells, which are scheduled for completion in early 2025. With ongoing utilization of our optimized completion design, we forecast 2024 production of 30,000 barrels of oil equivalent per day with 71% oil volumes. We recently contracted a new high-spec drilling rig from Patterson-UTI Drilling Company LLC. While only 1 well has been drilled so far, we are extremely pleased with the results and hope to see advanced drilling efficiencies throughout the year.

幻燈片 15。我們為 Eagle Ford 頁岩提供的 2024 年資本預算為 3.2 億美元，支持一項主要在卡塔琳娜州運營的 19 口井以及 18 口未運營的 Tilden 井上線的計劃。此外，我們計劃鑽探11 口已營運的卡恩斯井，預計於2025 年初完井。透過不斷利用我們優化的完井設計，我們預計2024 年產量將達到30,000 桶油當量/日，石油產量達到71 %。我們最近從 Patterson-UTI Drilling Company LLC 簽約了一台新的高規格鑽孔機。雖然到目前為止只鑽了 1 口井，但我們對結果非常滿意，並希望全年都能看到更高的鑽井效率。

Slide 16. Turning to Tupper Montney. Our 2024 capital plan of $90 million includes bringing online 13 operated wells, all scheduled for the second quarter. We are drilling in this area today and are 85% complete on our first 10-well pad. We forecast average production of 370 million cubic feet per day in 2024 with this plan and look forward to continuing our real-time frac optimization, which has helped us achieve some of our highest IP30 rates in company history in recent years.

幻燈片 16。轉向 Tupper Montney。我們的 2024 年資本計畫為 9,000 萬美元，包括將 13 口營運井上線，全部計畫在第二季進行。我們今天正在該區域進行鑽探，第一個 10 井平台已完成 85%。根據該計劃，我們預計 2024 年平均產量將達到 3.7 億立方英尺/天，並期待繼續進行即時壓裂優化，這幫助我們實現了公司近年來歷史上最高的 IP30 率。

Slide 17. In Kaybob Duvernay, we have a $40 million capital plan for 2024 to support bringing online 3 operated wells in the second quarter as well as initiating drilling a 4-well pad late in the year. Overall, we forecast average production of 4,000 barrels of oil equivalent per day, with 67% liquids volumes in 2024.

幻燈片 17。在 Kaybob Duvernay，我們制定了 2024 年 4000 萬美元的資本計劃，以支持在第二季度上線 3 口作業井，並在今年晚些時候開始鑽探 4 口井。總體而言，我們預計 2024 年平均日產量為 4,000 桶油當量，其中液體產量佔 67%。

Slide 18. Our total 2024 offshore capital plan of $370 million supports bringing online operated and non-operated tieback wells in the Gulf of Mexico as well as the progressing of the non-operated St. Malo waterflood project, the Lac Da Vang field development project in Vietnam and the Paon field development plan in Côte d'Ivoire. Through 2024, we will bring 4 operated subsea tieback wells online with the first being Marmalard 3, which came online earlier this month. Additionally, 7 non-operated wells are forecast to begin production this year. Combined, we forecast average production of 88,000 barrels of oil equivalent per day for 2024.

幻燈片 18。我們的 2024 年離岸資本計劃總額為 3.7 億美元，支持在墨西哥灣引進在線作業和非作業回接井，以及非作業聖馬洛注水項目 Lac Da Vang 油田開發項目的進展越南的Paon 油田開發計劃和科特迪瓦的Paon 油田開發計劃。到 2024 年，我們將讓 4 個運作的海底回接井上線，第一個是本月早些時候上線的 Marmalard 3。此外，預計今年還將有 7 口未作業井開始生產。綜合來看，我們預測 2024 年平均日產量為 88,000 桶油當量。

Slide 19. As disclosed in our last quarter call, we experienced mechanical issues at 2 operated Gulf of Mexico fields in 2023. We have a rig currently on location at Niedermeyer, and the workover is expected to be complete in the second quarter of 2024. For the Dalmatian subsea safety valve repair, we anticipate completing this repair in the middle of 2024. We also have zone changes planned at 2 operated Marmalard wells in the first quarter of 2024. Additionally, earlier this year, we experienced an issue with subsea equipment in our Mormont field, and we'll be making that repair in the first quarter of 2024. The non-operated Lucius #9 well workover has been completed, and the well is forecast to return to production shortly. Additionally, the previously disclosed non-operated Kodiak 3 well stimulation and zone addition is scheduled for mid-2024.

幻燈片19。正如我們在上季度電話會議中所披露的，我們在2023 年運營的2 個墨西哥灣油田遇到了機械問題。我們目前在尼德邁耶有一個鑽井平台，修井工作預計將於2024 年第二季完成。對於達爾馬提亞海底安全閥維修，我們預計在2024 年中期完成維修。我們還計劃在2024 年第一季對2 個運行的Marmalard 井進行區域變更。此外，今年早一些時候，我們遇到了海底設備的問題在我們的 Mormont 油田，我們將在 2024 年第一季進行修復。未作業的 Lucius #9 井修井工作已經完成，預計該井很快就會恢復生產。此外，先前揭露的未運作的 Kodiak 3 井增產和區域增產計畫於 2024 年中期進行。

Slide 20. As announced last quarter, our Board sanctioned the Lac Da Vang field development project in Block 15-01/05 in Vietnam. We have allocated approximately $40 million of CapEx to the project in 2024 to support facilities construction. To ensure capital efficiency, the field will be developed in phases through 2029, reaching first oil in 2026. Overall, Murphy is targeting 100 million barrels of oil equivalent estimated gross recoverable resources, and we booked preliminary net proved reserves of 13 million barrels of oil equivalent at year-end 2023. We forecast a field will achieve gross production of 30,000 to 40,000 barrels of oil equivalent per day or 10,000 to 15,000 barrels of oil equivalent per day net to Murphy. The field is 96% oil and we will receive a premium to Brent oil pricing.

幻燈片 20。 正如上季度所宣布的，我們的董事會批准了越南 15-01/05 區塊的 Lac Da Vang 油田開發項目。我們已在 2024 年為該項目分配了約 4000 萬美元的資本支出，以支持設施建設。為了確保資本效率，該油田將在2029 年之前分階段開發，並於2026 年首次產油。總體而言，Murphy 的目標是估計總可採資源量為1 億桶油當量，我們初步確定了1300萬桶石油淨探明儲量到 2023 年底，我們預計該油田的總產量將達到每天 30,000 至 40,000 桶油當量，或墨菲每日淨產量為 10,000 至 15,000 桶油當量。該油田 96% 為石油，我們將獲得布倫特石油定價的溢價。

And with that, I will turn it back to Roger.

說到這裡，我會把它轉回給羅傑。

Thank you, Eric. As to exploration, our total '24 exploration plan of $120 million support the drilling of 2 Gulf of Mexico and 2 Vietnam exploration wells, which combined target approximately 120 million barrels equivalent on a net mean unrisked resource basis. Additionally, this plan funds related exploration costs and ongoing geological and geophysical work. In the Gulf of Mexico, participating in 2 Oxy operated wells, which are forecast to spud in the second quarter of '24, both of these opportunities are located near infrastructure.

謝謝你，埃里克。至於勘探，我們的24 年勘探計畫總額為1.2 億美元，支持鑽探2 個墨西哥灣和2 個越南勘探井，在淨平均無風險資源基礎上，這些勘探井的總目標產量約為1.2 億桶當量。此外，該計劃還為相關勘探費用和正在進行的地質和地球物理工作提供資金。在墨西哥灣，參與了 2 口 Oxy 營運的油井，預計將於 2024 年第二季開鑽，這兩個機會都位於基礎設施附近。

In Vietnam, in addition to the Lac Da Vang field development, which is ongoing, we're planning to drill 2 exploration wells in '24, and I look forward to the upside possibilities that these material near-field exploration prospects provide. The rig has now been secured to drill both wells beginning with the HSV exploration well in Block 15-2, which will spud in the third quarter of '24 and target a mean upward gross resource potential of 170 million to 430 million barrels equivalent. We anticipate the LDH exploration drill -- exploration well in Block 15-1 will spud in the fourth quarter of '24. This well is just to the southwest of our Lac Da Vang field development and will target a mean upward gross resource potential of $65 million to $135 million equivalent. Overall, these 2 exciting prospects gained further advantage by infrastructure provided by our nearby Lac Da Vang field.

在越南，除了正在進行的 Lac Da Vang 油田開發之外，我們還計劃在 24 年鑽探 2 口勘探井，我期待這些材料近場勘探前景提供的上行可能性。該鑽機現已確定可從 15-2 區塊的 HSV 勘探井開始鑽探這兩口井，該井將於 2024 年第三季開鑽，目標平均總資源潛力將達到 1.7 億至 4.3 億桶當量。我們預計LDH勘探鑽探－15-1區塊的勘探井將於2024年第四季開工。該井位於 Lac Da Vang 油田開發案的西南部，目標平均總資源潛力將達到 6,500 萬至 1.35 億美元當量。總體而言，這兩個令人興奮的前景透過我們附近的 Lac Da Vang 油田提供的基礎設施獲得了進一步的優勢。

On Slide 23, in Côte d'Ivoire, we're excited about the initial work completed on our newest country entry, including initiating size and reprocessing and looking forward to advancing the opportunities across our 5 significant blocks. As well in '24, we continue reviewing commerciality and field development complex -- concepts for the Paon discovery in Block CI-103, which is appraised with multiple wells by a previous operator. As part of the agreement on the block, we are committed to submitting to the government a viable field development plan by the end of 2025.

在幻燈片 23 上，在科特迪瓦，我們對最新國家項目完成的初步工作感到興奮，包括啟動規模和後處理，並期待在我們的 5 個重要區塊中推進機會。同樣在 24 年，我們繼續審查 CI-103 區塊 Paon 發現的商業性和油田開發綜合體的概念，該區塊由前一位營運商透過多口井進行了評估。作為此區塊協議的一部分，我們致力於在 2025 年底前向政府提交一份可行的油田開發計畫。

Clearly demonstrated in '21, '22 and '23, Murphy has done a tremendous job in reducing debt. We have built a strong, safe balance sheet for the company and resulted in a 0.7x debt to trailing 12-month EBITDA based on third quarter results. We've been able to accomplish this delevering of our assets and generate significant free cash flow as highlighted by our peer-leading 13% cash flow yield and $23 per barrel of oil equivalent metric. I'm proud that Murphy is a leader in these attributes. And with reaching our $1 billion debt target later this year, which ties to 1x EBITDA at a mid-40s pricing, we will be able to continue our effort to return cash to our shareholders with a much safer balance sheet and safer than our peers with no bonds to be refinanced in our business until late 2027.

墨菲在 21 年、22 年和 23 年清楚地表明，他在減少債務方面做了巨大的工作。我們為公司建立了強大、安全的資產負債表，根據第三季業績，其債務是過去 12 個月 EBITDA 的 0.7 倍。我們已經能夠實現資產去槓桿化，並產生大量的自由現金流，正如我們領先同行的 13% 現金流收益率和每桶石油當量 23 美元的指標所強調的那樣。我很自豪墨菲是這些特質的領導者。今年晚些時候，我們將實現10 億美元的債務目標（以40 多美元的價格計算，相當於1 倍EBITDA），我們將能夠繼續努力，以更安全的資產負債表向股東返還現金，並且比我們的同業更安全。在 2027 年底之前，我們的業務不會再融資債券。

As we look to Slide 26, we maintain a very similar long-term plan to what was disclosed a year ago as we now incorporate the LDV field development as well as higher exploration spending, all of which supports long-term oil production growth. Overall, we forecast to achieve our $1 billion debt target in '24 with no additional debt maturities until '27. And we accomplished this in part by reinvesting approximately 50% of our operating cash flow in our business. Our average annual capital spend of $1.1 billion will support a 5% CAGR through 2026, increasing production up to an average of 195,000 equivalents per day to approximately 95,000 of oil equivalents per day produced in our offshore business.

當我們查看幻燈片 26 時，我們保持了與一年前披露的非常相似的長期計劃，因為我們現在納入了 LDV 油田開發以及更高的勘探支出，所有這些都支持長期石油產量增長。總體而言，我們預計將在 24 年實現 10 億美元的債務目標，並且在 27 年前不會有額外的債務到期。我們透過將約 50% 的營運現金流再投資於我們的業務來實現這一目標。我們平均每年 11 億美元的資本支出將支持到 2026 年實現 5% 的複合年增長率，將我們海上業務的日產量平均提高到 195,000 當量，達到約 95,000 石油當量。

Through 2026, we remain focused on achieving first oil in Vietnam with key exploration wells planned in the Gulf, Vietnam and Côte d'Ivoire and conducting additional geophysical studies. Overall, our payout to shareholders will increase during this time as we reach 3.0 of our capital allocation framework.

到 2026 年，我們仍然致力於在越南實現第一批石油，計劃在海灣、越南和科特迪瓦進行關鍵勘探井，並進行更多的地球物理研究。整體而言，隨著我們的資本配置框架達到 3.0，我們向股東支付的股利將會增加。

Longer term, we plan to reinvest approximately 45% of our cash flows, achieving an average production level of 210,000 to 220,000 equivalents per day with more than a 50% oil weighting. We're forecasting generating ample free cash flow to allocate towards additional debt reductions, further shareholder returns and accretive investments as well as supporting any exploration success. Additionally, as part of this plan, we remain committed to achieving metrics that are consistent with an investment-grade company. This year's plan has higher production levels in '27 and beyond with significantly higher offshore production in those years compared to last. And further, we did lower our gas price in this plan, which you can be seen in the footnote of the slide.

從長遠來看，我們計劃將約 45% 的現金流進行再投資，實現每天 210,000 至 220,000 當量的平均產量水平，其中石油比重超過 50%。我們預計將產生充足的自由現金流，用於進一步削減債務、進一步提高股東回報和增值投資，並支持任何勘探成功。此外，作為該計劃的一部分，我們仍然致力於實現與投資級公司一致的指標。今年的計畫在 27 年及以後的生產水準更高，與去年相比，這些年的海上產量明顯更高。此外，我們在該計劃中確實降低了天然氣價格，您可以在幻燈片的腳註中看到這一點。

As we wrap things up here on Slide 27, as we look back, we had a great year on safety and protecting our people. We continue achieving new company lows every year on emissions intensity. We made strides in executing our capital allocation framework and achieved our decade-low debt level on a net basis. We continue to reap the benefits of an oil-weighted high-margin asset base, and we grew our proved reserves. This team is excited to advance our field development project in Vietnam and began the procurement process last year. We look forward to a potential upside in the area with our upcoming exploration wells. And also expanded -- we've also expanded our exploration portfolio with additional blocks in Côte d'Ivoire. We have a solid foundation to move forward.

當我們在投影片 27 上總結這些內容時，當我們回顧過去時，我們在安全和保護員工方面度過了美好的一年。我們的排放強度每年都在不斷創下公司新低。我們在執行資本配置框架方面取得了長足進步，淨債務水準達到了十年來的最低水準。我們繼續從石油加權的高利潤資產基礎中獲益，並且我們的探明儲量也有所增加。團隊很高興能夠推進我們在越南的現場開發項目，並在去年開始採購流程。我們期待著該地區即將進行的勘探井的潛在上漲。我們還擴大了我們的勘探投資組合，在科特迪瓦增加了區塊。我們擁有前進的堅實基礎。

We'll continue building on our strong safety culture and target additional emissions intensity improvements. Shareholder returns remain at the forefront. And our debt reduction has only strengthened our balance sheet, and it made us more resistant cyclical commodity prices. Our business, a large multi-basin portfolio generates peer-leading cash flow metrics, but further support our shareholder returns while providing future optionality from our operations. Lastly, we look forward to maintaining our exploration capabilities to augment our portfolio in a measured approach.

我們將繼續建立強大的安全文化，並以進一步提高排放強度為目標。股東回報仍然位居前列。我們的債務削減不僅增強了我們的資產負債表，而且使我們對週期性商品價格更具抵抗力。我們的業務是一個大型的多盆地投資組合，產生同業領先的現金流量指標，但進一步支持我們的股東回報，同時為我們的營運提供未來的選擇性。最後，我們期待保持我們的勘探能力，以謹慎的方式擴大我們的投資組合。

In closing, as always, I'd like to thank our incredible employees for their continued dedication and hard work supporting our company. That's the end of our prepared remarks today, we're going to standby for our calls. We have a long list of calls here today. So here we go.

最後，一如既往，我要感謝我們優秀的員工對我們公司的持續奉獻和辛勤工作。我們今天準備好的發言就到此為止，我們將等待電話。今天我們這裡有一長串電話清單。那麼我們就開始吧。

(Operator Instructions) Your first question is from Arun Jayaram from JPMorgan.

（操作員說明）您的第一個問題來自摩根大通的 Arun Jayaram。

Roger, I wanted to get -- I was wondering if you could shed some more light on your 2025 and 2026 kind of outlook. You've outlined a $1.1 billion average CapEx program from 2024 to '26. And help us understand what type of spending projects you see in 2025 and '26, which will impact the CapEx trajectory as well as how do you see spending trending in the LDV development. It looks like about $40 million this year, but obviously probably going to rise as you get closer to first oil.

羅傑，我想知道您是否可以進一步闡述您對 2025 年和 2026 年的展望。您概述了從 2024 年到 26 年平均資本支出為 11 億美元的計劃。並幫助我們了解您在 2025 年和 26 年看到的支出項目類型，這將影響資本支出軌跡，以及您如何看待 LDV 開發中的支出趨勢。今年看起來約為 4,000 萬美元，但顯然，隨著第一批石油的臨近，價格可能會上漲。

First on the question, thanks for that. We do have a plan this year. We consider to be fairly consistent with latest prices and plans. We're going to be like $1 billion CapEx company in those years. And if you look at our CapEx from '23, '24, it's very similar, and I suspect it remains so. We have an ample list of Gulf of Mexico, 2P projects we call them the last -- we have over 2 or 3 years of rig work there if we want it. We'll be keeping our Eagle Ford Shale in that same level and reaching to the field our plant in the Montney.

先回答這個問題，謝謝。今年我們確實有一個計劃。我們認為與最新的價格和計劃相當一致。那些年我們將成為資本支出達 10 億美元的公司。如果你看看我們 23 年和 24 年的資本支出，你會發現非常相似，而且我懷疑情況仍然如此。我們有一份充足的墨西哥灣 2P 項目清單，我們稱之為最後的項目——如果我們願意的話，我們在那裡有超過 2 到 3 年的鑽機工作。我們將把 Eagle Ford 頁岩保持在同一水平，並到達我們位於 Montney 的工廠。

The LDV project is not super expensive for Murphy, probably around $300 million total and it will be spread over 3 or 4 years very nicely. There will be no big slugs of CapEx there. And I would consider the CapEx in Vietnam to go up in '25 and '26, almost doubling or slightly more and pull back in some of our non-op projects when St. Malo gets going, terra Nova finally finishes their work. And that we get higher production in Montney to go forward.

LDV 專案對 Murphy 來說並不是非常昂貴，總共可能在 3 億美元左右，並且可以很好地分攤到 3 到 4 年。那裡不會有大量的資本支出。我認為越南的資本支出將在 25 年和 26 年上升，幾乎翻倍或略多，並在聖馬洛開始工作時縮減我們的一些非營運項目，terra Nova 最終完成他們的工作。我們將在蒙尼獲得更高的產量以繼續前進。

This plan is a very robust plan and what's more robust about it in the past as we have found more offshore projects to do with Vietnam. We have a much more -- much bigger offshore business. If you compare plan to plan, our offshore production is some 10,000 barrels a day higher than '27. Our total production in '28 is much higher than it was in the final plan, and our oil production is 5,000 or 6,000 barrels a day in '28 compared to last year's plan. So this is a really good plan. We're going to accumulate between $5 billion and $6 billion of free cash flow from '24 to '28 with the assets we own today. And we'll be able to return massive amounts to our shareholders through buybacks and have very large dividend levels because we'll be purchasing so much stock. And we're extremely well positioned with this plan. It's very much a consistent plan with inflation and things happening and resurging a plan like you do every year. And it's in a really good shape, Arun.

這個計劃是一個非常穩健的計劃，而且在過去，它更加穩健，因為我們發現了更多與越南相關的離岸項目。我們有更多、更大的離岸業務。如果將計劃與計劃進行比較，我們的海上產量將比 27 年每天高出約 10,000 桶。我們28年的總產量比最終計畫高得多，與去年的計畫相比，我們28年的石油產量是每天5,000或6,000桶。所以這是一個非常好的計劃。從 24 世紀到 28 世紀，我們將利用今天擁有的資產累積 50 億至 60 億美元的自由現金流。我們將能夠透過回購向股東返還大量資金，並擁有非常高的股息水平，因為我們將購買如此多的股票。我們在這個計劃中處於非常有利的位置。這是一個與通貨膨脹和發生的事情非常一致的計劃，並且像每年一樣重新制定計劃。阿倫，它的狀態非常好。

Great. And I just had a follow-up. I was wondering if you could give us an update on the life extension plan, how that went to Terra Nova and just kind of the ramp that you expect, maybe some details on how you expect that ramp to play out kind of net to you -- net barrels...

偉大的。我剛剛進行了後續行動。我想知道你是否可以向我們提供有關延壽計劃的最新信息，該計劃如何進入 Terra Nova，以及你所期望的斜坡，也許是一些關於你期望斜坡如何向你發揮作用的細節 - - 網桶.. .

I'm so super pleased with that execution. I'm going to let Eric cover it for you.

我對這次執行非常滿意。我會讓埃里克為你報道。

Thanks, Roger. That's a great question. On Terra Nova, as we highlighted before, the life extension project was completed at the end of -- created -- completed, sorry, in the middle of last quarter, fourth quarter of '23. And we produced about 1,000 net BOE average in the quarter. We expect that the production will ramp up here pretty soon after they complete sort of the final stages of additional compressor commissioning. And in the first quarter, we expected to come up to around 4,000 barrels a day, and then -- on an average basis because it's ramping through the quarter. And then for the last 3 quarters of the year, we expect production to be in the range or be around 5,500 BOE per day net to Murphy.

謝謝，羅傑。這是一個很好的問題。在 Terra Nova 上，正如我們之前所強調的，壽命延長專案是在 2023 年第四季末創建的，完成的，抱歉，是在上個季度中期。本季我們平均生產了約 1,000 淨 BOE。我們預計，在完成額外壓縮機調試的最後階段後，這裡的產量很快就會增加。在第一季度，我們預計產量將達到每天 4,000 桶左右，然後——平均而言，因為該產量在整個季度不斷增加。然後，在今年最後 3 個季度，我們預計墨菲產量將在每天淨產量 5,500 桶油當量左右。

The next question is from Neal Dingmann from Truist Securities.

下一個問題來自 Truist Securities 的 Neal Dingmann。

Roger, and for you, Eric, could you just talk a little more color on Slide 18. I really think the upside from your Gulf -- obviously, the Gulf offshore development seem to be quite material. And I'm just wondering, is the $300 million kind of a change that you talked about? $370 million, I guess, to be exact. Is that for just the first 3 projects in Marmalard, Khaleesi and Mormont? Or maybe just talk about the timing behind. I know you have a time line in here, but just maybe give a little more color on this if you could because it looks so sizable.

羅傑，還有艾瑞克，您能否在幻燈片 18 上多談一點。我真的認為您的海灣的好處 - 顯然，海灣離岸開發似乎相當重要。我只是想知道，3億美元是你所說的改變嗎？準確地說，我猜是 3.7 億美元。這只是 Marmalard、Khaleesi 和 Mormont 的前 3 個項目嗎？也或許只是談談背後的時機。我知道你在這裡有一個時間線，但如果可以的話，也許可以給它更多的色彩，因為它看起來太大了。

Thanks, Neal. They're spending across all of it, and I'll let Eric give you more detail.

謝謝，尼爾。他們在這一切上都花了錢，我會讓艾瑞克給你更多細節。

Yes, sure. So one of the things we're trying to highlight here is where we're spending money this year. Obviously, if you look at the slide, you see production coming online from new wells in -- across the year in the Marmalard, Khaleesi and Mormont fields. We are also highlighting that we're spending money in other fields, and it's basically long lead equipment that we're spending on in '24 that will contribute to new volumes and new wells coming online, '25, '26, et cetera. And if we wanted to, we could make a table like this that would go on out to 2028, but we didn't do that.

是的，當然。因此，我們在這裡想強調的一件事是我們今年的支出。顯然，如果您查看幻燈片，您會看到 Marmalard、Khaleesi 和 Mormont 油田的新井全年都在上線生產。我們也強調，我們正在其他領域投入資金，我們在 24 年投資的基本上是長週期設備，這將有助於新產量和新井的上線，25 年、26 年等等。如果我們願意，我們可以製作一張這樣的表格，並持續到 2028 年，但我們沒有這樣做。

So as Roger highlighted a few minutes ago, we expect relatively stable spending in our overall offshore business with all of these really awesome investment opportunities we have to continue to bring in more wells and do workovers, et cetera, in our offshore business and maintain those offshore volumes flat for the next several years with just the known stuff we have without an exploration success anywhere.

因此，正如羅傑幾分鐘前所強調的那樣，我們預計我們的整體海上業務支出相對穩定，所有這些真正令人敬畏的投資機會我們必須繼續在我們的海上業務中引入更多的油井和進行修井等等，並維持這些業務未來幾年海上產量將持平，只有我們所擁有的已知物質，而在任何地方都沒有勘探成功。

Yes. Further on that, Neal, we have our Board meeting and we project our projects. These are well in excess of 100% rate of return. And later on in the slide deck, we talk about workovers, which are unfortunate some of these wells had some mechanical problems they have to fix. The payout on these wells are 3, 4 months. So everything we do offshore, 150%, 170%, 200% rate of return. So near infrastructure and unlike onshore, they're spending on things without necessarily drilling. We have to buy long-lead equipment items, production equipment, drilling equipment casing. They're spending on things associated with all these developments. This is some of the best investment you can ever make in the oilfield today.

是的。此外，尼爾，我們召開了董事會會議並規劃了我們的專案。這些回報率遠超過100%。隨後在幻燈片中，我們討論了修井，不幸的是，其中一些井存在一些必須修復的機械問題。這些井的投資週期為 3、4 個月。所以我們在離岸所做的一切，回報率是150%、170%、200%。如此靠近基礎設施，與陸上不同，他們的支出不一定是鑽探。我們必須購買長週期設備、生產設備、鑽井設備套管。他們正在與所有這些發展相關的事情上花錢。這是當今您在油田可以做出的最佳投資之一。

Neal, one thing you may want to have a look at. You may want to have a look at Slide 39 in our presentation, where we try to highlight the depth of our offshore inventory. We don't disclose every single well by itself, but we do attempt to show you how strong and resilient they are. So the majority of our offshore identified projects breakeven below $35 a barrel. So super robust, super strong, high return. They're well identified. These are known things in our portfolio that we're planning to bring forward over the next several years.

尼爾，你可能想看看一件事。您可能想看看我們簡報中的幻燈片 39，其中我們試圖強調我們離岸庫存的深度。我們不會單獨透露每一口井，但我們確實試圖向您展示它們有多強大和有彈性。因此，我們發現的大多數海上項目的損益平衡點都低於每桶 35 美元。所以超穩健，超強大，高報酬。他們的身份很好辨認。這些是我們計劃在未來幾年內推出的產品組合中的已知內容。

No, I'm glad you've got -- you all brought up rate of return. It's certainly notable. And then just a quick follow-up on your onshore. It seems like, I think in the press release, you suggested about 1/4 of the Eagle Ford would be on field development. Is that normal? And can you just talk about what that will be directed for?

不，我很高興你們都提出了回報率。這當然值得注意。然後在岸上進行快速跟進。我認為在新聞稿中，您似乎建議大約 1/4 的 Eagle Ford 將用於現場開發。這樣正常嗎？您能談談這將用於什麼目的嗎？

Yes. We use that term field development, Neal, to count things that are mostly associated with just bringing on new wells, but they're not specifically the drilling and completion cost. So if we have to build a pipeline to connect a new pad to an existing facility or if an existing facility requires some kind of upgrade to handle the new volume. So generally, it's just surface equipment that we're upgrading. It's also we continue to make improvements in our greenhouse gas and methane emissions, and we're spending a little bit of money there to drive those improvements in our Eagle Ford business. So it's mostly just bringing on new wells, the surface equipment related to it, but a few other enhancements that improve our operations and lower our downtime and help us with our free cash flows.

是的。尼爾，我們使用油田開發這個術語來計算主要與新井相關的事情，但它們並不是專門的鑽井和完井成本。因此，如果我們必須建造一條管道將新墊連接到現有設施，或者現有設施需要某種升級來處理新的容量。所以一般來說，我們升級的只是表面設備。我們也繼續改善溫室氣體和甲烷排放，我們在那裡花了一點錢來推動我們鷹福特業務的這些改善。因此，它主要只是引進新井、與之相關的地面設備，但還有一些其他增強功能，可以改善我們的營運、減少停機時間並幫助我們增加自由現金流。

Your next question is from Leo Mariani from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Leo Mariani。

I want to kind of quickly follow up on the Gulf of Mexico. You kind of briefly mentioned this, Roger, but I don't know if I'm looking at this right, but it seems like maybe there's been kind of, I don't know, an unusually kind of high number of sort of well failures that have required workover of late. Just wanted to get a sense if you guys are attributing that to anything in particular out there, maybe this is just kind of a recent bad streak of luck. And just in the Gulf, I was hoping you could also maybe talk about M&A as I guess we've seen an asset trade lately and perhaps there'll be others coming out of the Gulf.

我想快速跟進墨西哥灣的情況。你簡單地提到了這一點，羅傑，但我不知道我是否理解正確，但似乎可能存在某種，我不知道，異常高的數字最近需要修井的故障。只是想知道你們是否將其歸因於任何特別的事情，也許這只是最近的運氣不佳。就在海灣地區，我希望您也可以談論併購，因為我想我們最近已經看到了資產交易，也許還會有其他交易來自海灣地區。

Thanks, Leo. That's -- you said it right. It's bad luck. It's nothing to do with anything. These are not related. There's a safety valve instrument in Dalmatian. This has been an occurrence that happened in the Gulf to various operators through the years. You test the safety valve from a regulatory basis, and the valve won't open back up for different kinds of reasons. Then we had to go do some studies about the metallurgy of the type of equipment we need. There's very little equipment on the ground by these large service equipment companies today. You have to procure things, procure rig. You can get rigs in the Gulf to do work. We've been able to do it. It's not that tight. We're able to do it.

謝謝，利奧。就是——你說得對。真是運氣不好。跟什麼都沒有關係。這些是不相關的。達爾馬提亞有一個安全閥儀器。多年來，這種情況在海灣地區的各個業者身上都曾發生過。您從法規的基礎上測試安全閥，並且閥門不會因各種原因而重新打開。然後我們必須去研究我們需要的設備類型的冶金學。如今，這些大型服務設備公司的地面設備非常少。你必須採購東西，採購裝備。您可以在海灣地區使用鑽井平台進行作業。我們已經能夠做到了。沒那麼緊。我們有能力做到。

And then the well in Niedermeyer is a complex deep pressured well that had a communication. It looks like between the tubing to the casing. We bought this well. We didn't complete this well. It would have been the way we would have designed the well, we can say that. And we need to go fix the well, and we have a rig there today to fix it. These things are unrelated.

Niedemeyer 的井是一個複雜的深壓井，有通訊。它看起來像是在管道和套管之間。我們買的這個很好。我們沒有很好地完成這一點。我們可以這麼說，這就是我們設計這口井的方式。我們需要去修復這口井，今天我們在那裡有一個鑽孔機來修復它。這些事情是無關的。

And what's really happening to us here in this first quarter is some work that needs to be done that we had to procure and get the equipment to do with large downtime. For example, they're lifting up the famous subsea water injection equipment at St. Malo, which is a big deal for one of the greatest fields in the Gulf on the highest margin. Fields in the Gulf that has to be shut in and picked up. Delta House has some equipment that's being installed by another operator.

第一季真正發生在我們身上的是一些需要完成的工作，我們必須購買並獲得設備來處理大量停機時間。例如，他們正在聖馬洛舉起著名的海底注水設備，這對於海灣地區利潤率最高的最大油田之一來說是一件大事。海灣地區的油田必須關閉並清理。 Delta House 有一些設備正在由另一家營運商安裝。

So we have a lot of planned downtime that came in on top of some one-off workover, leading to a low first quarter. And we haven't put a well online in onshore in quite a while. That's the way we run our business to have this incredible low, free cash flow yield, incredible leading net debt to EBITDA, no bonds to be refinanced until '27, the only energy company in that situation. So all that's set up to provide all that safety for our shareholders, and we're returning money to shareholders.

因此，除了一些一次性修整之外，我們還有大量計劃內停機，導致第一季業績較低。我們已經有一段時間沒有在陸上安裝油井了。這就是我們經營業務的方式，擁有令人難以置信的低自由現金流收益率、令人難以置信的領先EBITDA 淨債務、直到27 年才需要再融資的債券，這是唯一處於這種情況的能源公司。因此，所有這些都是為了為我們的股東提供所有安全，我們正在向股東返還資金。

So to wrap all this up, we had some poor luck. Things happened with some downtime. As to M&A, thanks for asking that question. We are a company that prides ourselves in very successful M&A, over $8 billion of M&A in the decade here. We have an incredible team, a senior team, and we have a proprietary process to look at things on a certain basis.

總而言之，我們的運氣不太好。事情發生時有一些停機時間。關於併購，感謝您提出這個問題。我們是一家以非常成功的併購而自豪的公司，十年來併購金額超過 80 億美元。我們擁有一支令人難以置信的團隊，一支高級團隊，並且我們擁有專有的流程來在一定的基礎上看待事物。

The recent large deal is something that didn't fit the criteria of us. We've known about the deal for a long time. And I think if you back up to 30,000 feet, what's the difference is the debt-to-EBITDA level of the outcome of that deal versus us striving to be 1x debt-to-EBITDA at $45 oil, not 1.6 net EBITDA at $75 oil. So we're in a different total world. We have all the assets we need, and we're striving to protect our shareholders through large returns and cycle pricing and with this incredible balance sheet.

最近發生的大事，不符合我們的標準。我們很早就知道這筆交易了。我認為，如果你回到30,000 英尺，那麼該交易結果的債務與EBITDA 水平與我們努力在45 美元石油價格下達到1 倍的債務與EBITDA 水平，而不是在75 美元石油價格下達到1.6 倍淨EBITDA有何區別。所以我們處於一個完全不同的世界。我們擁有所需的所有資產，我們正在努力透過巨額回報、週期定價以及令人難以置信的資產負債表來保護我們的股東。

So that's kind of how we think it. So for us to do M&A, it's a certain criteria of the age of the assets and the returns that we like that fit in with our framework, and we have -- that's how we judge that. And that's the answer on that. There are plenty of opportunities. We look at them all the time, and we're very proud of our screening and our process that we have that's led to a great success on M&A front here. One of our best things that we do actually. So thank you, Leo, for supporting us and calling in today.

這就是我們的想法。因此，對於我們進行併購來說，資產的年齡和我們喜歡的回報符合我們的框架，我們有一定的標準，這就是我們判斷的方式。這就是答案。有很多機會。我們一直在關注它們，我們對我們的篩選和流程感到非常自豪，這使得我們在併購方面取得了巨大的成功。我們實際上做的最好的事情之一。所以，謝謝你，Leo，謝謝你對我們的支持並今天打電話來。

Yes. I appreciate that, Roger, here. Maybe just a quick follow-up on the Eagle Ford here. So it seems like you guys are somewhat electing to turn in line quite a bit fewer operated wells in '24 versus what you did in '23. And it seems like that's really kind of leading to production ticking lower. Can you maybe just kind of talk through that a little bit. I know you're bringing on a slug of wells kind of early in '25, but just a little surprised to kind of maybe see some of the timing with a lot of fewer turning lines this year?

是的。我很感激，羅傑，在這裡。也許只是對鷹福特的快速跟進。所以看來你們在某種程度上選擇在 24 年投入比 23 年少得多的營運井。這似乎確實導致產量下降。能簡單談談這個問題嗎？我知道你們在 25 年初就開始了一些油井的開發，但有點驚訝的是，今年可能會看到一些轉向線減少了很多的時機？

Yes. Thanks, Leo. This is Eric. I'll just give you a little bit of my thoughts on that. In the Eagle Ford, we are expecting 30,000 barrels a day in 2024, down about 3,000 barrels a day from 2023. And we're pulling back our capital program there just a little bit.

是的。謝謝，利奧。這是埃里克。我只是給你一些我對此的想法。在 Eagle Ford，我們預計 2024 年的產量為每天 30,000 桶，比 2023 年每天減少約 3,000 桶。我們正在稍微縮減我們的資本計劃。

Some of that's driven by just the timing around when we're bringing on the wells. We're bringing on the average new well a little bit later this year than before. We -- capital decisions have been made in '23 had us entering the year without any wells to complete early. So we're drilling wells in the Eagle Ford before we can complete them.

其中一些是由我們開井的時間決定的。今年，我們平均新井的開工時間比以往晚。我們在 23 年做出了資本決策，讓我們進入今年沒有任何油井需要提前完成。因此，在完成之前，我們正在伊格爾福特打井。

And then we're happy that we're able to, within our overall framework, direct some capital investment to Vietnam for future long-term overly growth there with -- not changing our total capital level, but displace a little bit of Eagle Ford spending for Vietnam spending and set us up for a nice long plateau out there in Vietnam.

然後我們很高興我們能夠在我們的整體框架內將一些資本投資引導到越南，以實現那裡未來的長期過度增長——不會改變我們的總資本水平，但會取代一點鷹福特為越南的支出做好準備，讓我們在越南度過一個美好的長期高原。

And I expect in 2025, you'll probably see a little bit higher level. Our exit rate in Eagle Ford at the end of '24 ought to be quite a bit higher than we saw in 2023 due to the timing of the new well delivery. And you ought to see us, as we've said for several years now, manage Eagle Ford in a 30,000 to 35,000 barrel a day range with pretty consistent CapEx.

我預計到 2025 年，您可能會看到更高的水平。由於新井交付的時間安排，我們 24 年底在 Eagle Ford 的退出率應該比 2023 年高出許多。正如我們多年來所說，您應該看到我們以每天 30,000 至 35,000 桶的產量管理 Eagle Ford，資本支出相當穩定。

We'd actually make a highlight that we are really excited about this new rig we picked up. It's just flying through the first lateral, and happy to see that. And hopefully, we can see additional operational improvements and capital efficiencies there as we progress through the year.

實際上，我們要強調的是，我們對我們購買的這個新裝備感到非常興奮。它只是飛過第一條支線，很高興看到這一點。希望隨著這一年的進展，我們能夠看到更多的營運改善和資本效率。

Your next question is from Paul Cheng from Scotia Bank.

您的下一個問題來自豐業銀行的 Paul Cheng。

Two quick ones. Maybe the first one is for Tom, just to maybe remind us. On the cash payout, when you calculate it, is it a -- your estimate for the full year and then you prorate it or that you just do it quarter-by-quarter?

兩個快的。也許第一個是給湯姆的，只是為了提醒我們。關於現金支出，當你計算它時，是你對全年的估計，然後按比例分配，還是只是按季度進行？

The second question, I was looking at your last quarter presentation. You are looking for 2023 to 2025 at about $900 million. Now that you say in 2024 to 2026 is [1.1]. Now obviously, that's 1-year change, but I don't think that really make the difference.

第二個問題，我正在看你上個季度的演示。您預計 2023 年至 2025 年的收入約為 9 億美元。現在你說2024年到2026年是[1.1]。顯然，這是一年的變化，但我認為這並沒有真正產生影響。

Your production outlook is largely about the same. So -- and you just mentioned that Vietnam is really net to you, only about 300. So is there any other area that we should be aware why that the increase in budget?

你們的生產前景大致相同。那麼，您剛才提到，越南對您來說確實是淨值，只有大約 300 個。那麼，我們是否應該了解其他領域的預算增加的原因？

Okay. Thanks, Paul. I'll talk about the first one on how we're executing our framework, which we're really pretty excited about, how we've moved into 2.0, and we're more than halfway through it.

好的。謝謝，保羅。我將討論第一個關於我們如何執行我們的框架的問題，我們對此感到非常興奮，我們如何進入 2.0，我們已經完成了一半以上。

We do think about this in terms of hitting our annual targets here for our debt target. So quarter-by-quarter, as we've disclosed, our CapEx is front loaded. So we're not going to -- we'll see more of our adjusted free cash flow towards the back end of the year.

我們確實從實現債務目標的年度目標角度考慮了這一點。因此，正如我們所披露的那樣，我們的資本支出按季度是提前加載的。所以我們不會——我們會在今年年底看到更多調整後的自由現金流。

But we do monitor it quarter-by-quarter to see if there's an opportunity to do something to execute part of our framework. But really, it is something that we're looking at on an annual basis to make sure we try to stay in line with our commitment to returns to shareholders.

但我們確實會按季度進行監控，看看是否有機會執行我們框架的一部分。但實際上，我們每年都會關注這個問題，以確保我們努力履行對股東回報的承諾。

So Tom, if I get it correctly, it means that in any particular quarter, you may buy back more or less than the 25% that the current indicator would suggest, right?

那麼湯姆，如果我理解正確的話，這意味著在任何特定季度，您回購的股票可能多於或少於當前指標建議的 25%，對嗎？

That's right. Yes. You'll see some -- you may see some fluctuations there and try to hit that annual number for us.

這是正確的。是的。你會看到一些——你可能會看到一些波動，並嘗試為我們達到這個年度數字。

We're not afraid, Paul, to buy stock on our revolver if we get separated from the group or the pack here because our company is a very solid company with incredible cash returns.

保羅，如果我們脫離了這裡的團隊或群體，我們不害怕購買我們的左輪手槍股票，因為我們的公司是一家非常可靠的公司，擁有令人難以置信的現金回報。

Let me take a stab at the LRP step for you -- LRP, long-range plans, as what we call it. Thanks for that question. Fair question. On the CapEx side, yes, it's higher. During this period, last year, we didn't have enough for exploration. And to improve our exploration business, we need to build a portfolio that allows us a mixture of lower risk and higher risk throughout the year and also lower risk and high risk as to cost.

讓我為您介紹 LRP 步驟—LRP，我們所說的長期計劃。謝謝你提出這個問題。公平的問題。在資本支出方面，是的，它更高。去年這個時期，我們探索的還不夠。為了改善我們的勘探業務，我們需要建立一個投資組合，使我們能夠全年兼顧較低風險和較高風險，以及成本方面的較低風險和高風險。

These big 33,000 foot wells in the Gulf are very expensive. In other parts of the world, they're much less expensive and on the risk side. We have a much lower risk exploration portfolio this year.

這些位於海灣的 33,000 英尺大井非常昂貴。在世界其他地方，它們的價格便宜得多，而且風險也更大。今年我們的勘探投資組合風險要低得多。

So we've added over $40 million a year during this 3-year period for exploration. On the cash flow side, we've lowered our gas prices in the plan that's footnoted, and we're also executing a $300 million project in Vietnam. And it's just a relook at the cost.

因此，在這 3 年期間，我們每年增加超過 4,000 萬美元的勘探資金。在現金流方面，我們在腳註的計劃中降低了天然氣價格，我們也在越南執行一個價值 3 億美元的專案。這只是對成本的重新審視。

And if you look at production, let's just be honest. Terra Nova is supposed to be up and running last March, it's not. And then you have to start off now and ramp that up. St. Malo, incredible field, just drilled an incredible production well there. The oil in place at St. Malo continues to increase, probably one of the top assets in the world, but the project is very late. So the CapEx has been spent. The production has been delayed. They're just now putting on the water injection equipment.

如果你看看生產，我們就老實說。 Terra Nova 原本應該在去年三月啟動並運行，但事實並非如此。然後你必須現在就開始並加大力度。聖馬洛，一個令人難以置信的油田，剛剛在那裡鑽了一口令人難以置信的生產井。聖馬洛的石油儲量持續增加，可能是世界上最重要的資產之一，但該項目已經很晚了。所以資本支出已經花掉了。生產已被推遲。他們剛安裝注水設備。

So when you add all this up, you have a similar production result, but very, very same on oil. Very similar on the oil side to last year and more spending. But our '27, '28, '29 is more robust and better than it was and leading to still a large amount of free cash flow approaching our yesterday market cap, in fact.

因此，當您將所有這些加起來時，您會得到類似的生產結果，但石油方面的結果非常非常相同。石油方面與去年非常相似，支出也有所增加。但我們的「27」、「28」、「29」比以前更強勁、更好，事實上，仍然有大量自由現金流接近我們昨天的市值。

And so there we have it on that, Paul. But just every year, the plan gets better. Things happen, things change in phasing. We deal with a lot of non-op big projects like Terra Nova and St. Malo and Lucius with Occidental.

保羅，我們就這樣了。但每年，計劃都會變得更好。事情發生了，事情在階段性地變化。我們與西方石油公司合作處理了許多非營運大型項目，例如 Terra Nova、St. Malo 和 Lucius。

And nothing's changed. We added up, put it back together. But at the end of the day, production is an outcome. And we're focusing on free cash flow and returning to shareholders, and we have an outstanding ability to have free cash flow, very similar to last year's plan.

一切都沒有改變。我們加起來，把它重新組合起來。但最終，生產就是結果。我們專注於自由現金流和股東回報，我們擁有出色的自由現金流能力，與去年的計劃非常相似。

So we focus on that, not the little ins and outs on small variances in production. That's an outcome for us, not an input. So my treasurer told me that yesterday. Great line. So that's what we're doing on that, Paul.

因此，我們關注的是這一點，而不是生產中微小差異的細節。這對我們來說是一個結果，而不是一個輸入。所以我的財務主管昨天告訴我了。很棒的線路。這就是我們正在做的事情，保羅。

Your next question is from Charles Meade from Johnson Rice.

您的下一個問題來自約翰遜賴斯公司的查爾斯·米德。

Roger, I wanted to ask -- thanks for giving us that $300 million debt reduction target for '24, and we can do that math. That will get you -- to Murphy 3.0, but you could start on that today with just the cash on your balance sheet. So can you give us some insight on how you're thinking about the timing of that $300 million in debt reduction?

羅傑，我想問一下——感謝您為我們提供了 24 年 3 億美元的債務削減目標，我們可以做這個計算。這將帶您進入 Murphy 3.0，但您今天就可以用資產負債表上的現金開始實現這一目標。那麼您能否向我們介紹一下您是如何考慮削減 3 億美元債務的時機的呢？

It will be later this year and throughout the year. But I'll let Tom walk you through that, Charles, a little bit here.

它將在今年晚些時候和全年進行。但查爾斯，我會讓湯姆在這裡向您介紹一下。

Yes, Charles, thanks for that question. As Roger said, we'll be planning to utilize more of our adjusted free cash flow towards the second half of the year. We do have a little over $300 million of cash coming into the year. That's a balance that we try to hold just to manage our business, some of our operational needs and our international and domestic activities. So we like to try to keep that cash balance around $300 million to $350 million for those needs.

是的，查爾斯，謝謝你的提問。正如羅傑所說，我們將計劃在今年下半年利用更多調整後的自由現金流。今年我們確實有略多於 3 億美元的現金。我們試圖保持這種平衡，只是為了管理我們的業務、我們的一些營運需求以及我們的國際和國內活動。因此，我們希望盡量將現金餘額維持在 3 億至 3.5 億美元左右，以滿足這些需求。

As you may notice -- may have noticed coming into 2023 last year, we had a little over $400 million of cash. And we did use some of that towards our framework, as we got into the year. But as I mentioned in -- to Paul's question, we try to manage this on an annual basis, this framework. And I think we'll see more of that happening for the second half of the year.

您可能已經注意到，去年進入 2023 年，我們擁有略多於 4 億美元的現金。當我們進入這一年時，我們確實在我們的框架中使用了其中的一些內容。但正如我在回答保羅的問題時所提到的，我們嘗試每年管理這個框架。我認為今年下半年我們會看到更多這樣的事發生。

That is helpful, Tom. And then Roger, I wanted to ask about these 2 Gulf of Mexico prospects that you added. I warned in I think -- I didn't -- I can only remember the other, yes, Ocotillo.

這很有幫助，湯姆。然後羅傑，我想問一下您添加的這 2 個墨西哥灣前景。我警告過，我想──我沒有──我只記得另一個，是的，奧科蒂洛。

If I'm doing the math right, it looks to me after you mentioned the $120 million of net mean, after taking away the Vietnam prospects, it looks like these 2 Gulf of Mexico prospects are in the range of $20 million to $30 million gross.

如果我算得對的話，在你提到 1.2 億美元的淨均值後，在剔除越南潛在客戶後，看起來這 2 個墨西哥灣潛在客戶的總價值在 2000 萬至 3000 萬美元之間。

And I wondered if that's the -- if I'm doing the math right there, and if you could just talk a little bit about the timing of those prospects and what they look like and what the development time line would be if you get on that success lag.

我想知道這是否是——如果我在那裡做數學計算，你是否可以談談這些潛在客戶的時間安排、他們的樣子以及如果你繼續下去的話，開發時間線會是怎樣的？成功的滯後。

I think they're a little bigger than that. I believe they're in the 40s range. A story there, it's a long story. We just drilled this well. Also it's a disappointing well that we disclosed earlier.

我認為它們比那個大一點。我相信他們的年齡在40歲左右。那裡有個故事，說來話長。我們剛剛鑽了這口井。我們之前披露的這口井也令人失望。

But our team is doing a great job. We have a great team. We have a new enhanced team here, and people want to trade and be in our business. So when we drilled Oso for people to come into that well, Occidental, a close relationship with them, OXY, we were able to get into 2 of their prospects for them joining ours.

但我們的團隊做得很好。我們有一支很棒的團隊。我們這裡有一個新的增強團隊，人們希望進行交易並參與我們的業務。因此，當我們鑽探 Oso 以便人們進入西方石油公司（Occidental）的那口井時，我們與他們建立了密切的關係，OXY，我們能夠進入他們的 2 個前景，讓他們加入我們的。

We also have a very nice acreage position near Delta House. We recently did a large land trade where people want to come into our acreage, and we build into a portfolio of other wells.

我們在 Delta House 附近還有一個非常好的土地位置。我們最近進行了一次大規模的土地交易，人們希望進入我們的土地，我們建立了其他油井的投資組合。

So we're using our prospects to gain entry into other prospects, meaning people believe our prospects are good. As a matter of fact, we're doing extremely well in trading in and out and building a really nice portfolio. Chris Olson, our exploration leader, and our land team is doing a great job pulling all that together for us.

因此，我們正在利用我們的潛在客戶進入其他潛在客戶，這意味著人們相信我們的前景良好。事實上，我們在進出交易和建立非常好的投資組合方面做得非常好。我們的勘探負責人克里斯·奧爾森 (Chris Olson) 和我們的陸地團隊為我們完成了出色的工作。

These are -- again, I spoke to Paul Cheng a few minutes ago about the risk of the program on occasion. You end up with a higher risk program year-to-year. I consider this year lower risk. These are amplitude type plays near one of OXY's very successful fields, can be tied back very closely to where they work. These would be near-field tieback, totally different from Oso, totally different from other things that we drilled in the past.

這些是 - 幾分鐘前我再次與 Paul Cheng 談到了該計劃的風險。您最終會面臨逐年更高風險的計劃。我認為今年的風險較低。這些是 OXY 非常成功的領域之一附近的振幅型遊戲，可以與它們工作的地方非常緊密地聯繫在一起。這些將是近場回接，與奧索完全不同，與我們過去練習的其他東西完全不同。

So this year, we have some lower risk, lower cost, not its deep and tough wells, if you will, and some really nice wells in Vietnam that we've been on the sidelines in Vietnam for a long time until we made plans with our field development plan with that host government. Now the host government is very interested and us moving forward. That's going extremely well.

因此，今年，我們有一些風險較低、成本較低的井，不是深井和堅韌的井，如果你願意的話，還有越南的一些非常好的井，我們在越南已經待了很長時間，直到我們與他們制定了計劃。我們與東道國政府的油田開發計劃。現在東道國政府非常感興趣，我們正在繼續前進。進展非常順利。

So they're smaller wells. They're lower risk. With a great partner, they come from acreage situations that we put together. And in Vietnam, we're back in an area that's been on hold for us. So that's kind of a fast wrap-up of what we got going on there, Charles.

所以它們是較小的井。他們的風險較低。有了優秀的合作夥伴，他們來自我們整合的種植面積情況。在越南，我們又回到了一個一直被擱置的地區。這就是我們在那裡發生的事情的快速總結，查爾斯。

Your next question is from Tim Rezvan from KeyBanc Capital Mortgage.

您的下一個問題來自 KeyBanc Capital Mortgage 的 Tim Rezvan。

I wanted to dig back into the Eagle Ford. You have a clear, as a company, a long-term growth and income approach. There's inherent variability in your Gulf business. So I'm trying to understand why -- with the uplift in productivity from new completions, why not run more of a continuous program in the Eagle Ford?

我想重新挖掘一下鷹灘。作為一家公司，您有明確的長期成長和收入方法。您的海灣業務存在固有的可變性。所以我試著去理解為什麼——隨著新完工的生產力的提高，為什麼不在 Eagle Ford 運行更多的連續計劃呢？

It's hard to think that, that wouldn't compete for capital, especially given the comments you've given about the high-spec rigs. So just curious on that.

很難想像，這不會爭奪資本，特別是考慮到您對高規格鑽孔機的評論。所以只是對此感到好奇。

We focus on our offshore business typically first because these are infrastructures that need to be used. And on a pure return basis, the returns are better. But on a risk basis, it's different. And the outcomes, it's not quite as volatile as you say. We've had 3 really strong years of work in the Gulf, made enormous billions and billions of free cash flow on our Gulf business.

我們通常首先關注我們的離岸業務，因為這些是需要使用的基礎設施。從純粹的回報來看，回報更好。但從風險的角度來看，情況就不同了。而結果，並不像你說的那麼不穩定。我們在海灣地區度過了三年非常出色的工作，為我們的海灣業務創造了數十億美元的自由現金流。

So we just want to hold it in here and use it later if our Gulf business, our offshore business declines. It's a big advantage. We're showing a plan to our Board to produce past 2050 with assets that we own without any M&A or any exploration success. So we're a little different animal there. And we're trying to get our balance sheet in great shape.

所以我們只想把它留在這裡，等我們的海灣業務、離岸業務下滑時再使用它。這是一個很大的優勢。我們正在向董事會展示一項計劃，即在 2050 年後利用我們擁有的資產（無需進行任何併購或任何勘探成功）進行生產。所以我們是一個有點不同的動物。我們正在努力讓我們的資產負債表保持良好狀態。

But I'll let Eric give you a little better color than that on this choice of capital allocation.

但我會讓艾瑞克給你比這個資本配置選擇更好的解釋。

Yes. I think, Roger, you're right on. I mean, the returns for offshore projects are typically higher than our Eagle Ford. And we like our Eagle Ford. We have great returns. We have highlighted in our slides here how many years of great inventory we have. And we do really like the optionality we have to maintain the scale of our business and the oily scale of our business for many decades by investing in the Eagle Ford in the future.

是的。我想，羅傑，你說得對。我的意思是，海上項目的回報通常高於我們的鷹福特。我們喜歡我們的鷹福特。我們有豐厚的回報。我們在幻燈片中強調了我們擁有多少年的大量庫存。我們確實很喜歡透過未來投資 Eagle Ford 來維持我們的業務規模和石油業務數十年的選擇性。

What Roger briefly touched on was that in the offshore space, it's common that if you do not pursue an opportunity, the infrastructure where you can take that new well as a subsea tieback to a facility, the facility has a defined life.

羅傑簡要提到的是，在近海領域，通常情況下，如果您不尋求機會，那麼您可以將新井作為海底回接設施的基礎設施，該設施就有明確的使用壽命。

And it won't be there forever. And so you like the returns and you want to use it or lose it. In the Eagle Ford, that well is going to be waiting for us whenever we want it. So we like the flexibility that it provides for us.

而且它不會永遠存在。所以你喜歡回報，你想使用它或失去它。在鷹灘，那口井隨時會在我們需要的時候等著我們。所以我們喜歡它為我們提供的靈活性。

The other thing just to highlight that we have reduced our capital program in the Eagle Ford over the last few years and have generated strong free cash flows, which we've used to delever and return more money to shareholders, which we think is valued by our shareholders.

另一件事只是為了強調，過去幾年我們減少了鷹福特的資本計劃，並產生了強勁的自由現金流，我們用它來去槓桿化並向股東返還更多資金，我們認為這是有價值的我們的股東。

We have the Eagle Ford for long term, and we have it when we need it. We can change capital allocation on the dime here. In 30 minutes, we can change cap allocation. So we're proud to have it. I think it's going to become more and more valuable.

我們長期擁有 Eagle Ford，並在需要時擁有它。我們可以在這裡隨時改變資本配置。 30 分鐘後，我們可以更改上限分配。所以我們很自豪擁有它。我認為它會變得越來越有價值。

And I think all of our onshore assets will become more and more valuable with the scarcity of the peers in that group that only do that business decline over the next decade. There's very valuable assets in both Canada and the Eagle Ford.

我認為，隨著該集團中同行的稀缺，我們所有的在岸資產將變得越來越有價值，而這些同行只會在未來十年內導致業務下滑。加拿大和伊格爾福特都有非常寶貴的資產。

Okay. I appreciate the color on that. Just my follow-up, if I could pivot to Vietnam. You're allocating $40 million to the exploration wells this year. You did book the 13 million barrels of proved reserves.

好的。我很欣賞它的顏色。如果我可以轉向越南，這只是我的後續行動。今年你們將撥款 4000 萬美元用於勘探井。您確實預訂了 1300 萬桶探明儲量。

Can you talk about the assumptions behind those reserve bookings? Is that strictly based on that? I'm just trying to understand kind of what the upside could be from the exploration wells and how that impacted the reserves you booked and just kind of overview on how that -- the inner play there.

您能談談這些預訂背後的假設嗎？是嚴格以此為依據的嗎？我只是想了解勘探井可能帶來的好處，以及這對您預訂的儲量有何影響，以及對其內部作用的概述。

Yes. Thanks for the question. I'll just give you a quick run through of our overall Vietnam business and how we think about it. We really like this Lac Da Vang project that we're working on now. We're just getting started.

是的。謝謝你的提問。我將向您簡要介紹我們在越南的整體業務以及我們的想法。我們非常喜歡我們現在正在進行的 Lac Da Vang 專案。我們才剛開始。

We're going to spend $40 million net to us on the CapEx in development project for this year. And as Roger highlighted earlier, it will probably be somewhat close to double that in '25 and '26, first oil in 2026.

今年我們將在開發案的資本支出上淨花費 4,000 萬美元。正如羅傑之前所強調的那樣，25 年和 26 年（2026 年首次石油）的產量可能會接近兩倍。

It's a nice development, 10,000 to 15,000 barrels net to us, but we would like to have a bigger business that's more material there. And we're fortunate to have excellent exploration prospects very close to our existing infrastructure that we're building out for Lac Da Vang.

這是一個很好的發展，對我們來說淨產量為 10,000 到 15,000 桶，但我們希望有一個更大的業務，在那裡有更多的材料。我們很幸運，在我們為 Lac Da Vang 建造的現有基礎設施附近擁有極佳的勘探前景。

We're spending a little bit less on the exploration wells than you mentioned. I think you might have switched the development cost with exploration costs. So our exploration well cost is kind of in the $30 million to $35 million net range. And they're very sizable, very exciting prospects in this Cuu Long Basin. We haven't drilled a dry hole. It's very oily. It provides almost all the oil in Vietnam.

我們在勘探井上的支出比你提到的要少一些。我認為你可能已經將開發成本與勘探成本進行了轉換。因此，我們的勘探井成本約為 3,000 萬至 3,500 萬美元的淨成本。在這個九龍盆地，它們的前景非常巨大、非常令人興奮。我們還沒有鑽乾洞。非常油膩。它提供了越南幾乎所有的石油。

And there may be some development synergies. One of the fields -- one of the prospects for drilling in the Block 15-01/05 is particularly close to our LDV development. So on success, the ability to bring that field online faster than otherwise is an advantage from making money perspective from a free cash flow generating perspective.

並且可能會產生一些發展協同效應。其中一個油田（15-01/05 區塊的鑽探前景之一）特別接近我們的 LDV 開發案。因此，一旦成功，從自由現金流產生的角度來看，從賺錢的角度來看，能夠比其他方式更快地將該領域上線的能力是一個優勢。

And then the prospect in the 15-02 is very sizable, very material for us and could have the potential that our overall business in Vietnam could be a 30,000 to 40,000 net BOE a day business, which will be a really great piece of business for us there and generate tremendous amounts of free cash flow going forward.

然後，2002 年 15 月的前景非常可觀，對我們來說非常重要，我們在越南的整體業務可能會達到每天 30,000 至 40,000 淨 BOE 的業務，這對我們來說將是一項非常好的業務。我們在那裡並產生大量的自由現金流。

So we're super excited about it and look forward to giving you an update on the results of those Vietnam wells in the second half of 2024.

因此，我們對此感到非常興奮，並期待在 2024 年下半年向您提供越南這些油井的最新結果。

(Operator Instructions) Your next question is from Roger Read from Wells Fargo.

（操作員說明）您的下一個問題來自富國銀行的 Roger Read。

Getting us started here with E&P earnings season. Just -- I think my question comes at you from kind of the capital allocation. It's been danced around a little bit. But looking at the fact you're an exploration company, you've stuck with exploration through all the environments. You are even in the case, I think it was Zephyrus buying into an existing discovery.

讓我們從勘探與生產財報季開始。只是——我認為我的問題來自於資本配置。它已經被跳舞了一點。但考慮到您是一家勘探公司，您一直堅持在所有環境中進行探索。甚至在這種情況下，我認為是 Zephyrus 購買了現有的發現。

So you step back, Roger. You look at your options here, acquisition, exploration, buyback your shares, how does all of that fit in when you're doing the true evaluation here? Which one looks the best? Which one -- how do you think about them competing over the course of, say, the next 5 years as you look out at your long-range program?

所以你退後一步，羅傑。你在這裡看看你的選擇，收購、探索、回購你的股票，當你在這裡進行真正的評估時，所有這些是如何適應的？哪一個看起來最好看？當您審視您的長期計劃時，您如何看待他們在未來 5 年的競爭？

Thanks for that question, Roger. I appreciate that. The way we think about it is you have to have some level of exploration spending if you're an E&P company. If not, you're just a P company. And so we have raised that because we need to build a better portfolio for the long-term value of the company.

謝謝你提出這個問題，羅傑。我很感激。我們的想法是，如果你是一家勘探與生產公司，你必須有一定程度的勘探支出。如果沒有，那你只是一家P公司。所以我們提出這個問題是因為我們需要為公司的長期價值建立更好的投資組合。

When I think of sustainability, we have all the attributes of all the ESG sustainability. We ranked top in ISS, ranked #1 by every ranker, lowest emissions, incredible focus and all that. But to me, sustainability is having that in an asset base that last for decades.

當我想到永續發展時，我們擁有所有 ESG 永續發展的所有屬性。我們在 ISS 中名列前茅，在所有排名中均排名第一、排放量最低、專注程度令人難以置信等等。但對我來說，永續發展是指擁有可持續數十年的資產基礎。

As I mentioned on a prior call, our Board has seen a production forecast past 2050 with the assets that we own today. So we like to augment those assets with more oil-weighted exploration and not become a totally gas company because we have tees and tees of gas in the Montney.

正如我在之前的電話會議中提到的，我們的董事會根據我們今天擁有的資產預測了 2050 年以後的產量。因此，我們希望透過更多以石油為主的勘探來擴大這些資產，而不是完全成為一家天然氣公司，因為我們在蒙特尼擁有天然氣。

So we feel that at a 10% level of CapEx -- 8% to 10% level of CapEx, we can build a long-term lower risk exploration portfolio that doesn't have -- that evens out the risk profile for the year, which we just talked about here with the previous caller. So we have that.

因此，我們認為，在 10% 的資本支出水準（8% 至 10% 的資本支出水準）下，我們可以建立一個長期的低風險勘探投資組合，該投資組合不會平衡今年的風險狀況，我們剛剛與之前的來電者討論過這一點。所以我們有這個。

Our buyback of stock is very, very good allocation of capital as well. And we disclosed the framework that we're quite serious about. And if you look at the actual data, it's within 1% or 2% of that execution on our first year.

我們的股票回購也是非常非常好的資本配置。我們公開了我們非常重視的框架。如果你看實際數據，你會發現它與我們第一年的執行情況相差不到 1% 或 2%。

So we measure all that through and focus on free cash flow. So what we want to build and what we have between now and '28 is -- I'm looking at all the free cash flow every year from '24 to '29. We make $1 billion a year or more every year of free cash flow.

因此，我們透過衡量所有這些並專注於自由現金流。因此，從現在到 28 年，我們想要建立的以及我們擁有的東西是——我正在研究從 24 到 29 年間每年的所有自由現金流。我們每年賺取 10 億美元或更多的自由現金流。

So if we're doing that with the assets we own, then we can augment that with exploration last longer and longer and longer at that same oil weighting and still have all of our onshore assets there to back us up to last for decades and decades.

因此，如果我們用我們擁有的資產來做到這一點，那麼我們可以在相同的石油權重下，透過持續更長時間的勘探來增強這一點，並且仍然擁有我們所有的陸上資產來支持我們持續數十年。 。

We're not going out of business at Murphy. We're sustaining our company through the capital allocation process that we have. And along the way, we're going to be able to buy a lot of stock.

我們不會讓墨菲破產。我們透過現有的資本分配流程來維持我們的公司。在此過程中，我們將能夠購買大量股票。

One of the key advantages of Murphy, because we never issued equity since we went public in the 50s, we only have 154 million shares. So we can buy 5% or 6% of the company every year without any problem at all. So just a different animal. Also all this business today about our incredible balance sheet, and our shareholders today have $1.20 a share dividend, the same as '16 with way less net debt. So we're protected not to lower our dividend anymore. That's what we wanted to do, and we want to have the balance sheet in another cycle to pounce on M&A. And that's how we look at it.

墨菲的關鍵優勢之一，因為我們自上世紀50年代上市以來從未發行過股票，所以我們只有1.54億股。所以我們每年可以買該公司5%或6%的股份，沒有任何問題。所以只是不同的動物。今天所有這些業務都與我們令人難以置信的資產負債表有關，我們的股東今天每股股息為 1.20 美元，與 16 年相同，但淨債務要少得多。因此，我們受到保護，不會再降低股利。這就是我們想做的，我們希望資產負債表在另一個週期能夠猛撲併購。我們就是這樣看待它的。

From an M&A perspective in the Gulf, we did buy a very nice situation. It's getting better, we believe, on subsurface. We occasionally look at prospects near our infrastructure. We could then flow those barrels to us. We don't have that deal done. We'll need to compete.

從海灣地區併購的角度來看，我們確實買到了一個非常好的情況。我們相信，地下情況正在變得更好。我們偶爾會關注我們基礎設施附近的前景。然後我們就可以將這些桶流給我們。我們還沒有完成那筆交易。我們需要競爭。

But we're the top operator in the Gulf, highest uptime in the Gulf, highest record in the Gulf. People want to flow to us. And that's an opportunity for us to make an incredible high rate of return. And people want us in their project, even though we're not opt to help along the way with our expertise.

但我們是海灣地區頂級的營運商，也是海灣地區最長的正常運作時間，是海灣地區的最高記錄。人們想要湧向我們。這對我們來說是一個獲得令人難以置信的高回報率的機會。人們希望我們參與他們的項目，儘管我們不選擇用我們的專業知識一路提供幫助。

So things come to us. We get to look at every deal and that we're extremely well positioned, Roger, to be honest with you.

所以事情就來找我們了。我們會審視每筆交易，羅傑，說實話，我們處於非常有利的位置。

Your next question is from Neil Mehta from Goldman Sachs.

您的下一個問題來自高盛的尼爾梅塔。

I'll just ask one because I know we're over time, which is just...

我只想問一個，因為我知道我們已經超時了，這只是......

Neil, you're Goldman Sachs. You can ask anything you want as long as you want.

尼爾，你是高盛。只要你願意，你可以問任何你想問的事情。

My only question for you is just the balance sheet. You've done a terrific job getting leverage down here. You are one notch, I believe, below investment grade.

我對你唯一的問題就是資產負債表。你在這裡取得了很好的影響力。我相信，你的評級比投資等級低一級。

When you're having conversations with Moody's, S&P and Fitch, what's their message about what needs to be done to get you over the finish line to get to that investment grade? And is that a priority? Is that important for you?

當您與穆迪、標準普爾和惠譽進行對話時，他們對您需要採取哪些措施才能達到投資評級有何建議？這是一個優先事項嗎？這對你來說重要嗎？

I think I'm going to let Tom answer that. The priority to me is when we meet with our Board because we have a red light, green light, yellow on everything that Moody's requires. We focus on are we meeting investment-grade criteria. That's our first step. I'm focused on free cash flow every day, all day.

我想我會讓湯姆來回答這個問題。對我來說，首要任務是與董事會會面，因為穆迪要求的所有內容都有紅燈、綠燈、黃燈。我們關注的是我們是否符合投資等級標準。這是我們的第一步。我每天都專注於自由現金流。

And I'll let Tom talk to you about Moody's here. He's the expert on that.

我會讓湯姆在這裡和你談談穆迪的事。他是這方面的專家。

Thanks, Roger. Yes, Neil, the way we're thinking about it, we really can't control how these rating agencies might change, what's most important, what's our priority. We've been investment grade before. We operate like an investment-grade company in terms of our decision-making. We are getting back to our conservative balance sheet, which we've had a long history of having a conservative balance sheet.

謝謝，羅傑。是的，尼爾，我們思考的方式，我們確實無法控制這些評級機構可能如何改變，什麼是最重要的，什麼是我們的優先事項。我們之前一直是投資等級。在決策方面，我們像一家投資級公司一樣運作。我們正在回到保守的資產負債表，我們長期以來一直保持保守的資產負債表。

And so that's how we intend to operate. When we talk to them, we tick a lot of their boxes. I think the theme that we're seeing and by some other operators and some other activity in the industry is around scale. We don't think that, that's something that is going to push us into doing anything. We think we're at the right side to execute most beneficially for our shareholders.

這就是我們打算如何運作。當我們與他們交談時，我們會勾選他們的許多選項。我認為我們看到的主題以及其他一些運營商和行業中的其他一些活動的主題都是圍繞規模。我們認為這不會促使我們做任何事。我們認為我們處於正確的立場，可以為股東帶來最有利的執行。

And so while we are one notch below, it's not limiting our ability to execute our plan. And we think we have ample access to capital, to continue to provide the types of returns that our shareholders are expecting.

因此，雖然我們落後了一位，但這並沒有限制我們執行計劃的能力。我們認為我們有充足的資金來源，可以繼續提供股東期望的回報。

Thank you, Neil. Thanks for hanging in to the end, and we'll be seeing you soon. Appreciate it.

謝謝你，尼爾。感謝您堅持到最後，我們很快就會見到您。欣賞它。

Okay. That's the end of our call today. We had a lot of robust calls from many of our long-term analysts. We appreciate that. We're first out in E&P today. We're glad to have it behind us, and we wish all of our peers well as they go through it going forward.

好的。我們今天的通話就到此結束。我們收到了許多長期分析師的強烈呼籲。我們對此表示讚賞。我們今天首先在 E&P 領域。我們很高興把它拋在身後，並祝福我們所有的同行在未來的過程中一切順利。

We're very well positioned, very safe balance sheet, ever-increasing dividend and focus on our shareholders. I'm very proud of the company, very proud of my team, very proud of what we have going on here.

我們的定位非常有利，資產負債表非常安全，股利不斷增加，並且以股東為中心。我為公司感到非常自豪，為我的團隊感到非常自豪，為我們在這裡所做的事情感到非常自豪。

I appreciate everyone's focus this morning. It's been a long call. Thanks so much. See you soon. Goodbye.

我感謝今天早上大家的關注。這是一個漫長的通話。非常感謝。再見。再見。

Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.

女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開連線。